Full Blown MtGox Audit - Get Ready To participate. Starting Sept 25th - page 2.

cypherdoc

legendary

Activity: 1764

Merit: 1002

Quote from: DonnyCMU on September 11, 2011, 07:23:00 PM

Quote from: geek-trader on September 11, 2011, 05:31:27 PM

MtGox has been great for Bitcoin. Why would I punish them by using other exchanges?

Are you serious? Huh

just look in the trading activity in the past 24 hours and think about if this is what an exchange should be doing.

i hear the panic in your voice as the Bitcoin price rises.

DonnyCMU

full member

Activity: 143

Merit: 100

Quote from: geek-trader on September 11, 2011, 05:31:27 PM

MtGox has been great for Bitcoin. Why would I punish them by using other exchanges?

Are you serious? Huh

just look in the trading activity in the past 24 hours and think about if this is what an exchange should be doing.

casascius

vip

Activity: 1386

Merit: 1140

The Casascius 1oz 10BTC Silver Round (w/ Gold B)

"SAS 70 Type II or equivalent" is the magic thing to ask for if you want any meaningful results!

repentance

hero member

Activity: 868

Merit: 1000

All of the exchanges should be audited by an independent third party on a regular basis. What the OP has proposed could create a false sense of security given the likelihood that many people won't try to withdraw their money/BTC - it's not going to conclusively prove than the exchange has enough on hand in segregated funds to cover 100% of user deposits.

hmongotaku

full member

Activity: 168

Merit: 100

If Mtgox is alllowing bots to trade massive amounts of .25 btc etc... millions of MICRO trades to lower the value, I support this effort! There's already like 50+ threads relating to manipulation of the market by xx parties.

allten

sr. member

Activity: 455

Merit: 250

You Don't Bitcoin 'till You Mint Coin

Quote from: geek-trader on September 11, 2011, 06:33:17 PM

Quote from: allten on September 11, 2011, 06:28:58 PM

I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.

You are advocating a bank run on his company. Why in the world would he find you as a friend? If I were him I would want to punch you in the face.

You come in with 14 posts and are already advocating the destruction of one of bitcoin's main pillars. Why would anyone treat you as a friend?

A BTC bank run on an organization that is 100% funded (both btc and all currencies) with lots of profits should absorb it just fine because they have 100% of funds available. If this is successful and everyone gets there money out and there's been no indication of market manipulation then I will defiantly increase the amount of reserve and amount of trading I do with them. Like I said before, they should embrace this opportunity. The short-term loss would not even compare with their long term gains and the increased confidence from the market they would receive.

Gandlaf

newbie

Activity: 59

Merit: 0

Quote from: cypherdoc on September 11, 2011, 06:41:10 PM

Quote from: Gandlaf on September 11, 2011, 06:38:08 PM

Quote from: geek-trader on September 11, 2011, 06:33:17 PM

Quote from: allten on September 11, 2011, 06:28:58 PM

I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.

You are advocating a bank run on his company. Why in the world would he find you as a friend? If I were him I would want to punch you in the face.

You come in with 14 posts and are already advocating the destruction of one of bitcoin's main pillars. Why would anyone treat you as a friend?

MtGox fanboy much?

MtGox troll?

Not really, if you´d bothered to read geek-traders comment, if MtGox is run purely as an exchange, there can´t be a bank run by definition/it would not do any harm. Threatening violence "punch you in the face" and the "one of bitcoin's main pillars" defence, where did I hear that last? oh yeah, the last two MtGox issues, mybitcoin and lately the unsavioury Bruce Wagner/onlyone.tv discussion.
Not that you have missed a beat in actively defending all of these either...
But go ahead, call me a troll.

JonHind

full member

Activity: 154

Merit: 100

More was posted from the irc channel onto SA (it is a great thread for monitoring what is going at the moment):

Quote

17:31 < kinlo> there is something wrong, how can it have gone above 10 when my sell order at 8 didn't occur?
17:31 < molecular> it didnt reall go above 10, I assume
17:31 < Ymgve> kinlo: bugs, the orders didn't happen or there was something wrong in the matching algorithm
17:32 < kinlo> MagicalTux: ?
17:32 < molecular> likely has to do with the "new currency markets"
17:32 <@MagicalTux> no
17:32 <@MagicalTux> has to do with hackers trying their best to do stuff normal people wouldn't by dropping large amounts of stolen funds/coins

Question: How does Marc know that these funds are stolen, and when he talks about hacking, is he talking about Mt:Gox being hacked?

cypherdoc

legendary

Activity: 1764

Merit: 1002

Quote from: Gandlaf on September 11, 2011, 06:38:08 PM

Quote from: geek-trader on September 11, 2011, 06:33:17 PM

Quote from: allten on September 11, 2011, 06:28:58 PM

I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.

