Topic: Why you shouldnt use mtgox ever again - page 2. (Read 5472 times)

I'm sure all those things happen. But, for what it's worth, I've never had a problem.

@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.

so your basically saying mtgox is not allowing me to day trader. so i didnt know mtgox gets to choose for me what i do with my money.

The lag also is for all users not just day traders. if you think 700 second lag is fine then feel free to keep using mtgox and wonder why your buy/sell orders are costing you money.

As far as expansion goes, im not aruging that more users are coming but most of these issues have existed for months. if mtgox needs months to fix problems I wont be using them. That is like EA saying sorry people who bought simcity we need months before we can put up any new servers.

You simply shouldn't be day trading bitcoin.  The infrastructure isn't in place.  The volume isn't there.  Massive slippage occurs.  When you see tens of millions in USD traded for BTC every minute the story will be different (right now only thousands are traded every minute, very small volume comparing to assets which are actively day traded).  The reason the lag is there is because bitcoin has grown a lot in the past few weeks / months, and the correct tech isn't in place to handle this heavy trading that will eventually be normal for bitcoin.  At this point in the game, it isn't normal.  People who trade stocks often compare bitcoin volume and price behavior to penny stocks (i.e. something that is heavily manipulated).

If you want to day trade there are plenty of other better assets / markets to day trade.

All the problems I have listed are just common problems people have encoutered on the forum.

The lag is a huge problem. Think of playing a video game with a 700second delay. basically you cant do anything. For people who want to day trade or sell when a big movement is happening there is a 700second delay. that means If  I put an instant sell order and the price is at 45$ it might not even get to the server and become excuted until we hit 35$

Why would the lag be a problem?

I set an order and go to sleep...

I took a few profits recently and sold on MtGox. The transfer to Dwolla went well and the Dwolla transfer to my bank is now underway. I've experienced no delays.

That said, I do know that MtGox has known to have delays, I just have not experienced them myself, and certainly not recently.

There is advantage using Mtgox if you want to withdraw dollar.

Normally mtgox btc price is higher compare to btc-e.com

If you have btc fund on btc-e.com, transfer the btc fund to mtgox address, then sell to usd. it's 3%+ higher.

It's an arbitrage, check my site below for actual rates.

All of these things the OP mentions may be the case, but is there really a better alternative for US customers at this point?  Not really, that I've seen...

Right now im a huge fan of bitstamp and btc-e. Also Another reason to not use mtgox is the are stopping MTGOX USD coupons

http://www.bitcoinmoney.com/post/44860726799/mtgusd-redeemable-code-the-end-is-neigh

Add for US/Canadians the approaching coinlab cliff of doom.

So, agreed. To bit-----! Or wherever the hell else one pleases.

This is why I'm not going to be using Mt. Gox (though I admit, I never did )  It's just asking for a problem.  Let's just setup the pirate/hydra bay over here too and see how well that goes.

MtGox slow again now

most of the people posting here arent newbies ins all hero memebers just fyi.


I agre that would be a decent idea and maybe we could see some improvements but its not accecptable to be the leader in the market and have these types of problems for months. If you do have these problems well then its quite clear you shouldnt be the leader in the market

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I think we need to make it clear to mtgox that if they wont change they wont have any users soon. I think prior to march 22nd we should all withdraw out funds from mtgox and move to other smaller exchanges to hopefull teach mtgox a lesson

Yes the lag on mtgox is often unacceptable. I've never seen bitfloor get slow.

There surely are issues to sort out, and the trading engine seems to have big problems keeping up when there's a lot of traffic, same problem with their data API.

What would be a great thing to do, would be to have anonymous user submitted issues in a tracking system, then all customers could vote on the issues, and the ones raising to the top, would have the most attention from the devs.

That is off topic, since MTGox really is a horrible trading platform.

So many newbie threads everywhere!  You can tell who just joined the, "I panic sold all my BTC" club just by scanning the thread titles.

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

They are simply horrible.