MTGOX is manipulating BTC Value. - page 3.

EnergyVampire

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Quote from: Peter Lambert on March 18, 2013, 01:18:02 PM

Quote from: bitcon on March 18, 2013, 12:41:27 PM

MTGOX is Bitcoin's central bank. when someone dumps of coins through MTGOX. MTGOX sells them at an inflated price because they know they have a monopoly on the entire exchange system. They are making money both on exchange fees and by controlling what the masses think Bitcoin is actually worth. Mark my words.

The problem with your paranoid supposition is the fact that MtGox is not actually buying or selling anything. They just act as a platform for other people to trade bitcoins, and take a slice of each trade as a fee.

This...

In addition to what Peter said:

The Gox traders on the other hand might inflate prices a bit, me thinks.

mccorvic

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Quote from: bitcon on March 18, 2013, 12:41:27 PM

Mark my words.

I have marked your words as F-.

mobodick

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Quote from: Peter Lambert on March 18, 2013, 01:18:02 PM

Quote from: bitcon on March 18, 2013, 12:41:27 PM

MTGOX is Bitcoin's central bank. when someone dumps of coins through MTGOX. MTGOX sells them at an inflated price because they know they have a monopoly on the entire exchange system. They are making money both on exchange fees and by controlling what the masses think Bitcoin is actually worth. Mark my words.

The problem with your paranoid supposition is the fact that MtGox is not actually buying or selling anything. They just act as a platform for other people to trade bitcoins, and take a slice of each trade as a fee.

Eeh, don't they put those 'filler' trades in there to mask the spread?
And how is that not a form of participating?

Peter Lambert

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It's all fun and games until somebody loses an eye

Quote from: bitcon on March 18, 2013, 12:41:27 PM

MTGOX is Bitcoin's central bank. when someone dumps of coins through MTGOX. MTGOX sells them at an inflated price because they know they have a monopoly on the entire exchange system. They are making money both on exchange fees and by controlling what the masses think Bitcoin is actually worth. Mark my words.

The problem with your paranoid supposition is the fact that MtGox is not actually buying or selling anything. They just act as a platform for other people to trade bitcoins, and take a slice of each trade as a fee.

instaBoost

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Quote from: bitcon on March 18, 2013, 01:03:05 PM

but why would the competitor sell Bitcoins for less than they can get for them?

Theres ways to profit when selling at a loss

btc-e probably have a ton a coins in circulation (much more then mtgox) which gives them better leverage on the price. Its like I have 4000 BTC here selling at $46.7 but then 13000 btc on another exchange selling them at $44.2. The later would profit a considerable amount more because of the volume...

bitcon

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but why would the competitor sell Bitcoins for less than they can get for them?

RodeoX

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The revolution will be monetized!

They do have a large influence in the bitcoin economy because of their huge size. But it is not an enforceable monopoly. It is what the market has decided via the choices of users.
Any day a competitor could arrive and change everything.

bitcon

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MTGOX is Bitcoin's central bank. when someone dumps of coins through MTGOX. MTGOX sells them at an inflated price because they know they have a monopoly on the entire exchange system. They are making money both on exchange fees and by controlling what the masses think Bitcoin is actually worth. Mark my words.

Topic: MTGOX is manipulating BTC Value. - page 3. (Read 7561 times)