Topic: Why you shouldnt use mtgox ever again (Read 5472 times)

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

prescient?

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.

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.

How is CampBX?

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

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

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

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. 

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

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

Same problems, just a different day.

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.

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.

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.

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.

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
Everything worked fine.
Just my 0.0000002 btc

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

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.

I've been there.

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.

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.

if you guys wanna hear a good part of this, depending on the lag is how many users are on mtgox which seems to have a major corelation to how big of a rise or drop we have lol

Not just bad, REALLY bad.

agreed 100%, before you can move on you need the basics to work 110% then you can move on to extra features.

They've rushed ahead with services without getting the fundamentals correct. It will hurt them in the long run

Nah. Primetime's not ready for Bitcoin yet. Almost.

Not arguing that but if mtgox plans to have a future in that economy then they need to step up there game

BTC is still not ready for primetime.  MtGox is one of the primary examples - but we are still building the necessary infrastruction for legitimate investors to take notice of our little geek niche specialty currency.  FWIW I do believe BTC or more generally cryptocurrency can change the world or at least become very valuable - just that many people around here have gotten WAY ahead of where we really are today

Well to make this quick and easy there are many reasons but I am going to name the big ones,

• trading engine lags 770seconds
• has had many problems with withdrawls
• has had major dwolla problems in the past which i have heard still are not sorted out
• cancel button rarely works correctly
• during major movements trading is nearly impossible

The above reasons are just a few probelms i know off hand, mtgox is the leader in btc exchanges execpt they dont act like it and rarely fix anything.  There support honestly sucks, dont know the last time it was even possible to get someone on live chat. I personally used mtgox for many months but as bitcoin grows and gets more users mtgox is just begging for more and more problems.I do understand it takes time to fix some problems but its been months some problems even a year and still nothing has changed. Mtgox just sits and thinks they are the leader in the market and noone else has a chance. I recommened you remove all your coins from mtgox prior to the coinlab transition and use other exchanges, btc-e is okay, bitcoin-24 is another decent option, bitfloor and bitstamp are both quite nice. as more and more users make the switch the price will become better and better and maybe mtgox will relalize they need to step there game up if they want real users.

EDIT: changed mtgox lag to 663

EDIT: changed mtgox lag again, just cant keep up with how bad it gets, 731.81