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Author Topic: Mtgox statement on facebook  (Read 43059 times)
licutis
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April 11, 2013, 02:54:41 AM
 #1

From mtgox facebook: https://www.facebook.com/MtGox/posts/455962117821534

Code:
Hi everyone, just a quick update on the situation and what happened last night.

First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own
success!

Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the
number of trade made a huge impact on the overall system that started to lag. As expected in such situation people
started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze
the trade engine!

To give you an idea of how impressive things were here are some numbers that we would love to share with you guys:
- The number of trades executed triple in the last 24hrs.
- The number of new account opened went from 60k for March alone to 75k new account created for the first few days
of April! We now have roughly 20,000 new accounts created each day.

Due to these facts we have been busy working on improving things since last week and our team has been working
around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today
and in the coming few days to improve our system overall performance.

Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new
servers to our system.

Thank you for your understanding and continuous support!
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mgio
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April 11, 2013, 03:02:55 AM
 #2

I think this is good news. Not a DOS and them adding servers will alleviate fears that this could happen again.
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April 11, 2013, 03:05:21 AM
 #3

As I said in another thread, they need to get 10 times more servers than they think they need. Gox never seems to be up to par, its like they are ALWAYS playing catch up.
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April 11, 2013, 03:09:36 AM
 #4

Great News.

Let the Rally Begin (again) !
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April 11, 2013, 03:09:58 AM
 #5

Great News.

Let the Rally Begin (again) !

HAHAH!
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April 11, 2013, 03:11:44 AM
 #6

Lol, I think they need more than just a "few" new servers.

Remember that during GoxLag, people panic and sell massive amounts of coin - resulting in higher profits for Gox than a normal day of trading. Their incentive to improve capacity is limited to the threat of people leaving Gox due to the lag. And it looks like not very many people are leaving... big resounding LOL. Everyone's used to the granny nanny socialist state where regulatory bodies attempt to protect them from poorly performing businesses. They don't do their research on gox... it takes like 2 seconds of lurking here to realize that Gox Sux.

Get out of Gox! They're going to be playing "catch up" forever until we send them a powerful message.
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April 11, 2013, 03:12:17 AM
 #7

I've noticed the lags and price drops every day about the same time. Perhaps it would be a good idea to go offline for an hour of maintenance every day to refresh and update everything.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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April 11, 2013, 03:19:40 AM
 #8

As I said in another thread, they need to get 10 times more servers than they think they need. Gox never seems to be up to par, its like they are ALWAYS playing catch up.
They did. In fact, they had much more than that. As they said, in just the last day the number of trades tripled! It's truly amazing that they scaled as well as they did.

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April 11, 2013, 03:26:45 AM
 #9

As I said in another thread, they need to get 10 times more servers than they think they need. Gox never seems to be up to par, its like they are ALWAYS playing catch up.
They did. In fact, they had much more than that. As they said, in just the last day the number of trades tripled! It's truly amazing that they scaled as well as they did.
So they got 10 times more servers than then think they need? And then ten times more after that?
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April 11, 2013, 03:29:12 AM
 #10

You're telling me THAT happened because of normal trading volume?

Geezus.
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April 11, 2013, 03:30:33 AM
 #11

You're telling me THAT happened because of normal trading volume?

Geezus.
Quite Bullish I'd say.The Gox also has 19,000 more accounts to verify so I think this is going to be an interesting ride.

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April 11, 2013, 03:30:39 AM
 #12

Have they not heard of Amazon EC2? Google Compute Engine? Heroku? Azure?!

"Adding more servers" - what is it, the 90s? Amateurs..

We've learnt that you can never add enough servers to cope with an unpredictable and quickly-changing demand curve. That's why they invented elastic computing. They add 3 servers now, next month those 3 servers can't handle. So they add 3 more, and so on and so on.

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April 11, 2013, 03:32:41 AM
 #13

It is so ironic, bitcoin is supposed to be the new new thing, but some infrastructure is so "old"(No flexible cloud based server)
But since bitcoin is about security, they may have some concern about the cloud.
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April 11, 2013, 03:34:41 AM
 #14

Quote
Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new
servers hamsters to our system.
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April 11, 2013, 03:35:02 AM
 #15

I would have more sympathy if this was not part of a historic pattern of lackadaisical malfeasance on their part.  Gox has sucked for as long as I can remember and has absolutely NO incentive to improve.

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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April 11, 2013, 03:37:57 AM
 #16

Have they not heard of Amazon EC2? Google Compute Engine? Heroku? Azure?!

"Adding more servers" - what is it, the 90s? Amateurs..

We've learnt that you can never add enough servers to cope with an unpredictable and quickly-changing demand curve. That's why they invented elastic computing. They add 3 servers now, next month those 3 servers can't handle. So they add 3 more, and so on and so on.
Why yes, they have. They purchased Bitomat after it collapsed because the servers crashed and Amazon couldn't do data recovery because it was in the cloud. So yes, they are well aware of cloud services.

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April 11, 2013, 04:02:59 AM
 #17

Why yes, they have. They purchased Bitomat after it collapsed because the servers crashed and Amazon couldn't do data recovery because it was in the cloud. So yes, they are well aware of cloud services.

I'm not even sure where to start.

You think that if a server crashes 'in the cloud' that the data is unrecoverable?

You don't think that the particular people at Bitomat might have just not known what they were doing?

'In the cloud' isn't some magical meta-space where things don't exist and the data is unrecoverable, it just means the machines are somewhere else and you can programatically request more of them, for you know, like, proper load balancing.

This stuff has been figured out like 10 years ago buddy MtGox just don't know what they are doing.





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April 11, 2013, 04:22:34 AM
 #18

I think DoS'ing them would be for their own good, since they clearly can't understand how to stress test themselves.

My attempt at adding to the bitcoin-using marketplace: https://bitcointalk.org/index.php?topic=171843.0
Like online video games? Check it out! I'm selling at a big discount
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April 11, 2013, 04:25:07 AM
 #19

Gox should move out of the garage and start becoming professional. They still have enormous potential despite being the largest already.

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April 11, 2013, 04:27:34 AM
 #20

https://bitcointalk.org/index.php?topic=172991.0;topicseen

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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