When LTC went up to almost $6 on 4/3 there was parity with BTC between Gox and BTCe.
Okay, I've been mulling over this one for hours. What do you mean there was parity?
Topic: PSA: Bitcoin's survival and long term prospects depend on MtGox getting killed. - page 4. (Read 10185 times)
April 11, 2013, 05:58:54 PM
Okay, I've been mulling over this one for hours. What do you mean there was parity?
April 11, 2013, 02:45:14 PM
Why are we even trading decentralised currency meant to replace fiat for fiat in the first place? >_>
Because everyone thinks Bitcoin is a currency, yet they find they cant buy anything* with it
(*you cant eat a VPN or live in a bag of cocaine)
Everyone can buy my T-Shirts and other products with there Bitcoins soon, don't worry people. Feel free to help fund my Bitstarter project too (in sig) lol.
April 11, 2013, 02:30:01 PM
I would like to see something like a crypto-currency exchange network created that could deal with bitcoin and altcoins alike. This could be some sort of p2p network that all exchanges (nodes) would be connected to. Trades would be processed along the lines of how the blockchain works and the nodes would only end up being fiat movers for their respective regions or countries, receiving a small fee for the use of their bank accounts. Add those bitcoin ATMs to that network and the average Joe would have a much easier time turning in their fiat.
This sort of system would promote a much better trade stability and offer some better resistance to DDOS. Not only that but merchants would have a way more accurate pricing index rather than relying on MtGox, who takes merchant websites/systems down along with them when they fail.
I'm sure I'm overlooking a lot of potential issues with this idea since I'm no banker or stock trader but if bitcoin is going to go anywhere, I fully agree that this exchange problem needs to be resolved or we will never gain any credibility with the general public.
This sort of system would promote a much better trade stability and offer some better resistance to DDOS. Not only that but merchants would have a way more accurate pricing index rather than relying on MtGox, who takes merchant websites/systems down along with them when they fail.
I'm sure I'm overlooking a lot of potential issues with this idea since I'm no banker or stock trader but if bitcoin is going to go anywhere, I fully agree that this exchange problem needs to be resolved or we will never gain any credibility with the general public.
The irc-based otc network does something along those lines.
April 11, 2013, 01:39:22 PM
I would like to see something like a crypto-currency exchange network created that could deal with bitcoin and altcoins alike. This could be some sort of p2p network that all exchanges (nodes) would be connected to. Trades would be processed along the lines of how the blockchain works and the nodes would only end up being fiat movers for their respective regions or countries, receiving a small fee for the use of their bank accounts. Add those bitcoin ATMs to that network and the average Joe would have a much easier time turning in their fiat.
This sort of system would promote a much better trade stability and offer some better resistance to DDOS. Not only that but merchants would have a way more accurate pricing index rather than relying on MtGox, who takes merchant websites/systems down along with them when they fail.
I'm sure I'm overlooking a lot of potential issues with this idea since I'm no banker or stock trader but if bitcoin is going to go anywhere, I fully agree that this exchange problem needs to be resolved or we will never gain any credibility with the general public.
This sort of system would promote a much better trade stability and offer some better resistance to DDOS. Not only that but merchants would have a way more accurate pricing index rather than relying on MtGox, who takes merchant websites/systems down along with them when they fail.
I'm sure I'm overlooking a lot of potential issues with this idea since I'm no banker or stock trader but if bitcoin is going to go anywhere, I fully agree that this exchange problem needs to be resolved or we will never gain any credibility with the general public.
April 11, 2013, 01:37:25 PM
Bombers? You meant firemen? Are you spanish/catalonian?
No, I mean bombers.
Wow... I think hell must be freezing over. I agree 100% with everything this MPOE mouthpiece says in this thread. That truly frightens me lol
But - yes the PROBLEM is MtGox and more specifically that the btc is not yet ready for mass adoption. We (the early adopter geeks) need to understand that the whole world is NEVER going to understand how to PGP sign a message let alone properly setup a secure bitcoin client/wallet. Until our mothers are able to transact in btc easily and relatively securely we will see these wild and speculative swings.
But - yes the PROBLEM is MtGox and more specifically that the btc is not yet ready for mass adoption. We (the early adopter geeks) need to understand that the whole world is NEVER going to understand how to PGP sign a message let alone properly setup a secure bitcoin client/wallet. Until our mothers are able to transact in btc easily and relatively securely we will see these wild and speculative swings.
Welcome to the dark side. We have cookies.
April 11, 2013, 12:39:58 PM
Please do your part killing this offensive piece of shit scamsite. Never trade on MtGox. Not now, not ever. Every dollar you pay in taxes goes to feed some bureaucrat swine, pay for hospitals, education and bombers. Every dollar you pay in MtGox fees goes to feed swine exclusively.
Find a different exchange, trade there, never MtGox again.
Pigs feed, Hogs get slaughtered.Find a different exchange, trade there, never MtGox again.
