Bitcoin Forum
November 19, 2017, 01:34:59 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Why people use Mt.Gox?  (Read 1190 times)
Giftcoins
Sr. Member
****
Offline Offline

Activity: 240



View Profile WWW
April 01, 2013, 09:20:27 PM
 #1

No complaining or accusations here, all I'm interested are reasons as i really have hart time understanding why they are taking 80% of BTC trade.

BTC deposits take 4-5 times longer then on competitor exchanges
BTC withdrawals take 3-4 times longer

$$$ withdrawals over $10,000 take up to 2 weeks?!
So much verification and documentation is required for everything
verification takes 2 weeks at least.
Their AML policies make no sense at all, things could be handled differently if you know anything about how banking system works.
If you can accept $49,900 from someone without verification you should release the same amount as well, not $10,000 limits, 2 week processing, verifications, monthly limits, etc.
what if I sent $40k month ago and bought BTC, now i would have $100k+, how would I withdraw this? During 3 months time, or?


What would you guys fix here?

What would you like to see improved or removed?

I'm not using mtgox and don't plan to, just very curious why others do.

A blockchain platform for effective freelancing
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511055299
Hero Member
*
Offline Offline

Posts: 1511055299

View Profile Personal Message (Offline)

Ignore
1511055299
Reply with quote  #2

1511055299
Report to moderator
lucif
Sr. Member
****
Offline Offline

Activity: 448


Clown prophet


View Profile
April 01, 2013, 09:26:07 PM
 #2

I already moved out of gox. See sig. Enough shit from them.
meebs
Hero Member
*****
Offline Offline

Activity: 560



View Profile
April 01, 2013, 09:26:25 PM
 #3

momentum and volume.

They've been around the longest and have the most orders to buy and sell on their site. They also are kind of THE place to look at to determine what the price of a BTC is.

Feel free to check out alternatives like BTC-E, bitstamp and bitfloor if you'd like to support an alternative to the 900lb gorilla.

    ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄   
   ████████████████████████████████   
     ▀██████████████████████████▀     
        ▀████████████████████▀       
          ████████████████▀         
            █████████████           
            ▀████████████▀           
             ▀██████████▀             
              ██████████             
               ████████               
               ▀██████▀               
                ██████               
                  ▀                   
.
.trade.io.
██████
██████
███
███
███
███
███
███
███
███
███
██████
██████

▄██████████████████▄
███       ▀███████
███       █████████
███       █████████
███       █████████
███              ██
███   ▄▄▄▄▄▄▄▄   ███
███   ▄▄▄▄▄▄▄▄   ███
███              ███
███▄▄▄▄▄▄▄▄▄▄▄▄▄▄███
██████████████████▀

▄██████████████████▄
███████████▀ ███████
█████████▀   ███████
███████▀     ██▀ ███
███ ▀▀       █▄▄████
███          █▀▀▀▀██
███ ▄▄       ███████
██████▄     █▄ ▀███
█████████▄   ███▄███
███████████▄ ███████
▀██████████████████▀

▄██████████████████▄
████████████████████
███████████████▀▀ ██
█████████▀▀     ███
████▀▀     ▄█▀   ███
███▄    ▄██      ███
█████████▀      ▄██
█████████▄     ████
█████████████▄ ▄████
████████████████████
▀██████████████████▀
██████
██████
   ███
   ███
   ███
   ███
   ███
   ███
   ███
   ███
   ███
██████
██████
.
.Join the Trading Revolution.
malevolent
can into space
Staff
Legendary
*
Offline Offline

Activity: 1862



View Profile
April 01, 2013, 09:30:13 PM
 #4

Mt. Gox was one of the first exchanges and everyone knows them; one could say they are ''well established'' within the Bitcoin community.

Other exchanges often get hacked or die due to some legal issues (not like Mt. Gox never encountered any problems).

