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

[VforVictory]

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)

Buy a big bad of cocaine and presto? 

[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 king 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 MtGox is stopped for a cool-ff)

[MPOE-PR]

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.

What slack? What are you talking about? Anyone marginally sane can resolve 10 trades a minute, there's no slack there. Look: http://jezus.si/graf/dashboards/bitcoin/details/lag/

See that spike going into the 1 hour range? The fiat exchanges you marvel at the accomplishment and talented individuality of have 30-50 microsecond execution times. There's 1000 microseconds in a millisecond. There's 1000 milliseconds in a second. There's 3600 seconds in an hour. Three and a half billion times worse than microsecond lag.

So what slack. MtGox is not currently doing something. A dozen people with an excel spreadsheet could deliver their trade throughput. This is not hyperbolae, and it certainly is not on the level of claiming MtGox is "an exchange".

[cavveman]

You guys could try Vircurex as an alternative.
https://vircurex.com/
And there you can trade LTC also and various other alt-coins.

One thing that I am always surprised about mtgox, the fees. They have very high fees for trading btc. So I have no idea how they can be so big still.

[kaoD]

Bombers? You meant firemen? Are you spanish/catalonian?

[marhjan]

Wow...  I think hell must be freezing over.  I agree 100% with everything this MPOE mouthpiece says in this thread.  That truly frightens me lol

But - yes the PROBLEM is MtGox and more specifically that the btc is not yet ready for mass adoption.  We (the early adopter geeks) need to understand that the whole world is NEVER going to understand how to PGP sign a message let alone properly setup a secure bitcoin client/wallet.  Until our mothers are able to transact in btc easily and relatively securely we will see these wild and speculative swings.

[Thursday]

I whole heatedly agree.  Yesterday was a complete and total failure by Mt. Gox and the entire bitcoin experiment suffered because of it

[moni3z]

Gox has no excuse. They make multi millions but can't lease or buy professional trading engine software? They could even use QuickFIX C++ open source FIX msg trading engine, or go on Linkedin and find guys who work for MilleniumIT (the LSE trading platform) and pay them off the books cash to work on a custom trading engine with 130 micro second order latency http://lk.linkedin.com/in/raviweerathunge they will do it for the right amount of money.

[BitCoinsLOL]

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.

When LTC went up to almost $6 on 4/3 there was parity with BTC between Gox and BTCe.

[MPOE-PR]

Bombers? You meant firemen? Are you spanish/catalonian?

No, I mean bombers.

Wow...  I think hell must be freezing over.  I agree 100% with everything this MPOE mouthpiece says in this thread.  That truly frightens me lol

But - yes the PROBLEM is MtGox and more specifically that the btc is not yet ready for mass adoption.  We (the early adopter geeks) need to understand that the whole world is NEVER going to understand how to PGP sign a message let alone properly setup a secure bitcoin client/wallet.  Until our mothers are able to transact in btc easily and relatively securely we will see these wild and speculative swings.

Welcome to the dark side. We have cookies.

[Slix]

I would like to see something like a crypto-currency exchange network created that could deal with bitcoin and altcoins alike. This could be some sort of p2p network that all exchanges (nodes) would be connected to. Trades would be processed along the lines of how the blockchain works and the nodes would only end up being fiat movers for their respective regions or countries, receiving a small fee for the use of their bank accounts. Add those bitcoin ATMs to that network and the average Joe would have a much easier time turning in their fiat.

This sort of system would promote a much better trade stability and offer some better resistance to DDOS. Not only that but merchants would have a way more accurate pricing index rather than relying on MtGox, who takes merchant websites/systems down along with them when they fail.

I'm sure I'm overlooking a lot of potential issues with this idea since I'm no banker or stock trader but if bitcoin is going to go anywhere, I fully agree that this exchange problem needs to be resolved or we will never gain any credibility with the general public.

[MPOE-PR]

I would like to see something like a crypto-currency exchange network created that could deal with bitcoin and altcoins alike. This could be some sort of p2p network that all exchanges (nodes) would be connected to. Trades would be processed along the lines of how the blockchain works and the nodes would only end up being fiat movers for their respective regions or countries, receiving a small fee for the use of their bank accounts. Add those bitcoin ATMs to that network and the average Joe would have a much easier time turning in their fiat.

This sort of system would promote a much better trade stability and offer some better resistance to DDOS. Not only that but merchants would have a way more accurate pricing index rather than relying on MtGox, who takes merchant websites/systems down along with them when they fail.

I'm sure I'm overlooking a lot of potential issues with this idea since I'm no banker or stock trader but if bitcoin is going to go anywhere, I fully agree that this exchange problem needs to be resolved or we will never gain any credibility with the general public.

The irc-based otc network does something along those lines.

[uMMcQxCWELNzkt]

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)

Everyone can buy my T-Shirts and other products with there Bitcoins soon, don't worry people. Feel free to help fund my Bitstarter project too (in sig) lol.

[MPOE-PR]

When LTC went up to almost $6 on 4/3 there was parity with BTC between Gox and BTCe.

Okay, I've been mulling over this one for hours. What do you mean there was parity?

[Luckybit]

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.

Exchanges need greater decentralization.

[MPOE-PR]

<Scrat> ;;goxlag
<gribble> MtGox lag is 79.565712 seconds. During this time, light travels 0.159448795986 AU. You could have sent a bitcoin ten times between Jupiter and Callisto (0.12567 AU).
<Scrat> wahahahahah
<mircea_popescu> Scrat well... it's 50x faster than 4000 seconds ?

Still a laughingstock.

[amincd]

They're better than any thing else that exists. Make something better and people will come.

I just don't like the fact that MtGox is going to accept bitcoin clones like litecoin. I realize they're under a lot of pressure from altcoin backers, who would profit handsomely from diverting bitcoin investor dollars into their cheaply printed coins, but it's a road to inflation to include every bitcoin-variant that has a minor following.

[MPOE-PR]

They're better than any thing else that exists. Make something better and people will come.

I just don't like the fact that MtGox is going to accept bitcoin clones like litecoin. I realize they're under a lot of pressure from altcoin backers, who would profit handsomely from diverting bitcoin investor dollars into their cheaply printed coins, but it's a road to inflation to include every bitcoin-variant that has a minor following.

No, they are literally worse than anything else that exists. Not just in Bitcoin, they are worse than any game trading site out there too.

[rpietila]

I never thought I would have to agree with MPOE-PR 

...after the crash I think MP is making a killing with his exchange, so perhaps we could be friends after all...

[MPOE-PR]

As per usual people who don't listen cry. Learn it already.