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Author Topic: MtGox is going to die  (Read 991 times)
mdahl
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April 13, 2013, 04:13:09 AM
 #1

It's rather bothersome how powerful mtgox is in affecting the Bitcoin economy—it shuts down its servers during the crashes so it could secure its own bitcoins and make profit speculating, and it's too big of a target for DDoSing. Hopefully with the price going back down to a realistic place where the exchange rate is closer to the real value, not the nominal one, we can see a more diverse choice of markets. MtGox is clunky and outdated, and hopefully after this Bitcoin is going to be more stable in price and less prone to media-hyped price crashes.
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unvoid
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April 13, 2013, 09:58:11 AM
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I think there should be couple of alternatives for mtgox if we want to get more stable bitcoin. I'm really surprised that there is big black hole in exchange markets (and I mainly mean that those currently working services are very unstable, ddos vulnerable etc)

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coinslut
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April 13, 2013, 10:05:59 AM
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mtgox has been surprisingly stable since it reopened actually.

There are alternative exchanges, but this big black hole is caused by the lack of good ways of sending fiat currencies.
So many restrictions in place on accepting fiat currency. Set up a bitcoin exchange and your credit card processor/paypal will shut you down for "suspicious activity".
Your governments/banks don't want you to have an easy way of getting around their taxes and fees, of course they'll call it money laundering.

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April 13, 2013, 10:08:00 AM
 #4

It's rather bothersome how powerful mtgox is in affecting the Bitcoin economy—it shuts down its servers during the crashes so it could secure its own bitcoins and make profit speculating, and it's too big of a target for DDoSing. Hopefully with the price going back down to a realistic place where the exchange rate is closer to the real value, not the nominal one, we can see a more diverse choice of markets. MtGox is clunky and outdated, and hopefully after this Bitcoin is going to be more stable in price and less prone to media-hyped price crashes.

Haha, you know Mt Gox was down recently because it was DDOSed right?
ddpodd
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April 13, 2013, 10:11:32 AM
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I totally agree with a mtgox site in every region, the prices buying them in uk are well overpriced usually an extra £30-40 more than what they are on mtgox. This is because many people struggle to fund mtgox as people who just want to spend the coins find it hard actually funding mtgox and other bitcoin exchanges. Also the problem is pushing for more retailers to use bitcoins, more localised exchanges would encourage them more. So yep totally agree. Mtgox has too much a monopoly over a "de-centralised currency" mmmmmmm after latest events I think it is very much centered round mtgox dont you think?
reactor
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April 13, 2013, 11:33:25 AM
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It's better to have a solution that scales and distributes.  Even with what they're making off of transactions, *true* DDOS protection costs a LOT of money.  So what is the motivation for other exchanges to pop up if they face the immediate threat of DDOS, etc.?  It's a tough market because we're getting past one of the first volatile turns in BTC.  The recent pop and settling of the dust proves the currency is subject to manipulation, especially with pools / exchanges being taken down by what are effectively script kids (DDOS is so weak). 

So yes we need more exchanges, but there's gotta be a guaranteed profit model in place and some decent investors to make sure they can take on Gox as well as the DDOS'ers.  But it looks like regular investors are starting to look towards these markets, probably for the same reason that Silk Road uses BTC, it's all immune from traditional regulation. Smiley
halijen
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April 13, 2013, 11:36:32 AM
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This is conspiracy of the government Grin
tallbikeguy
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April 13, 2013, 11:40:40 AM
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So yes we need more exchanges, but there's gotta be a guaranteed profit model in place and some decent investors to make sure they can take on Gox as well as the DDOS'ers.  But it looks like regular investors are starting to look towards these markets, probably for the same reason that Silk Road uses BTC, it's all immune from traditional regulation. Smiley
A couple of thoughts:  There isn't a "guaranteed" profit model much of anywhere.  For a new exchange, you'd have to calculate your expected fees, etc. vs. your expected costs and development costs.  It's always an estimate though!

