2013 - 11 - 05 Wired: The Rise and Fall of the World’s Largest Bitcoin Exchange

[mccorvic]

http://www.wired.com/wiredenterprise/2013/11/mtgox/

[proudhon]

http://www.wired.com/wiredenterprise/2013/11/mtgox/

I feel for the folks at MtGox.  Of course, my sympathy isn't sufficient to motivate me to keep any USD or BTC there.

[TraderTimm]

I feel things too, but mostly disgust at how much of an amateur clusterfuck Mt. Gox is.

Still no dedicated PR to clean up their image? Sporadic and contradictory communications? Zero insight on core problems?

Yep, its allllll Gox.

[TooCasual]

If I were the CEO at Gox.  I would of fired my CTO and technical staff 6 months ago.  They are a bunch of monkeys fucking a football.  The promise of faster trades without delay.. Midas trade engine.. LTC support.  All bullshit.  Gox is now a thing of the past.  With the massive BTC-China exchange, BitStamp, BTC-E, and now a promise of a great exchange for the UK.

Promises made and promises that do not come to light are massive failings in any technology company.

Look at Butterfly Labs.  I ordered 5 Singles on October 20, 2012 and with promises every month for delivery.  As I have received these units almost exactly one year later Oct 16, 2013.  The difficulty is so high.  My ROI is horrible.  Another major company with bullshit promises... but they all made great money. Alas, that company will be folding soon... as the Chinese chip manufacturers start pumping out ASICs en mass (as seen in the difficulty rising exponentially)

TC.

[DeathAndTaxes]

Well this is the great thing about open markets and low barriers to entry.  Being number one isn't enough you have to continually work to ensure you remain number one. 

I remember when people were worried MtGox would capture 100% of the market share.  How quaint those worries seem now. 

[Buffer Overflow]

and now a promise of a great exchange for the UK.

Oh, I haven't heard about that. Can you point me towards some more info?

[mccorvic]

Not actually implementing alt-coins is the only smart thing they've done.

[LiteCoinGuy]

i guess they will "come back" in a few month 

[bitcool]

Not actually implementing alt-coins is the only smart thing they've done.

At a minimal, altcoins are the enablers promoting Bitcoin from a product/service to a standard/technology. This, makes the government's fight against Bitcoin much more difficult.

You really can't see that, do you?

[TooCasual]

Oh, I haven't heard about that. Can you point me towards some more info?

Yep... in the great city of London

https://coinfloor.co.uk/

TC

[TooCasual]

Not actually implementing alt-coins is the only smart thing they've done.

At a minimal, altcoins are the enablers promoting Bitcoin from a product/service to a standard/technology. This, makes the government's fight against Bitcoin much more difficult.

You really can't see that, do you?

I agree too... Also raking .2%-.5% on EACH trade generates income.  So at least having LTC would help significantly.  It would equalize the currencies on all exchanges too... as you can remove your assets out with the other alt etc.  Instead of delayed fiat transactions (Gox)

TC
 

[justusranvier]

If I were the CEO at Gox.  I would of fired my CTO and technical staff 6 months ago.  They are a bunch of monkeys fucking a football.

Mt Gox is a one-man show. It's run by the owner/programmer/CEO: Mark Karpeles.
Only this year did he start to hire/outsource employees, and they are just to handle KYC compliance and customer support.

[eldentyrell]

I disapprove of many of mtgox's recent policies+actions, but Wired's attempt to make it personal on Mark is just shameful.

Apparently some people just can't cope with a successful geeky person who doesn't work for more-successful non-geeky person.  But I wouldn't have expected such people at Wired.

[oakpacific]

I disapprove of many of mtgox's recent policies+actions, but Wired's attempt to make it personal on Mark is just shameful.

Apparently some people just can't cope with a successful geeky person who doesn't work for more-successful non-geeky person.  But I wouldn't have expected such people at Wired.

I guess they are just trying to parody themselves.

"Whee, Bitcoin broke ATH again! Being a tech journal we have to write an article, anyone have any idea? A parody of our own article? Sounds about right, now Bitcoin isn't falling, but one big exchange appears to be, OK, it's done!"

[oakpacific]

I somehow feel that, Mark, being a geek, may not be terribly interested in becoming a wealthy elite of some sort, after all, had Gox being shut down by now he would still have had enough money to pass the rest of his life comfortably, so he may not feel too bad about other exchanges overtaking him and in the opposite, he may even think decentralization through slackness not too bad an idea.

[simplydt]

http://www.wired.com/wiredenterprise/2013/11/mtgox/

Great read, thanks