Gox' Class action? [NOTE GOX STOPPED TRADING MOMENTS AFTER THIS WAS POSTED] - page 2.

Rawted

hero member

Activity: 742

Merit: 500

Quote from: sega01 on April 11, 2013, 11:52:17 AM

You guys need to stop bitching about MTGox. If you don't like them, use someone else. I'd like you try to see if you can run your own exchange any better. I have no doubt things could be better, but I honestly believe they are making a huge difference in Bitcoin adoption and are doing the best they can.

And you're not serious about a class action law suit, are you? Suing an exchange over a speculative digital currency, because you used it incorrectly?

I have no doubt many of you have lost money in this fiasco over the past 24 hours. But blaming the biggest exchange while it's being continually attacked and people are trying to manipulative the markets, is just plain silly.

Please clarify how you think they are "making a huge difference in bitcoin adoption".

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: Pangia on April 11, 2013, 11:37:03 AM

Ten98 (10-98)

So if a bar has a capacity to hold only 100 people and instead 500 people show up on April 10, 2013 because it was known a week ago that a famous rock star would be at the bar on that day. The bar, knowing that this rock star would draw a huge crowd (in excess of 500 people), failed to hire additional bartenders. As a result there's only 1 bartender working on April 10,2013 and he couldn't handle the capacity and ended up misplacing/losing the funds of the 500 extra people that the bar didn't have the capacity to handle, but let them in anyway; do those 500 people have a right to sue regarding the loss of their funds?

I didn't lose anything and I don't plan on selling anytime, regardless of what happens. But MTGOX is incompetent and something needs to be done.

In regards to a class action suit, I believe that you can commence one in the US since they now operate in the US as well as Japan. There will undoubtedly be attorneys that would do it pro-bono for the simple fact that this is a Bitcoin issue and there are attorneys that would want to be pioneers here.

Your on the ball! sounds like the right direction

Beutelschneider

member

Activity: 82

Merit: 10

Quote

A free market is a well-regulated market?

We just need a system where all trades go through one exchange so then..... Huh

IMHO there is no problem with several exchanges as long as they meet several technical standards! Like security, reliability, easy to use for example. How to develope these standards and audit them? This is a really huge community, there must be some ppl which are able to do this job! Its up to the comunity if we want to make the BTC a success.

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: threeip on April 11, 2013, 11:47:36 AM

Quote from: Beutelschneider on April 11, 2013, 11:40:57 AM

Much worser than the loss of money is the loss of confidence this has caused. Average John Doe will stay away from BTC, LTC or other virtual currencies for a LOOOOOONG time and trust in his FIAT money.

Good!

Quote from: jubalix on April 11, 2013, 11:28:04 AM

The free market can also seek legal redress as a form of market dicipline

A free market is a well-regulated market?

We just need a system where all trades go through one exchange so then..... Huh

This is a different point regulation is different to tortuous conduct or breach of contract or misrepresentation.

sega01

sr. member

Activity: 391

Merit: 333

You guys need to stop bitching about MTGox. If you don't like them, use someone else. I'd like you try to see if you can run your own exchange any better. I have no doubt things could be better, but I honestly believe they are making a huge difference in Bitcoin adoption and are doing the best they can.

And you're not serious about a class action law suit, are you? Suing an exchange over a speculative digital currency, because you used it incorrectly?

I have no doubt many of you have lost money in this fiasco over the past 24 hours. But blaming the biggest exchange while it's being continually attacked and people are trying to manipulative the markets, is just plain silly.

threeip

full member

Activity: 154

Merit: 100

Quote from: Beutelschneider on April 11, 2013, 11:40:57 AM

Much worser than the loss of money is the loss of confidence this has caused. Average John Doe will stay away from BTC, LTC or other virtual currencies for a LOOOOOONG time and trust in his FIAT money.

Good!

