Mt Gox is lying - page 2. | Bitcointalksearch.org

nick7

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Quote from: sun on April 12, 2013, 06:21:20 AM

The only places that did were tiny folks

Gox isn't tiny.

Quote from: sun on April 12, 2013, 06:21:20 AM

that used to trade a virtual currency for cards from a nerd-game.

Their previous business has nothing to do with their current incompetence.

Quote from: sun on April 12, 2013, 06:21:20 AM

The market grew faster than they were ready

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.

Solaarian

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The interesting thing about all of this is that trust becomes an issue. In the regulated currency markets there is at least the illusion that regulators will catch out people doing the wrong thing or at least perhaps prosecute those if they 'get away with it.' In a currency like BTC, where there is anonymity and little regulation, trust is harder to build up and unless there is a trusted whistle blower then much is conjecture, and the possibility that people will spread misinformation to further their own ends. To educate yourself around all the issues to the extent that you can make an informed judgement is a time consuming thing; and even then we can get it wrong. It seems to be the perennial issue where there is profit of any sort to be made - Who do you trust?

sun

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There's so much unwarranted Mt.Gox-hate from folks who are, generally speaking, completely responsible for their market position in the first place.

Bitcoin is new, so major exchanges don't take it seriously. The only places that did were tiny folks that used to trade a virtual currency for cards from a nerd-game. The market grew faster than they were ready; it just happened that Mt.Gox actually tried to keep up with it--and did all right for some time.

These issues with Mt.Gox are growing pains. They're to be expected; the fact that so many folks seem to expect them to be able to handle this massive influx of interest without a hitch is pretty silly. There will be hiccups.

Where they go from here will depend entirely on their ability to cope with this most recent bout of malarkey. Either they'll lose market share and others will gain it... or they'll solidify their position even more.

resma

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Quote from: cal_guy on April 12, 2013, 03:35:56 AM

Quote from: resma on April 12, 2013, 02:01:04 AM

With the very high price of bitcoin last days, I suspect they have a problem when someone wants to cash in a larger BTC accounts. They just don't have that money. They force the price to drop... Happens ones, happens twice, it will happen again.

Mt. Gox is an exchange, if you want to sell your BTC for USD there must be a willing buyer available. Mt. Gox only role is to match buyers and sellers.

Normally, every buy/sell order only happens in their system. Probably, the real money is invested somewhere, like every normal bank does (they want to make money, don't they?). If however, certain people with large BTC accounts are announcing that they will cash, Gox has to reclaim that money. Delaying trades (faking lag) and thus dropping the price redistributes the bitcoin to people who are not intending to cash on short term. The guys wanting to buy-out just get paid less...

takynakasi

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Quote from: Kit on April 12, 2013, 04:59:41 AM

what are the other competition, or is there none?

btc-e.com is doing well
there exists even other ones like vircurex.com...

Kit

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Quote from: ideffects on April 12, 2013, 02:13:53 AM

To me and I believe many of us here, bitcoin represents freedom and choices! Gox defiantly needs some competition and restructuring.

what are the other competition, or is there none?

yyrkoon

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Quote from: jjtech on April 12, 2013, 04:46:41 AM

I believe there was some form of ddos on mtgox and they didn't admit it directly.

They openly admitted to this two days ago to some online tech magazine. Sorry I do not remember exactly where I read this, but I did. This article also explained that these DDOS's for the last week or so are intentional towards the end goal of destabilizing the BTC. Seems to be working pretty good yeah ?

takynakasi

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On the other hand: Bitcoin itself maybe has some options to make exchanges doable by scripting operations. But that would mean that each transaction will be delayed the same way as regular payments... And still there has to be a machanism to pair trades... and still it doesn't seem to be good to bloat the blockchain with all stock exchanges => maybe some merge-mined crypto just for this purpose?

takynakasi

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Quote from: Billy the Bit Miner on April 12, 2013, 03:23:30 AM

We need a decentralized exchange!

