My -already low- confidence in hosted solutions in general has recieved another dent. After all the Lulz from LulzSec, the breakins in- and fskups of services like dropbox, this was the final one.
I know, mt.Gox is nothing compared to large corporation and professional startups. But it proves my personal experience (I am a webdeveloper) that the average online project is simply broken, buggy and poor in security. One would expect such startups to have a proper security model, including cirquit-breakers, fallbacks and secondline defences in place. Apparantly not. Or not enough.
As such, I will put more effort in the various projects out there that redistribute the web: decentralisation is the only proper solution for all the failing central points.
Mt.Gox is a central hub in a decentralized system. Making nearly the entire bitcoin economy dependent on one, single point of failure.
BitCoin is for me, one of the solutions, trough such decentralisation. Other -unrelated- are decentralisation of our messaging (twitter) and our social connections (facebook). We are rapidly centralising the entire internet. Which makes it unstable and vulnarable. Lets use BitCoin as a means to get a decentralised movement going and giving it even more momentum.
TL:DR: Mt.Gox was a single point of failure. We should have decentralised systems to avoid this dependency and instability.
+1 P2P prediction markets is where it's at. This will allow people to coordinate exchange rates as a special case. Actual exchange of fiat for btc can then be done by any two parties using the market price, and using it to hedge if necessary. Agreed, it makes things to much easier, we just need greater acceptance and use. Bitcoin is still in it's infancy, and the market is at an all time high in interest and users, and it will only continue to grow. |
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I'm spreading it around now, Tradehill and Bitcoin7 because Mt. Gox still isn't really up and running. I got in on both via referral codes which was nice, but who knows how long those things will last. It's nice to have alternatives though, and BTC's are trading the cheapest on Bitcoin7 right now, referral codes in my sig.
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I got in with orders as well.
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Tradehill and Bitcoin7, referral codes in my sig below! I'm sick of this shit Mt. Gox!
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dwolla transfer into B7 yesterday took less than 1 minute, I'm serious.
i expected to wait 8-24 hours like the others, it was less than 1 minute, seemed "almost instant" takes longer to get BC confirmed than it did to get money in.
You guys can talk as much shit as you want,
but when it comes to people doing shit right, how shit is supposed to work,
you can't really beat that.
Dwolla transfer? They aren't currently accepting Dwolla transfers...............maybe you meant libery reserve? |
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Sitting on your money is outperforming the market over the last few weeks.
Judging by the negative yields in 1 month treasuries today, professional money managers are actually paying Tim Geithner to preventing them from investing in the worthless stock market! http://www.zerohedge.com/article/1-month-bill-0005The stock market is a disaster, people should be jumping into bitcoin and precious metals at every opportunity. |
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Finally nice to see this train moving for people, I was lucky enough to be verified on the first attempt, but I did use two forms of verification to get it done. any countdown on when the market is going back up?
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They are doing some kind of verification of our account.
We suspect it may be connected to our short start and the amount of deposits we received.
As far as I know from the community same thing happen to Mtgox and TH at a certain point.
Thanks for the update, I'm sticking with Dwolla as my main way of moving funds around, hopefully this clears up soon so I can start trading at bitcoin7 ASAP  |
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In my personal opinion many people think they missed the boat on something potentially big so they slam it because they weren't aware. I also think the security reasons are another big factor, but we'll see what happens with Bitcoin soon.
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MtGox has reduced their commissions (at least temporarily) to 0.3%. Are you going to match that? How hungry are you? You must be aware that you have to bring something extra to the table to compensate for your relatively tiny volume, right?
We've got a few things lined up. I don't think we need a price war but I'm sure it will happen eventually. There are a lot of ways to compete outside of price. There isn't a war between TradeHill and Mt Gox and I consider the competition pretty friendly. Besides people should be diversifying. Don't put all your money on Mt Gox or TradeHill, spread it around. Thanks for being so responsive and taking the time to answer questions, and I'm sure as Tradehill grows the look and feel of the website will do so as well. I've had an account for a bit, but have yet to deposit funds. I'm going to wait and see what happens at Mt. Gox before doing that, but keep up the good work. |
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looks like I'm screwed tonight. Dwolla requires bank interaction. I was hoping more for a paypal transfer and they take 2-3 days.  anyone got any good news? yup, that's what I was talking about.. takes some time. This, it does take time and waiting, I specifically made a few deposits to my Dwolla in anticipation of tonights potential bitcoin price buffet. All my money has cleared and is waiting to be transferred to the exchanges. |
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I'm way below the average, but I just gone in at the $15+ level right before the crash, and I'm also invested in other things.
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Hey guys, I'm looking to buy in tonight. What do I use? dwolla? paypal to dwolla? then buy at gox if it opens or tradehill/bitcoin7? And hi  Try Tradehill they take Dwolla, referral code is in my sig if you want 10% off your trades their for your account. I like bitcoin7, but they're not accepting Dwolla right now. They do take other services however. I would like to add that bitcoin7 has cheaper per coin prices right now at $15 compared to $17 at Tradehill. I have a bitcoin7 referral code in my sig as well. |
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So I noticed it said Dwolla / LR withdrawals are halted - any word on the issue or when they will resume?
This is my only setback so far, it might be Tradehill for me even though I was hoping to use Bitcoin7. I'm sticking with Dwolla so that's the main problem. |
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Just got my accepted email, and I'm a smaller account with almost 23 BTC and no cash in it, but I'm putting cash in first thing tomorrow, I want a chance to buy if it bottoms out. Not sure about the big account little accounts thing, but I did offer two verifications for my account and a long complex password. Glad I'm going to get a shot to get to work when it goes live tomorrow.
you can't expect them to process your deposit the same days especially now. That's what I'm hoping for, the money has been sitting in my account waiting for transfer to one of the exchanges and I'm definitely putting some in Mt. Gox. Maybe it's best if it doesn't instantly transfer so the big players can get in and potentially sell a few coins at lower prices. If I'm able to sell off at $17 I'll definitely do it now that I know my account is live, but I guess we'll see because I'd actually be taking a small hit at $17 after I made my last buy at $18 shortly before the disaster struck. Interesting tomorrow indeed.... |
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Just got my accepted email, and I'm a smaller account with almost 23 BTC and no cash in it, but I'm putting cash in first thing tomorrow, I want a chance to buy if it bottoms out. Not sure about the big account little accounts thing, but I did offer two verifications for my account and a long complex password. Glad I'm going to get a shot to get to work when it goes live tomorrow.
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I haven't received an email yet, but I've got funds waiting to be transferred in just in case I'm able to buy at single digit levels, I'd love to see a great buying opportunity erupt, but cooler heads have probably prevailed and price stabilization seems to be going on in the other smaller markets. Guess we'll see.
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Try bitcoin7 link below "euros"  Same, bitcoin7, but my link below is US dollars for anyone signing up for the first time. |
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Any word on transferring funds via Dwolla? I'd like to use Dwolla as my primary way of getting funds to the account.
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Nothing yet over here, I registered on the first day as well.
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