As for their AML/KYC policies, they gather more information than it is required from them (I think they even admitted to it somewhere last year but I can't find that post) because they want to be ''extra careful''. I am not from US but as far as I see the finance sector is very heavily regulated, especially after 2001; thence why it may be difficult for Americans to open bank accounts in many foreign countries.

Most of Bitcoin exchange is done through Mt. Gox and one blow (hack, govt seizing their bank accounts, etc.) and the price of Bitcoin globally (i.e. on all exchanges) falls fith-fold (just an estimate out of my ass), similarly to how it happened in June 2011, few weeks after I got involved with Bitcoin. I am now moving my funds to other exchanges, their trading lag was what finally prompted me to move and as Bitcoin increases in value we need its exchange to be more decentralized. 
Giftcoins
Sr. Member
****
Offline Offline

Activity: 240



View Profile WWW
April 01, 2013, 09:33:20 PM
 #5

momentum and volume.

They've been around the longest and have the most orders to buy and sell on their site. They also are kind of THE place to look at to determine what the price of a BTC is.

Feel free to check out alternatives like BTC-E, bitstamp and bitfloor if you'd like to support an alternative to the 900lb gorilla.

Momentum and volume and yet most people trade small Smiley

Not sure, maybe it's just me but when dealing with money my main goal is to be able to get $$/BTC in and out of exchange fast with no hassle and delays.

Giftcoins
Sr. Member
****
Offline Offline

Activity: 240



View Profile WWW
April 01, 2013, 09:34:54 PM
 #6

Mt. Gox was one of the first exchanges and everyone knows them; one could say they are ''well established'' within the Bitcoin community.

Other exchanges often get hacked or die due to some legal issues (not like Mt. Gox never encountered any problems).

As for their AML/KYC policies, they gather more information than it is required from them (I think they even admitted to it somewhere last year but I can't find that post) because they want to be ''extra careful''. I am not from US but as far as I see the finance sector is very heavily regulated, especially after 2001; thence why it may be difficult for Americans to open bank accounts in many foreign countries.

Bitstamp was only one that was not hacked, MtGox was seriously hacked Smiley

Elwar
Legendary
*
Offline Offline

Activity: 2282


www.bitpools.com


View Profile WWW
April 01, 2013, 10:03:37 PM
 #7

I trust the few coins I have for exchanging on MtGox. I have the routine down of transferring money from my bank account to MtGox (through Dwolla).

I tried CoinBase, it was fairly straightforward to buy 1 BTC but I referred a friend to that site and he is pissed because he wanted 10 BTC and was only able to buy 1 at $93 and now has to wait for that to go through until he can buy more as the price climbs.

I like BitFloor but with the amount of money they owe, I do not see them making it, and thus the higher risk of them potentially owing me at some point.

I do admit that the verification part of MtGox sucked when trying to get money out. When I needed money quickly last fall I had to end up taking my bitcoins out and sending them to BitPay through my wife's business to get dollars.

Also, my buddy will not be able to get his MtGox account verified because we are out here in Afghanistan and have no utility bills to prove our residency.

I should check out the other exchanges but have not gotten around to it since I am already able to move money in and out of MtGox fairly easily.

Also, I believe you can request your $10k monthly limit get raised. It is more for your protection from being hacked than anything else.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
Bennmann
Newbie
*
Offline Offline

Activity: 23


View Profile
April 01, 2013, 10:11:42 PM
 #8

Never used Gox, I use campbx because I can drive to their headquarters if I ever needed to and they haven't been hacked while maintaining respectable volume and security for several years.
kokjo
Legendary
*
Offline Offline

Activity: 1050

You are WRONG!


View Profile
April 01, 2013, 10:13:20 PM
 #9

mtgox is proof that darwinism does not work.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
Nesetalis
Sr. Member
****
Offline Offline

Activity: 420



View Profile
April 01, 2013, 10:18:56 PM
 #10

I personally use Virwox.
its Slower, it usually lags behind mtgox by up to 10 minutes. But this can be a good thing. if mtgox makes a huge swing, I can do a quick order on virwox and it will (probably) play catchup unless mtgox swings right back immediately.

