We are victims of our own success | Bitcointalksearch.org

Acesbomb

newbie

Activity: 56

Merit: 0

Quote from: Sitarow on April 12, 2013, 01:38:19 PM

Quote from: Acesbomb on April 12, 2013, 01:30:47 PM

Quote from: Thursday on April 12, 2013, 01:06:31 PM

Quote from: jonathan on April 11, 2013, 01:02:00 PM

mtgox has sucked right from the very beginning (ugly screenshot here: https://i.imgur.com/vlKihqr.jpg)

it's incredible that people just keep on using it Shocked

Fucking idiots!

A billion wiped is a success? What company in their right mind would accept such a currency?? Bitcoin from here is a ponzi scheme until prices go to where they should be, circa 15$ and stabilize.

you do know that btc is to be used for trade and not speculation..

store of value will come with supply and demand.

Work to secure the network is going to be needed even if BTC is worth $1 or $1000.

I'm new to it, my impressions are it is a casino. Only thing I can see you can buy which is worthwhile is gold/silver coins & other bitcoins or alt coins. LONG way to go. And if it can be manipulated so easily by dumping a small amount of coins how is it going to survive when the central banks come for it, which they will, if they have not already.

Sitarow

legendary

Activity: 1792

Merit: 1047

Quote from: Acesbomb on April 12, 2013, 01:30:47 PM

Quote from: Thursday on April 12, 2013, 01:06:31 PM

Quote from: jonathan on April 11, 2013, 01:02:00 PM

mtgox has sucked right from the very beginning (ugly screenshot here: https://i.imgur.com/vlKihqr.jpg)

it's incredible that people just keep on using it Shocked

Fucking idiots!

A billion wiped is a success? What company in their right mind would accept such a currency?? Bitcoin from here is a ponzi scheme until prices go to where they should be, circa 15$ and stabilize.

you do know that btc is to be used for trade and not speculation..

store of value will come with supply and demand.

Work to secure the network is going to be needed even if BTC is worth $1 or $1000.

Acesbomb

newbie

Activity: 56

Merit: 0

Quote from: Thursday on April 12, 2013, 01:06:31 PM

Quote from: jonathan on April 11, 2013, 01:02:00 PM

mtgox has sucked right from the very beginning (ugly screenshot here: https://i.imgur.com/vlKihqr.jpg)

it's incredible that people just keep on using it Shocked

Fucking idiots!

A billion wiped is a success? What company in their right mind would accept such a currency?? Bitcoin from here is a ponzi scheme until prices go to where they should be, circa 15$ and stabilize.

Thursday

full member

Activity: 150

Merit: 100

Quote from: jonathan on April 11, 2013, 01:02:00 PM

mtgox has sucked right from the very beginning (ugly screenshot here: https://i.imgur.com/vlKihqr.jpg)

it's incredible that people just keep on using it Shocked

Fucking idiots!

IIOII

legendary

Activity: 1153

Merit: 1012

Quote from: jonathan on April 11, 2013, 01:02:00 PM

mtgox has sucked right from the very beginning (ugly screenshot here: https://i.imgur.com/vlKihqr.jpg)

it's incredible that people just keep on using it Shocked

Impressive. Shocked

However in the last years they've built something more complex based on this competence... Grin

jonathan

member

Activity: 84

Merit: 14

mtgox has sucked right from the very beginning (ugly screenshot here: https://i.imgur.com/vlKihqr.jpg)

it's incredible that people just keep on using it Shocked

alexh

member

Activity: 183

Merit: 10

I guess mtgox got their hands in this somehow...

Thursday

full member

Activity: 150

Merit: 100

Mt. GOX will be the DEMISE of bitcoin! Mark my words.

Littleshop

legendary

Activity: 1386

Merit: 1004

Quote from: pheaonix on April 11, 2013, 08:44:15 AM

i cannot habeeb that the lag was caused solely by traffic, and if it was, then they obviously are very behind on hardware and security for the amount the have invested.

I can not speak to the security but the servers they would need ( if they bought them ) would be less then $100,000
For gox that would be a few days or even less profit.

DDOS protection in this case might be making things worse.

onealfa

full member

Activity: 235

Merit: 100

I am astonished. What a crap all over around (all forums, portals, FB, twitter etc) ? A "massive crash" ?!

What Huh

! A crash Huh

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 kind 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 exchanges are stopped for a cool-off)

jojo69

legendary

Activity: 3374

Merit: 4738

diamond-handed zealot

Quote from: 00null on April 11, 2013, 08:28:35 AM

I think now would be the right time that Mark does an Eleuthria https://bitcointalksearch.org/topic/ann-btc-guilds-mitigation-plan-168108

Eleuthria is 'da man

Operatr

hero member

Activity: 798

Merit: 1000

www.DonateMedia.org

For a funded op MTGOX seems to have zero in the way of failover redundancy, which is server room 101 when you have systems that need to mush on without stopping. I smell the stink of Gox being run by a bunch of inexperienced kids.

aantonop

full member

Activity: 196

Merit: 116

Entrepreneur, coder, hacker, pundit, humanist.

