Author Topic: [HOT] Investigation: What Mt.Gox have achieved since 11 th of April and when wi  (Read 1939 times)

Offline TheLiteCoinGuy

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 Investigation: What Mt.Gox have achieved since 11th of April and when will they support Litecoin?

Many people were frustrated after Bitcoin crash Aprill 11th
, Mt.Gox lagged hard as a result of thehuge growth of customers (over 71,000 just in the first few days of April) and the volume of tradeswhen people were panic selling.Mt.Gox planned to add Litecoin in early April but of course if you had problems with the existingfunctionality you are to solve them first before adding anything new.If you are experiencing performance problems, the only things you can do fast is to add somelimitations to the operations and upgrade the hardware: this is exactly what was done quickly duringthe market cooldown period. They upgraded some hardware and enforced the new rules for placinglarge amount of trades."

http://www.viewdocsonline.com/document/x9qmtg

http://www.reddit.com/r/litecoin/


that are great news for litecoins of course! litecoin get more and more important in the cryptoworld  8)
« Last Edit: May 22, 2013, 07:22:30 PM by TheLiteCoinGuy »

Offline fcmatt

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I am not sure LTC will come to gox anytime soon. Now that dwolla is blocked I imagine they lost a serious
amount of business as that was one of the main reasons people stuck with them. There is also a lawsuit they
have to deal with.

So with all of that going on will they implement a new digital currency? I doubt it. They strike me as slow to change
but I do not understand why.

Offline Passion

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Soon there is https://btcto.com/ and http://coinmkt.com/. We don't need MtGox, if then just for a fast dump..
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Offline TheLiteCoinGuy

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yeah but mt.gox still does 60% of all transactions so its a huge chance!  :)

Offline Passion

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Yes and I hope ppl are wandering off.
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Offline Markus11

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Btc24 will rise again, adding ltc would be a smart move

Offline TheLiteCoinGuy

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Are there any infos that btc24 is planing this?

Offline Mahn

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This is not "hot" or "great news", this is a compilation of old information that makes a bunch of bold assumptions designed to make the masses believe there's something going on and hopefully pump the price when nothing has changed.

Let us look at it in detail:

Quote
This is the quote from the statement as of 24th of April: “Mt. Gox has been working overtime since February to build a new trading engine which will be implemented by the end of June. Additionally, since early March we have been building a new IT infrastructure which will be completed by the end of May.

Here's something the document is overlooking: deadlines are missed. This was only true as of April 24th, not necessarily as of now. Mt.Gox allegedly planned to implement LTC by mid April, but then it didn't. To assume that Mt.Gox will absolutely, definitively, and with no space to error, implement the new trading engine by the of June and the new infrastructure by the end of May, considering Mt.Gox is a rather young company with a limited technical competence, and knowing well their track record like we do... well, to say it's naive would be an understatement.

Quote
Mt.Gox has already done and tested GUI changes which are required to support Litecoin early April when Mt.Gox initially intended to add Litecoin. They even added it to their API athttp://data.mtgox.com/api/2/LTCUSD/money/ticker

Untrue. It is true they added LTC (and NMC) to their API, but that's all. Unless the author has more information than we do, which I doubt, there were no GUI changes related to Litecoin.

And as for the API, well, Namecoin was implemented in the same fashion Litecoin was there, doesn't necesarily mean they'll implement NMC any time soon. These changes happened several months ago, before the Bitcoin bubble in April, so for all we know it might not even be relevant anymore as they shifted plans. This doesn't matter, because Litecoin has been confirmed multiple times by Mt.Gox, all I'm saying is that folks shouldn't really read much into those APIs anymore.

Quote
So the only question is the new infrastructure which is to be implemented by the end of May and the trading engine is to be implemented by the end of June with Litecoin support already

See above concerning assuming deadlines. And here the author of the doc once again knows more than the rest of us going as far as to say that the new trading engine will have Litecoin support. I would very much like to see the source on that.

Quote
When they do this the market will explode. Imagine how many people sold their Bitcoins after thefrustration early April. Many of them are holding USD as they afraid the trading lag and DDoS canresurface again as long as the new infrastructure and trading engine are not implemented.

When they know that all the technical issues are fixed early June they will buy coins back

Oh okay. So folks that got out of the April bubble before or while it was bursting are all waiting to pour their cash into cryptomoney again. That's... not quite how a speculative bubble works.

Sure, some of those might happily hop on to the next bubble train if there's any, but for the most part the April Bitcoin bubble is over, and speculators either made money or didn't; that doesn't necessarily mean everybody who cashed out is waiting now, but rather I would expect most to have moved on.

Quote
We tried to contact the previous owner [of LTCPP] but got no reply. So we asked Mark if this is true that the domain is owned by Tibanne and here is the answer. Of course it unrelated to Mt.Gox, it is another business, like BitPay, but registered within the same company: Tibanne.

There's some confusion due to the whois name of the LTCPP owner but I think here the author of the doc is jumping to odd conclusions again. Mark replied with his personal account, not that of Mt.Gox, so by saying it's unrelated to us he does not seem to mean "it's a separate project" but rather "it's not related to us" (duh). Furthermore, while the whois of the domains mtgox.com and ltcpp.net both show "Tibanne" as the registrant and "Shibuya" as the city, there are subtle differences:

LTCPP.net (whois):
Organization: Tibanne Privacy
Street: Cerulean Tower 15F - 26-1 Sakuragaoka-cho
City: Shibuya-ku

MtGox.com (whois)
Organization: K.K. Tibanne
Street: Round Cross Shibuya 5F
City: Shibuya

Obviously there's no absolute, definitive way to know, but my theory here is that the new author of LTCPP is unrelated to MtGox and intentionally trying to confuse people by using similar names. As far as we know, and given the facts we have, this seems to fit better than what the author suggests.

