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.
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.
Which in the current market would amount to the MTGox price because
1) MtGox has the highest price by a significant margin.
2) MtGox still has the highest liquidity.
Well I don't know how that works out but BitPay is effectively using the bid price of Bitstamp right now. See for yourself: https://bitpay.com/bitcoin-exchange-rates
All that does is make me not want to purchase anything with bitcoins until this price gap has leveled out.
bubble times was awesome until the mid april crash. Now I'm just watching myself very slowly lose money. But don't wanna sell em cos I still love them....an obsessive trap. Is there some sort of therapy thread on here?
