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Author Topic: Time for something better than MtGox?  (Read 2867 times)
Blackout
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September 11, 2011, 08:48:05 PM
 #1

Is it time to abandon Mt gox?  So many observed questionable practices, delays, possible market manipulation and preference to insider major BTC holder trading. Unreliable non executed orders and low and high reports.... They are like the World Bank of Bitcoins and just proven a mess and unreliable / untrustworthy and slooooow yet still since they are the big dog everyone goes there.  Should we not be just as concerned about mt Gox as people are at Deepbit having too much power and that power being corrupted / misused ?


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allten
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September 11, 2011, 09:48:17 PM
 #2

Something definately smells real fishy.
This is utter BS, just look at these numbers:
       MTGOX report high in the last 24 hours:     $12.50
       Tradehill reported high in the last 24 hours: $6.70

You are going to tell me that investors are going to plow from $6.70 clear up to $12.50 without even considering
markets that are half off. I COULD STILL BE WRONG that there was no manipulation - maybe the order books were very bearish and there was some very bullish buyers. But this is definately worth investigating.

10 BTC Bounty from Allten to the person who can prove this to the community with numbers and factual evidence!!!
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September 11, 2011, 09:49:57 PM
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I use the alternatives because I want to promote competition. I don't like monopolies.
EuSouBitcoin
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September 11, 2011, 11:53:08 PM
 #4

2 Good BTC/USD alternatives to Mt Gox are:
www.exchangebitcoins.com
and
www.campbx.com
I've used both and like them both. Why not TradeHill? TradeHill doesn't let you see the order book the way ExchB, CampBX and Mt Gox do. TradeHill is more like a black box. I prefer to be able to see the order book so I'll know a little bit of what I'm getting in to.
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September 12, 2011, 12:16:12 AM
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You let me know when the other exchangers can support the volume Mt. Gox trades at and I'll be happy to switch.

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September 12, 2011, 12:19:59 AM
 #6

Something definately smells real fishy.
This is utter BS, just look at these numbers:
       MTGOX report high in the last 24 hours:     $12.50
       Tradehill reported high in the last 24 hours: $6.70

Yes either they're manipulating their system for short-term profit and risking what could make them millions of dollars in long-term business... or it was a feed/display error.

People should be diligent of course, but MtGox has been doing a fantastic job since the calamity a couple months ago. If you want to use a different exchange I encourage it (I use multiple), but don't hate on MtGox just because they're the current market leader.
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September 12, 2011, 01:55:35 AM
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On Mt Gox if you look at "Trade Data" "Last 24 Hours" you can see the main trades. The outliers clearly stick out. There is either some bad data in there or Mt Gox is not using price to determine the priority of orders. Case in point, I'm see Mt. Gox showing a low for the past day of $3.85. I've had an order in to buy 10 BTC at $4.16 since Sep 9th at 18:54. Either the $3.85 is a bad print or they are trading around my order.

Regarding volume, if you are trading 1,000 or more BTC, Mt Gox is the place to trade. If you are trading smaller amounts, ExchB, CampBX might be OK. Those 2 exchanges surprise me sometimes, occasionally I'll see 100 BTC bids and offers that are at the same inside level as Mt Gox, sometimes better. But be quick, the arbitrage bots don't let them sit there for long and quickly take them out. If TradeHill would let me see their order book, I might trade more there. But since I don't know if a big on TradeHill is for 100 BTC or 1 BTC, I usually trade elsewhere.
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September 12, 2011, 02:40:01 AM
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On Mt Gox if you look at "Trade Data" "Last 24 Hours" you can see the main trades. The outliers clearly stick out. There is either some bad data in there or Mt Gox is not using price to determine the priority of orders. Case in point, I'm see Mt. Gox showing a low for the past day of $3.85. I've had an order in to buy 10 BTC at $4.16 since Sep 9th at 18:54. Either the $3.85 is a bad print or they are trading around my order.

Regarding volume, if you are trading 1,000 or more BTC, Mt Gox is the place to trade. If you are trading smaller amounts, ExchB, CampBX might be OK. Those 2 exchanges surprise me sometimes, occasionally I'll see 100 BTC bids and offers that are at the same inside level as Mt Gox, sometimes better. But be quick, the arbitrage bots don't let them sit there for long and quickly take them out. If TradeHill would let me see their order book, I might trade more there. But since I don't know if a big on TradeHill is for 100 BTC or 1 BTC, I usually trade elsewhere.


So, then the real question is weather anyone was able to purchase at a price above an order that never took and if someone was able to sell below an order that never executed?