But, the one problem with BTC overall is liquidity. I want to join an exchange and wire money and buy some BTC today. Where can I do that? I cannot find anywhere credible. BTC-e looks a little sketchy to me but it has been trading 20 lower than the other markets and volume. Bitfloor has not done anything on the people it owes money to (like issue them warrants or equity etc) so why would I put money there?
Basically, I would not leave money on any of these sites and if I trade into BTC, I would transfer it out immediately.
When LTC went up to almost $6 on 4/3 there was parity with BTC between Gox and BTCe.
April 11, 2013, 12:36:57 PM
Gox has no excuse. They make multi millions but can't lease or buy professional trading engine software? They could even use QuickFIX C++ open source FIX msg trading engine, or go on Linkedin and find guys who work for MilleniumIT (the LSE trading platform) and pay them off the books cash to work on a custom trading engine with 130 micro second order latency http://lk.linkedin.com/in/raviweerathunge they will do it for the right amount of money.
April 11, 2013, 12:35:48 PM
I whole heatedly agree. Yesterday was a complete and total failure by Mt. Gox and the entire bitcoin experiment suffered because of it
April 11, 2013, 12:29:50 PM
Wow... I think hell must be freezing over. I agree 100% with everything this MPOE mouthpiece says in this thread. That truly frightens me lol
But - yes the PROBLEM is MtGox and more specifically that the btc is not yet ready for mass adoption. We (the early adopter geeks) need to understand that the whole world is NEVER going to understand how to PGP sign a message let alone properly setup a secure bitcoin client/wallet. Until our mothers are able to transact in btc easily and relatively securely we will see these wild and speculative swings.
But - yes the PROBLEM is MtGox and more specifically that the btc is not yet ready for mass adoption. We (the early adopter geeks) need to understand that the whole world is NEVER going to understand how to PGP sign a message let alone properly setup a secure bitcoin client/wallet. Until our mothers are able to transact in btc easily and relatively securely we will see these wild and speculative swings.
April 11, 2013, 12:26:32 PM
Bombers? You meant firemen? Are you spanish/catalonian?
April 11, 2013, 12:25:49 PM
You guys could try Vircurex as an alternative.
https://vircurex.com/
And there you can trade LTC also and various other alt-coins.
One thing that I am always surprised about mtgox, the fees. They have very high fees for trading btc. So I have no idea how they can be so big still.
https://vircurex.com/
And there you can trade LTC also and various other alt-coins.
One thing that I am always surprised about mtgox, the fees. They have very high fees for trading btc. So I have no idea how they can be so big still.
April 11, 2013, 12:15:04 PM
I cannot comment on your accusations, however if Mt.Gox were to disappear overnight it is doubtful the remaining contenders would be able to pickup the slack.
What slack? What are you talking about? Anyone marginally sane can resolve 10 trades a minute, there's no slack there. Look: http://jezus.si/graf/dashboards/bitcoin/details/lag/
See that spike going into the 1 hour range? The fiat exchanges you marvel at the accomplishment and talented individuality of have 30-50 microsecond execution times. There's 1000 microseconds in a millisecond. There's 1000 milliseconds in a second. There's 3600 seconds in an hour. Three and a half billion times worse than microsecond lag.
So what slack. MtGox is not currently doing something. A dozen people with an excel spreadsheet could deliver their trade throughput. This is not hyperbolae, and it certainly is not on the level of claiming MtGox is "an exchange".
April 11, 2013, 12:11:29 PM
I am astonished. What a crap all over around (all forums, portals, FB, twitter etc) ? A "massive crash" ?!
What
! A crash
But we are simply where we all been only ONE (1!) week ago. Just think of it ! ONE week ago.
How many days has passed since we all were sreaming "look ! BTC is already $100+ today !
I deeply believe that all these events has nothing to do with trust/believe in BTC, with the fundamentals of BTC
From the other side - WHAT can you expect, when MtGox, the largest exchange (70-80% market share?) has an operation time lag of 4600-4800 seconds !
Grab you calculator and think again of what you got - that is a HUGE 1.2 - 1.5 hours LAG !!!
What king of trade (logical?) can you expect on such a crap system???
And compare this to a advanced FOREX, NYSE automatic trading systems, where serious contenders would not even try their chances, unless their access delay (ping, lag, what ever you call it) is less then 1-2 ms ( mili-seconds, that is)
Think of it.
While you can ( $ while MtGox is stopped for a cool-ff)
What
! A crash But we are simply where we all been only ONE (1!) week ago. Just think of it ! ONE week ago.
How many days has passed since we all were sreaming "look ! BTC is already $100+ today !
I deeply believe that all these events has nothing to do with trust/believe in BTC, with the fundamentals of BTC
From the other side - WHAT can you expect, when MtGox, the largest exchange (70-80% market share?) has an operation time lag of 4600-4800 seconds !
Grab you calculator and think again of what you got - that is a HUGE 1.2 - 1.5 hours LAG !!!
What king of trade (logical?) can you expect on such a crap system???
