Why you shouldnt use mtgox ever again

[joele]

There is advantage using Mtgox if you want to withdraw dollar.

Normally mtgox btc price is higher compare to btc-e.com

If you have btc fund on btc-e.com, transfer the btc fund to mtgox address, then sell to usd. it's 3%+ higher.

It's an arbitrage, check my site below for actual rates.

[Raize]

I took a few profits recently and sold on MtGox. The transfer to Dwolla went well and the Dwolla transfer to my bank is now underway. I've experienced no delays.

That said, I do know that MtGox has known to have delays, I just have not experienced them myself, and certainly not recently.

[MaGNeT]

Why would the lag be a problem?

I set an order and go to sleep...

[starsoccer9]

All the problems I have listed are just common problems people have encoutered on the forum.

The lag is a huge problem. Think of playing a video game with a 700second delay. basically you cant do anything. For people who want to day trade or sell when a big movement is happening there is a 700second delay. that means If  I put an instant sell order and the price is at 45$ it might not even get to the server and become excuted until we hit 35$

[akspecs]

You simply shouldn't be day trading bitcoin.  The infrastructure isn't in place.  The volume isn't there.  Massive slippage occurs.  When you see tens of millions in USD traded for BTC every minute the story will be different (right now only thousands are traded every minute, very small volume comparing to assets which are actively day traded).  The reason the lag is there is because bitcoin has grown a lot in the past few weeks / months, and the correct tech isn't in place to handle this heavy trading that will eventually be normal for bitcoin.  At this point in the game, it isn't normal.  People who trade stocks often compare bitcoin volume and price behavior to penny stocks (i.e. something that is heavily manipulated).

If you want to day trade there are plenty of other better assets / markets to day trade.

[starsoccer9]

You simply shouldn't be day trading bitcoin.  The infrastructure isn't in place.  The volume isn't there.  Massive slippage occurs.  When you see tens of millions in USD traded for BTC every minute the story will be different (right now only thousands are traded every minute, very small volume comparing to assets which are actively day traded).  The reason the lag is there is because bitcoin has grown a lot in the past few weeks / months, and the correct tech isn't in place to handle this heavy trading that will eventually be normal for bitcoin.  At this point in the game, it isn't normal.  People who trade stocks often compare bitcoin volume and price behavior to penny stocks (i.e. something that is heavily manipulated).

If you want to day trade there are plenty of other better assets / markets to day trade.

so your basically saying mtgox is not allowing me to day trader. so i didnt know mtgox gets to choose for me what i do with my money.

The lag also is for all users not just day traders. if you think 700 second lag is fine then feel free to keep using mtgox and wonder why your buy/sell orders are costing you money.

As far as expansion goes, im not aruging that more users are coming but most of these issues have existed for months. if mtgox needs months to fix problems I wont be using them. That is like EA saying sorry people who bought simcity we need months before we can put up any new servers.

[akspecs]

@starsoccer9 forgive me if you thought I was expressing sympathy for MtGox.  I personally highly dislike their % based fee structure.  A flat rate would be much more effective, especially for traders.  It would be even better if we were given the choice on what fee structure to choose from (assuming they do one day implement a flat rate).

On your other point - no one is telling you what you should do with your money as long as it doesn't negatively affect others.

But to be rational, bitcoin is not really ready for REAL day trading - yet.  Unless you are day trading bitcoin with a VERY SMALL sum of money, you can't expect a stable fill price.  If I wanted to use $100,000 to day trade bitcoin I would have to be willing to stomach 3% slippage in price to get my order filled, excluding MtGox commissions.  And given how MtGox handles partial orders and cancelling live orders I really doubt you would want to be in this situation.  To add, MtGox deliberately charges a large comission (0.25% ATLEAST) - that is $250 on 100k.  My stock broker charges me less than 2% of that fee no matter if I trade $100 worth of stock, or $1000000 worth of stock.

The systems aren't in place for effective day trading.  You're WAY better off trading the U.S. stock market if you want to day trade.

[RodeoX]

I'm sure all those things happen. But, for what it's worth, I've never had a problem.

[starsoccer9]

@starsoccer9 forgive me if you thought I was expressing sympathy for MtGox.  I personally highly dislike their % based fee structure.  A flat rate would be much more effective, especially for traders.  It would be even better if we were given the choice on what fee structure to choose from (assuming they do one day implement a flat rate).

On your other point - no one is telling you what you should do with your money as long as it doesn't negatively affect others.

But to be rational, bitcoin is not really ready for REAL day trading - yet.  Unless you are day trading bitcoin with a VERY SMALL sum of money, you can't expect a stable fill price.  If I wanted to use $100,000 to day trade bitcoin I would have to be willing to stomach 3% slippage in price to get my order filled, excluding MtGox commissions.  And given how MtGox handles partial orders and cancelling live orders I really doubt you would want to be in this situation.  To add, MtGox deliberately charges a large comission (0.25% ATLEAST) - that is $250 on 100k.  My stock broker charges me less than 2% of that fee no matter if I trade $100 worth of stock, or $1000000 worth of stock.

