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Author Topic: I officially quit Mt.Gox, moving to BTC-E  (Read 5607 times)
lucif
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March 23, 2013, 10:29:46 PM
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Actually I am tired of this shit happening on MtGox. I considered it is not suitable for good trading as it always provides traders with surprises. Points:

* Order lag (its a bug actually casted to feature!)
* Trade interrupts, engine freeze. From minutes to hours.
* Sudden price false spikes, for example my ask order is at $13.80 and price went to $14 then down without affecting my order.
* Absolutely no feedback on above from Mt.Gox side (dummy answers). They pretend its okay and running fine.
* The most draconian fees in bitcoin world. They leave all above untouched having about up to $100.000 or even greater on daily fees.

I am silent about fiat withdrawals issues. This subforum should have a lot of such.

Taking into account all positive and negative effects of my decision, I decided that working with Gox is a pain in ass full of hidden risks which can overwhelm profits some day.

I move to BTC-E. I am not a big fish for Gox, but seems that big for btc-e. And liquidity issues are less pain in ass than mtgox ones on this stage.

I make this decision public to show my big pennis to Mt.Gox.
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ralree
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March 23, 2013, 10:40:12 PM
 #2

Actually I am tired of this shit happening on MtGox. I considered it is not suitable for good trading as it always provides traders with surprises. Points:

* Order lag (its a bug actually casted to feature!)
* Trade interrupts, engine freeze. From minutes to hours.
* Sudden price false spikes, for example my ask order is at $13.80 and price went to $14 then down without affecting my order.
* Absolutely no feedback on above from Mt.Gox side (dummy answers). They pretend its okay and running fine.
* The most draconian fees in bitcoin world. They leave all above untouched having about up to $100.000 or even greater on daily fees.

I am silent about fiat withdrawals issues. This subforum should have a lot of such.

Taking into account all positive and negative effects of my decision, I decided that working with Gox is a pain in ass full of hidden risks which can overwhelm profits some day.

I move to BTC-E. I am not a big fish for Gox, but seems that big for btc-e. And liquidity issues are less pain in ass than mtgox ones on this stage.

I make this decision public to show my big pennis to Mt.Gox.

Heh.  Pennis.

1MANaTeEZoH4YkgMYz61E5y4s9BYhAuUjG
lucif
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March 23, 2013, 11:05:56 PM
 #3

Add to Gox "features" (more to come as I start remember):

* Constantly banning my bots for "too frequent requests" reason. There are no declaration what is frequent and what is not! Fucking exacly please! Even 30 secs is frequent. I should determine this limit expirementally for several days. And some time after my bot is banned again. What is you API for then?

Tux says please use websocket instead. GREAT. How should I use it if it crashed 20 times a day?

Even Coinlab (their official partner!) constantly shows "Mt.Gox sockets are down, price value should display with delays".
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March 23, 2013, 11:30:04 PM
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Actually I am tired of this shit happening on MtGox. I considered it is not suitable for good trading as it always provides traders with surprises. Points:

* Order lag (its a bug actually casted to feature!)
* Trade interrupts, engine freeze. From minutes to hours.
* Sudden price false spikes, for example my ask order is at $13.80 and price went to $14 then down without affecting my order.
* Absolutely no feedback on above from Mt.Gox side (dummy answers). They pretend its okay and running fine.
* The most draconian fees in bitcoin world. They leave all above untouched having about up to $100.000 or even greater on daily fees.

I am silent about fiat withdrawals issues. This subforum should have a lot of such.

Taking into account all positive and negative effects of my decision, I decided that working with Gox is a pain in ass full of hidden risks which can overwhelm profits some day.

I move to BTC-E. I am not a big fish for Gox, but seems that big for btc-e. And liquidity issues are less pain in ass than mtgox ones on this stage.

I make this decision public to show my big pennis to Mt.Gox.
Where did the price went to $14??
lucif
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March 23, 2013, 11:38:51 PM
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It was in Jan 2013. This glitch is related to their multi-currency trading implementation. In some conditions low-liquid currency pair trading affects orders from btcUSD pair, so price shortly goes above orders, where it can not go in this moment. Just imagine at current order walls situation - price spikes to $100 then comes back w/o affecting walls picture.
lucif
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March 24, 2013, 12:01:47 AM
 #6

Ah! And the main point due to which I considered to create such topic.

Mt.Gox made fundamental changes to their API leaving warning about this only in specialized subforum.

NO OFFICIAL PRESS RELEASE
NO OFFICIAL EMAIL TO API KEYS HOLDERS

They just broke lots of apps (mobile, bots, their own mobile client, their own classic interface) being in center of Bitcoin economy.
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March 24, 2013, 12:06:49 AM
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Quick someone call the waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaambulance.


