PSA: Bitcoin's survival and long term prospects depend on MtGox getting killed.

[MPOE-PR]

Please do your part killing this offensive piece of shit scamsite. Never trade on MtGox. Not now, not ever. Every dollar you pay in taxes goes to feed some bureaucrat swine, pay for hospitals, education and bombers. Every dollar you pay in MtGox fees goes to feed swine exclusively.

Find a different exchange, trade there, never MtGox again.

[1714465852]

1714465852

[1714465852]

1714465852

[Minor Miner]

Please do your part killing this offensive piece of shit scamsite. Never trade on MtGox. Not now, not ever. Every dollar you pay in taxes goes to feed some bureaucrat swine, pay for hospitals, education and bombers. Every dollar you pay in MtGox fees goes to feed swine exclusively.

Find a different exchange, trade there, never MtGox again.

Pigs feed, Hogs get slaughtered.
But, the one problem with BTC overall is liquidity.   I want to join an exchange and wire money and buy some BTC today.   Where can I do that?   I cannot find anywhere credible.   BTC-e looks a little sketchy to me but it has been trading 20 lower than the other markets and volume.    Bitfloor has not done anything on the people it owes money to (like issue them warrants or equity etc) so why would I put money there?
Basically, I would not leave money on any of these sites and if I trade into BTC, I would transfer it out immediately.

[VforVictory]

Why are we even trading decentralised currency meant to replace fiat for fiat in the first place? >_>

[ThickAsThieves]

I'll take the pledge.

[jojo69]

I'm actually OK with Gox surviving...as a much smaller player in a healthy ecosystem of exchanges.  They must be humbled, and forced to do a better job.

[MPOE-PR]

I'm actually OK with Gox surviving...as a much smaller player in a healthy ecosystem of exchanges.  They must be humbled, and forced to do a better job.

Yes, 7th down on the list, under much better alternatives, where their place is. Sure.

[Minor Miner]

because fiat is fungible and BTC is not.   BTC must get to the point where you can just spend it.  

[Brushan]

I totally agree with OP. MtGox has become bitcoins cancer. They don't care about the wellbeing of the BTC economy, only profits. This is the second time they manage to crash bitcoin.

[Peter Lambert]

Please do your part killing this offensive piece of shit scamsite. Never trade on MtGox. Not now, not ever. Every dollar you pay in taxes goes to feed some bureaucrat swine, pay for hospitals, education and bombers. Every dollar you pay in MtGox fees goes to feed swine exclusively.

Find a different exchange, trade there, never MtGox again.

Oh mighty wise one, do you have a suggestion for a better exchange to use?

The first bitcoins I bought were on TradeHill, because they allowed easy Dwolla deposits and I thought MtGox seemed sketchy (this was right around the time of the big MtGox hack and rollback etc). Tradehill went away, so I stopped using them.

I then used MtGox, now I have an account there and a small amount of money there, so unless another option is clearly better I will keep using them because it is familiar. They do have a record of developing very long lag times during high volumes of trade, so I would be interested in an exchange that does the whole exchange thing better.

I tried putting up an ad on localbitcoins, but never got any response.

I used Coinbase to buy some bitcoin, but their daily limit is obnoxious and they are just selling bitcoins, it is not the same as trading on a market.

What is the best option, or do we still need somebody to make the ideal exchange site?

[threeip]

Why are we even trading decentralised currency meant to replace fiat for fiat in the first place? >_>

Because everyone thinks Bitcoin is a currency, yet they find they cant buy anything* with it


(*you cant eat a VPN or live in a bag of cocaine)

[jojo69]

Oh mighty wise one, do you have a suggestion for a better exchange to use?

at the moment camp bx is updating and trending up to 94

[MPOE-PR]

Oh mighty wise one, do you have a suggestion for a better exchange to use?

The first bitcoins I bought were on TradeHill, because they allowed easy Dwolla deposits and I thought MtGox seemed sketchy (this was right around the time of the big MtGox hack and rollback etc). Tradehill went away, so I stopped using them.

I then used MtGox, now I have an account there and a small amount of money there, so unless another option is clearly better I will keep using them because it is familiar. They do have a record of developing very long lag times during high volumes of trade, so I would be interested in an exchange that does the whole exchange thing better.

I tried putting up an ad on localbitcoins, but never got any response.

I used Coinbase to buy some bitcoin, but their daily limit is obnoxious and they are just selling bitcoins, it is not the same as trading on a market.

What is the best option, or do we still need somebody to make the ideal exchange site?

Outside of otc trading (which for the record has been for the past year and looks set to remain the largest BTC market by volume - yes it was larger than the sum of all exchanges before today, yes it will certainly remain larger than the sum of all exchanges after today) you might try cavirtex for the west side of the pond and bitcoin-central for the east side. There's also btc-e and bitstamp. There's probably more.

It wouldn't hurt if somebody made a good exchange, but it's hard to do and some other newbs with fat on the brain a la Karpeles are emphatically NOT needed.

