Why you shouldnt use mtgox ever again

bigdude

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Dolphins Finance TRUSTED FINANCE

Quote from: whitenight639 on March 10, 2013, 09:42:04 PM

Quote from: lukestokes on March 10, 2013, 05:09:25 PM

I've done a few trades on mtgox and was happy with the process. The slowest piece for me is waiting 3-5 days to fund Dwolla. If there are better options in the US, let's add them here: https://bitcointalksearch.org/topic/best-alternative-to-mtgox-for-usd-right-now-151453

So far, for me, mtgox has been fine. But, I'm new to this and am still used to any money transfer taking forever. The more I use Bitcoin, the more my expectations will probably change.

just wait till theres a nice movement in the market worth putting in a buy / sell order then you will find the lag and you won't be able to cancel your order.

They are using 1 server with like 36 cores or something, they need a rack of distributed servers each with dual gigabit networking or better because it looks like its not a problem with computations but network throughput. Its basic stuff really, They must be spending their time on the new coinlab venture which will such, why anybody would want to move to the free market state of US / Canada is beyond me, they are asking for trouble and I can see them getting raided and shutdown in the future.

How do you know mt.gox has 1 server with 36 cores ... where did you get this?

Zeke_Vermillion

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Quote from: Monster Tent on March 06, 2013, 09:46:00 PM

Moving all the USD to the US will make seizure of funds more likely.

prescient?

Majormax

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There are as always reasons for and against..

1. Yes, the 'cancel' button is pretty poor.
2. Support and withdrawal is inconsistent, but I have had resolution of any issues within a reasonable time frame.
3. The site needs a redesign.

but..
1. There is no other site handling, or presently capable of , even a fraction of the volume that Gox is getting.
2. Gox will grow and improve over time, and in response to competition.
3. There is pressure from the marketplace for innovation and Gox is starting to collaborate with other larger businesses.
4. Gox is most advanced in official regulation.

KeyserSoze

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CampBX has been OK so far for positions, not day trading. No problem getting money in or out via Dwolla in my experience. CBX had seemed relatively stable during the biggest recent crash but since then have had even worse problems with lower volume, in my experience. This means no fast moves.

Lgetty17

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How is CampBX?

akspecs

newbie

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How about the fact that they halted trading. Is that enough reason to never trade with MtGox?

TheButterZone

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RIP Mommy

move topic> https://bitcointalk.org/index.php?board=85.0

seljo

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Hodling since 2011.®

http://bitcoincharts.com/markets/mtgoxUSD_depth.html
...no lag here and the values you see will be processed on MtGox instantly if you enter them in your "Price per coin in USD". You have to open two tabs in your browser... bummer

BitCoinLoft

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My experience with mtgox has not been very good so far. Let's see if this improves. If not, I'll seek alternatives. Actually, I am in the active process of doing that. Undecided

starsoccer9

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Up and UP the mtgox lag goes as the price plumments

Mtgox trading engine lag: 583.47s

EDIT:well i had 100BTC prior to this drop and lost atleast 10btc due to mtgox lag. Cant really say how many yet as my order has mtgox lag so it hasnt gone through yet

I put a buy order at 37.05 when the price was there but it took 5 mins for the order to just show up and by then it was to late and now i have to do a instant order which will take another delay of atleast 5 mins

EDIT EDIT

okay well I went from 100BTC to 84.70256785 because of mtgox lag. quite unaccecptable

starsoccer9

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I dont know how much more of this mtgox BS i can stand. I am really fucking pissed right now. Put an instant sell order at 41$ and guess what its nearly 39$ and it still hasnt been excuted. I offically am done using mtgox. I will be moving my coins out prior to the coin lab take over march 22nd i belive, and I recommened anyone reading this todo the same. As far as alteritives go. I recommend bitstamp, btc-e and also bitfloor

my sell order info

2013/03/11 21:35:12 Out 99.99000000 BTC 0.00000000 BTC
BTC sold: [tid:1363055712145864] 99.99000000 BTC at $38.50000
2013/03/11 21:35:10 Out 0.01000000 BTC 99.99000000 BTC
BTC sold: [tid:1363055710785303] 0.01000000 BTC at $40.45001

Bit_Happy

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A Great Time to Start Something!

Same problems, just a different day.

starsoccer9

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Yea coinlab will most likely fuck them over. will go into the big book of bitcoin scams/takedowns

Idk about the server part but it sounds just about right to me.

whitenight639

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Quote from: lukestokes on March 10, 2013, 05:09:25 PM

I've done a few trades on mtgox and was happy with the process. The slowest piece for me is waiting 3-5 days to fund Dwolla. If there are better options in the US, let's add them here: https://bitcointalksearch.org/topic/best-alternative-to-mtgox-for-usd-right-now-151453

So far, for me, mtgox has been fine. But, I'm new to this and am still used to any money transfer taking forever. The more I use Bitcoin, the more my expectations will probably change.

just wait till theres a nice movement in the market worth putting in a buy / sell order then you will find the lag and you won't be able to cancel your order.

