3 interesting replies found at mtgox website about the rolling back - page 2.

Synaptic

member

Activity: 84

Merit: 10

Quote from: qwk on June 19, 2011, 04:55:06 PM

Quote from: Synaptic on June 19, 2011, 04:09:12 PM

"Chargebacks"

Fractional Reserves

Everything we stand for as a community!

Mt Gox is not part of the bitcoin "project", nor is it part of the community. It is a private enterprise just accidently involved in the business of bitcoin trading.

Pretty sure something 99% of bitcoin users also use, constitutes being part of the "community"...

qwk

donator

Activity: 3542

Merit: 3413

Shitcoin Minimalist

Quote from: Synaptic on June 19, 2011, 04:09:12 PM

"Chargebacks"

Fractional Reserves

Everything we stand for as a community!

Mt Gox is not part of the bitcoin "project", nor is it part of the community. It is a private enterprise just accidently involved in the business of bitcoin trading.

goldbit

newbie

Activity: 23

Merit: 0

Quote from: Bazil on June 19, 2011, 04:04:22 PM

Even if Mtgox lost a large number of bitcoins, they can temporarily work like a fractional reserve bank until they recoup all the accounts with the 0.65% fee.

I think there will be a "bank run" on Mt Gox after this incident. If Mt Gox do not have enough bitcoins, some people is going to eat the loss.

I am glad I found something wrong with my account less than 24 hours ago, and I changed my password to 24 character long, and withdraw all btc at the same time.

I just found it unbelievable that so many people blindly trusted Mt Gox even with all the hints show up in the last few days.

Desu

newbie

Activity: 28

Merit: 0

Quote from: bitrebel on June 19, 2011, 03:47:11 PM

I'll bet a bitcoin they will leave that message up for several days, give a few rounds of excuses, and their site will disappear by next week.

Any takers?

Your definantly on!

Synaptic

member

Activity: 84

Merit: 10

Quote from: Bazil on June 19, 2011, 04:16:28 PM

Quote from: Synaptic on June 19, 2011, 04:09:12 PM

Quote from: Bazil on June 19, 2011, 04:04:22 PM

Even if Mtgox lost a large number of bitcoins, they can temporarily work like a fractional reserve bank until they recoup all the accounts with the 0.65% fee.

Gosh, it's like a bitcoiners dream!

"Chargebacks"

Fractional Reserves

Everything we stand for as a community!

Yee Haw cowboys.

What would you rather? Him to just take bitcoins away from everyone, possibly a large number. Or just pretend he still has them until he has replenished all the bitcoins with the fee? Just like a regular bank.

Fuck, I forgot you need the /sarcasm tag on the Intardwebz.

aop

newbie

Activity: 34

Merit: 0

Quote from: Bazil on June 19, 2011, 04:04:22 PM

Even if Mtgox lost a large number of bitcoins, they can temporarily work like a fractional reserve bank until they recoup all the accounts with the 0.65% fee.

That'll work just fine because first thing you see if Mt.Gox ever opens again is a freaking bank run.

Bazil

full member

Activity: 126

Merit: 100

Quote from: Synaptic on June 19, 2011, 04:09:12 PM

Quote from: Bazil on June 19, 2011, 04:04:22 PM

Even if Mtgox lost a large number of bitcoins, they can temporarily work like a fractional reserve bank until they recoup all the accounts with the 0.65% fee.

Gosh, it's like a bitcoiners dream!

"Chargebacks"

Fractional Reserves

Everything we stand for as a community!

Yee Haw cowboys.

What would you rather? Him to just take bitcoins away from everyone, possibly a large number. Or just pretend he still has them until he has replenished all the bitcoins with the fee? Just like a regular bank.

passerby

member

Activity: 112

Merit: 11

Quote from: Durr on June 19, 2011, 04:01:11 PM

Quote from: paulie_w on June 19, 2011, 03:48:34 PM

Quote from: Durr on June 19, 2011, 03:39:23 PM

MTGOX IS NOW NAKED SHORT ON BITCOINS. IT DOES NOT HAVE THE BITCOINS IT SAYS IT DOES

THEY ARE MANIPULATING THE MARKET BY NOW SETTING THE PRICE TO 17.51

but how do you know this?

I know this because people have withdrawn bitcoins from MtGox to their personal wallets (look around people said this on this forum).

This means MtGox no longer has the Bitcoin it's supposed to have.

MtGox should not rollback, but instead continue and refund the hacked accounts who lost bitcoins.

If they rollback they should be put in jail for breaking the law. This is not how exchanges are allowed to function by law.

Did you carry out the mathematication rituals necessary to divine whether they have enough coins to cover the rollback out of their own pockets or not? Roll Eyes

Also, are you an expert lawyer dealing with Japanese legislation governing virtual commodity exchanges (or whatever Japanese laws might apply)? Roll Eyes

Synaptic

member

Activity: 84

Merit: 10

Quote from: Bazil on June 19, 2011, 04:04:22 PM

Even if Mtgox lost a large number of bitcoins, they can temporarily work like a fractional reserve bank until they recoup all the accounts with the 0.65% fee.

