Topic: MTGOX Limit Orders placed prior to the breach.. Not Cancelled?? (Read 3406 times)

What about orders that were in place before that certain timestamp? That's the whole point of this thread.

Yes. The order book will fill up during the hour before trading resumes, but will the order book be empty at 03:00 GMT?

OK, sure. Influencing Mt Gox is not the point of this thread. 

I only want the opportunity to adjust my standing orders... you sir.. read this thread and interpreted it in ways I still can't even understand.

My open buy order @ $15 is stale... I want to evaluate the market and adjust my bid.. thats it.. so simple..

If I don't have the opportunity to do so.. I wish it to be cancelled until I can.  Thats it.

Yeah.. I looked at that.. Maybe it is.. maybe it isn't.

There are a lot of bitcoins locked up at MT.Gox waiting to be traded.. some percentage of those people are exiting our market...

If my buy order @ $15 executes it will only serve to line the pockets of those people who are choosing to bail out of our community by unloading their bitcoins at top dollar... in turn hurting those people who believe in bitcoin by taking their purchasing power away..

I will do my best to fix my orders in the 60 minutes allowed... of course if I am unable to do so for whatever reason, and if it hasn't been canceled as some are assuming theirs has, my order will be executed against my wishes and quite possibly damage my total account value by the end of the day.. but my fears are further reaching than my own pocket.

At this point I think that we all need to assume that the open orders that were in place before the shutdown will be present and executed in turn if there is a a large number of bitcoins sold by people who have become disillusioned and are deciding to bail out....

Those of you with common sense will see how this could be damaging to many people... and cause even more disillusioned traders... causing additional exits from the market.

You will all need to plan and react accordingly until the truth on this matter is eventually revealed.

This became way more of a discussion than I wanted... I only really wanted a straight answer.. and for others to be aware.

I feel worse now than before I posted. lol.. 

Peace,

Rich

As of this post, Tradehill is at 16.80 last, which validates another theory I had. Wouldn't it be interesting if it achieved parity with the last Mt.Gox rollback price?

Anyway, the way I see it is this - rollback means blow out every bid and offer after a certain timestamp. The last traded price is 17.50 in this case.

The order queue will be filled once the exchange opens an hour prior to trading, with timestamps on bid/offers providing tie-breakers in case there are other orders at the same price.

So, what this means is - any suggestion to open at a different price is invalid. It will be 17.50.

Any future 'tick' will be determined by the order book at that time, not by anything in this thread.

Therefore, this thread has zero effect on any part of the re-opening process.

I rest my case.

As of this posting, there are six instances of "order" on the page you linked. Here is the first one from Mark:

Unfortunately, this does not answer the question, "Will limit orders that existed before the massive sell-off be restored or cancelled?"

The other 5 instances of the word "order" come in the comments section from users who seem to be just as unclear about the answer to the question. TraderTimm, thanks for providing the link, but I don't see any information on that page that clearly spells out what will happen to the order book when Mt Gox re-opens before trading resumes.

At best, I can infer that the order book will be restored by this statement:
In order for the bitcoin to return the exchanged rate of ~17.5, he would have to restore the bid and ask orders (or at least the ones near that price). At least, that's my interpretation.

You seem really confident that a decision has been made and clearly communicated. I wish I was as confident!

RchGrav:

you said your order is for $15?  Trade Hill is at $16.75 right now, so it may not be a bad order. 

+1

Wow... your opinion is poisonous to everyone.

If MT.GOX wants to have orders standing when they resume trading they should allow sufficient time for people to get into their accounts and do so.. not rely upon trades placed prior to this breach...

HOWEVER... I NEED TO CLEARLY AND PUBLICLY DOCUMENT THIS...

The standing order on my account does not represent my current trading intentions.  


Please believe me when I say that I wish EVERY ONE OF YOU the best.. and would like nothing more to see all of the bitcoin naysayers have to eat their words, especially that bald bugeyed youtube idiot.  I truly hope my concerns and unfounded and unjustified..  I will happily go back to lurking.  I don't want anything I say to be taken the wrong way.. or cause any more hysteria or animosity.  I'll just sit back.. watch my standing order execute removing all of my USD and ability to make other trades that day. take my losses.. and move on.

