[ANN Mt.Gox] Hi everyone, just a quick update on the situation and what happened

[Grover]

I didn't read all the posts since last time I was here.  If this has been suggested then apologies, but good thinking kudos to whomever may have suggested this.

First, who actually believes the trade engine overload was not a planned attack?

I'd say think again.  Anyone who does not work for MtGox knows their engine sux.  Anyone knows that the Achilles heel for Gox, except people who work for Gox, is the trading engine.

What's the difference between setting up 100 trading accounts, or whatever number and flooding the trading engine with buy/sell orders for small amounts of BTC, say a few thousand a second, or how ever many, maybe 10 a second, it takes for Gox to lag.

I say conspiracy theory says this is a much more viable option than their given reason.

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[mikegogulski]

Mt. Gox's archaic and poorly written trading engine is completely unacceptable

But but... PHP can do *anything* (MagicalTux's former tagline)

not including their recent failure in regard to the API "upgrade" which resulted in the sudden, unannounced failure of their Android Mt. Gox Mobile application, their classic website (http://classic.mtgox.com), and the failure of other services relying on the data streams.  Their websockets go down very often which makes monitoring of trade data highly difficult.  Even after resuming the 12-hour trading halt there is over 15 minutes of lag time...

Add to this that the main trading API was hard down during the selloff, which meant that a lot of regular liquidity providers were cut out of the market. MtGox's announcement that their trading engine froze is rubbish; people accessing their accounts via the website could still trade, at least until *everything* came to a screeching halt.

I seriously doubt that anyone at MtGox was even aware there was a problem until many hours after things started to go wrong on their exchange. Or if they were, they yawned, rolled over and went back to sleep. Negligence, incompetence, or both.

[juice]

Satoshitux did it!Thats no Magic!

[sturle]

The NYSE network runs on Juniper. That was the day they announced the new NYSE algo trading network built on Juniper. It offers micro-second latency for trading.

Microsecond while giving everyone on the internet direct access to their API for free and keeping balances as well, or is this a paid service for few for trading and quotes only?

I'm just sick of everyone who says MTGOX are idiots being accused of not knowing what they're talking about.

I'm sick of people who knows something about fish, and think everything they know about fish must apply to planets as well.  If you want to make something else, then go ahead and do it.

[sturle]

I do not use them, their site is RUBBISH, btc-e so much nicer, I just can't understand why GOX WAS the biggest.. ?

So you'd rather trust your money to an exchange run by some anonymous owner in Russia?  Want me to make a list of such sites going down or getting "hacked", and their owners, coins and money were nowhere to be found?  Ever wondered why the price on BTC-E is so much lower than on MtGox?  Hint: BTC-E doesn't have any policy against money laundering.

If you have a serious amount of money invested, trust is essential.  Which is why MtGox still rules.  Mtgox may be slow at times, but I trust them to not lose or run away with my coins or my money, and I trust them to not risk my money by breaking laws.  And MtGox is the only exchange providing enough liquidity for my needs.

[juice]

mtgox uses the aml rule to steal mony from users.
i forgot to switch of my vpn and ups money is gone and if i send my papers i have a evel twin in africa soon ! in the underground is much less scam then with the greedy fed sucker !
goxed they not even answer !
when they gox you for aml they dont send the money or coins to the fed ,they keep it and use it!

[Inedible]

As of now, "Mtgox trading engine lag: 45m 44s" 

At least things have gotten better then.








 

[Grover]

As of now, "Mtgox trading engine lag: 45m 44s" 

Don't forget Gox claims to have increased trade throughput by 50x.  That's ~2250min if figured on the old platform's trade throughput.

[Thursday]

Bumping this year old thread as a reminder of why I have zero sympathy for the morons that chose to do business with this incompetent bunch.  Goodbye Mt. GOX!

[zero3112]

I feel this whole entire time GOX has held bitcoin back. Along with causing major screw ups and mishaps. The only thing GOX ever did was wreck the image of bitcoin. Its going to take a while for bitcoin to recover from this but now that GOX is gone there's nothing holding bitcoin back anymore.

I see a very bright future for bitcoin and every involved. Wish the best of luck for those who where a GOX victim.

[jojo69]

I would like to take this opportunity to feel vindicated for the rather combative tone of the second post in this thread.

Thank you, thank you very much.

[justusranvier]

I believe it will take much longer than that for Mt. Gox to be replaced as the number one exchange and confidence to return. If this does not happen it's only a matter of time before we're Goxxed again, there's no fix for Gox's kind of stupid.

QFT

[ByronP]

Trade at a real exchange Atomic Trade! Know your customers know your exchange!!!

[RGBKey]

Thank you for bringing this thread back up, some people just don't want to see the truth.

[iluvpie60]

https://mtgox.com/press_release_20130411.html

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 tripled 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!
      
Regards
Mt.Gox Co. Ltd Team.

Mt.Gox Contact press@mtgox.com

Thanks a lot big liar. Lost a lot of BTC because of people like you. scumbag. (notbecause I had it on gox)

[TheButterZone]