Nice thought, but probably (near to) impossible. You would have to verify each user similarly like bitcoin does with transactions.

jjtech

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Quote from: pekv2 on April 12, 2013, 04:29:38 AM

Quote from: Mike Christ on April 12, 2013, 12:04:49 AM

Getting all my funds out of the Gox and never using them again.

I really hope the rest of the BTC community follows this route. At least until Gox handles very little of the Bitcoin market, and not more than all the rest combined.

Sad that people will still use them out of greed to make "profit". I've read and seen what gox has done, has been doing. If gox supports litecoin, I won't use gox, I won't use btc-e. Don't know who to use or even have a little faith in. A lot bad shit going around about gox and btc-e.

I'm going to try not to use them

jjtech

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I believe there was some form of ddos on mtgox and they didn't admit it directly.

Of course - exchange should be more diversified and I'm surprised it isn't already. I personally used Bitstamp.net to buy and they also seemed to be attacked in the last two days. So there is not only a problem of monopolisation of the exchange but it's vulnerability to those types of attacks.

And this is a huge problem of bitcoin at the moment. It's mainly a comodity to trade and make some money on, not use it practially to buy products. I know there are a few companies accepting btc, but they're few and far between.

Bitcoin is excellent idea for new type of currency but unfortunately it has to exist in degenrated system driven by Wall Street. It didn't have time to grow in strenght before people started manipulating it so it's going to be difficult to keep it growing. It can't just hang on one huge monoplised exchange as Mtgox. It's insane. Can someone imagine that value of the dollar dropped because someone closed down dollar exchange?

pekv2

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Quote from: Mike Christ on April 12, 2013, 12:04:49 AM

Getting all my funds out of the Gox and never using them again.

I really hope the rest of the BTC community follows this route. At least until Gox handles very little of the Bitcoin market, and not more than all the rest combined.

Sad that people will still use them out of greed to make "profit". I've read and seen what gox has done, has been doing. If gox supports litecoin, I won't use gox, I won't use btc-e. Don't know who to use or even have a little faith in. A lot bad shit going around about gox and btc-e.

szpilman1

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think so too bro

Nimbulan

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mtgox have ddos Sad

achal

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Quote from: Billy the Bit Miner on April 12, 2013, 03:23:30 AM

Quote from: BBN on April 12, 2013, 01:22:11 AM

Having 80% of he transactions volume is never a good thing. I hope some competition shows up pretty soon.

We need a decentralized exchange!

+1 , that has funding options for all people ( around the world )

cal_guy

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Quote from: resma on April 12, 2013, 02:01:04 AM

With the very high price of bitcoin last days, I suspect they have a problem when someone wants to cash in a larger BTC accounts. They just don't have that money. They force the price to drop... Happens ones, happens twice, it will happen again.

Mt. Gox is an exchange, if you want to sell your BTC for USD there must be a willing buyer available. Mt. Gox only role is to match buyers and sellers.

Billy the Bit Miner

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Quote from: BBN on April 12, 2013, 01:22:11 AM

Having 80% of he transactions volume is never a good thing. I hope some competition shows up pretty soon.

We need a decentralized exchange!

blobberTK

newbie

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Quote from: willinaustin on April 12, 2013, 12:03:28 AM

Lying or not, it's time to dump them.

That's one of the biggest barriers to Bitcoin being widely accepted. Easy ways to change fiat into BTC and reliable exchanges to then handle transactions.

campbx seems solid alternative to them

rpm

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well, the alternative exchange arent that much to shout about at this current point of time

Mastercoin

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Quote from: SirWilliam on April 12, 2013, 01:28:00 AM

I think they are MOSTLY incompetent and SLIGHTLY lying Wink

Quote from: impossible2short on April 12, 2013, 12:02:10 AM

Please feel free to add your own theories!

Too hard on Mt Gox, you say? Well, consider this... If Mt Gox couldn't handle the influx of new users, why did they only experience problems when bitcoins were going down? The volume didn't seem to bother the site one bit when bitcoin prices were skyrocketing.

I %100 agree with you the btc community needs to find n start other exchanges so mt gox doesn't get away with this Anymore

Topic: Mt Gox is lying - page 2. (Read 2136 times)