Topic: I'm Kevin, here's my side. - page 10. (Read 258581 times)

And where are they going to get those bitcoins? MTGOX is done regardless, but these people are not getting the bitcoins that are not theirs.

http://www.cnbc.com/id/37764517/SEC_Offers_Trade_Break_Rules_for_Public_Comment

Sorry Kevin but you coming here and 'coming clean' when so many people lost tons of money and shortly will lose tons more when MtGox let's it be known that they are insolvent is sorta like going to a den of lions dressed like this:




Yes.

That's raw meat.

Haha, I don't know whether I agree with this, but it's a great post. Thanks for sharing.

Elements is talking a lot of common sense in his last post. Rollbacks will haunt mtgox owners forever. And now imagine that a year from now one BTC worth 1000$ and it is bitcoins people (and lawyers) will demand, not dollars.

Though I really doubt existence of this single account with 500k BTC. It seems that 500k BTC is all the money combined from 60k accounts. If true, this would make not rolling trades back an impossibility for mtgox. If true, than mtgox by rolling back simply choses death by a thousand paper cuts as opposite to a quick cyanide injection.

No, this is being "butthurt" about MtGox lying about what happened.  It was an attempt for at least a little transparency where there was none, and the information being given to the public was demonstrably false.

Then, it was supposed to spark serious debate over how to fix the situation in the most community-responsible manner, once the actual facts of the matter were revealed.  This was met both by more lying, and accusing Kevin of being the hacker himself.  MT knows this to be untrue, so I find it to be absolutely despicable.

These facts are slowly being revealed, and I suspect in the coming days you may be astounded at some things.  If the "full disclosure" thread doesn't convince you, then I don't know what will?

who the F*** is mtgox, does he has a license to gather people's IDs, process and store personal data

Hey Kevin, thanks for mk IV

Sincerely,

Pitchforkmedia smackdown

Hi Kevin,

Your side of the story makes perfect sense to me. How anyone could side with MagicalTux on this, given the "information" he's given is utterly beyond me. I hope everything works out for you.

This.

Thank You! Grow up kids. This happens all the time. I understand your emotional rollercoaster, but these rationalizations are getting absurd. And MTGOX fulfilling those trades will make it insolvent much faster than a rollback and having to deal with any dumb lawyer that actually thinks he has standing.

Folks, in the grown-up world, trades are unwound when the market malfunctions.

 

I AM COMPLETLY ON KEVIN'S SIDE AND OPTION 3 IS THE WAY TO GO.

As I already stated anyone who had standing orders bought bitcoins fair and square at the rate they were going for in that moment.
No one of these users said "cool - stolen bitcoins let's have some for small money" NO!!! People entered these standing orders in hope the rate would once go down again and they would be able to buy some more bitcoins (like the early adopters did). Buy this also exporessing their trust that the rate would eventually go up again and thus declaring their commitment to bitcoin. Of course at the time that was more hope than anticipation. Now, as it really did happen, they get their bitcoins taken away from Mt Gox at a whim?? And in addition Mt Gox wants to give anyone how withdrew coins during the crash a NEGATIVE BALANCE??? ARE THEY NUTS?

IF they were smart (which two people handling more than a 100.000.00 USD OPM should be) they would do/have done one of these things:

A1) As soon as the they shut down the servers put an emergency site up saying that everyting is under control or something like that und that within 48 hrs Mt Gox would reopen.

Then they should have cleared their accounts, grabbed their stuff and take the next plane to Brasil (where they can't be expedited).

=> This wouldn't have been a nice move but a smart one.

OR

A2) The should stick to their policy "we do not act as a counter party" - then all they would have to do is to fight with the orginal 500K holder wether Mt Gox is liable for hos loss or not - and if so, how much (percentage).

This would result in a single lawsuit for about 5-8 Million. The court would have to decide about partial liability of the account holder (500K BTC in one account, unsecure password, etc). Then most likely they would settle somehow - maybe at 2.5-4 Million USD

That's it.  Mt Gox would have lost part of the fortune they already gained and could go on. For the persons involved this would also be the least amount of stress.


BUT THEY DECIDED TO ROLLBACK (worst idea ever - not only for the community but for themselves personally)

WHY: Now they have - as they stated about 3.000 traders who profited from the flash crash and whose winnings will be taken away by the rollback. Kevin Day - of course - loodes the most - about 5.000.000 USD.
DO YOU HONESTLY BELIEVE NONE OF THESE 3.000 PEOPLE WILL HOLD MT GOX ACCOUNTABLE???

Mark will have to face law suits for the rest of his life!
And the funny thing is, that the amount of the law suit is approx. the same as in the option A2 BUT with much less chance to settlement (since you have now about 3.000 parties involved).

This ist the biggest mistake those guys made in their live and they will regret it forever.
Short term the rollback costs them less, but in the end they'll loose everything.


BTW Any one who is investing really money into anything - may it be gold, silver, stocks or bitcoin has NOW to leave Mt Gox since rollbacks are an option (without being announced that this chance exits and in what cases they might occur). You simply cannot invest in market when no fixed rules are abided by. (All the people who bought during the crash did so because they were sure a rollback was not an option - otherwise they would have just enjoyed the spectacle and lay back waiting for the rollbacks to kick in).

In mid- and longterm this will be the worst thing ever for bitcoin. Anyone who is not yet involved in bitcoin and hears about this story and Mt Gox's handling will come to the conclusion: "The whole thing is a scam - a ponzi scheme - You (meaning us) should've known better".

Well, thank you Mt Gox for your hippie attitude - this is not a hobby exchange of playing cards anymore!!! Grow up and act responsibly (or at least turn out to be smart and run as fast as you can!!!)


Well and now I am awaiting the many guys telling me that I am the asshole for being honest. Bring it on!

Kevin, when will camwhores.com accept bitcoin?

I will participate fully in a class action lawsuit against mt. gox

Kevin i feel for you. you made a fair trade and took advantage of the situation i would have done the same damn thing to be honest it's not your fault and it's not mtgox users fault either it is mtgox fault and i would personally sue mtgox if they tried to take my money from me ..

i really hope you guys can come to some form of settlement as no matter what happens due to mtgox's negligence in this situation could ultimatly fuck the entire bitcoin outlook

This thread is quickly following the path of the other one.  Calm down or I'll lock this one next.

You sure can weed out the honest people from the greedy and entitled people just from reading this thread! FYI in my state if you knowingly buy stolen property at a cheap price, even if you are not positive it is stolen but know something is not right, you are just as guilty as the person who sold it and will be charged accordingly. It is a criminal offense no and's if's or but's about it. Your only chance of not having charges brought up against you is the fact that it is bitcoins and not an acknowledged currency as of yet. May be the only way you will stay out of jail. but after reading your very first post i have to say i do not know if i have ever read anything more greedy or self centered in all my life... Funny thing is i cant tell if you are trying to convince everyone else or trying to convince yourself?

Considering he exposed himself completely, including his IRL info (though not intentionally), I tend to believe him. At least in the "innocent until proven guilty" sort of way.

No one can take these bitcoins from him, and he knows this.  If kevin is unwilling to return the coins, there is very little that any of us can do about it.