Bitcoin Forum

So what's the verdict?

Gotta admit, it has pissed me right off today, i use them "by default" really, i will be looking else where, hell ive even wanted to start my own!

I have thought the same thing. Just have to right a solid back end in Java or C++... none of this PHP non sense.

They'll stay the kings as long as they got the most liquidity.

Back up to 128 after all the bad news today. Wow.

Yep, they'll survive this, somehow.  ::)

We desperately need some real competition against it though. A few more serious DDos attacks and the charts may not forgive.

Agreed. Right now Mt. Gox is the Achilles' heel of Bitcoin.

Lost quite a bit of money due to the lag today - inability to cancel orders led to them being filled instead of canceled so I could readjust. An active system requires the ability to respond to changing conditions immediately but a 4 minute lag means your order is going to screw you over :(

And m.mtgox.com is a bloody joke.  Good luck if it keeps you logged in for more than 8 seconds.

FTFY

Who has the 2nd most liquidity?

BTC-E Maybe? Or Bitstamp...I am guessing it is between those two.

What's the option if you stopped using them prior to this?

My second choice was Coinbase, but now they are always sold out.

My third choice is Bitfloor because they allow cash deposits which are normally fast. Except for tonight, when my deposit has been waiting for 2.5 4 hours.

I was just thinking that myself earlier.  Even if Gox stays the primary exchange, hopefully once they adjust / recode / upgrade hardware and software, these issues can hopefully be behind us.

Goxlag is the best indicator of possible price movement I can imagine. I'm thinking about writing some script to turn on the alarm and wake me up if goxlag is > X  8)
But I have just registered an account on Bitstamp. Thinking of moving some funds there.

I will use mt gox, but we need more exchanges that can compete with mtgox.

No, decided to move few days ago already, screw those trading lags and centralization.  ;)

Their engineering team is a joke if they haven't fixed the lag and put online a decent trading engine after MONTHS AND MONTHS of time. They completely blew their lead in the field and will just become a mediocre exchange soon enough.

From what I've heard there is no "team". It's just one guy.

The 18 year old PHP wiz... thats usually how these things work.

This is a good point. All though it doesn't seem to lag as much when the price increases. But the flash crashes it seems too. I am going to start testing Bitstamp.

I prefer Bitstamp, but I don't know if they have the server capacity to handle a horde of goxxed traders looking for better trading grounds. They sure could use the volume, but at a sustainable rate.

I would switch to BTC-E if I could transfer without a loss, but the rate disparity doesn't appeal to me for a BTC transfer. Mt Gox needs to get their ducks is a row.

BTC-E is always in last place. I have been hearing good things about Bitfloor recently. Anyone have first had experience?

Yea, and somehow it keeps submitting duplicate orders, although some of that is my fault for re-submitting when Gox doesn't acknowledge an offer. The cancellation delay is inexcusable though.

I had the same thing happen to me during the flash crash back in the 40's. Couldn't cancel my market order and ended up selling at the absolute bottom. Learned my lesson.

I'm about to transfer my funds and try it out. Looks good.

I use Coinbase and Bitfloor. Coinbase is not ideal for trading and often out of coins. It's not good for day trading, but could be convenient for long term buys.

Most of my buying and selling is done on Bitfloor, which I've grown to love.

I initially signed up with BTC-e to exchange mined Litecoin for Bitcoin. Their BTC0.01 withdrawal fee was way out of line, though...and that was before the recent run-up. I've ended up using Bitparking for that purpose.

As for trading between $ and BTC, MtGox has been mostly OK. There was a bit of annoyance on Dwolla's part this week when I wanted to send to MtGox for a purchase (they wanted ID), but that should be a one-time thing.

OTOH, between buying BTC last night and submitting an order for some silver today, there was enough increase in value to cover shipping and still leave me with some change.  8) Maybe I'll try letting it double next time so I can get a 2-for-1.  ;D

I've created an account at CampBX and have started fooling a bit with IRC to use #bitcoin-otc, but have done nothing much with either of those yet.

Your the 5th person I have seen talk about Bitfloor in a positive manner. I haven't seen anyone post about Bitstamp. Guess I will be checking out Bitfloor soon.

Yeah the 0.01 fee at BTC-E is bullshit! That's $1.28 at the current price.

Does anyone have experience with CampBX? (https://campbx.com)

I was very happy with Bitfloor until today:

https://bitcointalk.org/index.php?topic=166560.msg1736659#msg1736659 (https://bitcointalk.org/index.php?topic=166560.msg1736659#msg1736659)

Hmm, guess there have been problems everywhere. The whole BTC system is experiencing growing pains.

Just love the lag - so much drama!  ;D

Wasn't Bitfloor hacked?

The one thing that we do know is that Mt.Gox security is excellent. I trade almost daily so I cannot afford to keep my funds in a paper wallet.

I have never used MtGox but it hasn't looked like fun of late.

I do use Bitstamp and like it a lot, just need to keep an eye on the banks in that area (Slovenia)

I will probably give Bitcoin Central a try when they are back up and use EUR

It was. That's why I only use them as a convenient way to buy bitcoins with cash, and immediately withdraw them.

where is the voting option "never used The Gox"  ???

 ;D

There is no such thing as a PHP "wiz" Anyone who qualifies as a "wiz" knows better than to use PHP for anything critical or important.

Not to say that I don't agree with your sentiment 100+%, but I've found that many people tend to blame the application layer for problems that are actually at the database layer, and that many so-called DBAs can't performance-tune their way out of a wet paper bag.  But when you restart the app layer, and suddenly everything works again (for a while), it's easy to blame the app layer, without realizing that you haven't fixed the underlying concurrency problem, you've merely swept it under the rug for a little while until your site's users return.

I dont even care about gox for anything other than the most accurate
exchange rate honestly. I use bitfloor and even tho its not that accurate
it is way less of a fee and instant and convenient for me!

Very good points. lol! How their database queries, tables cache's etc are setup can result in a night and day difference. But hell, even installing mod page speed and some other tweaks could help in the short term.

If BitCoins to last with the same dollars flowing in and out of the system... MtGOX or some other large corporate entity will ramp up and make it a single EXCHANGE and then you can open up wallets anywhere that trade on that exchange. Similar to the FOREX that we have now.

Better to have one big exchange that puts all of its efforts and monies into protecting it and maintaining it and not be worry about every Tom, Dick and Harry complaining about their $100 deposit not going through.

Jsut to clarify... MtGOX does not set any pricing... we the people do. The only way they get money is on the transaction fee of 0.6% when you buy BTC on the exchange.

In my example of making it all ONE exchange, MtGOX would charge all the wallet sites a fee (or portion of the transaction fee) to utilize their exchange.

Think Brokerages like we have now. They pay fees etc for the use of the exchange system.

Actually there is no one big FOREX exchange. It is a distributed network.


If you mean going to a traditional model where brokers act as gateways to the exchange then you might be on to something. For a long time I thought that model was antiquated -- who needs brokers? just let everyone deal directly with the exchange! I'm starting to wonder whether the old school stock broking industry was as useless as a I thought.