The systems aren't in place for effective day trading.  You're WAY better off trading the U.S. stock market if you want to day trade.

Yea the fee structure is quite bad but I could get over it if the service was better

Okay I understand

I personally do day trading with about 50ish BTC to 100 BTC but its still a problem when you cant even cancel and order on mtgox as the cancel button doesnt work.

[akspecs]

Yea the fee structure is quite bad but I could get over it if the service was better

I'd expect nothing less than perfect service given the fees we are paying.  You might be slightly better of if you're getting the 0.25%, the fact is most get 0.6% which makles that problem even worse.  The most EXPENSIVE mainstream stock brokers charge $10 per trade.  Compare that with $250+ per trade if I am getting the best rate.

...its still a problem when you cant even cancel and order on mtgox as the cancel button doesnt work...

I've been there.

[starsoccer9]

Yea the fee structure is quite bad but I could get over it if the service was better

I'd expect nothing less than perfect service given the fees we are paying.  You might be slightly better of if you're getting the 0.25%, the fact is most get 0.6% which makles that problem even worse.  The most EXPENSIVE mainstream stock brokers charge $10 per trade.  Compare that with $250+ per trade if I am getting the best rate.

...its still a problem when you cant even cancel and order on mtgox as the cancel button doesnt work...

I've been there.

agreed, if we are going to pay a hefty fee the site should be working great and have no lag at all. Not to mention have stop orders and such

Its honestly the worst. The worst i got was doing an instant sell and because of a 700second delay the coins sell for 5$ cheaper

[.m.]

I just now finished my first MT.GOX trade. Sold 6 btc in a minute, cancelled my old order (probably september 2012, sth like buy BTCs @ 9.7 EUR - too bad I was not more generous
Everything worked fine.
Just my 0.0000002 btc

[starsoccer9]

I just now finished my first MT.GOX trade. Sold 6 btc in a minute, cancelled my old order (probably september 2012, sth like buy BTCs @ 9.7 EUR - too bad I was not more generous
Everything worked fine.
Just my 0.0000002 btc

no offense but it was only one trade. also gox hasnt had been movements today. Its whenever alot of people want to see there are some huge problems.

[lukestokes]

I've done a few trades on mtgox and was happy with the process. The slowest piece for me is waiting 3-5 days to fund Dwolla. If there are better options in the US, let's add them here: https://bitcointalk.org/index.php?topic=151453.0

So far, for me, mtgox has been fine. But, I'm new to this and am still used to any money transfer taking forever. The more I use Bitcoin, the more my expectations will probably change.

[whitenight639]

I've done a few trades on mtgox and was happy with the process. The slowest piece for me is waiting 3-5 days to fund Dwolla. If there are better options in the US, let's add them here: https://bitcointalk.org/index.php?topic=151453.0

So far, for me, mtgox has been fine. But, I'm new to this and am still used to any money transfer taking forever. The more I use Bitcoin, the more my expectations will probably change.

just wait till theres a nice movement in the market worth putting in a buy / sell order then you will find the lag and you won't be able to cancel your order.


They are using 1 server with like 36 cores or something, they need a rack of distributed servers each with dual gigabit networking or better because it looks like its not a problem with computations but network throughput. Its basic stuff really, They must be spending their time on the new coinlab venture which will such, why anybody would want to move to the free market state of US / Canada is beyond me, they are asking for trouble and I can see them getting raided and shutdown in the future.

[starsoccer9]

Yea coinlab will most likely fuck them over. will go into the big book of bitcoin scams/takedowns

Idk about the server part but it sounds just about right to me.

[Bit_Happy]

Same problems, just a different day.

[starsoccer9]

I dont know how much more of this mtgox BS i can stand. I am really fucking pissed right now. Put an instant sell order at 41$ and guess what its nearly 39$ and it still hasnt been excuted. I offically am done using mtgox. I will be moving my coins out prior to the coin lab take over march 22nd i belive, and I recommened anyone reading this todo the same. As far as alteritives go. I recommend bitstamp, btc-e and also bitfloor

my sell order info

2013/03/11 21:35:12    Out       99.99000000 BTC    0.00000000 BTC
BTC sold: [tid:1363055712145864] 99.99000000 BTC at $38.50000
   2013/03/11 21:35:10    Out       0.01000000 BTC    99.99000000 BTC
BTC sold: [tid:1363055710785303] 0.01000000 BTC at $40.45001

[starsoccer9]

Up and UP the mtgox lag goes as the price plumments

Mtgox trading engine lag: 583.47s


EDIT:well i had 100BTC prior to this drop and lost atleast 10btc due to mtgox lag. Cant really say how many yet as my order has mtgox lag so it hasnt gone through yet

I put a buy order at 37.05 when the price was there but it took 5 mins for the order to just show up and by then it was to late and now i have to do a instant order which will take another delay of atleast 5 mins

EDIT EDIT

okay well I went from 100BTC to 84.70256785 because of mtgox lag. quite unaccecptable

[BitCoinLoft]

My experience with mtgox has not been very good so far. Let's see if this improves. If not, I'll seek alternatives. Actually, I am in the active process of doing that.