The next Mt Gox? (MtGox 2.0)

[Viceroy]

Mt gox needs to add a more fast transaction withdrawals service,

Per your suggestion I just added this to the OP:

5) More, better and faster withdrawal methods:
 a) wire transfer takes days
 b) instant cash deposit to my account at a major bank?
 c) sepa withdrawl (European Only)
 d) something like a money pak code?
 e) overnight precious metals delivery?

[1714967259]

1714967259

[Jakewell]

The international or sepa withdrawals should be more fast, they take a lot of days to get processed, that is ridiculous.

[Viceroy]

If a sepa is anything like a wire transfer it WILL take days.  Not much you can do to expedite that, I don't think...

What is a better way to get FIAT into or out of bitcoin?

[Jakewell]

But everyone knows that a wire transfer should take around 2-5 days, and there are a lot of people saying it took more than 20 days, almost a month to receive their money.

[malevolent]

If a sepa is anything like a wire transfer it WILL take days.  Not much you can do to expedite that, I don't think...

What is a better way to get FIAT into or out of bitcoin?

SEPA shouldn't take more than 3 business days.

The reason why Mt.Gox has such massive delays (not days but often weeks) is because their accounts have limits and having a lot more customers now, their withdrawal orders are queued.

[btcminer021]

Wow, human ingenuity, a community of like-minded people, there's no stopping progress! It amazes me that people can get together on something as trivial as Bitcoin (come on, have you seen what some people say about it? How divided the opinions?), yet we continue to wage wars, kill innocents...

Keep it up!

Back on track, I think the most important thing is low fees and a stable exchange rate. Really that only happens with regulation and central authority, which is the complete opposite of what Bitcoin stands for, so I think we have to rethink this!

[Viceroy]

Please, we need your help more than ever.  If you have anything useful to add, please do so now.

MAJOR NEWS:

http://www.zdnet.com/us-department-of-homeland-security-issues-court-order-against-mt-gox-7000015389/

[BitPirate]

I'm about to launch a new exchange, but it's for China. I was going to encourage USD IN too, but not any more -- at least not at first.

I think the big part missing from most current exchanges is real scaleability; I don't see many properly utilising cloud infrastructure, or parallelising operations.

Having looked at a few existing trading engines when I was getting started, and not being terribly impressed, I have the feeling that there are a few crufty old lines of code still doing the rounds on other exchanges.

This is the best example I found, and it appears a few exchanges adopted the code...

... lock all database tables
... match all possible orders
... Hope nothing goes wrong. If it does, just print an error.
... unlock all tables
... sleep for a bit
... repeat

Sigh.

[halfawake]

Well, first and foremost: follow the laws.  People talk about MtGox like it's a big government crackdown, but I think the only reasons that they're cracking down is that a) bitcoins are getting popular and b) they didn't follow the laws for creating an exchange like that.  That's going to be an issue for any exchange that deals with the US currency.  If you want to be legit and not get shut down, this is a must.

After that's taken care of, I pretty much agree with Viceroy on the issues needed.  Secure and scalable are the key points.  There was an article in one of my business magazines recently about Netflix using a third of all the internet traffic during much of the time to stream videos, so scalability is definitely possible.  How do they do it?  Amazon web services.  I think this, or something similar, is the key to a successful exchange. 

AWS is a great system because from what I've heard it's basically infinitely scalable, you need more resources, simply allocate more to it.  But it's not trivial either, whoever runs this system would likely need a sysadmin or several to keep it running.  If the person / people running the exchange is willing to put the time and money into figuring out AWS, however, I think they have a real good shot at making a system that's much more scalable and stable than MtGox.

[Viceroy]

Agreed with previous poster.  It is TOO capital intensive to launch a site like mt gox.  It would cost millions and millions just to get through US law, let alone the entire free world's regulations...  
https://bitcointalk.org/index.php?topic=215951.0

[bigdude]

Agreed with previous poster.  It is TOO capital intensive to launch a site like mt gox.  It would cost millions and millions just to get through US law, let alone the entire free world's regulations...  
https://bitcointalk.org/index.php?topic=215951.0

Anything is possible - with the right business plan, contacts, and $$$ - it IS possible

[jordan.dev]

I would happily run this in Colorado USA without fear of the FED.  There is nothing illegal about buying or selling or mining bitcoin in America.  The process of becoming a "money transmitter" which allows a company to trade in cash is relatively straight forward and quite inexpensive.  

Chad is a buddy who *might* fund it.  Do you have a specific proposal to create the beast?  As I say, I'm happy to host it and run it IN AMERICA.

Not sure how to promote it any more than this:
http://www.reddit.com/r/Buttercoin/comments/1d134o/tired_of_buttercoin_lets_start_again_with_a_team/

and in the comments here:
http://www.huffingtonpost.com/max-keiser/bitcoins-problem-with-liquidity_b_3140557.html

Colorado? I'm in Colorado... lets talk!

[Viceroy]

Let's smoke

[jordan.dev]

Let's smoke

There is more weed than there are Bitcoin people...http://www.meetup.com/bitcoin-denver/