Post
Topic
Board Trading Discussion
Re: Why is MtGox the "reference"?
by
Stephen Gornick
on 04/07/2011, 22:38:44 UTC
I'm starting to get annoyed at the fact that everytime someone asks for "market price"... They mention MtGox only

They don't look at the 5-10 other large markets available.

The volume in the past 24 hours was about 90% 85% at Mt. Gox.
 - http://bitcoincharts.com/markets

Though you can see prices at other markets remain consistently higher than at Mt. Gox, reflecting that the price at Gox is not even reflective of the true market price simply because arbitrage with other markets isn't occuring:
 - http://nyse-group.de/bitcoin-arbitrage

Being a 3-day weekend in north America probably has something to do with it, ... bank transactions to the other exchanges aren't generally from the U.S. but for U.S. funds it will be Tuesday before bank transactions in the U.S. can occur [which should make us appreciate bitcoin being a 24x7 payment network all that much more].