And compare this to a advanced FOREX, NYSE automatic trading systems, where serious contenders would not even try their chances, unless their access delay (ping, lag, what ever you call it) is less then 1-2 ms ( mili-seconds, that is)
Think of it.
While you can ( $ while MtGox is stopped for a cool-ff)
April 11, 2013, 12:09:23 PM
Why are we even trading decentralised currency meant to replace fiat for fiat in the first place? >_>
Because everyone thinks Bitcoin is a currency, yet they find they cant buy anything* with it
(*you cant eat a VPN or live in a bag of cocaine)
Buy a big bad of cocaine and presto?
April 11, 2013, 12:08:17 PM
Looks like MtGox not only froze trading but also bitcoin withdrawals, I've withdrawn 4 hours ago prior to trade being stopped and even though it shows the withdraw in my account, there is no record of it in the blockchain whatsoever.
I'm mostly annoyed, and a little concerned.
I'm mostly annoyed, and a little concerned.
April 11, 2013, 12:05:08 PM
CampBX.com looks promising although it's not much use to me until it works with LiteCoin in addition to BTC.
April 11, 2013, 11:54:54 AM
Here's a little something from mere minutes ago, since we're discussing deceitful MtGox:
"Trade frozen", eh? Sure.
As to the link: https://bitcointalksearch.org/topic/m.1670345 "all cases where we have enough information and there's not some sort of site-wide outage causing it are resolved in 20 minutes".
Quote
Apr 11 19:39:11 Apr11 16:38:39 mtgox 4.0000 @ 123.40098 USD
Apr 11 19:39:12 what
Apr 11 19:39:41 there was a gox trade just now
Apr 11 19:39:55 unless amphipod is trolling
Apr 11 19:41:51 scrat that trade shows on mtgox.com too
Apr 11 19:39:12
Apr 11 19:39:41
Apr 11 19:39:55
Apr 11 19:41:51
"Trade frozen", eh? Sure.
As to the link: https://bitcointalksearch.org/topic/m.1670345 "all cases where we have enough information and there's not some sort of site-wide outage causing it are resolved in 20 minutes".
April 11, 2013, 11:53:10 AM
I cannot comment on your accusations, however if Mt.Gox were to disappear overnight it is doubtful the remaining contenders would be able to pickup the slack. Mt.Gox is a result of inadequate or inexperienced competition in a relatively new market. Much as many people here dislike traditional currency markets, they've had many talented individuals over many years to get them working. If you consider the banking system alone; 100's maybe 1000's of disparate banking networks globally all gradually harmonizing to permit the transfer of value. The magnitude of such a task is mind boggling. The fact you can get money from A-B without having to bring it over in a sack is quite the modern marvel.
As your article intimates; designing robust, reliable, scalable software is not simple, quick or easy. Software surprises you in ways you never thought possible, and massive scalability brings a whole new dimension to those surprises. Mt.Gox is not perfect, but calling for its head serves no useful near-term benefit for Bitcoin or it's adoption as a truly global medium for the transfer of value.
As a side note; that's a nice suit.
As your article intimates; designing robust, reliable, scalable software is not simple, quick or easy. Software surprises you in ways you never thought possible, and massive scalability brings a whole new dimension to those surprises. Mt.Gox is not perfect, but calling for its head serves no useful near-term benefit for Bitcoin or it's adoption as a truly global medium for the transfer of value.
As a side note; that's a nice suit.
April 11, 2013, 11:38:44 AM
The problem isn't specifically Mt.Gox,
No, the problem is specifically MtGox. To understand this better:
- they are technologically inept. Trade engine melded into the webserver, seriously? In 2013? Seriously? After MPEx released enough information about how to correctly design an exchange? They should have known better.
- they are untrustworthy. Here's a link to Karpeles straight out lying to me. This isn't the first time. They "are a victim of their own success"? Do you know where we've heard this before? Does Tom of bASIC ring any bells? He also was a "victim of his own success", ie, his incredible success at getting fools to part with their money and his incredible failure at delivering any sort of product or service.
- they have a charged history. To this day they are "the one thing that nearly killed bitcoin", they are "the idiots that leaked everyone's emails". They are a laughingstock.
There's no further room in Bitcoin for MtGox. Let them go back to trading cards.
I do not see the lying link
April 11, 2013, 11:33:31 AM
The problem isn't specifically Mt.Gox,
No, the problem is specifically MtGox. To understand this better:
- they are technologically inept. Trade engine melded into the webserver, seriously? In 2013? Seriously? After MPEx released enough information about how to correctly design an exchange? They should have known better.
- they are untrustworthy. Here's a link to Karpeles straight out lying to me. This isn't the first time. They "are a victim of their own success"? Do you know where we've heard this before? Does Tom of bASIC ring any bells? He also was a "victim of his own success", ie, his incredible success at getting fools to part with their money and his incredible failure at delivering any sort of product or service.
- they have a charged history. To this day they are "the one thing that nearly killed bitcoin", they are "the idiots that leaked everyone's emails". They are a laughingstock.
There's no further room in Bitcoin for MtGox. Let them go back to trading cards.
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