Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33043.

Its About Sharing

legendary

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Antifragile

Quote from: ElectricMucus on June 22, 2013, 12:19:54 PM

Final nail in mtgox coffin?

They really aren't going anywhere. They will continue to lose market share, but also they will gain new customers over time just being out there and big. The best we can hope for is a more decentralized exchange network, before decentralized exchanges (or something that serves the same purpose), takes over.

Watching this whole BTC experiment unfold is really exciting, the good with the bad...

Its About Sharing

legendary

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Antifragile

Quote from: derpinheimer on June 22, 2013, 12:13:22 PM

Yeah, more simply stated, "We're switching from using MtGox last price to Bitstamp highest bid"

Im sure this is nothing more than them worrying the panic sells on Bitstamp may represent the true price and didnt want to lose 10-20% at the worst of it.

I started a thread on it here, if anyone want's to comment: https://bitcointalksearch.org/topic/mtgox-no-longer-the-standard-for-exchange-rate-240706

Interesting that you are saying they are worried more about a panic sell (a day to a few) rather than an overall price disparity. I am not sure
that is the case. Regardless of the reason, I am really happy to see this step...

ElectricMucus

legendary

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Marketing manager - GO MP

Final nail in mtgox coffin?

derpinheimer

legendary

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Yeah, more simply stated, "We're switching from using MtGox last price to Bitstamp highest bid"

Im sure this is nothing more than them worrying the panic sells on Bitstamp may represent the true price and didnt want to lose 10-20% at the worst of it.

Its About Sharing

legendary

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Antifragile

Looks like MtGox is losing strength. http://blog.bitpay.com/2013/06/important-update-on-bitpay-exchange.html?oid=1039_1

Thursday, June 20, 2013

Update on BitPay Exchange Rate Calculations

Effective immediately, BitPay has temporarily stopped using Mt. Gox for determining the exchange rate for our invoices.

The rate calculation that BitPay uses for each invoice is now as follows:

1. Pull the full Level II market depth, on the bid side, from multiple exchanges.

2. Merge the market depths into one Consolidated Level II table.

3. Calculate the blended clearing price for the amount of the invoice, assuming an auto-routing market sell order across all exchanges, with zero commission.

BitPay is committed to offering the fairest possible rate to the buyer, while minimizing our counterparty risk.

ChartBuddy

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xxjs

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Quote from: adamstgBit on June 22, 2013, 11:29:47 AM

I'm going to a very important meetup, we will be discussing our buying all the bitcoins in existence Cool

Hey, don't do it! Price would go to 0.

derpinheimer

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Quote from: wonkytonky on June 22, 2013, 11:27:37 AM

Quote from: derpinheimer on June 22, 2013, 10:37:28 AM

I noticed that too, which sucks, because I really like to see whats going on with the depth.

Also, new wall on $106 just came up. Pretty sure its the wall that was on $108 [2000 of the 2500 was pulled]

Now 2000 on $106.

I know i'm good on the fiat side if there's moving walls on tha bid side..

I dunno, bitstamp is starting to look a lot better [although thats because ~1200 of wall was pulled, 1k on 108 and another couple hundred in front of it..]

Im surprised with all the people trying to snag a deal on bitstamp that the price is staying right around $100.

Just yesterday it was like BTC20 to get under 90, and before that something like BTC2000 to break thru both 100 AND 90. Now theres over BTC2000 on 90 alone.

adamstgBit

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Trusted Bitcoiner

Quote from: fr33d0miz3r on June 22, 2013, 11:05:02 AM

Quote from: adamstgBit on June 22, 2013, 10:46:49 AM

Quote from: FNG on June 22, 2013, 10:31:14 AM

Volume so low even chartbuddy got bored and stopped posting

LOL

We are waiting for your predictions, Adam Wink

I'm going to a very important meetup, we will be discussing our buying all the bitcoins in existence Cool

wonkytonky

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Quote from: derpinheimer on June 22, 2013, 10:37:28 AM

I noticed that too, which sucks, because I really like to see whats going on with the depth.

Also, new wall on $106 just came up. Pretty sure its the wall that was on $108 [2000 of the 2500 was pulled]

Now 2000 on $106.

I know i'm good on the fiat side if there's moving walls on tha bid side..

Richy_T

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Quote from: thoughtfan on June 22, 2013, 11:20:14 AM

I'm hoping my algorithm is not giving the picture of the 'truer' evaluation but I guess we won't know until the dust settles with the gox withdrawals and prices get closer together.

You won't know until/if you sell. That's the ultimate truth.

thoughtfan

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With volume as low as it is the last 24 hrs the percentage volume mtgox has has dropped immensely in relation to the others. Below 60% is nice but I think it would need to stay there or lower as volumes increase (or for something drastic to happen to mtgox - or even just for people to believe something drastic is likely to happen to mtgox) for another exchange to have a good chance of taking over as the main trading exchange.

As an aside, with the the price so far ahead of the others my algorithm is currently taking mtgox as an outlier my btc net worth calculation ignores it and works on the basis of the closest two of the other bid prices. I'm hoping my algorithm is not giving the picture of the 'truer' evaluation but I guess we won't know until the dust settles with the gox withdrawals and prices get closer together.

fr33d0miz3r

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Quote from: adamstgBit on June 22, 2013, 10:46:49 AM

Quote from: FNG on June 22, 2013, 10:31:14 AM

Volume so low even chartbuddy got bored and stopped posting

LOL

We are waiting for your predictions, Adam Wink

ChartBuddy

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adamstgBit

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Quote from: FNG on June 22, 2013, 10:31:14 AM

Volume so low even chartbuddy got bored and stopped posting

LOL

derpinheimer

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I noticed that too, which sucks, because I really like to see whats going on with the depth.

Also, new wall on $106 just came up. Pretty sure its the wall that was on $108 [2000 of the 2500 was pulled]

Now 2000 on $106.

FNG

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Volume so low even chartbuddy got bored and stopped posting

bitdig

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Just want to subscribe to this thread...

derpinheimer

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Quote from: ShroomsKit on June 22, 2013, 07:49:03 AM

Can we put up some more insane walls? Because no matter what happens we need to make sure Bitcoin won't go up and make us money. That would just be bad!

Well its your lucky day, someone put BTC2500 worth of bids on 108

Also hi I'm new here Tongue

Quote from: fr33d0miz3r on June 22, 2013, 09:38:47 AM

By the way, a new buying wall has been appeared.

2600 BTC @ $108

Looks like 1 entity has 2500 of it.
100.9000 @ 108.51010
900.1172 @ 108.5000
500.0000 @ 108.01000
1000.0000@ 108.000

The fact that there were no buys to go alongside this and his half assed attempt to make it look like competing parties [?] makes it seem pretty fake. But he sure lacks anything in front of him to absorb a sell, so who knows.

fr33d0miz3r

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By the way, a new bid wall has been appeared.

2600 BTC @ $108

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