We are victims of our own success

[IIOII]

Yeah.

Maybe we need an even more catastrophic event at Mt.Gox before people start to rethink using it.

Wiping out a BILLION DOLLARS wasn't enough for you?

I do not use Mt.Gox. But I doubt it will be enough for the majority of users.

[00null]

According to the IRC conversation with Magicaltux, the exchange engine and front end are running on the SAME SERVER

If that is true, it points to a level of amateurish hackery which is unbelievable.

A system like this should have multiple geographically redundant load balancers, multi-tier hierarchy of workers, web engines, trade engines, market data and charting engines. The DNS should be run by an independent DNS provider and they should have DDoS protection, regional failover, graceful degradation, etc etc.

It seems they have none of that, nor any clue how to do any of it. It's not even expensive nowadays, it just requires knowledge of scalable distributed systems.

MtGox was always PHP/mysql, including the trading engine. Do you know if it is still the same?

[aantonop]

MtGox was always PHP/mysql, including the trading engine. Do you know if it is still the same?

<shudder>

The more I learn about mtgox, the more incompetent they seem. PHP/MySQL? For a billion dollar market?

I'm revising my opinion. Negligence is a much more appropriate word than incompetence.

[Ekaros]

According to the IRC conversation with Magicaltux, the exchange engine and front end are running on the SAME SERVER

If that is true, it points to a level of amateurish hackery which is unbelievable.

A system like this should have multiple geographically redundant load balancers, multi-tier hierarchy of workers, web engines, trade engines, market data and charting engines. The DNS should be run by an independent DNS provider and they should have DDoS protection, regional failover, graceful degradation, etc etc.

It seems they have none of that, nor any clue how to do any of it. It's not even expensive nowadays, it just requires knowledge of scalable distributed systems.

MtGox was always PHP/mysql, including the trading engine. Do you know if it is still the same?

Umm, isn't using PHP at trading engine bit incompetent? For web stuff yes, but trading engine?

Haven't they really not hired any professionals? With industry experience?

[nikkisnowe]

If they plan on closing the exchange for 2-4 hours in the next 12 to 24,  how about a heads up and notification on specifically when this might be.  If I had to guess, they will do this around 3pm EST with no notification at the very moment the price becomes most volatile.  
Clowns.

And what has Coinlab done to help the situation at Mt.Gox?  When Peter Veseness announced the partnership with Mt. Gox, it was described as all kitten and rainbows.  I can't figure out what advantages that partnership has brought.

[aantonop]

If they plan [...]

PLAN?

You think they PLAN?

HAHAHAHAHA!

[repentance]

MtGox was always PHP/mysql, including the trading engine. Do you know if it is still the same?

<shudder>

The more I learn about mtgox, the more incompetent they seem. PHP/MySQL? For a billion dollar market?

I'm revising my opinion. Negligence is a much more appropriate word than incompetence.

It's pretty standard for Bitcoin services.  They find themselves growing before they have the infrastructure in place to support that growth.  MtGox has had two years to prepare for this, though, so it's pretty unforgivable.  With Bitcoin prices so high, they're going to be a bigger target than ever so lets hope they've spent an enormous amount on hardening their security over the last two years because no-one's going to forgive any significant loss of user funds at this stage in the game and they don't have an unlimited capacity to absorb losses.

[aantonop]

It's pretty standard for Bitcoin services.  They find themselves growing before they have the infrastructure in place to support that growth.  MtGox has had two years to prepare for this, though, so it's pretty unforgivable.  

Two years, tons of revenue, funding... They have everything they need to fix this except for the skills and competence.

Unforgivable. This is not some little startup that just showed up. This is 80% volume of a $2 billion dollar market, with revenues in the multi-million per year.

We need to stop making excuses and accept that mtgox will not fix itself because they dont know how.

[00null]

It's pretty standard for Bitcoin services.  They find themselves growing before they have the infrastructure in place to support that growth.  MtGox has had two years to prepare for this, though, so it's pretty unforgivable.  

Two years, tons of revenue, funding... They have everything they need to fix this except for the skills and competence.

Unforgivable. This is not some little startup that just showed up. This is 80% volume of a $2 billion dollar market, with revenues in the multi-million per year.