[Minor Miner]

Oh mighty wise one, do you have a suggestion for a better exchange to use?

at the moment camp bx is updating and trending up to 94

CampBX is useless.   "go to the post office and get a money order for $1000'?
WTF?   Fidelity must be quaking.    Why can't I wire money from china or hk there?  They worried that wire transfers are counterfeit?

[SBC]

The problem isn't specifically Mt.Gox, it's the fact they like just about every other FIAT<->Bitcoin business, were wholly unprepared for the onslaught in demand. I cannot help but notice that Bitstamp (an often vaunted alternative) is as I write this, also offline.

Bitcoin as a technology seems pretty robust and fairly scalable but it is the supporting businesses that provide migration to and from traditional currency networks into Bitcoin and its derivatives that are the weakest link. There is no denying alot of this has to do with greed, FIAT<->Bitcoin businesses see huge profits if they realise the significant potential volume that has landed on their doorsteps, the only problem is their infrastructure (much like the recent upward swing in Bitcoin pricing) cannot sustain indefinite growth. Something has to give, and that something is more often than not the software underpinning these businesses. If a few of these businesses managed their numbers rather than operating an open door policy, it would be a win win for everyone. On the one hand some potential customers will be unhappy, but they at least don't lose any money and can always apply again. Likewise, the business can then scale its infrastructure gradually ensuring its existing customer base retains access to a functioning market... which is kind-of the whole point of this exercise.

 

  

[MPOE-PR]

The problem isn't specifically Mt.Gox,

No, the problem is specifically MtGox. To understand this better:

- they are technologically inept. Trade engine melded into the webserver, seriously? In 2013? Seriously? After MPEx released enough information about how to correctly design an exchange? They should have known better.

- they are untrustworthy. Here's a link to Karpeles straight out lying to me. This isn't the first time. They "are a victim of their own success"? Do you know where we've heard this before? Does Tom of bASIC ring any bells? He also was a "victim of his own success", ie, his incredible success at getting fools to part with their money and his incredible failure at delivering any sort of product or service.

- they have a charged history. To this day they are "the one thing that nearly killed bitcoin", they are "the idiots that leaked everyone's emails". They are a laughingstock.

There's no further room in Bitcoin for MtGox. Let them go back to trading cards.

[Minor Miner]

The problem isn't specifically Mt.Gox,

No, the problem is specifically MtGox. To understand this better:

- they are technologically inept. Trade engine melded into the webserver, seriously? In 2013? Seriously? After MPEx released enough information about how to correctly design an exchange? They should have known better.

- they are untrustworthy. Here's a link to Karpeles straight out lying to me. This isn't the first time. They "are a victim of their own success"? Do you know where we've heard this before? Does Tom of bASIC ring any bells? He also was a "victim of his own success", ie, his incredible success at getting fools to part with their money and his incredible failure at delivering any sort of product or service.

- they have a charged history. To this day they are "the one thing that nearly killed bitcoin", they are "the idiots that leaked everyone's emails". They are a laughingstock.

There's no further room in Bitcoin for MtGox. Let them go back to trading cards.

I do not see the lying link

[SBC]

I cannot comment on your accusations, however if Mt.Gox were to disappear overnight it is doubtful the remaining contenders would be able to pickup the slack. Mt.Gox is a result of inadequate or inexperienced competition in a relatively new market. Much as many people here dislike traditional currency markets, they've had many talented individuals over many years to get them working. If you consider the banking system alone; 100's maybe 1000's of disparate banking networks globally all gradually harmonizing to permit the transfer of value. The magnitude of such a task is mind boggling. The fact you can get money from A-B without having to bring it over in a sack is quite the modern marvel.

As your article intimates; designing robust, reliable, scalable software is not simple, quick or easy. Software surprises you in ways you never thought possible, and massive scalability brings a whole new dimension to those surprises. Mt.Gox is not perfect, but calling for its head serves no useful near-term benefit for Bitcoin or it's adoption as a truly global medium for the transfer of value.

As a side note; that's a nice suit.

[MPOE-PR]

Here's a little something from mere minutes ago, since we're discussing deceitful MtGox:

Apr 11 19:39:11 <Scrat>   Apr11 16:38:39 mtgox             4.0000 @   123.40098    USD
Apr 11 19:39:12 <Scrat>   what
Apr 11 19:39:41 <Scrat>   there was a gox trade just now
Apr 11 19:39:55 <Scrat>   unless amphipod is trolling
Apr 11 19:41:51 <ThickAsThieves>   scrat that trade shows on mtgox.com too

"Trade frozen", eh? Sure.

As to the link: https://bitcointalk.org/index.php?topic=157360.msg1670345#msg1670345 "all cases where we have enough information and there's not some sort of site-wide outage causing it are resolved in 20 minutes".

[bitcoinnix]

CampBX.com looks promising although it's not much use to me until it works with LiteCoin in addition to BTC. 

[codro]

Looks like MtGox not only froze trading but also bitcoin withdrawals, I've withdrawn 4 hours ago prior to trade being stopped and even though it shows the withdraw in my account, there is no record of it in the blockchain whatsoever.

I'm mostly annoyed, and a little concerned.