Quote from: marcus_of_augustus on April 11, 2013, 08:53:16 AM

Gox are incorrigible, don't use them people!

How was that?

Superb.

I especially liked the part where you stretched out the word incorrigible so it sounded like "They can take our lives but they can never take our FREEEEEEDDOOOOOM". Definitely the right level of passion for the job.

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Quote from: aantonop on April 11, 2013, 08:37:07 AM

marcus, with respect, you're missing the point.

There are 5-6 other exchanges. They don't have volume, even though they have good-enough or better-than mtgox trading engines and interfaces.

They don't have volume because of the inertia of people giving mtgox a second chance. Then a third, fourth, fifth and sixth chance, even while the fuckups keep getting bigger.

Hissin' and moanin' is what gets newbies to notice that mtgox is associated with a bunch of hissin and moaning and hopefully pick a different exchange to join.

So do some productive moaning too and spread the word: Boycott MTGOX. They're incorrigible.

Can't say I ever endorsed them after the infamous "I was Goxxed!" rollback fiasco and the onerous requirements on customer interrogations (suspect data-mining motives) ... I've never used them and don't have intention to unless I see a massive change in operations. ... but damn they get some volume, there is no telling the stupidity of most people.

Gox are incorrigible, don't use them people!

How was that?

pheaonix

sr. member

Activity: 392

Merit: 250

http://casinobitco.in/ A+ customer support

i cannot habeeb that the lag was caused solely by traffic, and if it was, then they obviously are very behind on hardware and security for the amount the have invested.

aantonop

full member

Activity: 196

Merit: 116

Entrepreneur, coder, hacker, pundit, humanist.

marcus, with respect, you're missing the point.

There are 5-6 other exchanges. They don't have volume, even though they have good-enough or better-than mtgox trading engines and interfaces.

They don't have volume because of the inertia of people giving mtgox a second chance. Then a third, fourth, fifth and sixth chance, even while the fuckups keep getting bigger.

Hissin' and moanin' is what gets newbies to notice that mtgox is associated with a bunch of hissin and moaning and hopefully pick a different exchange to join.

So do some productive moaning too and spread the word: Boycott MTGOX. They're incorrigible.

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Enough with the a hissin' 'n moanin' ... we've known this for ages ... get your sorry asses out there and build somethiing better.

It's a wide open free market and there is enormous greenfields potential for new exchanges, tons of moolah to be made ... show us all what ya got besides big ideas and big yaps Cheesy

00null

full member

Activity: 148

Merit: 100

Quote from: aantonop on April 11, 2013, 07:37:36 AM

Quote from: repentance on April 11, 2013, 07:33:20 AM

It's pretty standard for Bitcoin services. They find themselves growing before they have the infrastructure in place to support that growth. MtGox has had two years to prepare for this, though, so it's pretty unforgivable.

Two years, tons of revenue, funding... They have everything they need to fix this except for the skills and competence.

Unforgivable. This is not some little startup that just showed up. This is 80% volume of a $2 billion dollar market, with revenues in the multi-million per year.

We need to stop making excuses and accept that mtgox will not fix itself because they dont know how.

I think now would be the right time that Mark does an Eleuthria https://bitcointalksearch.org/topic/ann-btc-guilds-mitigation-plan-168108

aantonop

full member

Activity: 196

Merit: 116

Entrepreneur, coder, hacker, pundit, humanist.

Quote from: repentance on April 11, 2013, 07:33:20 AM

It's pretty standard for Bitcoin services. They find themselves growing before they have the infrastructure in place to support that growth. MtGox has had two years to prepare for this, though, so it's pretty unforgivable.

Two years, tons of revenue, funding... They have everything they need to fix this except for the skills and competence.

Unforgivable. This is not some little startup that just showed up. This is 80% volume of a $2 billion dollar market, with revenues in the multi-million per year.

We need to stop making excuses and accept that mtgox will not fix itself because they dont know how.

repentance

hero member

Activity: 868

Merit: 1000

Quote from: aantonop on April 11, 2013, 07:17:43 AM

Quote from: 00null on April 11, 2013, 07:11:52 AM

MtGox was always PHP/mysql, including the trading engine. Do you know if it is still the same?

The more I learn about mtgox, the more incompetent they seem. PHP/MySQL? For a billion dollar market?

I'm revising my opinion. Negligence is a much more appropriate word than incompetence.

It's pretty standard for Bitcoin services. They find themselves growing before they have the infrastructure in place to support that growth. MtGox has had two years to prepare for this, though, so it's pretty unforgivable. With Bitcoin prices so high, they're going to be a bigger target than ever so lets hope they've spent an enormous amount on hardening their security over the last two years because no-one's going to forgive any significant loss of user funds at this stage in the game and they don't have an unlimited capacity to absorb losses.

Topic: We are victims of our own success (Read 4661 times)