They are using 1 server with like 36 cores or something, they need a rack of distributed servers each with dual gigabit networking or better because it looks like its not a problem with computations but network throughput. Its basic stuff really, They must be spending their time on the new coinlab venture which will such, why anybody would want to move to the free market state of US / Canada is beyond me, they are asking for trouble and I can see them getting raided and shutdown in the future.

lukestokes

full member

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Live life on purpose

I've done a few trades on mtgox and was happy with the process. The slowest piece for me is waiting 3-5 days to fund Dwolla. If there are better options in the US, let's add them here: https://bitcointalksearch.org/topic/best-alternative-to-mtgox-for-usd-right-now-151453

So far, for me, mtgox has been fine. But, I'm new to this and am still used to any money transfer taking forever. The more I use Bitcoin, the more my expectations will probably change.

starsoccer9

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Quote from: .m. on March 10, 2013, 02:32:33 PM

I just now finished my first MT.GOX trade. Sold 6 btc in a minute, cancelled my old order (probably september 2012, sth like buy BTCs @ 9.7 EUR - too bad I was not more generous Wink

Everything worked fine.
Just my 0.0000002 btc

no offense but it was only one trade. also gox hasnt had been movements today. Its whenever alot of people want to see there are some huge problems.

.m.

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I just now finished my first MT.GOX trade. Sold 6 btc in a minute, cancelled my old order (probably september 2012, sth like buy BTCs @ 9.7 EUR - too bad I was not more generous Wink

Everything worked fine.
Just my 0.0000002 btc

starsoccer9

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Quote from: akspecs on March 09, 2013, 09:53:55 PM

Quote from: starsoccer9 on March 09, 2013, 06:17:21 PM

Yea the fee structure is quite bad but I could get over it if the service was better

I'd expect nothing less than perfect service given the fees we are paying. You might be slightly better of if you're getting the 0.25%, the fact is most get 0.6% which makles that problem even worse. The most EXPENSIVE mainstream stock brokers charge $10 per trade. Compare that with $250+ per trade if I am getting the best rate.

Quote from: starsoccer9

...its still a problem when you cant even cancel and order on mtgox as the cancel button doesnt work...

I've been there.

agreed, if we are going to pay a hefty fee the site should be working great and have no lag at all. Not to mention have stop orders and such

Its honestly the worst. The worst i got was doing an instant sell and because of a 700second delay the coins sell for 5$ cheaper

akspecs

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Quote from: starsoccer9 on March 09, 2013, 06:17:21 PM

Yea the fee structure is quite bad but I could get over it if the service was better

I'd expect nothing less than perfect service given the fees we are paying. You might be slightly better of if you're getting the 0.25%, the fact is most get 0.6% which makles that problem even worse. The most EXPENSIVE mainstream stock brokers charge $10 per trade. Compare that with $250+ per trade if I am getting the best rate.

Quote from: starsoccer9

...its still a problem when you cant even cancel and order on mtgox as the cancel button doesnt work...

I've been there.

starsoccer9

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Quote from: akspecs on March 09, 2013, 11:56:11 AM

@starsoccer9 forgive me if you thought I was expressing sympathy for MtGox. I personally highly dislike their % based fee structure. A flat rate would be much more effective, especially for traders. It would be even better if we were given the choice on what fee structure to choose from (assuming they do one day implement a flat rate).

On your other point - no one is telling you what you should do with your money as long as it doesn't negatively affect others.

But to be rational, bitcoin is not really ready for REAL day trading - yet. Unless you are day trading bitcoin with a VERY SMALL sum of money, you can't expect a stable fill price. If I wanted to use $100,000 to day trade bitcoin I would have to be willing to stomach 3% slippage in price to get my order filled, excluding MtGox commissions. And given how MtGox handles partial orders and cancelling live orders I really doubt you would want to be in this situation. To add, MtGox deliberately charges a large comission (0.25% ATLEAST) - that is $250 on 100k. My stock broker charges me less than 2% of that fee no matter if I trade $100 worth of stock, or $1000000 worth of stock.

The systems aren't in place for effective day trading. You're WAY better off trading the U.S. stock market if you want to day trade.

Yea the fee structure is quite bad but I could get over it if the service was better

Okay I understand

I personally do day trading with about 50ish BTC to 100 BTC but its still a problem when you cant even cancel and order on mtgox as the cancel button doesnt work.

Topic: Why you shouldnt use mtgox ever again (Read 5424 times)