19 Nov '12, 1pm

Crypto X Change, suspending trading and returning client funds #bitcoin via @BitcoinOz

A large number of bitcoins are traded on exchanges right now, so it is easy to refer to Mt Gox for an agreed value, and that is what is typically done. However, if the exchanges didn't exist, value could still be determined by other means and in fact was determined in these ways before Mt Gox started bitcoin trading. Let's say that the bitcointalk currency exchange forum was the only place that people could trade bitcoins, and everything was person to person transactions. If you wanted to buy some bitcoins, you might scan the existing posts and see if there was someone selling for a price you liked and you would contact them. But if there wasn't, you might put up a post with a lower price you did like offering to buy. But you would probably base this on the other buy posts in the forum because if you went too low, you would know that no one would respond. Similar price fin...

Full article: http://www.reddit.com/r/Bitcoin/comments/13g5e6/crypto_x_...

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