Post
Topic
Board Bitcoin Discussion
Re: MtGox no longer the standard for exchange rate
by
medinscot
on 22/06/2013, 20:41:18 UTC
Gox will only loose its position as standard bearer if its volume drop below other exchanges.

There is no "standard" price for anything. The price is what consumers are prepared to pay for the item. As long as an entity is trading more volume that its competitors, then people will use its price as a main reference point. Case in point, if most people use the supermarket, then the price of the supermarket will be used as a reference, regardless of what the so called "recommended retail price" is, or what the corner shop is charging (normally a bit more for convenience to local residents).