What is a story behing this new btc withdraw queue?
I think they wont limit btc withdraw but introduce this new delay tactic. Horrible. When will nightmire end.
I don't know what the story is, but whenever bitcoin withdrawals on MtGox are open again (better to say: if ever), you will probably face the impacts of another technical problem of the bitcoin protocol much sooner as expected: the blocksize limit of 1MB. The protocol can't handle a flood of transactions right now. Even under normal conditions 500kb blocks have not been a rare case in the last months. When 1MB is reached even for a small period of time, transactions will pile up, miners/mining pools will have to restart the daemons every once in a while to clean up the memory pool, and valid transcations will get lost or not be processed. Transaction fees will eventually rise sharply. Furthermore, you won't be too happy when MtGox stops the service. Tranfers made between MtGox wallets don't go through the bitcoin network. A missing MtGox will result in much more real transactions and this will push the network nearer to the limit. I hope MtGox will be wise enough to make a withdrawal queue for bitcoin, wich carefully stacks up transcations and broadcasts them in a decent manner... but on the other hands, when have they ever been wise?
With a burst of 10's of thousands of transactions, bitcoin is fine.
Transactions queue up, they get into blocks, and reasonably quickly get cleared out so your 'poolsz' gets back down to manageable levels (i.e. manageable being transactions getting through next block or so, most of the time)
This problem won't show up until a large company starts using bitcoin ... e.g. something like amazon or google or ...
That's when bitcoin will die.
For me Bitcoin is not fine at all. The blocksize limit generaly has become a top priority problem in my eyes - regardless of an eventually upcoming TX flood caused by MtGox withdrawals. 10's of thousands? Where will you put them? The bitcoin network can currently handle 4200 TX per block at best.
Forum member rpietila estimates that currently about 300.000 users were desperately waiting to remove their coins from the volcano, and I agree with that guess. So at least 300.000 transactions have to be processed in a shot period of time (will probably be much more, because many will make a small test withdrawal before removing bigger amounts).
The last 1000 blocks had an average size of 201292 byte. So when the MtGox flood comes, you have an average free space for 3360 transactions per block. After the first hour of mass removal more than 250.000 transactions will pile up in the network, wich will become completly unreliable then. Nobody would be able to reliably make transcations anymore for days. As it becomes likely then, that transactions get lost, I would save my wallet before every tansaction, to be able to retransmit without using wallet surgery tools.