You are advocating a bank run on his company. Why in the world would he find you as a friend? If I were him I would want to punch you in the face.

You come in with 14 posts and are already advocating the destruction of one of bitcoin's main pillars. Why would anyone treat you as a friend?

MtGox fanboy much?

MtGox troll?

Gandlaf

newbie

Activity: 59

Merit: 0

Quote from: geek-trader on September 11, 2011, 06:33:17 PM

Quote from: allten on September 11, 2011, 06:28:58 PM

I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.

You are advocating a bank run on his company. Why in the world would he find you as a friend? If I were him I would want to punch you in the face.

You come in with 14 posts and are already advocating the destruction of one of bitcoin's main pillars. Why would anyone treat you as a friend?

MtGox fanboy much?

JonHind

full member

Activity: 154

Merit: 100

While I took everything I had out of Mt:Gox over the past couple of weeks, I have many friends who are still trading there. One just messaged me to say that his account was blocked as he was trying to offload his BTC's and jump ship.

I then see this posted on SA from the mtgox irc channel:

Quote

17:35 < molecular> flushing bad orders? How do I make a "bad sell order" at 30 USD? ^^
17:35 < xelister> molecular: =)
17:35 <@MagicalTux> molecular, I blocked ~2000 accounts created most likely for the purpose of killing bitcoin on 9/11
17:35 <@MagicalTux> their trades do remain however
17:35 < molecular> MagicalTux, holy moly!
17:35 <@MagicalTux> but they cannot execute, causing weird results

2000 accounts blocked? How can he be sure that innocent people who just wanted to trade BTC's in this volatile market are not caught up with this mass blocking? Will MtGox be held financially liable for any losses that these people incur should the $ price of BTC drop during the account freezes?

cypherdoc

legendary

Activity: 1764

Merit: 1002

Quote from: allten on September 11, 2011, 06:28:58 PM

Quote from: cypherdoc on September 11, 2011, 06:22:43 PM

Quote from: allten on September 11, 2011, 06:17:00 PM

Quote from: geek-trader on September 11, 2011, 05:31:27 PM

I don't understand the reasoning behind this. Why would I do this?

MtGox has been great for Bitcoin. Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt. Unless, of course, you work for another exchange and are trying to screw your main competition. Then it's an evil stunt.

If you think it is stupid, then please do not participate.
No, I do not work for another exchange. I just want honest markets.
We shouldn't just assume they are honest, but test them from time to time (Hold them accountable).
If I was mtGox, I would fully embrace and encourage this audit and be glad it was happening.
Sure, they would loose some short-term revenue, but the long term effect would ensure that they remain #1.

if you truly were just concerned about transparency and open markets instead of trying to inflict harm on the main btc exchange, you would lobby Mark to undergo an audit thru more traditional means such as mobilizing a petition or contacting him directly to move in a more constructive direction.

by recommending a full on bank run withdrawal you betray your true motivation which is to try and harm mtgox irreparably and to try and harm the btc community.

I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.

well then if you're sincere, you would go about this an entirely different way. your methods betray your motives.

geek-trader

sr. member

Activity: 294

Merit: 250

Quote from: allten on September 11, 2011, 06:28:58 PM

I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.

You are advocating a bank run on his company. Why in the world would he find you as a friend? If I were him I would want to punch you in the face.

You come in with 14 posts and are already advocating the destruction of one of bitcoin's main pillars. Why would anyone treat you as a friend?

allten

sr. member

Activity: 455

Merit: 250

You Don't Bitcoin 'till You Mint Coin

Quote from: cypherdoc on September 11, 2011, 06:22:43 PM

Quote from: allten on September 11, 2011, 06:17:00 PM

Quote from: geek-trader on September 11, 2011, 05:31:27 PM

I don't understand the reasoning behind this. Why would I do this?

MtGox has been great for Bitcoin. Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt. Unless, of course, you work for another exchange and are trying to screw your main competition. Then it's an evil stunt.

If you think it is stupid, then please do not participate.
No, I do not work for another exchange. I just want honest markets.
We shouldn't just assume they are honest, but test them from time to time (Hold them accountable).
If I was mtGox, I would fully embrace and encourage this audit and be glad it was happening.
Sure, they would loose some short-term revenue, but the long term effect would ensure that they remain #1.

if you truly were just concerned about transparency and open markets instead of trying to inflict harm on the main btc exchange, you would lobby Mark to undergo an audit thru more traditional means such as mobilizing a petition or contacting him directly to move in a more constructive direction.

by recommending a full on bank run withdrawal you betray your true motivation which is to try and harm mtgox irreparably and to try and harm the btc community.