That would be very good information to know.
EuSouBitcoin
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September 12, 2011, 03:20:17 AM
 #9

Mt Gox just got rid of the bad data. Now it says
High 7.40
Low 4.60
Which looks a lot more likely to be correct.
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September 12, 2011, 05:22:59 AM
 #10

Bugs happen.  Deal with it.

Especially when there are over 2000 accounts set up to break the exchange. Tux said he froze them since they were obviously created to mess with the exchange.

Magic the Gathering Online Exchange is the best option here available, and will remain so for sometime. These guys have learned lessons that no one else in the exchange business have even fathomed yet, and as such I'm sure they're remain ahead of the curve when it comes to competitors.

I for one am definitely leaving my money and bitcoins in trust with them till such a time as the price of bitcoins raises above $10 again.

It's going to happen! Look at the market numbers, the price keeps trying to go back up, but every one keeps bringing it down for personal greed!
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September 12, 2011, 07:08:53 AM
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I for one am definitely leaving my money and bitcoins in trust with them till such a time as the price of bitcoins raises above $10 again.

It's going to happen! Look at the market numbers, the price keeps trying to go back up, but every one keeps bringing it down for personal greed!

Do you have any conception of how a free market commodity is traded?
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September 12, 2011, 08:46:06 AM
 #12

I use the alternatives because I want to promote competition. I don't like monopolies.
+10000000000000
i'm very glad that there are people with this kind of though (same as mine)
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September 12, 2011, 09:28:39 AM
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ruxum is excellent, more currencies and deposit/withdrawal options than anyone else, it will be better with regard to liquidity once it is finally out of beta though  Wink

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September 12, 2011, 12:56:48 PM
 #14

There currently is nothing better than MtGox - where else can I buy British Pounds, Euros, Dollars, and Chinese yuan all on the same site?
phantomcircuit
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September 12, 2011, 01:14:50 PM
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You let me know when the other exchangers can support the volume Mt. Gox trades at and I'll be happy to switch.

A self fulfilling prophesy .

For anybody interested https://intersango.com
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September 12, 2011, 02:09:45 PM
 #16

Bugs happen.  Deal with it.

Especially when there are over 2000 accounts set up to break the exchange. Tux said he froze them since they were obviously created to mess with the exchange.

Magic the Gathering Online Exchange is the best option here available, and will remain so for sometime. These guys have learned lessons that no one else in the exchange business have even fathomed yet, and as such I'm sure they're remain ahead of the curve when it comes to competitors.

I for one am definitely leaving my money and bitcoins in trust with them till such a time as the price of bitcoins raises above $10 again.

It's going to happen! Look at the market numbers, the price keeps trying to go back up, but every one keeps bringing it down for personal greed!


Tux made those accounts himself
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September 12, 2011, 02:21:17 PM
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On Mt Gox if you look at "Trade Data" "Last 24 Hours" you can see the main trades. The outliers clearly stick out. There is either some bad data in there or Mt Gox is not using price to determine the priority of orders. Case in point, I'm see Mt. Gox showing a low for the past day of $3.85. I've had an order in to buy 10 BTC at $4.16 since Sep 9th at 18:54. Either the $3.85 is a bad print or they are trading around my order.

Regarding volume, if you are trading 1,000 or more BTC, Mt Gox is the place to trade. If you are trading smaller amounts, ExchB, CampBX might be OK. Those 2 exchanges surprise me sometimes, occasionally I'll see 100 BTC bids and offers that are at the same inside level as Mt Gox, sometimes better. But be quick, the arbitrage bots don't let them sit there for long and quickly take them out. If TradeHill would let me see their order book, I might trade more there. But since I don't know if a big on TradeHill is for 100 BTC or 1 BTC, I usually trade elsewhere.


So, then the real question is weather anyone was able to purchase at a price above an order that never took and if someone was able to sell below an order that never executed?

That would be very good information to know.

No the real question is, what exactly made him think those accounts were "setup to break the exchange"?  First it's "may have been compromised" then it's "information has been used".  Which is it?  Makes me think something else is going on, and he's using that as a smoke screen.

ctoon6
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September 13, 2011, 01:38:44 AM
 #18

i dont even see why this requires discussion, its obvious something phishy is going on, so why do people still use it. i have yet to hear anything about tradehill, why not go there. or better yet, exchange cash for bitcoins in person. there was some website where you put your zipcode in, and it would give you similar results for people in your area, along with their email addresses to contact them.

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September 13, 2011, 01:53:18 AM
 #19

Every exchange seems pretty Awful, do we need them?
ctoon6
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September 13, 2011, 01:56:44 AM
 #20

http://btcnearme.com/ is what i was thinking of. use mtgox as a price reference.

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