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501  Economy / Service Announcements / Re: MtGox generation of USD redeemable codes will stop at 10 Apr 2013 on: April 14, 2013, 11:13:53 PM
There is one workaround and that is to create throwaway accounts.

So you create an account specifically with the intention of sharing the username and password with your trading party.  You wouldn't want the account to get flagged as needing verification so the amounts you would hold in it would need to be under the levels that non-verified accounts are allowed to transfer.

This lets you lock in a certain amount of USDs and transfer that value as dollars to someone else by giving the username and password to them.  Then that person completes the verification steps to withdraw the dollars  (or use the funds to buy bitcoins at a later time).   Since most people already have a Mt. Gox account, trying to get verification on a second account at Mt. Gox would likely bring closer scrutiny and/or see the funds getting frozen.   

Also, there's the chance the person who funded the account will claim the account was lost due to identity fraud (hacker gaining username/password) after trading it away and possibly regaining access to the funds.   So this isn't a method two parties who don't have trust in each other would want to follow.

But it might be a way to separate off some bitcoins into multiple accounts, convert them to dollars to lock in a certain amount of value in USDs, and then later trade those USDs away.

That's nowhere near as convenient as the redeemable codes, but it is an option.

Of course, other exchanges still have account-to-account (A2A) transfers, if the need is simply a USD-denominated store of value that can be easily transferred to and from BTCs:
 - http://en.bitcoin.it/wiki/A2A_Transfer_Methods



MtGox ToS limit you to one account, so this is risky.  I wouldn't be surprised if their anti-fraud algorithms flag stuff like location, either - meaning that an account will be flagged if you log in from a different country, for instance.
502  Bitcoin / Hardware / Re: BFL silent these past days? on: April 14, 2013, 10:20:00 PM

I think I read they have at least 85000 asic --- the asic works ok but use more power than expected --- they need to find a easy design solution to the problem --- note these asic use less than 50% power  of avalon (bfl asic will be better in long term - less power Huh) --- so design may end up in a much larger case with bigger power supply

Nope.  Their entire gen 1 first run was supposed to total 75,000 chips.  They split the first batch of 12,000 into 2 and had 6 wafers delivered while the last few layers of the 2nd 6 were held back in case they ran into problems.  The bulk order of 63,000 was supposed to go into production a few weeks after the whole 12 wafers from batch 1 were delivered but there's been no confirmation that order has gone ahead. 

It looks like they're going to use what's already in production to fill early orders and that the bulk order will now be use for a revised design.
503  Other / Meta / Re: Poll: The distribution of gender at Bitcointalk on: April 13, 2013, 09:22:50 AM
Generally speaking, more males.

The problem is that it's a terrible idea to start this topic, nevermind any sexist implications that would come from adding such a terrible idea to this topic.
                                

Hey, where else are you going to find a transwoman slut-shaming camgirls?
504  Other / Beginners & Help / Re: Hi - Please help my friend in getting back his 30,000 bitcoins! on: April 13, 2013, 03:59:32 AM
You couldn't buy 30,000 BTC for a couple of hundred bucks two years ago.  Not buying the story.
505  Other / Off-topic / Re: My experience with a localbitcoins f2f transaction - A Warning on: April 13, 2013, 03:46:24 AM
Probably best not to use names like Blazr on localbitcoins if you don't want law enforcement thinking there might be a drug connection.

It would have to be a pretty stupid drug enforcement agency which didn't monitor localbitcoins and look at who is trying to cash out on a regular basis. 
506  Economy / Trading Discussion / Re: Seriously what is behind the trading lag. on: April 12, 2013, 11:32:52 PM


What the fuck?

They also cook with water. The cost of computer hardware is negligible, both in the world of finance and the amount of profit mtgox had during the last year.
What performance? There were computerized exchanges in the 90s dammit.

Second: Look at the issues I raised above: Which part do you think requires high performance computing by todays standards?

This isn't just a hardware problem, though.

There's a poster in one of the other threads who has worked on the systems used by real world stock exchanges.  It would be interesting to see if he can estimate what it would cost MtGox to create the infrastructure to solve this problem in a way which allows them to scale and become a serious trading platform.

MtGox was never designed to be a serious trading platform and they need to make up their minds whether they want to become one or whether it's more profitable for them to serve a niche market than to try to be all things to all people.  They're not designed to service serious traders (who want all kinds of trading options MtGox doesn't offer) and there are a couple of other exchanges close to launch who are pitching at that market. 

MtGox needs to decide what it wants to be and then re-invent itself to serve its chosen market.  Slapping on bandaids without any clear sense of direction isn't going to help MtGox or its customers.

507  Bitcoin / Bitcoin Discussion / Re: Is this price drop so bad after all? on: April 12, 2013, 10:40:07 PM
Yes this bubble pop was a good thing but I have news for you: bubbly speculation will return.

Until the price stabilises, the bubble hasn't popped.  The speculators won't leave the market while the wild swings are still happening.

It's laughable how people are starting to regard a few days worth of trading information as some rock solid indicator for what's going to happen tomorrow, next week or next month.
508  Economy / Trading Discussion / Re: Seriously what is behind the trading lag. on: April 12, 2013, 10:33:53 PM
Yeah I've read the "under funded orders" explanation. But it just doesn't make sense.

My problem is: Forex and Stock trading platforms operate in the sub-millisecond range, I don't know if you've seen the ted talk of how they drilled a tunnel through a mountain to shorten the path the signal has to travel.
So while the professional have systems performant enough that the speed of light becomes relevant we have issues to even keep up with price fluctuations.