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March 24, 2013, 12:15:59 AM
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Very happy you finally saw the light and chose to move your bitcoins. Mtgox will go down in flames. It will be a lovely day

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March 24, 2013, 12:20:49 AM
 #9

Mtgox is pissing me off as well.  But dont expect too much better from btc-e.  They are scammers, but if you stick to btc-usd, you should be ok. They havent resorted to out right stealing funds yet, that I know of. The interface is much better than mtgox, but btc-e has a LOT of downtime.  We need a new exchange ran by reputable people, that can handle the traffic.
lucif
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March 24, 2013, 12:24:44 AM
 #10

I will be happy to switch to one. But btc-e is the second liquid exchange after Gox. Scalp trading even with $10k is pain there for now.

All others are suitable with $1000 or less trading budget.
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March 24, 2013, 01:46:31 AM
 #11

I personally would recommend bitfloor or bitstamp

lucif
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March 24, 2013, 11:44:45 AM
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I think smoothing funds between exchanges even better idea. Bitstamp + btce will bring pretty enough liquidity for now for me.
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March 25, 2013, 04:19:49 PM
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Actually I am tired of this shit happening on MtGox. I considered it is not suitable for good trading as it always provides traders with surprises. Points:

* Order lag (its a bug actually casted to feature!)
* Trade interrupts, engine freeze. From minutes to hours.
* Sudden price false spikes, for example my ask order is at $13.80 and price went to $14 then down without affecting my order.
* Absolutely no feedback on above from Mt.Gox side (dummy answers). They pretend its okay and running fine.
* The most draconian fees in bitcoin world. They leave all above untouched having about up to $100.000 or even greater on daily fees.

I am silent about fiat withdrawals issues. This subforum should have a lot of such.

Taking into account all positive and negative effects of my decision, I decided that working with Gox is a pain in ass full of hidden risks which can overwhelm profits some day.

I move to BTC-E. I am not a big fish for Gox, but seems that big for btc-e. And liquidity issues are less pain in ass than mtgox ones on this stage.

I make this decision public to show my big pennis to Mt.Gox.

Totally agree with you on this point. Unfortunately Gox is the only exchange capable of providing enough liquidity for large capital. It would be awesome to see some competition rising between exchanges. Every one of them has a room for improvement.

There is no place like 127.0.0.1
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lucif
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March 25, 2013, 04:24:10 PM
 #14

Bitcoin economy is totally centralized to Mt.Gox.

Everything depends on Mt.Gox: ewallets amd merchants use gox, trading feeds use bitcoincharts provider which has KK Tibane Inc owner.

This is nonsense for decetralized currency. If Gox fail we will all crash. And it actually shown example with breaking API.

What will happen if it will have legal issues?

It is central point of failure of bitcoin economy now.
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March 25, 2013, 04:54:50 PM
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I wouldn't say everyone is using mtgox, but you have a point. The problem is, if every government in the world will follow US FinCEN's "recommendation", it would kill "exchangeless" p2p trade started by localbitcoins.com

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420
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March 25, 2013, 08:22:50 PM
 #16

I think I want to move to BitStamp/BTC-e for more of my trading; but mostly due to this:

Quote
Dear 420,

You are currently making use of a system which will be deprecated on Wed 10 Apr 2013 12:00:00 AM GMT:

Generation of USD and CAD redeemable codes will not be possible due to legal issues


Please note that after this date, using this system won't be possible anymore and will instead lead to an error.

Thank you for your attention.

System Staff
Tibanne Co. Ltd.

Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS
the hacks, the hacks, secure your bits!
lucif
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March 25, 2013, 09:51:14 PM
 #17

Yeah, they moving directly to uncle Sam legal hands. This may kill a lot of things. I dunno whether it's good or not, but i really don't like surprises and major changes.

People, please make more liquidity on other places asap by moving there.

Sure I interested in liquidity as trader, but we really need to decentralize exchanges liquidity. >70% of world bitcoin liquidity being in gox is really not good situation. One shot may kill alot.

Personally I moved to btce and bitstamp, 30/70. This looks good for my liquidity demands.
Matthew N. Wright
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March 25, 2013, 09:54:51 PM
 #18

Until otherwise provided for, BitStamp is the only place I'll touch.

MtGox is the Paypal of Bitcoin. Stop using that which we swear to fight against.

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March 26, 2013, 12:35:47 AM
 #19

I would like to trade on btc-e but it is a real pain to get $$$ funds into.



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March 26, 2013, 12:48:16 AM
 #20

Not sure how you do a closed-loop sell on BitStamp, buy on BTC-E arb system, without losing out in automatic exchanger fees.

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