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Author Topic: Stop blaming MtGox  (Read 2255 times)
cbeast
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February 12, 2014, 05:07:06 AM
 #21

Even in spite of these issues, any of the exchanges should be able to pay out withdrawals with a short delay of well under 24 hours, just by aggregating the backlog into one single batch transaction and sending it out using the regular bitcoind software.

If I were operating an honest exchange and had a "spreadsheet" of bitcoin payments I needed to pay out, I would pay them all out in one giant "sendmany" transaction.  Even if the transaction got mutated prior to confirmation, there is a 100% chance the transaction would go through.  I'd repeat the same process daily or several times a day, and announce that only "instant" withdrawals are no longer available, they just have to be done in a batch, by hand, hopefully the same day.

I am guessing that even if the other exchanges must temporarily halt withdrawals, the honest ones will quickly find a way to get withdrawals pushed out with a 0-24 hour delay!

I am pretty critical of MtGox and stopped using them more than a year ago because I just don't trust them.

Excellent solution.

Now when BTC-E and Bitstamp has similar problems, the bug that MtGox highlighted seems to have credit. Might Gox who cause similar issue with at their competitors exchanges Smiley

So now the ball is back at the bitcoin faundation. Bitcoin still in beta, might sadly not be so smooth yet.

 

It wasn't the issue with Bitcoin, but how they handled the situation by spreading FUD and passing the blame for their shitty service.




that is exactly the picture i was expecting here, as i clicked on that topic! Cheesy
Ditto.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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February 12, 2014, 05:24:40 AM
 #22

Even in spite of these issues, any of the exchanges should be able to pay out withdrawals with a short delay of well under 24 hours, just by aggregating the backlog into one single batch transaction and sending it out using the regular bitcoind software.

If I were operating an honest exchange and had a "spreadsheet" of bitcoin payments I needed to pay out, I would pay them all out in one giant "sendmany" transaction.  Even if the transaction got mutated prior to confirmation, there is a 100% chance the transaction would go through.  I'd repeat the same process daily or several times a day, and announce that only "instant" withdrawals are no longer available, they just have to be done in a batch, by hand, hopefully the same day.

I am guessing that even if the other exchanges must temporarily halt withdrawals, the honest ones will quickly find a way to get withdrawals pushed out with a 0-24 hour delay!

I am pretty critical of MtGox and stopped using them more than a year ago because I just don't trust them.

everyone always giving gox shit for putting a "bandaid" on everything and not fixing their problems. if they tried to appease people without fixing their internal issues or this mutation problem than then they'd get shit if something goes wrong with it later - regardless. i think them having a permenant solution or an internal workaround that solves this ISSUE once and for all is more important then just sending transactions out, dealing with all the "complaints" fake or real, and having to manually reconcile all the btc address and internal records. a permanent solution is the ONLY real solution. putting a short term solution to this issue is far worse than halting withdrawls and figuring everything out correctly.

pushing transactions out makes a lot more sense with "personal" wallets, not for exchanges that use shared wallets and have complicated internal networks.


Really ...how many chances do these jokers get ....they are operating "Allegedly" a professional operation dealling with 100's of millions of Fiat USD & other values

Any programmer that has left the technical debt of this TXID problem around for 2 years plus and who has based withdrawls on 0 confirmations TXID's deserve to get their arses hacked

This is the 3rd time that GoX have caused a disruption & major price drop due to their own incompetence ... really seems starange and opportunistic to obtain cheap BTC ...

Lets not mention the Withdrawl problem that never gets fixed ... seems like a great insider ARbitrage racket to me...

GOX & BFL should get married on top of a mountain as both are shady, incompetant operations which ever way you look at it   Tongue


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February 25, 2014, 06:44:18 AM
 #23

Where are all the MtGox supporters now?
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February 25, 2014, 07:11:32 AM
 #24

I was a supporter, as I thought that only malleability bug + solial engineering could steal coins (fake user complaining he did not receive his bitcoin).

But the site is now down...
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