The discount is more complex than that. Most users also aren't able to withdraw fiat from Gox, so there isn't a liquidity advantage to selling your coins (whic

The discount is more complex than that. Most users also aren't able to withdraw fiat from Gox, so there isn't a liquidity advantage to selling your coins (which would raise the supply and lower the price). The 50% discount is probably because users believe that if Gox dies, they will have better odds of eventually recovering dollars rather than coins. These users believe the coins may have been lost, stolen, or end up unrecognized by the bankruptcy court. Also, there is lots of speculation about price manipulation at Gox. Some users believe that Gox is artificially lowering the price to help fix their insolvency.