Bitcoin Forum

Oh god Mt Gox, why??!?!?!?

T.T


Anyway, just so people have an idea of how many people are scrambling to verify and start making purchases/trades.

I think as long as we have a verify queue of this magnitude, prices will continue to climb, as this 15,000 person line is obviously in it to start buying and selling.

My position... LONG!

As a word of warning to anyone counting on the influx of new blood to drive up prices. Remember that given the length of time it's taking to be verified, someone could have signed up at $90 thinking "Hmm I'm going to invest in BTC at 90". Suddenly a week or two later when they get verified BTC is at $170, they feel they have missed the boat and then don't invest. The expected "surge" doesn't materialize.

Just saying.

Mt Gox needs to pick up the pace. All a verification line like that does is discourage investment.

Hey, you verify 15,000 people in a timely fashion. lol

They should just suspend new accounts until they can catch up

I honestly think mt.gox is doing alright given the circumstances. I'm sure many have speculated that BTC would become as big as it has, but I also think few would have imagined it happening as fast as it did. I think I read somewhere that their new signups jumped from 10,000 for february to 60,000 in March. Sure, if they would have had a plan in place to handle this better, they would look even more impressive right now. But no business is perfect and I would have to say that they're doing a decent job and can't be 100% blamed for the delays. I like how legitimate their business seems compared to other exchanges I've browsed around. Not to say they're the only legit one out there, but they seem to be the ahead of the pact in many ways. Just my $.02

That being said, the couple of weeks I've started watching bitcoin closer and even came close to investing, buying a bitcoin for USD is a PITA! It's all about waiting for verification or finding a location to transfer close by or else taking a serious risk with a shady seller. I looked at bitcoin OTC, but that looked to be a bit of a hassle as well (in the way of setup, anyway). I probably will get on there eventually, but I've been spending more time exploring the realms of mining than trying to buy a bitcoin. I say the first person that finds a legitimate way to provide a service which would allow you to buy a bitcoin in less than an hour (including any kind of sign up, verification, etc) will wind up sweeping the market. I know bitinstant and maybe others allow you to go make a deposit at various locations, but that still is not always practical and by the time you add up time spent online setting up the transaction, gas used for driving to the location and time spent at the location, you're spending more than an hour and more than 4% in fees. Any other way I've found has been an insane price for a bitcoin (IE the few sellers they have on ebay that seem to mark it up 50-100% the current value). Maybe there really is no legitimate way and that's why this hasn't happened yet, but it seems like there has to be something better than the current options.

Exactly!

They aren't moving at a terrible pace, either... I think I was somewhere above 10,000 in queue friday and I'm in the 6,000's now. Mid week (hopefully) I'll be able to start trading and what not.

:)

my question is.. if the queue is constantly increasing, are they processing any of them?

If it's 15500 today, and 16500 tomorrow.. does that mean 1000 extra people are now in line, or did they process 1000 today and there is actually another 2000 that got in line?

I wish we knew how many per day they are actually doing.

Mt. Gox hired like 20+ people to verify so it seems they are trying to compensate for the load.  HOLD!

They can also think "I had 100 BTC I mined for free last year, let's sell it now" and price will drop :p

I've been moving down the queue at about 800-1000 places a day.

Unfortunately I do not think my proof of residency is good enough,
What did you guys use?

MtGox is truly acting as a barrier for the rise of bitcoins at the moment.

Anecdotally I've heard they process about 1000 people per day. I have no idea if this is accurate.

People should use other exchanges if they want their coins fast:

https://bitfloor.com/ or https://campbx.com/ for the US

https://www.bitstamp.net/ or https://bitcoin-24.com/ for Europe.

Huh, I was able to buy without being verified. I'm currently 704, last I checked (might be 740, I'm dyslexic).

How do you actually check what the queue is?  Do you have to sign up for a new account and submit new verification?

Yes, afaik the only way of knowing is being in the queue yourself, or anecdotally through other members and their positions.

maybe that's a good thing!!

too fast, more likely to crash like in 2011

Interestingly, they processed my "trusted"-level application within three days.

I was "verified" before and wanted to upgrade to "trusted", so I sent in the required documents on Friday by registered priority mail. Apparently, it already arrived at Tibanne Inc. and got processes immediately as I enjoy being "trusted" now.