Topic: Mt Gox is lying (Read 2136 times)
I am eager for a dencentralized exchange.
you know, ThePlanet was providing DDOS protection almost 10 years ago (probably 2004) - I have used it and it worked flawlessly. I didn't even have to pay extra for it. And yet, in 2013 a site that has to be making a killing on fees, can't do it?
And it is a bit shady that they only really had issues when the price was falling.
And it is a bit shady that they only really had issues when the price was falling.
DDOS is a lot more complex these days then 2004
you know, ThePlanet was providing DDOS protection almost 10 years ago (probably 2004) - I have used it and it worked flawlessly. I didn't even have to pay extra for it. And yet, in 2013 a site that has to be making a killing on fees, can't do it?
And it is a bit shady that they only really had issues when the price was falling.
And it is a bit shady that they only really had issues when the price was falling.
Quite right. They are using AWS for hosting behind Prolexic for DDoS prevention.
I think their delays are due to them wanting to halt trading to preserve bitcoin value, which to me shows it is valuable only when compared to other currency. Mtgox and the company they keep are the founders / early adopters of bitcoin and to me this is fishy. Which sucks because I have invested a good deal of money in acquiring bitcoins.
you know, ThePlanet was providing DDOS protection almost 10 years ago (probably 2004) - I have used it and it worked flawlessly. I didn't even have to pay extra for it. And yet, in 2013 a site that has to be making a killing on fees, can't do it?
And it is a bit shady that they only really had issues when the price was falling.
And it is a bit shady that they only really had issues when the price was falling.
Are there any real alternatives to Gox? It seems like the most trustworthy place to send my friends interested in Bitcoins.
https://localbitcoins.com/
More competition would be for sure a good thing, but the market is still a small one. However, MTG suffered from the panic of a lot of people, one big player sold a big amount of coins and all followed and caused a DDOS of sellers.
To be fair to MtGox, I think this is true for all tradings - have you not seen stocks in equities market drop just because some big shot sold their holdings and vice versa?
We saw what happened to Gox with all the protection. Today, we have seen what happened to btc24... Lets wait and hope we can still prosper.
More competition would be for sure a good thing, but the market is still a small one. However, MTG suffered from the panic of a lot of people, one big player sold a big amount of coins and all followed and caused a DDOS of sellers.
I want to see more competition. Not just one exchange running everything.
Are there any real alternatives to Gox? It seems like the most trustworthy place to send my friends interested in Bitcoins.
Yeah, except Gox isn't a "real" exchange. Compare apples to apples, please.
I am. I think that the bitcoin economy is a "real" economy, but agree that Mt.Gox is not a "real" exchange (yet). Mt.Gox is an apple trying to make it in an orange market--and having a difficult time of it.The problems Gox is facing aren't new and they weren't unknown, and the solutions to such problems have been implemented before. It's not like Gox was suffering some unique, never-before-experienced technological issues.
You said so yourself:
So what? So what if they're greedy, incompetent, irresponsible f*cktards? Can the bitcoin economy not handle it? If the bitcoin economy is capable of allowing greedy, incompetent, irresponsible f*cktards to climb to a position in which they are capable of destroying said economy, then it deserves its fate... and somewhere, deep down... you know it.You said so yourself:
It wasn't like their problems just magically popped up suddenly without any indications whatsoever.
Gox has failed to implement the necessary preventative measures that would have mitigated this mess. They sat on their arse and raked in the money. They're not just incompetent, they're irresponsible.I don't use Gox. I didn't like Gox before and I don't like them now, but now I'm mad at them because they should have been able to do a better job. Their fuck up has adversely affected the entire economy. If it was isolated to Gox users then I would probably just laugh at them.
You used bitcoin. You used bitcoin, yet claim you did so knowing that greedy, incompetent, irresponsible f*cktards were running the largest fiat-currency exchange. You claim you didn't like Gox and are mad at them because they "should have been able to do a better job," yet you still put yourself in a position in which you depended on the job they were doing. I'll say it again...You aren't mad at them. You're mad at yourself, because you placed yourself in a position in which folks you've described as greedy, incompetent, and irresponsible had the ability to f*ck with your life.
"Lie to yourself, if you must, but not to me."
The day has come and gone when MtGox will be bought by a filthy bank. They are now basically run by Silicon Valley Bank, where do you think they got the cash for the upgrade? You didn't honestly think they saved up for the servers did you?
Exchanges aren't a bad thing for bitcoin, having only a couple is. The whole point is to be decentralized and with having mtgox handle 80% of all transfers it's assinine to the whole idea of bitcoin. Create more exchanges so they all compete and share the load of infrastructure.
