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Author Topic: A good Temporary fix: Disable the Trade API  (Read 620 times)
crazy_rabbit
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April 12, 2013, 02:38:52 PM
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The trade api is being relentlessly abused by the larger investors with powerful trading systems. Systems obviously more powerful then GOX.

Bringing the market to an absolute standstill has had limited usefulness. Rather then bringing everything to a dead stop, just force us to enter our order manually, clicking the buttons. Use a Captcha if you have to.

Gox is not ready for the type of machines that the big money already has well developed for high-speed trading. It's ruining absolutely everything and for what? Loss of high speed trade commission? You can turn the API back on when you are 100% sure your system works. 1000% sure. Test it for a month first type of sure.

Turning off the API allows regular people to keep faith by allowing them the sense of control over their money that is so important to keep people from mass panic. When lag times go up, the first thing to get disabled is the web interface- which is where the majority of new money and users comes from.

The investors will either just simple WAIT for you to build a better interface, or build their own (they will build their own anyway, so you can't avoid that at this point). So instead don't tank the market the way you are doing. Turn off the API. Let people trade 1990's style.

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gilgil
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April 12, 2013, 02:55:31 PM
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Another option is to allow no more than one order per 5 seconds per customer.

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April 12, 2013, 03:02:55 PM
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Another option is to allow no more than one order per 5 seconds per customer.

No because these big financial traders have possibly 1000's of accounts. They would probe for a few minutes to figure out their limits and then immediately open as many other accounts as necessary to continue operation. No, to slow things down temporarily without freezing everything would be to allow manual trades only.

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