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Topic: Mt.Gox and void trades: Force Majeure - page 7. (Read 20653 times)

vip
Activity: 608
Merit: 501
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June 21, 2011, 04:49:27 AM
#10
looks like i might be loosing BTC 1000 due to mtgox...

but lucky me i got another 1000 in Tradehill Smiley

1000 BTC you had and lost, or 1000 BTC you gained from some guy selling at prices as low as 0.01 USD per btc?
sr. member
Activity: 322
Merit: 252
June 21, 2011, 04:49:05 AM
#9
3) Legal troubles?

Even if dismissed, lawsuits count as "legal troubles".  I personally wasn't affected (fortunately).

Although I have to admit, I am really unsure how you could roll back all the trades or have nothing be stolen... did NOBODY withdraw ANY of the BTC they bought during that time?
legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
June 21, 2011, 04:48:07 AM
#8
Legal troubles?
Just rumors, links to some guy with a blog getting posted here.
I'm still a big fan, and hope you get well soon.  Smiley
hero member
Activity: 826
Merit: 500
June 21, 2011, 04:46:48 AM
#7
looks like i might be loosing BTC 1000 due to mtgox...

but lucky me i got another 1000 in Tradehill Smiley
vip
Activity: 608
Merit: 501
-
June 21, 2011, 04:45:26 AM
#6
Sorry to be a bit off topic, these questions are vital to many people, so please answer:

1) The moment we pass the new verification stage, are we allowed to look at our account, or are there more delays at that stage?
2) Is MtGox still solvent? and/or Have they claimed to have enough funds?
3) Are there any verifiable sources about their (rumored) possible legal troubles in Japan?

1) Passing the verification may take some time if there is a lot of users. We'll try to make it as fast as possible.
2) No funds were stolen
3) Legal troubles?
legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
June 21, 2011, 04:43:37 AM
#5
Sorry to be a bit off topic, these questions are vital to many people, so please answer:

1) The moment we pass the new verification stage, are we allowed to look at our account, or are there more delays at that stage?
2) Is MtGox still solvent? and/or Have they claimed to have enough funds?
3) Are there any verifiable sources about their (rumored) possible legal troubles in Japan?
legendary
Activity: 1050
Merit: 1000
You are WRONG!
legendary
Activity: 1050
Merit: 1000
You are WRONG!
June 21, 2011, 04:39:40 AM
#3
+1
hero member
Activity: 910
Merit: 1005
June 21, 2011, 04:38:13 AM
#2
scumbags. Your only interested in saving your own skin.

force majeure is not intended to excuse negligence or other malfeasance of a party, as where non-performance is caused by the usual and natural consequences of external forces
vip
Activity: 608
Merit: 501
-
June 21, 2011, 04:36:53 AM
#1
Hi,

For all those willing to sue Mt.Gox because we will be making trades void, please remember that criminality usually falls under "force majeure" by its externality (not like we would have ever wanted that), unpredictability and irresistibility (we resisted most hack attempts, this one was "strong" enough to go through).

Quote
Force majeure (French for "superior force"), also known as cas fortuit (French) or casus fortuitus (Latin),[1] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term "act of God" (such as flooding, earthquake, or volcanic eruption), prevents one or both parties from fulfilling their obligations under the contract.

In this very specific case, any "trade contract" (if you see that as such) is void due to force majeure. Subsequent trades directly or indirectly resulting from the hacking fall under the same rule.


Now don't be so selfish and stop trying to claim benefits you generated from nothing by abusing an extraordinary situation. I appreciate all the attention and all the mail about lawsuits, threats and more, but I'd prefer being working on "Stuff that Matters®".
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