Bitcoin Forum

I wouldn't care if they just stayed in Japan... but I am genuinely worried for them (and my bitcoins) if they even attempt to enter the US market with such a shitty service. MtGox itself is being DDoSed with legit traffic at the precise moment where it is crucial to trade.

That, plus MtGox Mobile was left forgotten and abandoned... which is just sad. Now their mobile application is just incompatible with current smartphones (force closed at login in any OS version superior to Froyo).

This is unacceptable, with that track record I wonder if the deal with coinlabs will just make mtgox choke on the heavy traffic that new institutional investors will bring, leaving it unusable forever.
If they are incompetent right now, how competent will they be when shit gets real?

Generally I would say it's a free market, if you don't like it, take your business somewhere else.

But what pisses me off is that they make insane profits, which is a trivial calculate (daily volume * 0.4%), so they must be FUCKING LOADED. There is almost nothing in the computer industry that this kind of money cannot buy, so why the fuck can't they just hire some competent programmers/database experts?

It really makes me sick to think that when the Coinlab deal gets done, Mt.Gox will be a huge public embarrassment to Bitcoin in the inevitable media spotlight.

I was just curious and I just did the calculations:

The most expensive fee (<100 transactions): 0.6%
The cheapest fee (>50000 transaction): 0.25%
30 day volume: 2,325,708 BTC (159,448,757.91 USD):

Therefore, first case:
0.6% x 2 (both buyer and sellers pay commission, so it is doubled): 1.2%=
$1,913,385.095 A MONTH

And second case:
0.25% x 2: 0.5%
$797,243.7896 A MONTH

It is impossible from here to estimate exactly how much they are charging per customer, but we can say that definitely it is between those values.
Now their situation is inexcusable. As you said, they are making that much per month and they can't afford to keep it running smoothly?

What the fucking fuck.