Topic: PSA: Bitcoin's survival and long term prospects depend on MtGox getting killed. - page 5. (Read 10207 times)

The problem isn't specifically Mt.Gox, it's the fact they like just about every other FIAT<->Bitcoin business, were wholly unprepared for the onslaught in demand. I cannot help but notice that Bitstamp (an often vaunted alternative) is as I write this, also offline.

Bitcoin as a technology seems pretty robust and fairly scalable but it is the supporting businesses that provide migration to and from traditional currency networks into Bitcoin and its derivatives that are the weakest link. There is no denying alot of this has to do with greed, FIAT<->Bitcoin businesses see huge profits if they realise the significant potential volume that has landed on their doorsteps, the only problem is their infrastructure (much like the recent upward swing in Bitcoin pricing) cannot sustain indefinite growth. Something has to give, and that something is more often than not the software underpinning these businesses. If a few of these businesses managed their numbers rather than operating an open door policy, it would be a win win for everyone. On the one hand some potential customers will be unhappy, but they at least don't lose any money and can always apply again. Likewise, the business can then scale its infrastructure gradually ensuring its existing customer base retains access to a functioning market... which is kind-of the whole point of this exercise.

 

  

CampBX is useless.   "go to the post office and get a money order for $1000'?
WTF?   Fidelity must be quaking.    Why can't I wire money from china or hk there?  They worried that wire transfers are counterfeit?

Outside of otc trading (which for the record has been for the past year and looks set to remain the largest BTC market by volume - yes it was larger than the sum of all exchanges before today, yes it will certainly remain larger than the sum of all exchanges after today) you might try cavirtex for the west side of the pond and bitcoin-central for the east side. There's also btc-e and bitstamp. There's probably more.

It wouldn't hurt if somebody made a good exchange, but it's hard to do and some other newbs with fat on the brain a la Karpeles are emphatically NOT needed.

at the moment camp bx is updating and trending up to 94

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)

Oh mighty wise one, do you have a suggestion for a better exchange to use?

The first bitcoins I bought were on TradeHill, because they allowed easy Dwolla deposits and I thought MtGox seemed sketchy (this was right around the time of the big MtGox hack and rollback etc). Tradehill went away, so I stopped using them.

I then used MtGox, now I have an account there and a small amount of money there, so unless another option is clearly better I will keep using them because it is familiar. They do have a record of developing very long lag times during high volumes of trade, so I would be interested in an exchange that does the whole exchange thing better.

I tried putting up an ad on localbitcoins, but never got any response.

I used Coinbase to buy some bitcoin, but their daily limit is obnoxious and they are just selling bitcoins, it is not the same as trading on a market.

What is the best option, or do we still need somebody to make the ideal exchange site?

I totally agree with OP. MtGox has become bitcoins cancer. They don't care about the wellbeing of the BTC economy, only profits. This is the second time they manage to crash bitcoin.

because fiat is fungible and BTC is not.   BTC must get to the point where you can just spend it.  

Yes, 7th down on the list, under much better alternatives, where their place is. Sure.

I'm actually OK with Gox surviving...as a much smaller player in a healthy ecosystem of exchanges.  They must be humbled, and forced to do a better job.

I'll take the pledge.

Why are we even trading decentralised currency meant to replace fiat for fiat in the first place? >_>

Pigs feed, Hogs get slaughtered.
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.

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.