I don't want to harm MtGox or BitCoin; however, there is not even a public policy on Marc's website about fractional reserve banking and methods of ensuring that through audits to the public. This is an opportunity for Marc! I hope he embraces it and finds me as a friend not an enemy.

Gandlaf

newbie

Activity: 59

Merit: 0

Quote from: allten on September 11, 2011, 06:20:38 PM

Quote from: gw4tt on September 11, 2011, 05:44:12 PM

He wants to make sure mtgox isn't doing any fractional reserve banking.

Thank You. Fractional Reserve Banking is a very huge deal to me.
And should be to all.
If there is any fractional reserve banking going on within an exchange then it should be made known to the public.
That way the free markets could choose to avoid them if they see it as an issue.

How about just doing your due dilligence? There is a search function in this forum after all... Have a look and make up your mind. But this thread isn´t going to go anywhere, the "important" voices clearly are against you.

cypherdoc

legendary

Activity: 1764

Merit: 1002

Quote from: Shinobi on September 11, 2011, 06:23:23 PM

How is that a valid counterargument?

Quote from: cypherdoc on September 11, 2011, 06:14:27 PM

can we please shut down Bank of America for 2wks since i think they should undergo a third party audit in light of the loads of evidence they're hiding all sorts of losses on their balance sheet, not to mention off balance sheets?

this will give everyone plenty of time to make USD withdrawals to find out if their money is really there.

it isn't. its actually as stupid a recommendation as his is for mtgox.

how about that bet btw?

Shinobi

full member

Activity: 196

Merit: 100

How is that a valid counterargument?

Quote from: cypherdoc on September 11, 2011, 06:14:27 PM

can we please shut down Bank of America for 2wks since i think they should undergo a third party audit in light of the loads of evidence they're hiding all sorts of losses on their balance sheet, not to mention off balance sheets?

this will give everyone plenty of time to make USD withdrawals to find out if their money is really there.

cypherdoc

legendary

Activity: 1764

Merit: 1002

Quote from: allten on September 11, 2011, 06:17:00 PM

Quote from: geek-trader on September 11, 2011, 05:31:27 PM

I don't understand the reasoning behind this. Why would I do this?

MtGox has been great for Bitcoin. Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt. Unless, of course, you work for another exchange and are trying to screw your main competition. Then it's an evil stunt.

If you think it is stupid, then please do not participate.
No, I do not work for another exchange. I just want honest markets.
We shouldn't just assume they are honest, but test them from time to time (Hold them accountable).
If I was mtGox, I would fully embrace and encourage this audit and be glad it was happening.
Sure, they would loose some short-term revenue, but the long term effect would ensure that they remain #1.

if you truly were just concerned about transparency and open markets instead of trying to inflict harm on the main btc exchange, you would lobby Mark to undergo an audit thru more traditional means such as mobilizing a petition or contacting him directly to move in a more constructive direction.

by recommending a full on bank run withdrawal you betray your true motivation which is to try and harm mtgox irreparably and to try and harm the btc community.

allten

sr. member

Activity: 455

Merit: 250

You Don't Bitcoin 'till You Mint Coin

Quote from: gw4tt on September 11, 2011, 05:44:12 PM

He wants to make sure mtgox isn't doing any fractional reserve banking.

Thank You. Fractional Reserve Banking is a very huge deal to me.
And should be to all.
If there is any fractional reserve banking going on within an exchange then it should be made known to the public.
That way the free markets could choose to avoid them if they see it as an issue.

allten

sr. member

Activity: 455

Merit: 250

You Don't Bitcoin 'till You Mint Coin

Quote from: geek-trader on September 11, 2011, 05:31:27 PM

I don't understand the reasoning behind this. Why would I do this?

MtGox has been great for Bitcoin. Why would I punish them by using other exchanges?

In my opinion, this is a stupid stunt. Unless, of course, you work for another exchange and are trying to screw your main competition. Then it's an evil stunt.

If you think it is stupid, then please do not participate.
No, I do not work for another exchange. I just want honest markets.
We shouldn't just assume they are honest, but test them from time to time (Hold them accountable).
If I was mtGox, I would fully embrace and encourage this audit and be glad it was happening.
Sure, they would loose some short-term revenue, but the long term effect would ensure that they remain #1.

Topic: Full Blown MtGox Audit - Get Ready To participate. Starting Sept 25th - page 2. (Read 4432 times)