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Author Topic: I feel sorry for Mt Gox  (Read 530 times)
toknormal
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April 13, 2013, 02:24:01 AM
 #1

Hi Folks

As a newbie, I'm only allowed to post here.

However I'm not a newbie when it comes to software development or implementation and I feel real sorry for those guys at MT Gox who have advanced the cause of Bitcion massively in the last few days while at the same time taken huge amounts of flack from commentators on this site.

I know what its like implementing industrial web systems and you absolutely sh*t yourself just getting it live, nevermind trying to cope with 1000 times predicted demand spikes. Whatever the politics of Bitcoin and exchanges are, you can be sure there were a load of grafters paddling underwater and not getting any sleep at that place just to keep the site alive and I think they did a great job. Whether Mt Gox disappears or improves after this, they will have done a great service to the cause of Bitcoin by acting as honest brokers through one of the most demanding episodes of the currency anyone has ever seen.

We need to separate the politics of things from people. I've got 20 years of software development experience and all I know is that over the last 3 days something went 'right' at Mt Gox. You people who are moaning about how bad they were do not know how wrong it could have gone - you are complete ignoramuses who do not appreciate what it takes to keep an operation like that up. It's not their fault they're the only only major exchange around - they are doing you fuckers service and have fielded a massive demand in the Bitcoin currency when there was nobody else around to do so.

Please tell me - now that the 'spike' has turned into a steady BCT bull market that you would have preferred them not to have existed. As a newbie, if it hadn't been for Mt Gox I would have never got into the BCT market. They processed my order quickly and honestly and I stayed in BCT even when it crashed well below my entry level. Their messages and user interfaces are informative and timely for newbies (like the one about checking for the green lettering on the URL address bar at logon). You can be sure there are thousands of others like me and MT Gox deserve some credit for servicing them rather than the unbelievable BS they're getting off this site. The people criticising Mt Gox seem to think it should work like Google - well they should try paying for Google. MT Gox is trying to do something very difficult and they have pulled it off as far as I'm concerned.

The ignorant F*ckers on this site, on the other hand don't know a good thing when they get it. For all that I love Max Keiser, he should be thanking Gox as well for holding up as they did rather than saying its a "weakness".

I hope that any sympathetic forum subscriber who's got full forum rights can post this message to the main message threads on behalf of us "newbies" so that those dunderheads clamoring for Gox's demise can get their heads in order.

Best Regards

Pete

b.t.w. In case you think I'm some kind of Gox agent or something - I'm not. I'm a regular guy but from reading the forum messages I'm sure that won't satisfy many. Doesn't matter because I've said my piece and I might as well be a Gox 'er because I can imagine what they've gone through in the last few days - hammered by your enemy and hammered by your friends at the same time.
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April 13, 2013, 02:48:02 AM
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Mt.Gox has control of too much of the market, and they weren't as prepared for the inevitable crash as they should have been. It will also take them at least a month to upgrade their servers, and by then, there won't be much point. I think Mt.Gox is an okay exchange, but we need the market to be more spread out, or else our currency is nearly as vulnerable as Mt.Gox is.
dadrizforshizz
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April 13, 2013, 02:49:04 AM
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a crash was expected, who I really feel sorry for is the people that have poured thousands of dollars into bitcoins
fpsfoogawzee
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April 13, 2013, 02:57:05 AM
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I sympathize with your post. Even though I am restricted to this section too for now I am no noob either. I have been following bitcoin and mining for years. Unfortunately I used it more as a currency to transact with than to hold. I am getting back into the game full steam again.

I agree Mt gox has a very tough job right now with 80%+ of the market share. My opinion is the free market will solve the transaction demand. The freed market, as I like to call it, will reward the best overall exchanges. The incentive for users is to find low fees and features. Userbase is the incentive for the exchange. I have since moved from gox to campbx. I have only been with them for 24 hrs but they are great. They are US based and extremely concerned with stability and security. The qualities a digital currency exchange needs!
dakelv
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April 13, 2013, 03:05:19 AM
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This is part of the growing pains. Crashes like this will help it to be prepared for future problems.
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April 13, 2013, 03:15:16 AM
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This is part of the growing pains. Crashes like this will help it to be prepared for future problems.

or it could cripple the currency and make way for a new competitor....
dakelv
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April 13, 2013, 03:18:53 AM
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or it could cripple the currency and make way for a new competitor....

In that case, if not anything else, it will give those who are late to the bitcoin scene a head start in a new game  Cheesy
Mike Christ
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April 13, 2013, 03:19:52 AM
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or it could cripple the currency and make way for a new competitor....

In that case, if not anything else, it will give those who are late to the bitcoin scene a head start in a new game  Cheesy

That's what they're trying to use Bytecoin for Tongue

nodesupply
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April 13, 2013, 03:24:00 AM
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To OP: Well said. I can't understand the amount of speculators who believe they are experts in this field. But regardless, the volatility of the currency is what is attracting so many interested parties.

GDC - gPHKnhNdAWfs3fQDXAbpA8E5HXYi3T6eMH
EtherDais
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April 13, 2013, 03:25:49 AM
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A similar situation has been occurring over the past 3-4 years for 3D printer manufacturers.  There's a lot of grief and distrust aimed at anyone making a genuine effort without delivering yesterday.   It's important to remember that just because bitcoin works quickly, it doesn't mean that the human-derived elements of a larger economy can respond so quickly.
transcendco
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April 13, 2013, 04:01:09 AM
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It might be an inside conspiracy :3
casascius
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April 13, 2013, 04:03:09 AM
 #12

I assume that when Gox finally gets their act together, that they will be back strong.  Why?  There's a lot of talent and resources with an interest in having Gox back up and running ASAP, and Gox is in a position where they have no choice but to accept the help.  The best news we could hope for is an acquisition by a VC firm.

Let Karpeles walk away with millions, take a huge load off his back, and be the consultant to the new MtGox run by the big boys.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
fpsfoogawzee
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April 13, 2013, 05:38:39 AM
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Let Karpeles walk away with millions, take a huge load off his back, and be the consultant to the new MtGox run by the big boys.

Good insight.
GrapeApe
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April 13, 2013, 05:54:46 AM
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Roger that Nice insight
GSnak
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April 13, 2013, 06:39:22 AM
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there were a load of grafters paddling underwater and not getting any sleep at that place just to keep the site alive and I think they did a great job.

I didn't really get much past this. They didn't keep it alive, they went down like a ... nevermind. Had they kept it alive it would've been a great job. While maintaining order when everyone is running for the exits is a near impossible task, this isn't modern Kindergarten where everybody gets a trophy just for playing. People lost millions. Perhaps you should send them a card.


Incidentally, BTC-e was up nearly the entire time MtGox was not. They did a good job.
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