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Author Topic: Mt Gox having issues again  (Read 2096 times)
Cluster2k
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July 31, 2011, 02:06:41 PM
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Day low price just went to $2 (as reported on Bitcoin Charts), high was $14.2, and now all trades have disappeared.  Not really good enough.

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payb.tc
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July 31, 2011, 02:11:02 PM
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are you 'speculating' mt gox is having issues again? Cheesy
piramida
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July 31, 2011, 02:13:53 PM
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there have been no trades for the last 57 minute and yes, it seems something has gone wrong, my orders were not filled and the price just went through them

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July 31, 2011, 02:17:45 PM
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My sell order @ 13.95 for 32 BTC was executed (there are Dollars in my account) but since best bid is 12.92 and best offer is 14.70 something is definately wrong....
Cluster2k
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July 31, 2011, 02:27:31 PM
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are you 'speculating' mt gox is having issues again? Cheesy

Interesting news for speculators.  Price skyrockets from under $13 to $14.20 before all trade is suspended and all ask/bids disappear.  Will the trade be rolled back?  Things are slowly being restored now, but there is a chasm between asks and bids.  Asks $14.50+, bids around $12.60.  Probably Mt Gox having problems and hopefully not someone getting tricky with stolen accounts again.

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piramida
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July 31, 2011, 02:29:03 PM
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Looks like database issues / hacks to me again, some hundreds of millions of fake USDs introduced into system and everything went kaboom: http://forum.bitcoin.org/index.php?topic=33185.msg0;boardseen#new

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Cluster2k
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July 31, 2011, 03:12:28 PM
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Looks like database issues / hacks to me again, some hundreds of millions of fake USDs introduced into system and everything went kaboom: http://forum.bitcoin.org/index.php?topic=33185.msg0;boardseen#new

Seems that way.  Ideal time to launch another attack on Mt Gox (if it is indeed an attack).  Midnight on Sunday night when no one is likely to be around at Mt Gox in Japan. 

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oakpacific
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July 31, 2011, 03:28:09 PM
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Ironically, the crash stopped due to the bug and now we are having some sort of a mini-rally.

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August 01, 2011, 04:02:35 AM
 #9

In the end, not much happened.

Mt. Gox, last 3 days
The price dropped about $0.10/BTC over 3 days. For about 12 hours, Mt. Gox seems to have had problems.

It's not clear if the above chart reflects any "rollbacks" performed by Mt. Gox.
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August 01, 2011, 06:00:45 PM
 #10

Just coming back from a long weekend.. and then I see this..

It is striking how weak the biggest bitcoin exchange is. Nothing against the mtgox people, but this is another one of countless mistakes on this exchange - massively damaging the bitcoin reputation.

The bitcoin community needs fully professional exchanges, at highest security standards.

Otherwise, bitcoin will experience even more negative publicity and does not gain the needed broader distribution as most of us want.

Personally I am moving to Tradehill or others like CampBX, or whichever exchange finally meets security standards.



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August 01, 2011, 06:19:40 PM
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The price dropped about $0.10/BTC over 3 days. For about 12 hours, Mt. Gox seems to have had problems.

It's not clear if the above chart reflects any "rollbacks" performed by Mt. Gox.
The dip happened during normal trading.  No problems at mtgox there.  There was a problem for a few minutes yesterday, but it was resolved very quickly.  MtGox explains it here.

Before everyone jump to other exchanges, keep the fates of bitomat and mybitcoin in mind.  I think MtGox has proven to keep both bitcoins and money safe in spite of troubles.  This time a small bug was immediately visible to all and solved within minutes.

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Nagle
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August 01, 2011, 06:22:19 PM
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The bitcoin community needs fully professional exchanges, at highest security standards.
The volume isn't there for that. The entire Bitcoin world has roughly the volume of one average supermarket.
S3052
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August 01, 2011, 07:09:15 PM
 #13

This is the chicken & eggs phenomenon.

Bitcoin volume would very likely go up massively if exchanges had proper security.

I know a lot of investors who were thinking about putting real big funds into bitcoin but decided not to because of security issues.

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Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

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ploum
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August 01, 2011, 07:22:06 PM
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Personally I am moving to Tradehill or others like CampBX, or whichever exchange finally meets security standards.




What about Bitcoin7? The interface is quite nice and they are quite responsive.

Blog posts about Bitcoin - 1KdRBbhjo72CqKTrFsQed6s9NMrvwvrUkq
error
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August 01, 2011, 07:58:56 PM
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This is the chicken & eggs phenomenon.

Bitcoin volume would very likely go up massively if exchanges had proper security.

I know a lot of investors who were thinking about putting real big funds into bitcoin but decided not to because of security issues.


Security wasn't the issue with this incident. It was an admin forgetting something obvious during an upgrade. This eventually happens to everybody, even Amazon. It's one of the risks that comes along with being human.

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spruce
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August 01, 2011, 08:09:09 PM
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It's one of the risks that comes along with being human.

Quite. We should just stop dealing with these pesky humans completely.
S3052
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August 01, 2011, 08:14:53 PM
 #17

This is the chicken & eggs phenomenon.

Bitcoin volume would very likely go up massively if exchanges had proper security.

I know a lot of investors who were thinking about putting real big funds into bitcoin but decided not to because of security issues.


Security wasn't the issue with this incident. It was an admin forgetting something obvious during an upgrade. This eventually happens to everybody, even Amazon. It's one of the risks that comes along with being human.

Still, this does not help creating confidence.

Professionalism looks different

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Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

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piramida
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August 01, 2011, 09:50:48 PM
 #18

What about Bitcoin7? The interface is quite nice and they are quite responsive.

I use them exclusively for buying BTCs. They have low volume, though, it may be an advantage as you can get some pretty nice deals, but not good for short-term speculation because bids are most of the time tiny.

They do have a cheap and quick wire transfer in and out (at least for Europe). And yes, nice interface, MtGox is an abomination in comparison.

i am satoshi
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