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by awnird 4505 days ago
When Magic The Gathering Online Exchange was at $1200, it meant that bitcoins were at $1200. When they dipped below $100, it didn't count because: ...?

Can someone explain this?

7 comments

When bitcoin was around 1200 on gox, it was around 1150 on bitstamp, and 1100 on BTC-e... Similar with smaller exchanges as well. There was efficiency in the market, and that is important.

It has been months now since Gox separated from all other markets. First their value was hundreds higher than all others, but no one really cared because it was irrelevant - you can't withdraw fiat, and bitcoin was having trouble getting out too.

Then Gox value went below, and it was concerning so price on other exchanges were affected, but Gox was still irrelevant because their problems are unique to them, and not anything inherent with bitcoin. All withdrawals are shut down, and their last update said there's no news since the last update, and it didn't state when or if they would provide the next update on progress.

Also, your statement implies a consensus in market perception. Please don't take that from whatever the media is saying. Or whatever people on the internet are saying. Take it from the data - look at what the market is saying on exchanges, with their money. Most people don't care what the price is no Gox, and other exchanges are actively trading hundreds of dollars higher.

That's not really fair to say, since people did frequently point to their issues with fiat pushing it up
they are more or less cut off from the larger bitcoin economy at this point, since you can't transfer bitcoins in or out.
People no longer believe gox is likely to pay out the coins they owe to users that had money in the exchange
Serious people in the know have been ignoring the Gox price for the better part of the past year.
Yes, because nowhere else it is being sold at that price.