Topic: MtGox flash-crash rollback - Requesting full disclosure or referal to SEC/JSDA - page 2. (Read 3471 times)
June 21, 2011, 03:58:26 AM
japan sure has regulations in place...
June 21, 2011, 03:55:04 AM
Seriously. You want regulation?
Trade the green toilet paper equity markets in the USA.
They are, at best, a joke. They will eventually collapse when all the federal debt comes to fore. Invest wisely.
Anyone calling for regulation in bitcoin is a complete idiot.
Trade the green toilet paper equity markets in the USA.
They are, at best, a joke. They will eventually collapse when all the federal debt comes to fore. Invest wisely.
Anyone calling for regulation in bitcoin is a complete idiot.
June 21, 2011, 12:47:46 AM
They are unregulated.
Vote with your bitcoins. If you want regulation, tell them and don't use mtgox until they sign on some 3rd party to regulate them. if you don't, continue using them.
who regulates the regulator?
Vote with your bitcoins. If you want regulation, tell them and don't use mtgox until they sign on some 3rd party to regulate them. if you don't, continue using them.
who regulates the regulator?
June 21, 2011, 12:44:57 AM
We needed a new thread for MtGox issues, welcome to the forum, freequant.
They are unregulated + they also have a new API!
Changes to the API
Since we will migrate to a new system, I'll announce a few changes to the API so people can be ready. It shouldn't cause any compatibility problem for most people.
It will be possible to issue API keys for your account, with limited or full access, and revoke those keys. You can however still use the API for full access with login and password
Trade IDs will be much larger, and no longer in sequence. Old trades will keep their old IDs. New trades will have an ID which correspond to the trade execution time in microseconds, for example: 1308609708628581
Order IDs will become UUIDs. Old orders will have an UUID assigned to them. An UUID is a 36 characters long string made of hexadecimal characters separated by a dash. Example: 1f0b3734-ddf3-47e8-badb-a85a700c61d9
It should also be noted that the way the whole system works will be a bit different. When an order is placed, it may have a delay before being executed, if the engine is busy. The trade will be put into queue. Additional API parameters will exist to allow trades to be non queued (return failure if engine is busy), have an expiration in queue, do not cause creation of an actual order after being executed if full execution was not possible, or have an expiration as an open order.
Other changes will also be made in the future, however they should be compatible with existing implementations.
https://support.mtgox.com/entries/20208658-changes-to-the-api
They are unregulated + they also have a new API!
Changes to the API
Since we will migrate to a new system, I'll announce a few changes to the API so people can be ready. It shouldn't cause any compatibility problem for most people.
It will be possible to issue API keys for your account, with limited or full access, and revoke those keys. You can however still use the API for full access with login and password
Trade IDs will be much larger, and no longer in sequence. Old trades will keep their old IDs. New trades will have an ID which correspond to the trade execution time in microseconds, for example: 1308609708628581
Order IDs will become UUIDs. Old orders will have an UUID assigned to them. An UUID is a 36 characters long string made of hexadecimal characters separated by a dash. Example: 1f0b3734-ddf3-47e8-badb-a85a700c61d9
It should also be noted that the way the whole system works will be a bit different. When an order is placed, it may have a delay before being executed, if the engine is busy. The trade will be put into queue. Additional API parameters will exist to allow trades to be non queued (return failure if engine is busy), have an expiration in queue, do not cause creation of an actual order after being executed if full execution was not possible, or have an expiration as an open order.
Other changes will also be made in the future, however they should be compatible with existing implementations.
https://support.mtgox.com/entries/20208658-changes-to-the-api
June 21, 2011, 12:41:48 AM
People keep saying that rollbacks are "usual" on securities exchanges in case of massive mistrade.
This is true indeed.
But I'd like to remind everyone that such rollbacks are always overlooked by the SEC / FSA / other regulatory body to whom full disclosure is made.
It is also common that the identity of the main beneficiary of the rollback is disclosed publicly for the sake of transparency.
In the case of MtGox, who is the regulator?
Who will warrant that the rollback is legitimate and fair?
Who will verify that the flash crash is due to an intruder, and not a fat finger.
Who will confirm that MtGox does not have vested interests in this rollback?
Who will make sure that the "victim" of the mistrade was not himself doing market manipulation / predatory trading under cover of the MtGox darkpool facility (USD 8M on a single account is very suspicious).
As an exchange, MtGox has a duty of transparency and equity.
This affair must be reported and audited by the SEC or JSDA asap, and the involved counterparts should be notified of it.
Alternatively, full public disclosure of the identity of the beneficiary account is the least that MtGox can do if it wants to proceed with the rollback anyway.
MtGox, please be aware that not only you can refer this matter to the regulatory authorities.
That'll surely look much better for you if you are the one who does though.
This is true indeed.
But I'd like to remind everyone that such rollbacks are always overlooked by the SEC / FSA / other regulatory body to whom full disclosure is made.
It is also common that the identity of the main beneficiary of the rollback is disclosed publicly for the sake of transparency.
In the case of MtGox, who is the regulator?
Who will warrant that the rollback is legitimate and fair?
Who will verify that the flash crash is due to an intruder, and not a fat finger.
Who will confirm that MtGox does not have vested interests in this rollback?
Who will make sure that the "victim" of the mistrade was not himself doing market manipulation / predatory trading under cover of the MtGox darkpool facility (USD 8M on a single account is very suspicious).
As an exchange, MtGox has a duty of transparency and equity.
This affair must be reported and audited by the SEC or JSDA asap, and the involved counterparts should be notified of it.
Alternatively, full public disclosure of the identity of the beneficiary account is the least that MtGox can do if it wants to proceed with the rollback anyway.
MtGox, please be aware that not only you can refer this matter to the regulatory authorities.
That'll surely look much better for you if you are the one who does though.
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