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This isn't the first time a Bitcoin company has imploded taking a large amount of customer funds with it. A lot of people have also seen this train wreck comin

by pmorici 13y ago

This isn't the first time a Bitcoin company has imploded taking a large amount of customer funds with it. A lot of people have also seen this train wreck coming for a long time, like nearly 10 months ago it was obvious something wasn't quite right. Many people had already moved from Gox to more reputable exchanges like Bitstamp or Coinbase. This might effect Bitcoin in the near term while this shakes out but long term I doubt it will be more than a sentence in this history of Bitcoin's rise.

kristianp 13y ago
This is so harmful, because Mt Gox has been seen as the main exchange by many people, despite being almost useless for withdrawing USD for many months. People should have been avoiding it like the plague, but it was still a large percentage of the market. One lesson here is that an exchange shouldn't be used as a wallet, i.e. Don't keep funds there for a significant length of time. Put your usd/btc in there, make your trades, then take the btc/usd out asap.
- deleted 13y ago
  [deleted]
joezydeco 13y ago
Coinbase has had it's share of hiccups and software fails as well. Are they still on MongoDB?
- smtddr 13y ago
  Is there something wrong with MongoDB that I don't know about? Is it not suitable for Coinbase's business?
  - joezydeco 13y ago
    Let's review... https://news.ycombinator.com/item?id=5428382 https://news.ycombinator.com/item?id=5428382
    - smtddr 13y ago
      So I don't have a horse in this race. I'm PostgreSQL-or-MariaDB kinda guy. Just trying to understand what's wrong wtih MongoDB. I agree I see a bunch of complaints in that HN thread, but I also see this: http://www.mongodb.org/about/production-deployments/ http://www.mongodb.org/about/production-deployments/ There some heavy-weight companies on that list using MongoDB. eBay, SAP, stripe.
- pmorici 13y ago
  On the scale of things that concern me getting your $5 million US bank account seized by the US Government ranks above software reliability issues with Mongo DB.

by pmorici 13y ago

kristianp 13y ago

This is so harmful, because Mt Gox has been seen as the main exchange by many people, despite being almost useless for withdrawing USD for many months. People should have been avoiding it like the plague, but it was still a large percentage of the market. One lesson here is that an exchange shouldn't be used as a wallet, i.e. Don't keep funds there for a significant length of time. Put your usd/btc in there, make your trades, then take the btc/usd out asap.

deleted 13y ago
[deleted]

joezydeco 13y ago

Coinbase has had it's share of hiccups and software fails as well. Are they still on MongoDB?

smtddr 13y ago
Is there something wrong with MongoDB that I don't know about? Is it not suitable for Coinbase's business?
- joezydeco 13y ago
  Let's review... https://news.ycombinator.com/item?id=5428382 https://news.ycombinator.com/item?id=5428382
  - smtddr 13y ago
    So I don't have a horse in this race. I'm PostgreSQL-or-MariaDB kinda guy. Just trying to understand what's wrong wtih MongoDB. I agree I see a bunch of complaints in that HN thread, but I also see this: http://www.mongodb.org/about/production-deployments/ http://www.mongodb.org/about/production-deployments/ There some heavy-weight companies on that list using MongoDB. eBay, SAP, stripe.
pmorici 13y ago
On the scale of things that concern me getting your $5 million US bank account seized by the US Government ranks above software reliability issues with Mongo DB.