MtGox becomes obsolete

[stdset]

When MtGox was down for about two hours today I was hoping they are replacing their trading engine with something less slow. But still lag is 10-15 minutes now.
I am wondering how it works. Does it calculate huge prime numbers after processing each trade???

Does bitcoin need to be adopted by an exchange from non-bitcoin world, which all are able to handle orders of magnitudes more trades per second than happen on MtGox now. Or some exchange from bitcoin world will eventually replace slow MtGox?

[ineededausername]

When MtGox was down for about two hours today I was hoping they are replacing their trading engine with something less slow. But still lag is 10-15 minutes now.
I am wondering how it works. Does it calculate huge prime numbers after processing each trade???

or maybe calculating strategies for front-running

Just a conspiracy theory!

[tutkarz]

we should think about decentralised system so people dumping alot of bitcoins in one place will not affect others and stablise price that way.

[Zooey]

or maybe calculating strategies for front-running

Just a conspiracy theory!

I'd say MtGox are wide open to front running/insider swing trading suspicion;  the potential for corrupt profiteering behind a +10-15 min lag during high volume trading is self-evident.  In any case, it is now just simply untenable.

[Bit_Happy]

When MtGox was down for about two hours today...

Down still/again...

502 Bad Gateway

[gbl08ma]

Given that they're using nginx (they would get DDoSed much more often if they used Apache...), and it's a 502 error which alternates with a DB access error, I'd say that since there are too many people sending requests to the server, PHP-FPM (or whatever reverse proxy for whatever language they are using) isn't running enough processes to keep up with nginx's demand, and the existing reverse proxies cannot connect to the DB as probably the connection limit there has been reached too.
The solution is simple: higher the limits for the processes and DB connections, until there's no more RAM left... then upgrade the/get another server. Such a high traffic site should already have learnt from previous situations and put auto-scaling mechanisms in place. This downtime may ultimately cost them their position as the most used Bitcoin exchange.

[ErebusBat]

Down for me too, also looks like the feeds to bitcoincharts is down :/