Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
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Re: Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
#2The press must know by now Mtgox is an inflated price, but they still continue to reference it as the price of bitcoin.
Re: Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
#3I think this really helps justify Bitcoin as a viable currency to the public. Seeing relatively large sales being done with Bitcoin at a well-known retailer is a big confidence booster.
Re: Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
#4The press must know by now Mtgox is an inflated price, but they still continue to reference it as the price of bitcoin .
Agreed, no one should be quoting Mtgox price these days.
Re: Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
#5The press must know by now Mtgox is an inflated price, but they still continue to reference it as the price of bitcoin .
Perhaps it's moderately inflated, but it is still the most well-known exchange among the populace; therefore, they're going to go with it. It's sort of like real currencies. Yes, on the spot market they're worth X, but when you're on the street trying to exchange it, it'll be worth X * 0.9.
Re: Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
#6The press must know by now Mtgox is an inflated price, but they still continue to reference it as the price of bitcoin .
Not only is it inflated, but it has more volatility. I no longer own any bitcoins, but if I were going to invest or purchase from an exchange, it would not by MtGox because of all the HFT that happens there.
Re: Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
#7The press must know by now Mtgox is an inflated price, but they still continue to reference it as the price of bitcoin .
Why not? Anyone with a free account can sell at this this price.
Re: Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
#8The press must know by now Mtgox is an inflated price, but they still continue to reference it as the price of bitcoin .
Not only is it inflated, but it has more volatility. I no longer own any bitcoins, but if I were going to invest or purchase from an exchange, it would not by MtGox because of all the HFT that happens there.
High frequency trading minimizes volatility. And MtGox is notorious for not taking weeks to pay out. So I'm not entirely sure what you're on about.
Re: Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
#9I think this really helps justify Bitcoin as a viable currency to the public. Seeing relatively large sales being done with Bitcoin at a well-known retailer is a big confidence booster.
Seeing relatively large sales
For comparison, overstock sold 1.1B in 2012.. which is 2.6M in 21 hours vs 124K in 21 hours
Re: Bitcoin Price Touches $1,000 Again as Overstock Sales Hit $130,000
#10The press must know by now Mtgox is an inflated price, but they still continue to reference it as the price of bitcoin .
Perhaps it's moderately inflated, but it is still the most well-known exchange among the populace; therefore, they're going to go with it. It's sort of like real currencies. Yes, on the spot market they're worth X, but when you're on the street trying to exchange it, it'll be worth X * 0.9.
Exactly. Good luck getting 100% of the spot price of Gold.
In a perfect world the newspapers would use the combined weighted price for the last few weeks shared by all of the exchanges, but we're dealing with reporters here.