Bitcoins

sabretoothtigger

Look up LTCM, they thought that. giant mistake

Marazan

Bitcoin price chart or Googletrends chart for "Bitcoins"?



The correlation between Google searches and bitcoin price is pretty close to 1.

happenstance

citricsquid wrote: »

That's called arbitrage and there's a reason you can't do it and a reason the Gox price is higher: you can't withdraw fiat from Gox. You can transfer in fiat, you can transfer out btc, but they have huge cash problems and overseas transfers (Gox is based in Japan) are all but stopped. There are people that tried to withdraw money in July and it's still stuck "pending".

That's why most people are moving away from Gox and why it lost such a huge market share, it's not suitable for trading.

I thought thoes problems were fixed, so there is nothing stopping the Japanese doing arbitrage?

Why is it still one of the major players if people can't withdraw from it and the prices are at a premium? I've had no problems at all with bit stamp, although fiat in does credit much much quicker

grey_gym_sock

Marazan wrote: »

The correlation between Google searches and bitcoin price is pretty close to 1.

if you google your own name a lot, do you get richer?

BoracicLint

happenstance wrote: »

its p2p so it can't be shut down.

the banks would have as much luck shutting it down as the record companies had with file sharing!

thanks who ever it was that suggested wordcoin, gone up 40% in the last couple of days

They might not be able to shut it down, but they could put a ban on exchanges operating in the UK. It's not the most streamlined process trying to cashout Bitcoin as it is...if the process became any more difficult, then the speculators would soon lose interest. Bitcoin could continue to make meteoric rises but if you can't realise the gains in your local currency then what's the point?

[Deleted User]

happenstance wrote: »

I thought thoes problems were fixed, so there is nothing stopping the Japanese doing arbitrage?

Why is it still one of the major players if people can't withdraw from it and the prices are at a premium? I've had no problems at all with bit stamp, although fiat in does credit much much quicker

Ha, no, the problems are still very much present. Yes, the Japanese could theoretically perform arbitrage using gox and another exchange... but the time it takes for someone in Japan to transfer money in to a European exchange (eg: Bitstamp) would make it pointless.

The reason gox still has any usage whatsoever is because of the people stuck there, although I wouldn't call the usage major relative to where it used to be (the majority of all trading activity), Bitstamp will over take it very soon: http://bitcoincharts.com/charts/volumepie/

happenstance

citricsquid wrote: »

Ha, no, the problems are still very much present. Yes, the Japanese could theoretically perform arbitrage using gox and another exchange... but the time it takes for someone in Japan to transfer money in to a European exchange (eg: Bitstamp) would make it pointless.

The reason gox still has any usage whatsoever is because of the people stuck there, although I wouldn't call the usage major relative to where it used to be (the majority of all trading activity), Bitstamp will over take it very soon: http://bitcoincharts.com/charts/volumepie/

Ah thanks, from the transactions recently on bitcoininty bitstamp seams to have already overtaken

happenstance

BoracicLint wrote: »

They might not be able to shut it down, but they could put a ban on exchanges operating in the UK. It's not the most streamlined process trying to cashout Bitcoin as it is...if the process became any more difficult, then the speculators would soon lose interest. Bitcoin could continue to make meteoric rises but if you can't realise the gains in your local currency then what's the point?

But the exchanges are not running in the UK, mostly eastern europe right?

The whole attractiveness of it for me is the fact its pretty much beyond any government control.

Satoshi

So China is trying to ban crypto and bitcoin is taking a dive.

BoracicLint

happenstance wrote: »

But the exchanges are not running in the UK, mostly eastern europe right?

The whole attractiveness of it for me is the fact its pretty much beyond any government control.

Sorry I didn't make it clear, I meant that all governments (US,UK,EU) could conspire to ban exchanges from operating in their respective jurisdictions in order to preserve their precious fiat.