MtGOX exchange rate artificially high

Ichthyo

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Quote from: Miz4r on May 18, 2013, 04:56:05 AM

If there was a cheap and easy way to arbitrage those coins would disappear and hardly put a dent in the price on Gox.

Indeed. Bitfinex has placed a limit on the USD able to be sold on Mt.Gox to prevent all of their user's USD to gravitate into the Mt.Gox account. Thus, right now Bitfinex can't be used for arbitrage between Gox and Bitstamp.

Miz4r

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Just to put things in perspective, those 5-6k coins up to $122-123 would get eaten in seconds on MtGox. If there was a cheap and easy way to arbitrage those coins would disappear and hardly put a dent in the price on Gox.

BitPirate

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There are a lot of cheap coins right there for the taking.

Imagine the panic buying if someone bought it all. Might inject a bit of volume into Gox too.

mp420

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Quote from: MAbtc on May 17, 2013, 12:18:17 PM

Quote from: N12 on May 17, 2013, 12:08:56 PM

Quote from: adamstgBit on May 17, 2013, 12:07:08 PM

is their no way to withdraw USD out of gox,

can't they just wire money?

They can. International Bank Transfers are working fine.

The price is genuinely increasing, it's not because of a "bank run". This is evidenced in that there is no major decoupling of MtGox from other exchanges. That MtGox leads the price a bit is normal.

What do you think about the big decrease in sell pressure on Gox, and the big increase in sell pressure on Bitstamp? I'm not sure about the other exchanges.

Have you turned bullish in the short and/or medium term?

I think the high selling pressure on BitStamp is because of Europeans trying to get their money out of Gox. Even with the spread, it can be the cheapest option. The Gox rally is genuine, though, and not influenced by this very much.

I'm bearish in the medium term, by the way. Eventually the dumb money will run out. Smart money is out already.

Beta-coiner1

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One other strange thing is trends seem to be going higher as of late.

kokojie

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arbitriage will correct it, and if not, it's high for a reason.

Malawi

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Quote from: Brunic on May 17, 2013, 05:32:13 PM

Quote from: MAbtc on May 17, 2013, 12:18:17 PM

What do you think about the big decrease in sell pressure on Gox, and the big increase in sell pressure on Bitstamp? I'm not sure about the other exchanges.

Have you turned bullish in the short and/or medium term?

Hahaha, what an odd situation. It look like people are buying at Mt. Gox and selling at Bitstamp to get out of the market. But since there is a lack of buyers at Bitstamp, they have nobody to sell to.

I'm curious to see how it will end.

+283

Brunic

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Quote from: MAbtc on May 17, 2013, 12:18:17 PM

What do you think about the big decrease in sell pressure on Gox, and the big increase in sell pressure on Bitstamp? I'm not sure about the other exchanges.

Have you turned bullish in the short and/or medium term?

Hahaha, what an odd situation. It look like people are buying at Mt. Gox and selling at Bitstamp to get out of the market. But since there is a lack of buyers at Bitstamp, they have nobody to sell to.

I'm curious to see how it will end.

adamstgBit

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Trusted Bitcoiner

Quote from: smoothie on May 17, 2013, 01:51:14 PM

Quote from: wormbog on May 17, 2013, 11:01:20 AM

Check out the exchange rates, gox is substantially higher that the other exchanges:

http://bitcoinity.org/markets/list?currency=USD&span=24h

With the Dwolla account freeze, people with money at gox who rely on dwolla can buy btc and move it out, but they can't sell for USD and get their money out of the exchange. Thus, more people buying bitcoin, resulting in a higher price.

Good arbitrage opportunity for gox account holders who don't rely on dwolla.

Two words for USD holders: Wire Transfer

f that
1 word

BITCOIN

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: wormbog on May 17, 2013, 11:01:20 AM

Check out the exchange rates, gox is substantially higher that the other exchanges:

http://bitcoinity.org/markets/list?currency=USD&span=24h

With the Dwolla account freeze, people with money at gox who rely on dwolla can buy btc and move it out, but they can't sell for USD and get their money out of the exchange. Thus, more people buying bitcoin, resulting in a higher price.

Good arbitrage opportunity for gox account holders who don't rely on dwolla.