Gosh, it's like a bitcoiners dream!

"Chargebacks"

Fractional Reserves

Everything we stand for as a community!

Yee Haw cowboys.

DamienBlack

jr. member

Activity: 56

Merit: 1

I think the rollback it necessary and fine. Mt Gox might just have to take losses from people who withdrew. I'm sure not all that many did.

passerby

member

Activity: 112

Merit: 11

Quote from: SgtSpike on June 19, 2011, 03:57:01 PM

It shouldn't be rolled back. MtGox needs to cover the losses of the guy who was hacked, and that should be it.

Excuse me, did he get hacked because he cannot into passwords and used something like "johnqwerty" as his pw, or because MtGox got exploited?

Bazil

full member

Activity: 126

Merit: 100

Even if Mtgox lost a large number of bitcoins, they can temporarily work like a fractional reserve bank until they recoup all the accounts with the 0.65% fee.

Durr

newbie

Activity: 28

Merit: 0

Quote from: paulie_w on June 19, 2011, 03:48:34 PM

Quote from: Durr on June 19, 2011, 03:39:23 PM

MTGOX IS NOW NAKED SHORT ON BITCOINS. IT DOES NOT HAVE THE BITCOINS IT SAYS IT DOES

THEY ARE MANIPULATING THE MARKET BY NOW SETTING THE PRICE TO 17.51

but how do you know this?

I know this because people have withdrawn bitcoins from MtGox to their personal wallets (look around people said this on this forum).

This means MtGox no longer has the Bitcoin it's supposed to have.

MtGox should not rollback, but instead continue and refund the hacked accounts who lost bitcoins.

If they rollback they should be put in jail for breaking the law. This is not how exchanges are allowed to function by law.

qikaifu

full member

Activity: 168

Merit: 100

God creats math and math creats bitcoin.

Quote from: evoorhees on June 19, 2011, 03:54:07 PM

The number of coins that actually left MtGox is small and limited, so while those may be lost for good, the vast majority of the big theft are still with them, and reversing their trades will repair most of the damage. Perhapt Mt. Gox will personally compensate the remaining amount from their own wallets?

I think it's good this is happening while bitcoins is still so new and "fledgling." It's still in Beta. Anyone who didn't expect crazy stuff like this was naive, but the Bitcoin will emerge stronger. Stronger exchanges, stronger passwords, and lots of new information.

The market will heal.

very soon, there will no exchange named mtgox

Synaptic

member

Activity: 84

Merit: 10

Quote from: evoorhees on June 19, 2011, 03:54:07 PM

The number of coins that actually left MtGox is small and limited, so while those may be lost for good, the vast majority of the big theft are still with them, and reversing their trades will repair most of the damage. Perhapt Mt. Gox will personally compensate the remaining amount from their own wallets?

I think it's good this is happening while bitcoins is still so new and "fledgling." It's still in Beta. Anyone who didn't expect crazy stuff like this was naive, but the Bitcoin will emerge stronger. Stronger exchanges, stronger passwords, and lots of new information.

The market will heal.

The SPECULATOR (pump and dump) market will heal.

The LEGITIMATE vendor/consumer market will not.

Bitcoin grabbed the spotlight too early if it wasn't ready for prime-time.

Cause it got major fucking prime-time attention, and a whole hell of a lot more is coming next week, bet your bottom bitcoin (which is probably quite worthless at this point) on it.

BTC as anything but an "investors" circle-jerk and criminal paypal is gone, probably for good. Maybe in another year or two BTC might have a chance at being a legit e-currency, but it's doubtful...

epi 1:10,000

full member

Activity: 154

Merit: 100

Quote from: bitrebel on June 19, 2011, 03:47:11 PM

I'll bet a bitcoin they will leave that message up for several days, give a few rounds of excuses, and their site will disappear by next week.

Any takers?

If that happens we will send Atlas after him.

SgtSpike

legendary

Activity: 1400

Merit: 1005

It shouldn't be rolled back. MtGox needs to cover the losses of the guy who was hacked, and that should be it.

Waldschrat

full member

Activity: 164

Merit: 100

Quote

I'll bet a bitcoin they will leave that message up for several days, give a few rounds of excuses, and their site will disappear by next week.

You're on!

evoorhees

legendary

Activity: 1008

Merit: 1023

Democracy is the original 51% attack

The number of coins that actually left MtGox is small and limited, so while those may be lost for good, the vast majority of the big theft are still with them, and reversing their trades will repair most of the damage. Perhapt Mt. Gox will personally compensate the remaining amount from their own wallets?

I think it's good this is happening while bitcoins is still so new and "fledgling." It's still in Beta. Anyone who didn't expect crazy stuff like this was naive, but the Bitcoin will emerge stronger. Stronger exchanges, stronger passwords, and lots of new information.

The market will heal.

zby

legendary

Activity: 1594

Merit: 1001

I really hope they'll not reinstantiate all the standing orders without giving a chance to review them against current conditions (in particular the current price at other exchanges).

Topic: 3 interesting replies found at mtgox website about the rolling back - page 2. (Read 6048 times)