Underappreciated fact about Bitcoin: prices tend to surge when the Bitcoin economy suffers unexpected disruption to their access to money.
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So when you see the runup, hypotheses can include "Bitcoin is now used for legitimate transactions.", "Capital inflows up.", or "Tomfoolery"
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My (metaphorical) money is on tomfoolery. c.f.
@bitfinexed for more details. - 4 more replies
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One driver of this: people use "arbitrage" to refer to what is in effect betting on the creditworthiness of different exchanges.
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The thing I like most about Bitcoin is how it solved counterparty risk. /s
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When Gox stopped withdrawal the price of BTC went up only on Gox as we had to buy BTC to withdraw and sell somewhere else.
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This is correct. But then Mt.Gox was the dominant market. Now Bitfinex is one of many, and no sign of price divergence.
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