Topic: Why do people think exchanges set the prices? - page 2. (Read 1460 times)
These exchanges still operate on the model set forth by Mt Gox and will never be trusted by the masses. Bitcoin needs regulated markets and licensed brokers to be taken seriously.
Is this really held by "people" or one person offering their minor conspiracy relating to MtGox, rather than spending 5 minutes to think of an alternative, rational market led reason, like new, keen people with fresh $ deposits pay a premium for convenience. It is interesting if many don't get this, when its how other markets are priced: i wonder if they ignore how those markets arrive at a price or ignore that they are the same. weird really.
Well the bitcoins are provided by miners if im not wrong, correct.
A lot of otherwise intelligent people still just don't understand how the price of a bitcoin is arrived at. I think a lot of people must think bitstamp and mt gox and btc-e bought a lof of bitcoins and now they are selling them? Perhaps we need some kind of education campaign to help them understand how the price is really determined?
Like I have friends that don't understand what gives a bitcoin its value. They just don't get that it's just other people buying the coins. It's so obvious to us, but for the people on the outside not so much.
Like I have friends that don't understand what gives a bitcoin its value. They just don't get that it's just other people buying the coins. It's so obvious to us, but for the people on the outside not so much.
But usually people go on exchange site prices because they KNOW that people are accepting at that price, and don't want to haggle for a couple dollars if they can get instant liquidity. Like the offer to purchase FBI's 27k bitcoins seized from silk road for 15% below fair market price in order to offload all at once.
Because the way prices are set is when two people agree on a fair market price. That's usually by exchange sites.
Prices are set ON exchanges by two people agreeing to a price. But the article insinuates that one of these people was Mark Karpeles.
Because the way prices are set is when two people agree on a fair market price. That's usually by exchange sites.
Stay a brokedummy you will not.
So I'm reading this article: http://www.coindesk.com/mark-t-williams-on-the-flaws-and-opportunities-of-bitcoin/
;which is a conversation between what I can only assume is grown adults that understand a bit about bitcoin. Then I get to the part about MT Gox setting their prices 8 to 10% above the other exchanges. WTF? Why do people think the exchanges set the prices? No wonder people don't want to buy bitcoins and think bitcoin is a scam. They think the exchanges are selling the coins to them at a price the exchanges decide behind closed doors. If even these so called experts can't figure out what is really happening in a bitcoin market, what hope is there of regular people understanding?
;which is a conversation between what I can only assume is grown adults that understand a bit about bitcoin. Then I get to the part about MT Gox setting their prices 8 to 10% above the other exchanges. WTF? Why do people think the exchanges set the prices? No wonder people don't want to buy bitcoins and think bitcoin is a scam. They think the exchanges are selling the coins to them at a price the exchanges decide behind closed doors. If even these so called experts can't figure out what is really happening in a bitcoin market, what hope is there of regular people understanding?
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