We need to stop making excuses and accept that mtgox will not fix itself because they dont know how.

I think now would be the right time that Mark does an Eleuthria https://bitcointalk.org/index.php?topic=168108.0

[marcus_of_augustus]

Enough with the a hissin' 'n moanin' ... we've known this for ages ... get your sorry asses out there and build somethiing better.

It's a wide open free market and there is enormous greenfields potential for new exchanges, tons of moolah to be made ... show us all what ya got besides big ideas and big yaps 

[aantonop]

marcus, with respect, you're missing the point.

There are 5-6 other exchanges. They don't have volume, even though they have good-enough or better-than mtgox trading engines and interfaces.

They don't have volume because of the inertia of people giving mtgox a second chance. Then a third, fourth, fifth and sixth chance, even while the fuckups keep getting bigger.

Hissin' and moanin' is what gets newbies to notice that mtgox is associated with a bunch of hissin and moaning and hopefully pick a different exchange to join.

So do some productive moaning too and spread the word: Boycott MTGOX. They're incorrigible.

[pheaonix]

i cannot habeeb that the lag was caused solely by traffic, and if it was, then they obviously are very behind on hardware and security for the amount the have invested.

[marcus_of_augustus]

marcus, with respect, you're missing the point.

There are 5-6 other exchanges. They don't have volume, even though they have good-enough or better-than mtgox trading engines and interfaces.

They don't have volume because of the inertia of people giving mtgox a second chance. Then a third, fourth, fifth and sixth chance, even while the fuckups keep getting bigger.

Hissin' and moanin' is what gets newbies to notice that mtgox is associated with a bunch of hissin and moaning and hopefully pick a different exchange to join.

So do some productive moaning too and spread the word: Boycott MTGOX. They're incorrigible.

Can't say I ever endorsed them after the infamous "I was Goxxed!" rollback fiasco and the onerous requirements on customer interrogations (suspect data-mining motives) ... I've never used them and don't have intention to unless I see a massive change in operations. ... but damn they get some volume, there is no telling the stupidity of most people.

Gox are incorrigible, don't use them people!

How was that?

[aantonop]

Gox are incorrigible, don't use them people!

How was that?

Superb.

I especially liked the part where you stretched out the word incorrigible so it sounded like "They can take our lives but they can never take our FREEEEEEDDOOOOOM". Definitely the right level of passion for the job.

[Operatr]

For a funded op MTGOX seems to have zero in the way of failover redundancy, which is server room 101 when you have systems that need to mush on without stopping. I smell the stink of Gox being run by a bunch of inexperienced kids.

[jojo69]

I think now would be the right time that Mark does an Eleuthria https://bitcointalk.org/index.php?topic=168108.0

Eleuthria is 'da man

[onealfa]

I am astonished.   What a crap  all over around  (all forums, portals, FB, twitter etc) ?  A "massive crash"  ?!

What !   A crash    
But we are simply where we all been only ONE (1!) week ago.  Just think of it !  ONE week ago.
How many days has passed since we all were  sreaming   "look !  BTC is already $100+  today !

I deeply believe that all these events has nothing to do with trust/believe in BTC, with the fundamentals of BTC

From the other side - WHAT can you expect, when MtGox, the largest exchange (70-80% market share) has an operation  time lag of 4600-4800 seconds ! 
Grab you calculator and think again of what you got - that is a HUGE 1.2 - 1.5 hours  LAG  !!!

What kind of trade (logical?) can you expect on such a crap system???
And compare this to a advanced FOREX, NYSE automatic trading systems, where   serious contenders would not even try their chances, unless their access delay (ping, lag, what ever you call it) is less then 1-2 ms ( mili-seconds, that is)

Think of it. 
While you can ( & while exchanges are stopped for a cool-off)

[Littleshop]

i cannot habeeb that the lag was caused solely by traffic, and if it was, then they obviously are very behind on hardware and security for the amount the have invested.

I can not speak to the security but the servers they would need ( if they bought them ) would be less then $100,000
For gox that would be a few days or even less profit.

DDOS protection in this case might be making things worse.

[Thursday]

Mt. GOX will be the DEMISE of bitcoin!  Mark my words.

[alexh]

I guess mtgox got their hands in this somehow...