Quote from: jubalix on April 11, 2013, 11:28:04 AM

The free market can also seek legal redress as a form of market dicipline

A free market is a well-regulated market?

We just need a system where all trades go through one exchange so then..... Huh

Beutelschneider

member

Activity: 82

Merit: 10

Quote

Indeed, because if a fire breaks out in a bar a lot of people could die.

If a Bitcoin exchange lags out all that happens is a bunch of morons lose their money.

Much worser than the loss of money is the loss of confidence this has caused. Average John Doe will stay away from BTC, LTC or other virtual currencies for a LOOOOOONG time and trust in his FIAT money. No need for shops to offer easy and fast checkouts using BTC and so on...its up to you to think about it, but ask yourself why are you involved in BTC?

Nothing more to say about this Roll Eyes

Pangia

sr. member

Activity: 406

Merit: 250

Ten98 (10-98)

So if a bar has a capacity to hold only 100 people and instead 500 people show up on April 10, 2013 because it was known a week ago that a famous rock star would be at the bar on that day. The bar, knowing that this rock star would draw a huge crowd (in excess of 500 people), failed to hire additional bartenders. As a result there's only 1 bartender working on April 10,2013 and he couldn't handle the capacity and ended up misplacing/losing the funds of the 500 extra people that the bar didn't have the capacity to handle, but let them in anyway; do those 500 people have a right to sue regarding the loss of their funds?

I didn't lose anything and I don't plan on selling anytime, regardless of what happens. But MTGOX is incompetent and something needs to be done.

In regards to a class action suit, I believe that you can commence one in the US since they now operate in the US as well as Japan. There will undoubtedly be attorneys that would do it pro-bono for the simple fact that this is a Bitcoin issue and there are attorneys that would want to be pioneers here.

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: ?? on ??

Class action? LOL Sure...

Alternatively we all could just have a great weekend and get back to this next week and see what the free markets say about value of BTC.

The free market can also seek legal redress as a form of market dicipline

Ten98

sr. member

Activity: 1008

Merit: 250

Quote from: Beutelschneider on April 11, 2013, 11:11:44 AM

Quote from: threeip on April 11, 2013, 11:04:53 AM

I agree with you (about the infrastructure), but it's like suing a bar because they have no seats and are too crowded?

There are regulations upon number of guests in bars/clubs! Those regulations are made in case a fire breaks out! We all seen the pictures from fires in overcrowded clubs, emergency doors locked or behind curtains and stuff, ppl trampled to death as the masses panic.

Indeed, because if a fire breaks out in a bar a lot of people could die.

If a Bitcoin exchange lags out all that happens is a bunch of morons lose their money.

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: Beutelschneider on April 11, 2013, 11:11:44 AM

Quote from: threeip on April 11, 2013, 11:04:53 AM

I agree with you (about the infrastructure), but it's like suing a bar because they have no seats and are too crowded?

There are regulations upon number of guests in bars/clubs! Those regulations are made in case a fire breaks out! We all seen the pictures from fires in overcrowded clubs, emergency doors locked or behind curtains and stuff, ppl trampled to death as the masses panic.

exactly...hive mind!

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: threeip on April 11, 2013, 11:04:53 AM

I agree with you (about the infrastructure), but it's like suing a bar because they have no seats and are too crowded?

no it's a bar that says we are the safest best venue come, spend your money here , but their venue is a firetrap, and you get burnt alive.

Beutelschneider

member

Activity: 82

Merit: 10

Quote from: threeip on April 11, 2013, 11:04:53 AM

I agree with you (about the infrastructure), but it's like suing a bar because they have no seats and are too crowded?

There are regulations upon number of guests in bars/clubs! Those regulations are made in case a fire breaks out! We all seen the pictures from fires in overcrowded clubs, emergency doors locked or behind curtains and stuff, ppl trampled to death as the masses panic.