Also, I think regular investors are looking at bitcoin because it might be good for speculation!
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April 13, 2013, 11:44:53 AM
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If a million people will try get into a single bus they will have issues as well as the bus. It's kinda two way street.
reactor
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April 13, 2013, 12:03:43 PM
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So yes we need more exchanges, but there's gotta be a guaranteed profit model in place and some decent investors to make sure they can take on Gox as well as the DDOS'ers.  But it looks like regular investors are starting to look towards these markets, probably for the same reason that Silk Road uses BTC, it's all immune from traditional regulation. Smiley
A couple of thoughts:  There isn't a "guaranteed" profit model much of anywhere.  For a new exchange, you'd have to calculate your expected fees, etc. vs. your expected costs and development costs.  It's always an estimate though!

Also, I think regular investors are looking at bitcoin because it might be good for speculation!

Exactly, no guaranteed profit model, so I'm trading only at BTC-E and Gox right now (no other options, don't like Vircurex).  Too risky for other folks to come into the market, and while Coinbase has been consistent with my payouts, I don't like the 5-day waiting period for an ACH and I feel like they are one of the ones who will likely fold.
wojtek
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April 13, 2013, 12:23:03 PM
 #11

mtgox is actually more stable than many other bitcoin exchanges.
anticapt
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April 13, 2013, 12:34:43 PM
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It will be interesting to see what companies spring up in the coming 6 months to take advantage of the current situation. I would honestly like to see a large bank backed exchanged for piece of mind  Huh
unvoid
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April 13, 2013, 02:47:43 PM
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http://dealbook.nytimes.com/2013/04/11/as-big-investors-emerge-bitcoin-gets-ready-for-its-close-up/

Anyone know what kind of investment facebook twins did in bitcoin? Maybe they planning to open exchange.

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BluMeanie
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April 13, 2013, 04:02:04 PM
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http://dealbook.nytimes.com/2013/04/11/as-big-investors-emerge-bitcoin-gets-ready-for-its-close-up/

Anyone know what kind of investment facebook twins did in bitcoin? Maybe they planning to open exchange.

As venture capitalist, they very well could.

Market is open for some solid competition.

BluMeanie
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April 13, 2013, 04:03:18 PM
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It will be interesting to see what companies spring up in the coming 6 months to take advantage of the current situation. I would honestly like to see a large bank backed exchanged for piece of mind  Huh

Not sure how a bank would be able to work. To many regulations and fees.

Kind of what we are trying to avoid.
BTCghash
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April 13, 2013, 04:10:43 PM
 #16

New companies will open up and allow for exchanges of bitcoins, which will decentralize the btc market.

“We have always had bad money,” argued Hayek “because private enterprise was not permitted to give us a better one.”
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killerbread
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April 13, 2013, 04:25:55 PM
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What are some good alternatives to MtGox for a Brit?
Gator-hex
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April 13, 2013, 04:26:23 PM
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If you hate MtGox just use https://localbitcoins.com/ and set your own price.

Launebaer
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April 13, 2013, 10:03:09 PM
 #19

this doesnt look legit
Dunois
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April 13, 2013, 10:42:33 PM
 #20

I think a recent article on The Economist summed this up best.
http://www.economist.com/news/finance-and-economics/21576149-even-if-it-crashes-bitcoin-may-make-dent-financial-world-mining-digital

Yet for Bitcoins to go mainstream much has to happen, says Fred Ehrsam, the co-developer of Coinbase, a Californian Bitcoin exchange and “wallet service”, where users can store their digital fortune. Getting hold of Bitcoins for the first time is difficult. Using them is fiddly. They can be stolen by hackers or just lost, like dollar bills in a washing machine. Several Bitcoin exchanges have suffered thefts and crashes over the past two years.

As a result, the Bitcoin business has consolidated. The leading exchange is Mt.Gox. Based in Tokyo and run by two Frenchmen, it processes around 80% of Bitcoin-dollar trades. If such a business failed, the currency would be cut off at the knees.


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