You just answered your own question.  "The professionals" have hundreds of millions of dollars invested in the infrastructure which makes real time trading possible.  Not only can no individual Bitcoin exchange afford such an investment, all of the Bitcoin exchanges combined would not have the resources to put such high level infrastructure in place at the moment. I doubt they could even afford to rent someone else's infrastructure.
509  Bitcoin / Bitcoin Discussion / Re: Decentralize Mt.Gox by franchising on: April 12, 2013, 09:44:13 PM
To some extent you could regard the CoinLab deal as "franchising".  The problem is that MtGox would still be providing the actual trading platform for franchises and that platform would still be overloaded.  There's also the question of liability of franchise holders lose user funds.

I don't think MtGox has the resources for this to be a viable option at the moment.  What you need is people who are more competent than MtGox and better resourced than MtGox entering the exchange market.

If the relaunched TradeHill and Jesse Powell's Kraken are successful, they'll lure a certain type of customer away from MtGox due to offering more trading options - leaving MtGox with low value, "vanilla" customers.  We really don't need a heap of exchanges which are just smaller carbon copies of MtGox.
510  Bitcoin / Bitcoin Discussion / Re: BITCOIN, A TRUE WARRIOR BEATS ALL ENEMIES !!! on: April 12, 2013, 09:34:51 PM
Why isn't this in Off-Topic?

And turn off caps lock, FFS.
511  Bitcoin / Bitcoin Discussion / Re: How the state will attack Bitcoin... and how to survive the attack on: April 12, 2013, 09:31:47 PM
Why isn't this in Politics and Society?
512  Economy / Scam Accusations / Re: Davout, the new Pirate@40. Bitcoin-central.com instawallet.org scam in progress on: April 12, 2013, 09:30:04 PM
Good news, everybody! Our money is safe till after the conference, for we've seen this dance once before in London. It seems that André Boussac a.k.a. Pierre Noizat will be speaking at Bitcoin2013 in San Jose: http://www.bitcoin2013.com/bitcoin-2013-panelists.html

Don't bother Googling Pierre-André Boussac, for there's nothing to see there.


Going by past bitcoin conferences ypou would be wise to pull your bitcoins out of any service represented there.

Exactly what I thought when I saw the line-up. 
513  Bitcoin / Bitcoin Discussion / Re: MtGox AMA on reddit - happening now on: April 12, 2013, 01:10:31 PM
The answers being given by MtGox on the AMA are cringe-worthy.  They really have no concept of "tone".
514  Bitcoin / Bitcoin Discussion / MtGox AMA on reddit - happening now on: April 12, 2013, 12:59:17 PM
http://www.reddit.com/r/Bitcoin/comments/1c7ahh/we_are_mt_gox_ama/

515  Economy / Service Discussion / Re: The good news is that MtGox is pretty much dying. on: April 12, 2013, 11:18:27 AM
Did you account for the fact that Mt.Gox was offline for 12 hours?

I don't think Mt.Gox's monopoly is over yet - unfortunately.

If Kraken and the relaunched TradeHill can entice the serious traders away from MtGox it could be all downhill from here though - Gox simply doesn't offer the range of trading options serious traders want.  Likewise, large quantities of BTC can be traded OTC so "big players" have the option of avoiding Gox.  It may well end up the pond in which the littlest fish swim.
516  Economy / Trading Discussion / Re: For me MtGox is Dead, where shoud I adquire Bitcoins? on: April 12, 2013, 07:43:24 AM
Like losing 25000 BTC of customers funds one day, probably never to be returned? I don't think I'd ever trade at an exchange which had such a mishap and didn't resolve it, the risk is too high that it might happen again.

They still owe serious amounts of money to users and the increase in BTC price is going to make it harder for them to repay.  Using them for trading is one thing, but I'd be extremely careful about leaving funds on an exchange which is known to be in financial trouble - not that people should be using exchanges like banks/online wallets in the first place.
517  Economy / Trading Discussion / Re: If MtGox can't handle the load, it should limit frequency&amount of orders/user on: April 12, 2013, 06:52:39 AM
I am not an IT professional but it seems like there are some ideas to improve the situation.  I suppose the next logical question is why mtgox isn't doing anything.  Or why they aren't communicating.  The message on their site about letting the market "cool down" was very bizarre.  I am confused by all of this.  Did they close to update server capacity or to let the market "cool down"?  If they didn't do anything to improve the situation why are they open now?  Opening again and being faced with the exact same problems isn't helpful to anyone.

I am not in any kind of hurry to buy or sell, I am just sitting on my coins and watching.  It just seems that mtgox isn't doing anything to help themselves.

Upgrading their servers isn't enough to fix the problem.

"Cool down" means they're hoping that when they re-open there'll be less people panic buying/selling based on emotion and so they won't be overwhelmed by people stampeding to trade based on the slightest movement.
518  Economy / Service Announcements / Re: [ANN Mt.Gox] Resuming Operation: Now what? on: April 12, 2013, 06:06:02 AM
When a business is having problems of this magnitude, its principals should be the ones issuing public statements and making promises - not underpaid customer support staff who have no authority to do anything other than regurgitate press releases.

Nobody gives a toss about Alex's opinions on this matter.  What people want to hear is what Mark is going to do to fix the problem and when.  No-one gives a shit how much you've increased your capacity if it's still not enough.  The fact that you can be brought down by legitimate trading makes people worry about the robustness of the rest of your system because right now you've got one hell of a target on your back.
519  Economy / Trading Discussion / Re: MT. Gox is down and here is why on: April 12, 2013, 05:47:29 AM
Gox needs to take the site offline for the weekend and fix their shit.  Temporary patches are going to be useless because they'll be crashed by the sheer volume of legitimate transactions even when they sort out any DDoS issues.
520  Bitcoin / Bitcoin Discussion / Re: A lot of low post count users here today worried about the price on: April 12, 2013, 03:54:00 AM
Everyone should just calm down and listen to some relaxing music.



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