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: threeip on April 11, 2013, 10:58:05 AM

Quote from: jubalix on April 11, 2013, 10:45:38 AM

Quote from: threeip on April 11, 2013, 10:39:28 AM

Have a nice time in Japan, take lots of photos as there's no way in hell you're filing a class action. Japanese law doesn't even have them!

Firstly that a question of jurisdiction and there are many ways to bring an action to send a message, eg, a test case, by funding an individual litigant.

Come here so i can stone you to death Grin

What has Gox done 'wrong'? Did they sign something saying they would have no lag? Did you?

Best way to kill a company is to stop using it - you can't make others do the same but they can realize for themselves...

No you sue them for holding out they are a trading organization, you go into trade, they don't upgrade, and then stop you trading when you need to, because they are signing up new customers while knowing their system can't handle it

threeip

full member

Activity: 154

Merit: 100

I agree with you (about the infrastructure), but it's like suing a bar because they have no seats and are too crowded?

Beutelschneider

member

Activity: 82

Merit: 10

Quote from: jubalix on April 11, 2013, 10:45:38 AM

Quote from: threeip on April 11, 2013, 10:39:28 AM

Have a nice time in Japan, take lots of photos as there's no way in hell you're filing a class action. Japanese law doesn't even have them!

What has Gox done 'wrong'? Did they sign something saying they would have no lag? Did you?

They accepted a shitload of new users(which would cause more load on their infrastructure) without upgrading their infrastructure

If gox would have been smart, they didn't accept so many new ppl 'til they were sure the servers can cope that load!

Its like selling an unlimited amount of tickets for a flight (because of greed) and the heavy overloaded plane crashes!

threeip

full member

Activity: 154

Merit: 100

Quote from: jubalix on April 11, 2013, 10:45:38 AM

Quote from: threeip on April 11, 2013, 10:39:28 AM

Have a nice time in Japan, take lots of photos as there's no way in hell you're filing a class action. Japanese law doesn't even have them!

Firstly that a question of jurisdiction and there are many ways to bring an action to send a message, eg, a test case, by funding an individual litigant.

Come here so i can stone you to death Grin

What has Gox done 'wrong'? Did they sign something saying they would have no lag? Did you?

Best way to kill a company is to stop using it - you can't make others do the same but they can realize for themselves...

Ten98

sr. member

Activity: 1008

Merit: 250

Don't be so childish. Only Americans sue each other over nothing.

Yes, Mt. Gox is a shit exchange. We have known this for years, yet people still place millions of dollars into it. Why? I have no idea.

Smaller exchanges offer faster trading, better interface, higher security, better site uptime and lower fees, yet MtGox continues to hold the lion's share of the trade.

If you lost big becuase you had lots of funds tied up in gox's shitty servers, then it's your fault for using them.

You can't sue gox for the actions of its users, causing a crash because the site started to go laggy. It's been laggy for years, there's no need to sell all your coins based on lag.

No, the real culprits of this crash are the morons who bought at $250, even though the near-vertical graphs and any basic analysis of them showed all the warning signs of a classic bubble, they got $$ signs in the eyes and ignored the risk.

Well, this is what you get.

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: threeip on April 11, 2013, 10:39:28 AM

Have a nice time in Japan, take lots of photos as there's no way in hell you're filing a class action. Japanese law doesn't even have them!

Firstly that a question of jurisdiction and there are many ways to bring an action to send a message, eg, a test case, by funding an individual litigant.

The Action in whatever for will be costly to defend and damaging to the reputation of the organization and a show of strength for BTC/CC but most importantly as message to the wider corporate world screw with BTC treat it without professionalism, you will be held accountable

threeip

full member

Activity: 154

Merit: 100

Have a nice time in Japan, take lots of photos as there's no way in hell you're filing a class action. Japanese law doesn't even have them!

Topic: Gox' Class action? [NOTE GOX STOPPED TRADING MOMENTS AFTER THIS WAS POSTED] - page 2. (Read 4217 times)