Topic: POLL: What exchange site will you be using? (Read 3036 times)

Maybe it's because they walk and talk like a scam. Tradehill has been much more professional in their communication and behaviour so far. Mt. Gox seems amateur hour, but has experience points now (insert equivalent MTG pun).

poll has to do with NOW not later

I actually find the poll to be kinda premature.

For Mt.Gox, I have more questions than answers. And this could be a bad thing -- apparently many people think that Mark's just stalling for time while he prepares to escape with our money. (And I'll guess half of those people just want to drive the market down so they can buy more coins cheap...) It could also mean that right now they're trying to worry more about fixing things and moving forward than about what is said in the forums.

TradeHill is just too new and hasn't made much disclosure. Sure, they did an interview which I watched, where they talked about how they will have better security than Mt.Gox did. That's not actually saying much. And it isn't a third-party security audit either. So all we really actually have to judge them on the grounds of code stability and security ... is them saying it's so. And while a self serving statement like that can actually easily BE the truth, it's harder to accept as such.

And, yeah, I'm sorta kicking the puck down the road in not coming to a conclusion. Why? Because I wasn't in a rush to sell my coins. I do want to sell a handful of them because my roommate needs a new computer and I'm tired of fixing the piece of crap he has now... but I don't actually have to go sell mine right away, and even if I did sell some I wouldn't be selling them all. I have time to sit back and wait for more info before I decide who I should distrust less.

Yeah, distrust less. Because there is a lot of validity to the point that a lot of the people who are upset with Mt.Gox were as vulnerable as they were because of foolish practices on their own end. People who had their coins stolen from other sites because they used trivial passwords, and the same password everywhere, come to mind. This DOESN'T give Mt.Gox a pass -- far from it. Everyone who's upset that Mt.Gox was part of the attack vector has every right to be, even when they were the vector too.

No business deserves your absolute, complete, 100%, undisputed trust. Ever. Even if they're ethical and technically competent. Why? Because shit happens, sooner or later. Mt.Gox and TradeHill could both go get security audits, and both could pass, and that doesn't mean they're truly secure. Sooner or later a bug shows up in Apache. Or in SSL. Or in the Linux/BSD/Solaris/whatever kernel. Or someone hires a corrupt employee. Or an honest employee gets stupid. Or your best friend steals your password...

It's fair to expect businesses to be competent, and to take your dollars and bitcoins elsewhere when they screw up. It's prudent to expect them to screw up and limit what harm could befall you as a result.

Converting non-Bitcoin users to users takes physical currency sometimes.

What do I need an exchange for? I do work, people pay me in bitcoin. I want something, I pay in bitcoin. Where do external currencies come into it?

(Also, you missed off some exchanges, like that cash to bitcoin or cash for bitcoin or whatever it's called site.)

Many people have used BitcoinExchange and other non realtime exchanges. You should put that option in the poll too.

The devil you know is better than the devil you don't. At this point, and partly due to this debacle, I know a hell of a lot more about Mt. Gox and how it handles issues than I know about tradehill. But I'll use both, because using just one exchange is not smart either, right?

By the way, it's often easier to guess what logical, smart people are going to do in a market as opposed to a herd of easily-spooked "retards". You know, game theory and rational behavior and all that crap.

I guess people can get away with claiming retardation if they don't single out any particular member.

Although it did come straight after my post about Mt Gox, thanks a lot!

No offence taken...

Hi mods, see this yet?

Awesome.

Instead of a long sad goodbye I'm saying "bye for now. see you again soon."

By the way, I'm loving the Gox's new logo (as seen on their claim page), it's rightly awesome.



I chose both Mt Gox and Trade Hill for the poll; I'll continue using both.

Same here. We can say bye bye to the nice vibe around bitcoin.

why are you so surprised? mtgox has obviously built a good reputation in this community, and just because they hit a bump in the road does not mean they are not to be trusted. and in fact, i bet they will be stronger than ever!

i've heard some reasonable things about BritCoin.  i'll be investigating them.

i have no dog in the mtgox fight - i'm perfectly prepared to accept that they can come out of their troubles stronger and more effective.  or not.

at the moment i have some coinage on tradehill, but haven't actually entered into any transactions.  i'm in Bitcoin for the long term - and in it as a currency.  i'll just be waiting and watching.

I miss the option: "Bitcoin is dead - none"

Well, I guess I'll see what happens with Gox. My confidence is sort of shaky in all exchanges right now. 

I'm on the fence about Mt. Gox.  So far, I haven't been that impressed with their handling of this debacle, but I also haven't seen anything that makes me think that they're significantly worse than the other exchanges. :/  However, they might not survive this.  They *shouldn't* survive this unless they significantly improve their infrastructure and improve their policies to make them truly "financial grade".  And we shouldn't stick our heads in the sand and refuse to consider the possibility that they might not learn enough from this occurrence to rebuild their site properly.  We should expect them to do so, verify their claims, and hold them to their promises before we invest significant time and funds there.

As far as Bitcoin itself goes, however, the troubles at Mt. Gox are just a bump in the road.  Hackers have seriously stepped up attacks on banks, financial institutions, and web sites that deal with or handle lots of other people's money.  They hit Citibank.  They hit the Federal Reserve.  If this attack was the same sort of thing, then some cyber criminals think that Bitcoins are worth stealing.  Surprise -- NOT.  Maybe people involved in using and trading in Bitcoins will start to take both security and Bitcoin itself more seriously now.

I'm using Mtgox and not Lag Hill.

I agree with you on this, the new MTGOX will be a truly tested, and vetted system. Confidence will only grow higher when they come back.

going to tradehill isnt going to solve anything unless they are actvally fixing there security issues as well

i'll stick with mtgox cause i know they will come out of this much stronger and more secure then before

Thats the whole point buddy, bitcoin is not for playing HYIP with the markets, its for revolutionizing the Internet as we know it. You have the right idea, and for that you will only have more Bitcoins at the end of all this.