I hope I am wrong...

Rich

I don't think the OP is trying to influence anyone.  He's just trying to get a concrete answer, and there doesn't seem to be one.

All relevant information can be found here:

https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback

I don't see any mention where forum threads are being considered as an influence for future plans, so I'd say the decisions are already made.

Hence the irrelevance of this thread.

I'm sure anyone who actually takes real losses over trades they couldn't clear due to timing of opening, server overload, etc, will be much more likely to find somewhere else to do business in the future. Hopefully they just scream "Fuck Mt.Gox!!" and go to an alternate, instead of screaming "Fuck Bitcoins!!" and selling them all.

And what is that decision?


I think that this community thinks that their standing orders have been removed...

Don't you think that this will become an even larger fiasco? 

Personally.. I think the right thing to do would be to remove ALL OPEN ORDERS until users have a chance to re-evaluate their accounts and positions...

I have not been able to get official confirmation that this is the case.... only a bunch of people who "THINK" that it is the case.

I'm just glad the decision has already been made.

Keep thinking this thread will change anything, though. It's been amusing to read. I can't wait for the whole Mt. Gox opening to be over, so you people can go back to the usual 'important' tasks at hand, such as proclaiming how many BTC you've "lost".

Honestly, the whole forum has been a dog's breakfast ever since the hysteria took over.

See.. this is the EXACT reason I keep asking this question... I have a standing order to buy BTC @ $15 each.. and that order would essentially wipe out all of my buying power... and quite honestly would be a TERRIBLE TRADING DECISION.

That order does not represent my intentions at this point.. and was placed based upon market conditions PRIOR to the attack on the system...

I just don't see how 60 minutes is enough time for users of their system to log on and adjust their standing orders.. prior to when trading resumes...

The account claim page couldn't even stay up long enough with the load of people attempting to reclaim their accounts... and crashed shortly there after.

How does that actually work? Is the first ASK matched against the first BID in a FIFO queue, or averaged and settled, or what's the algorithm for an enormous queue batch process? Is 'fair' an NP-complete problem?

I'm the guy who (coming soon - check back later for updates - your ad here)

I heard you will be able to login an hour before trading begins, to place and/or remove orders on the books.

I asked this question in another thread. Unfortunately I received two contradicting responses that referenced the same source! The source was the The Bitcoin Show interview with Mt Gox. Skip to minute 38:00 where Mt Gox is asked if the order book would be cleared out. I've listened a few times, but Mark's accent is difficult for me to process. It sounds like he says:

• Yes, your orders will still be there (if they are close(?) to Bitcoin -- not sure what that means), and
• you will have an option to clear your orders when your account reclamation is approved

Edit: Here's my attempt at transcribing the dialogue:

OOTV: When you reopen, will the order book be empty? Will all the orders be cancelled?
Adam (repeating the question for Mark): If you had an open order before the attack will you still have an open order?
Mark: Yeah, if you had an open order you will still have an open order if its still close enough to Bitcoin. Unless when you claim you will have an option to cancel all the open orders, too.

It sounds like Mark is saying that limit orders close to the last price of Bitcoin (17.51) will be restored -- which would explain how the price would be restored. But how close is close? Is my $12 buy order close enough?

Cool thanks, Richard.  I don't get over that way very often, but I'll be sure to grab a beer the next time I do.

Hey Kyle.. I sent you the bitcoins to buy the beer at Diggers..  I may be a jackass... but I'm a man of my word!


And actually no.. you told me something I already knew...  Honestly.. since I am unable to find the source of the fact I am asking for.. I'm just taking it as "read" at this point.

I have NOT insulted this community.. as it is one I believe in.. 

I also have a really bad habit of doing too much lurking and not enough posting.. in any forum I belong to.

I'm usually the guy who has been around a long time.. with only a couple of posts.