Topic: The good news is that MtGox is pretty much dying. (Read 3165 times)

That is Destiny Armstead.

For some thread relevance... I have vowed to stop using Mt. Gox (barely used them anyway) and instead move to CampBX. I have not used them yet, but I probably will sometime this week.

Who's that in your avatar?

Hahaha nice 

I kinda like MtGox. It's way more open and cheaper and less bureaucratic than conventional stock exchanges.

MtGox and Bitfloor were my "go to" exchanges.  What else is out there that deals with easy USD deposits/withdrawals?

Success keeps right on critting MtGox for > 9k a day.

What I see is: All of the exchanges do not have enough fiat to deal with such huge amount of selling. Maybe they have some accounts waiting outside, but the fiat money has not been funded into the customer account. Those who want to buy will feel lucky and wait for price to drop more, but those who want to sell suddenly lost the counter part that they can trade with

If Kraken and the relaunched TradeHill can entice the serious traders away from MtGox it could be all downhill from here though - Gox simply doesn't offer the range of trading options serious traders want.  Likewise, large quantities of BTC can be traded OTC so "big players" have the option of avoiding Gox.  It may well end up the pond in which the littlest fish swim.

Did you account for the fact that Mt.Gox was offline for 12 hours?

I don't think Mt.Gox's monopoly is over yet - unfortunately.

Sure they deserve to lose market share, and their service interruption was probably the TRIGGER for this crash.  But don't think for a second that it wasn't a bubble and that it would not have eventually popped for some other reason.  I can already see the gelling "It was not a bubble, I was not irrational, it was all Mt.Gox's fault" rationalization on these boards.  People refuse to learn.

I agree, the question is, do people like change? All it takes if a load of fresh buyers with withdrawal symptoms to jump back on the Gox bandwagon, probably not any time soon but possibly within the time frame for MtGox competitors to gain traction. I personally like this apocalyptic feeling we have going on, it means we can actually spend time thinking/working on new ideas that will solve current issues. I think we still have time to make Bitcoins work and prepare it for the masses.

Here's the list of exchanges doing over 10k in the past 24 hours:

mtgoxUSD 219,015.79 USD
btc24EUR 65,439.73 EUR
btceUSD USD 76,827.69 USD
mtgoxEUR 33,067.60 EUR
bitstampUSD 41,785.97 USD
bitfloorUSD 20,767.72 USD
btcdeEUR 9,269.09 EUR

If you go USD only you have MtGox's 219k vs 358k total, so about 60%. If you go USD + EUR you have MtGox's 262k (dollar equiv) vs 495k total, about 50%. If you actually bother to add all the small exchanges down in the 10k to 1k range it gets a lot closer to 50% for MtGox in dollars, and definitely under 50% in total trade. Not quite the 80% figure they are still pushing based on some 2011 prime wikipedia reporting, the exact equivalent of BFL's marketing tactics. Not quite the ~70% they had last week. (Yes these numbers include their freeze-out, but they also include a good chunk of the 11th, ie, before shtf).

This is it. As of this moment, MtGox does less than half the total bitcoin market trade. Considering about half the Bitcoins exchanged are on a market (a little less, really) with the other half going the OTC route...we're golden here.

MtGox had been slowly bleeding market share since about 2011, at the rate of tenths of a percent a month; this 10%+ drop in one day is hopefully the harbinger of things to come.

Everyone, one final push, move away from the shithole so it can go back into the swamp it came from. Even trading for free for the rest of the month should not be able to save it anymore.