ZOMG Moo!
superduh
Hero Member
*****
Offline Offline

Activity: 602


View Profile
April 02, 2013, 12:28:51 AM
 #11

mtgox is the defacto "standard"
however, it's not very good.. and with so much investment into this i'm surprised other higher quality competitors aren't able to come around.
this is life.. nothing makes sense

ok
opsd1
Newbie
*
Offline Offline

Activity: 20


View Profile
April 02, 2013, 12:35:30 AM
 #12

I'm using a smaller exchange and like the greater spreads due to less volume.

There is a big sell order right now and if they throw in the towel, it will take out all the bids right down to $91.

My bid is in line Wink
Elwar
Legendary
*
Offline Offline

Activity: 2282


www.bitpools.com


View Profile WWW
April 02, 2013, 12:37:08 AM
 #13

Also the .55% exchange rate is pretty nice.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
HorseRider
Donator
Legendary
*
Offline Offline

Activity: 1369


View Profile
April 02, 2013, 05:02:21 AM
 #14

People should know that Mtgox detains Bitcoinica users' money and refuse to give it back. The liquidator which was appointed by the High Court of New zealand are considering taking legal action against this exchange.

16SvwJtQET7mkHZFFbJpgPaDA1Pxtmbm5P
zvs
Legendary
*
Offline Offline

Activity: 1484


I have some bitcoins. Somewhere.


View Profile WWW
April 02, 2013, 11:28:10 AM
 #15

Mt. Gox was one of the first exchanges and everyone knows them; one could say they are ''well established'' within the Bitcoin community.

Other exchanges often get hacked or die due to some legal issues (not like Mt. Gox never encountered any problems).

As for their AML/KYC policies, they gather more information than it is required from them (I think they even admitted to it somewhere last year but I can't find that post) because they want to be ''extra careful''. I am not from US but as far as I see the finance sector is very heavily regulated, especially after 2001; thence why it may be difficult for Americans to open bank accounts in many foreign countries.

Bitstamp was only one that was not hacked, MtGox was seriously hacked Smiley


yah, i still get spam emails from that crap.

Dacentec, best deals for US dedicated servers. They regularly restock $20-$25 Opterons with 8-16GB RAM & 2x1-2TB HDD's (ofc, usually lots of other good stuff to choose from).  I did a Serverbear benchmark of one of my $20/mo Opteron (June last year), it's here.  Have had about a half dozen different servers with Dacentec, & none have failed to sustain at least 40MB/s (burst higher). My favorite is a 12-month rent-to-own ZT Systems 2XL5520 16GB 2x2TB SATA for $40/month (got lucky with the 'off-brand', haven't seen a RTO 2xL5520 for under $50/mo since -- at least for monthly contracts).  wholesaleinternet.com has some ancient 2-core intel CPUs @ $10/mo sometimes (I got an Intel Core 2 6300 @ 1.86GHz, with a 250GB HDD with 46000 hours on it, LOL. $20 @ Dacentec is much better, if you can grab one). joesdatacenter.com (same location as Wholesale Internet) also occasionally has specials (or if you don't want to wait, it has an AMD Opteron 170 @ $16/mo).
b1tm3
Newbie
*
Offline Offline

Activity: 11


View Profile
April 02, 2013, 12:33:26 PM
 #16

Can someone list some other exchanges with some brief info on why they are better than Gox? Ive only ever used Gox and Ive never had any problems with them, but I agree that it would be good if trading was more evenly spread out across exchanges and the OTC market.
superduh
Hero Member
*****
Offline Offline

Activity: 602


View Profile
April 02, 2013, 03:33:00 PM
 #17

is there a reason they don't have stop loss etc? fear it can cause a crash?

ok
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!