Two words for USD holders: Wire Transfer

ineededausername

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bitcoin hundred-aire

Quote from: relm9 on May 17, 2013, 11:53:27 AM

With how slow Bitcoin deposits / withdrawls are on Gox right now I don't know if arbitrage would be effective.

I withdrew some BTC over 12 hours ago and it hasn't even showed up on Blockchain yet. Not sure if it's a glitch in their system or what, still waiting on support...

If they're that slow, it's probably because they're having to move BTC out of cold storage.

N12

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Quote from: MAbtc on May 17, 2013, 12:18:17 PM

What do you think about the big decrease in sell pressure on Gox, and the big increase in sell pressure on Bitstamp? I'm not sure about the other exchanges.

https://i.imgur.com/luvKcBH.png

Have you turned bullish in the short and/or medium term?

I took notice of it, but the price on Bitstamp is following MtGox's. It may simply be a matter of competition with MtGox shrinking a little as people have more concern.

Bullish for the short term at least. We've overcome a major horizontal resistance.

BitcoinAshley

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Activity: 448

Merit: 250

Quote from: davout on May 17, 2013, 11:39:55 AM

Quote from: BitcoinAshley on May 17, 2013, 11:36:10 AM

Noobs were wrong. I was right. What else is new?

Your Bitcointalk account.

You missed the part about relativity Grin

Naturally I am only insulting people who joined 2 weeks ago and are spreading fud about a bank run (when the Gox lead is natural, it's like people just noticed it and are attributing it to this recent DHS action)

P.S. I could be one of those people who ditches their account every few months and starts a new throwaway B)

MAbtc

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Quote from: N12 on May 17, 2013, 12:08:56 PM

Quote from: adamstgBit on May 17, 2013, 12:07:08 PM

is their no way to withdraw USD out of gox,

can't they just wire money?

They can. International Bank Transfers are working fine.

The price is genuinely increasing, it's not because of a "bank run". This is evidenced in that there is no major decoupling of MtGox from other exchanges. That MtGox leads the price a bit is normal.

What do you think about the big decrease in sell pressure on Gox, and the big increase in sell pressure on Bitstamp? I'm not sure about the other exchanges.

Have you turned bullish in the short and/or medium term?

MAbtc

hero member

Activity: 826

Merit: 508

Quote from: adamstgBit on May 17, 2013, 12:07:08 PM

is their no way to withdraw USD out of gox,

can't they just wire money?

If someone in the US wants fiat and is worried about Gox's immediate future, they may not want incoming wires coming from Gox. The intermediary bank accounts in the US could be ripe for seizure. Now, I'd like to think that Gox would make it right if some bank accounts got taken, but one can't be sure. Personally, I've been screwed twice by offshore payment processors (Usemywallet and ewalletxpress), who, when "my cashouts" were seized by the feds, basically said "fuck off, we don't have your money" and cut off communication. Not the same situation, but not so different.

N12

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Activity: 1610

Merit: 1010

Quote from: adamstgBit on May 17, 2013, 12:07:08 PM

is their no way to withdraw USD out of gox,

can't they just wire money?

They can. International Bank Transfers are working fine.

The price is genuinely increasing, it's not because of a "bank run". This is evidenced in that there is no major decoupling of MtGox from other exchanges. That MtGox leads the price a bit is normal.

adamstgBit

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Activity: 1904

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Trusted Bitcoiner

is their no way to withdraw USD out of gox,

can't they just wire money?

MAbtc

hero member

Activity: 826

Merit: 508

Not easy getting USD out of BTC-E. And Bitstamp sell pressure is scary as hell right now. This looks pretty iffy.

relm9

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With how slow Bitcoin deposits / withdrawls are on Gox right now I don't know if arbitrage would be effective.

I withdrew some BTC over 12 hours ago and it hasn't even showed up on Blockchain yet. Not sure if it's a glitch in their system or what, still waiting on support...

davout

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Merit: 1008

1davout

Quote from: BitcoinAshley on May 17, 2013, 11:36:10 AM

Noobs were wrong. I was right. What else is new?

Your Bitcointalk account.

Topic: MtGOX exchange rate artificially high (Read 3547 times)