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Author Topic: Gox wouldn't be getting hammered right now, if they had allowed open orders  (Read 1929 times)
Hook^
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June 26, 2011, 03:06:25 PM
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People would have put open orders in over a 24 hour period before market opening.  This would have been much better for Gox. 

Now, everyone has no choice but to pile in at the exact minute of opening.  This is going to cause severe server strain.
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June 26, 2011, 03:07:02 PM
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Foresight is not exactly Gox's specialty as we have seen repeatedly.

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June 26, 2011, 03:09:37 PM
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Yep - that would have been intelligent...  they could have let people place limit orders and had a real order book at the open, but instead we're going to get chaos.  If you have a good connection and can get logged in and placing orders SOME people may make out great, but there will be potentially WILD swings until the order book gets stabilized.  I really really want MtGox to be successful, but they KEEP goxing us...   

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June 26, 2011, 03:12:49 PM
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I think it'll be a great test on its servers to see how well it handles a spoof DDos
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June 26, 2011, 03:14:10 PM
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not very good at handling atm -.-

SQL crashed^^

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June 26, 2011, 03:22:36 PM
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SQL crashed^^

Not surprised.

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June 26, 2011, 03:23:50 PM
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I agree. They said a few times that there would be orders taken before the opening. MagicalTux even said it would be queue-based, although I'm not sure he meant "first in queue gets best deal" or FIFO or what. I guess it doesn't matter now.

This bites. It's going to be like the Kevin situation where those who hammer the server get vastly rewarded for being assholes.

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June 26, 2011, 03:24:08 PM
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This is the thing that troubles me about MtGox - the seeming inability to learn from mistakes or listen to advice. Is it stubborness? Arrogance? Do they live in a bubble and make no effort to find out what their customers are saying?

I dunno . . . so many of the issues they have been having are completely avoidable . . . and yet invariably they choose the path of maximum clusterflock. I find it utterly baffling.
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June 26, 2011, 03:26:22 PM
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Yeah apparently their SQL server is having a hard time dealing with all the attention and needed to spend some time in it's room by itself.

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June 26, 2011, 03:30:33 PM
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Foresight is not exactly Gox's specialty as we have seen repeatedly.

Who cares about the future? All that matters is NOW, the future will be fine just fix the present!

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June 26, 2011, 03:36:10 PM
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Yeah apparently their SQL server is having a hard time dealing with all the attention and needed to spend some time in it's room by itself.
The entire platform has been in its room for a week.
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June 26, 2011, 03:38:31 PM
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you need a backend that supports auctions to resolve opening orders and determine the opening price.
my guess is they don't so they had no choice.
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June 26, 2011, 03:41:02 PM
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you need a backend that supports auctions to resolve opening orders and determine the opening price.
my guess is they don't so they had no choice.
I don't think so.  From what I understand, the backend just matches the lowest offer with the highest bid, ties broken by age of the order.  This can work with open books.  You just keep the book matching process shut off until the market opens.
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June 26, 2011, 03:46:38 PM
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you need a backend that supports auctions to resolve opening orders and determine the opening price.
my guess is they don't so they had no choice.
I don't think so.  From what I understand, the backend just matches the lowest offer with the highest bid, ties broken by age of the order.  This can work with open books.  You just keep the book matching process shut off until the market opens.


ok you could do that but if you only match by order you have 100 different opening prices and "unfair" trades, i.e. I don't get best price just because the better order (for me) was entered after my order.
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June 26, 2011, 04:22:09 PM
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Here's a pdf from the tokto stock exchange on offline trade matching.
http://www.tfx.co.jp/en/trading/document/matching_e.pdf
Anyone else got any info on this - interesting question.
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June 26, 2011, 04:25:32 PM
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Here's a pdf from the tokto stock exchange on offline trade matching.
http://www.tfx.co.jp/en/trading/document/matching_e.pdf
Anyone else got any info on this - interesting question.

I suppose every exchange has to publish their rules on this. I've read the rules of a stock exchange at one point and they performed an auction at the opening and also on some conditions during the day.
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June 26, 2011, 04:31:12 PM
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This is the thing that troubles me about MtGox - the seeming inability to learn from mistakes or listen to advice. Is it stubborness? Arrogance? Do they live in a bubble and make no effort to find out what their customers are saying?

I dunno . . . so many of the issues they have been having are completely avoidable . . . and yet invariably they choose the path of maximum clusterflock. I find it utterly baffling.

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Everybody keeps going back to the "just be patient" bit, but at least for me, it really isn't whether or not its 3 days or 3 hours or a month - it's this ^^^.  They just keep doing stupid shit.  They have MILLIONS of dollars worth of BTC, and it's like its being run by high school kids.  Something simple like a "home" button to show the main webpage once you're logged in.  It's just the simplest shit... it almost seems like they're saying "OK, whats the best way to do this?" and then do the EXACT OPPOSITE.

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June 26, 2011, 04:38:01 PM
 #18

you need a backend that supports auctions to resolve opening orders and determine the opening price.
my guess is they don't so they had no choice.
I don't think so.  From what I understand, the backend just matches the lowest offer with the highest bid, ties broken by age of the order.  This can work with open books.  You just keep the book matching process shut off until the market opens.


ok you could do that but if you only match by order you have 100 different opening prices and "unfair" trades, i.e. I don't get best price just because the better order (for me) was entered after my order.


You always get what you entered or better. This is only 'unfair' like when you bid 40 and someone puts in an ask at 35, you could have sold at 35, and someone did, but not you because you put in 40.

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KeyserSoze
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June 26, 2011, 07:19:58 PM
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They have MILLIONS of dollars worth of BTC, and it's like its being run by high school kids.  Something simple like a "home" button to show the main webpage once you're logged in.  It's just the simplest shit... it almost seems like they're saying "OK, whats the best way to do this?" and then do the EXACT OPPOSITE.

We deal with this in web development all the time. Programmers are very smart folks mostly. They can do wonderful things with code that plumbers and doctors either can't or don't want to do. But plumbers and doctors of course help you in return with what they provide. It's the same for the art side web design and web site usability - many programmers create something complex yet fail to make it easy or useful for others. They'll even get offended when you suggest things like a Home button, because for them a home button is superfluous.

It's relatively simple for anyone these days to "make a web site", especially people who work in science or math fields, backend code, that kind of thing. But what we see time and time again is that programmers and folks in the "thinking" (left brain) type of fields have trouble with design/usability. Design and usability issues often lean toward the arts; the "intuitive" (right brain) fields.

While we're all different of course, and have our strengths and weaknesses, generally artists don't make complex web sites and programmers don't make very pretty or easy-to-use ones. It's just left/right brain normal issues. That's why web development firms are often made up of at least a programmer, an artist and a project manager. It's rare to find one person who handles all that competently.

It's often just a matter of a left brain person that understands a web site is "good enough" if it can perform the complex task goals they have. Design and such is left for later, and often "later" doesn't roll around until enough people have said "gee, a home button would be nice".

I think Gox and Tradehill are both pretty weak offerings as far as design/usability but that's IMO. There's always the Google argument though. Can't get more spartan than that and I find a bunch of Google's tools not all that user-friendly. I still have trouble finding the button to compose a new email in Gmail and I've been using it for years. And yet, as bad as the design/usability of Google (+tools) is, one can't argue with its success.

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