Quote
In addition we asked LTCPP on Twitted about the estimated production date and this is the answer we've got. So they go to production the same time (end of June) as Mt.Gox implements the new trading engine!

Again, assumptions on the Mt.Gox side. See above concerning assuming deadlines.

---

So, where does all this leave us? In my opinion exactly where we were before. Litecoin is coming to Mt.Gox, but whether it's coming tomorrow, by the end of June or in September, we don't know. It's certainly looking like something that will take months, though.

Disclaimer: I own Litecoins, I like the premise of scrypt vs SHA256, and I would like to see its ecosystem grow; but not by misleading and misinformed reports.
« Last Edit: May 23, 2013, 02:31:15 PM by Mahn »

Offline babsi

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Quote
We tried to contact the previous owner [of LTCPP] but got no reply. So we asked Mark if this is true that the domain is owned by Tibanne and here is the answer. Of course it unrelated to Mt.Gox, it is another business, like BitPay, but registered within the same company: Tibanne.

There's some confusion due to the whois name of the LTCPP owner but I think here the author of the doc is jumping to odd conclusions again. Mark replied with his personal account, not that of Mt.Gox, so by saying it's unrelated to us he does not seem to mean "it's a separate project" but rather "it's not related to us" (duh). Furthermore, while the whois of the domains mtgox.com and ltcpp.net both show "Tibanne" as the registrant and "Shibuya" as the city, there are subtle differences:

LTCPP.net (whois):
Organization: Tibanne Privacy
Street: Cerulean Tower 15F - 26-1 Sakuragaoka-cho
City: Shibuya-ku

MtGox.com (whois)
Organization: K.K. Tibanne
Street: Round Cross Shibuya 5F
City: Shibuya

Obviously there's no absolute, definitive way to know, but my theory here is that the new author of LTCPP is unrelated to MtGox and intentionally trying to confuse people by using similar names. As far as we know, and given the facts we have, this seems to fit better than what the author suggests.

Here's what most people miss: There's a bunch of other companies that's related to Tibanne, like the web hosting company kalyhost.com. Kalyhost is also one of the companies accepting Bitcoin as payment method, so a rather obvious choice if you're going to host a Litecoin/Bitcoin related site.

"Tibanne Privacy" seems to be nothing more than one of the numerous Whois proxy services. Those services allow you to register a domain with the contact information of the service itself, so that your actual identity doesn't show up in the Whois database. These services are quite common nowadays, another example of something like this would be whoisproxy.com.

ltcpp.net is not the onle domain registered with "Tibanne Privacy", there are also other ones like bitcoinwatch.com (for example). All those domains follow the same pattern: Registered to "Tibanne Privacy", same address at Cerulean Tower, and email contact address of [email protected] (which probably forwards to the actual owner of the domain).

Putting these pieces of the puzzle together - especially if we also also take into account that Mark denies having to do something with the domain - it is very obvious that ltcpp.net is just a customer of either Kalyhost, or of another related company. Either someone in the Litecoin community honestly missed those details when first posting about "Tibanne Privacy", or this missinformation was intentionally spread in order to pump Litecoins in the short-term, and to make some money out of it. In either case it's pretty safe to assume that ltcpp.net is unrelated to MtGox.

Offline cryptorally

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Of course there are some assumptions and conclusions in the document and some things seem to be assumptions/conclusions.
You should treat this document as the analysis, or as an option, a version, the compilation of some latest news.

There are a lot of negative things from weird people in the internet about Mt.Gox and Litecoin and we were intending to restore a balance.
Nobody knows what things will happen in the future, but what we know for sure:

1) If I own a company and have registered trademark and domain, then I would claim if someone used my name
2) Lawyers don't code and developers don't go to court. So there are the different parties inside of Mt.Gox dealing with those issues
3) Mt.Gox is a proven business and even if they have $75m lawsuit (of course that's a challenge for them), they have  possibilities to attract investments for much bigger amount
« Last Edit: May 23, 2013, 07:25:16 PM by cryptorally »

Offline hathmill

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I believe first trading engine, then new coins on gox. However issues with dwolla and technical difficulties of doing a good trading engine, creates lead time. Someday it will come. But, what wee really need is more litecoin based API. More merchantz. More litecoin economy. All else I speculation on a greater fool. I prefer merchant adoption to  adding litecoins. I rather buy a TV for my litecoins, then USD so to speak. Gox could bring greater depth needed for merchants plus acceptance, but there are many new exchanges coming also so gox will be less important in time anyway. That said, for sure I sold 80% of my coins when dwolla news hit, thinking litecoinn would not be on top of their list for sometime toto come. Then again I bought at 0.005 or something soso profit taking was overdue. Imm planning on buying back when fools are selling. I also plan to contribute to the litecoin app market.

Offline TheLiteCoinGuy

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i didnt know all details that are in that document so i was happy to read about this. i see this as an summary of the last weeks.

and of course we need more merchants and more litecoin economy but this is happen right now and in the future but it needs time.

litecoin is getting more and more important as you can see  ;):