A decentralized exchange wold be interesting.
Lying or not ... MtGox represents everything BTC is supposedly not - centralized.
Whilst you raise a valid point, I believe the DDoS attack only started when the price dipped - perhaps as a trigger. For eg, cause the new traders to panic and sell because it looks like mtgox is getting hacked, which causes the price to plummet, which causes more panic selling.
You're not really mad at them. You're mad at yourself. Anyone who bothered to do a bit of research and learn a little about their potential to suffer exactly these sorts of growing pains could have seen this coming five miles away. It wasn't like their problems just magically popped up suddenly without any indications whatsoever. Their failures here will serve to strengthen the bitcoin market as a whole in the long run.
Bashing Mt.Gox for the failure of the speculators to realize the potential of a relatively small exchange finding itself thrust into a rapidly growing market and being too unprepared, too incapable, or just too stupid to handle it is just crazy.
Bashing Mt.Gox for the failure of the speculators to realize the potential of a relatively small exchange finding itself thrust into a rapidly growing market and being too unprepared, too incapable, or just too stupid to handle it is just crazy.
Mt Gox has been making money in transaction fees for literally years. Their website says they have handled 80% of all btc transactions since at least 2011. They have had YEARS to get their servers upgraded. They chose to do the 12 hour job of upgrading them in the middle of a panic??? If they had researched what bitcoin was intended to become, maybe read their own statements about their belief it would become a relevant currency GLOBALLY, and paid attention to their own subscriber growth trending data, they probably would have expected the volume of transactions and users to explode any time starting back in 2011, citing previous outages and volume related failures in 2010, 2011, and 2012. CNBC has articles dating back to 2010 citing trader interest in bitcoin, and boom/bust cycles amplified by exchange-failure fueled panics. Mt Gox has experienced "growing pains" EVERY single time volume has increased over the years. I only loosely follow bitcoin and I am aware of all this from snippets in the financial news! I rant bc I see the day coming when Mt Gox is bought by some filthy bank and we're right back where we started.
They most certainly are--in comparison to almost any "real" exchange, anyway.
Yeah, except Gox isn't a "real" exchange. Compare apples to apples, please.Perhaps not, but given the small time-frame within which they have grown from that trading-card company to the largest bitcoin exchange, their current incompetence becomes, if not forgivable, then certainly somewhat understandable.
No. It's not forgivable at all. You're a Gox-apologist and it's really quite sad. The problems Gox is facing aren't new and they weren't unknown, and the solutions to such problems have been implemented before. It's not like Gox was suffering some unique, never-before-experienced technological issues.You said so yourself:
It wasn't like their problems just magically popped up suddenly without any indications whatsoever.
Gox has failed to implement the necessary preventative measures that would have mitigated this mess. They sat on their arse and raked in the money. They're not just incompetent, they're irresponsible.You're not really mad at them. You're mad at yourself. Anyone who bothered to do a bit of research and learn a little about their potential to suffer exactly these sorts of growing pains could have seen this coming five miles away.
I don't use Gox. I didn't like Gox before and I don't like them now, but now I'm mad at them because they should have been able to do a better job. Their fuck up has adversely affected the entire economy. If it was isolated to Gox users then I would probably just laugh at them.
use bitstamp.net instead? 
Gox isn't tiny.
They most certainly are--in comparison to almost any "real" exchange, anyway.Their previous business has nothing to do with their current incompetence.
Perhaps not, but given the small time-frame within which they have grown from that trading-card company to the largest bitcoin exchange, their current incompetence becomes, if not forgivable, then certainly somewhat understandable.Sure, the alleged 20,000 new users per day would have been a strain, but this could have been handled if they had the foresight to build a scalable system. Instead, they were lazy and cheap. There are other factors to the Gox lag that they are entirely able to mitigate. But again, they're lazy and cheap, and were making a shitton of profit from being that way.
Fuck them.
Fuck them.
You're not really mad at them. You're mad at yourself. Anyone who bothered to do a bit of research and learn a little about their potential to suffer exactly these sorts of growing pains could have seen this coming five miles away. It wasn't like their problems just magically popped up suddenly without any indications whatsoever. Their failures here will serve to strengthen the bitcoin market as a whole in the long run.
Bashing Mt.Gox for the failure of the speculators to realize the potential of a relatively small exchange finding itself thrust into a rapidly growing market and being too unprepared, too incapable, or just too stupid to handle it is just crazy.
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