Topic: Rollback is BS (Read 7080 times)

are you blind? do you see the other exchanges trading with values in relation of what they were at mtgox during the time of the security breach? the free market is all up in those other exchanges deciding the value post-hack, RIGHT NAU!

mtgox is an exchange. there are other exchanges that trade for USD, shit theres one locally in cincinnatti at the hackerspace. do you think he was trading for .01$/BTC? hm, maybe its due to the fact those prices were not legitimately set by the free market?

if the free market decided BTC's were worth .01$, im sure the next day they would be worth .00$. (though id still buy a few bucks worth for S's and G's)

mtgox got hacked. if you're sad cause you didnt hit the "lottery", then you sir, are no better than the body(ies) that executed this attack.


my only issue with mtgox is their speed of recovery. id really like to get access to my <200USD i have in there. bitches should pay me intrest.

And remember, the fact that there is at least a persons with 500k bitcoin isn't a problem for bitcoin... It's an healthy thing! :-)

+1.  The only people who are shocked and upset are those who snagged cents per BTC trades during the deliberate market attack.  They can feign innocence and ignorance all they want.  They were the indirect beneficieries of crime.

Greed.

Rolling back buy orders due to crash/volume flood is no different than what they do in real markets when there's a huge, sudden fluctuation. In fact, it happened a couple months ago here in the US:

http://www.reuters.com/article/2010/05/10/plunge-minis-idUSN1023971920100510

Standard practice is to halt all trading, unwind the trades executed during the specified period and cancel all open orders on the floor. Not sure why people seem shocked/upset.

Yeah, if they roll back trades, they also have to cancel all bids and asks.

there were no legitimate trades i would argue sub 10$ that occurred, even after the initial sell off.  first off it was effectively a market order all the way down to fractions of a penny (ie all 1 order from the hacked account) and from there i think you could easily argue that 99% of the offers that existed for the next few minutes before the site was taken down were from people reselling the coins they just "bought" for 1 penny.  the rollback is the only solution, you cannot simply roll back the first sell off and none of the following sales because there will be countless people caught short in the market (which is currently unshortable).  it will be quite interesting to see what kind of vol comes in over the next few days and potentially weeks.

my only hope is that mtgox doesn't restore all of the bids / offers from pre-crash but instead lets us come in and fill them.  even though the bids i am working are about 13.50 and 10.25, i'd prefer to be able to revalue those myself rather than getting potentially filled the instant they bring the site back online.

They're not rolling back the price, they're rolling back the trades. MtGox doesn't decide the price. If you think that is wrong you're just saying that you'll happily buy goods you know are stolen if the price is right, and it would just be proof of why your liberalist heaven would never work. How could it, when not even yourselves respect the right of property if you see the possibility to get rich?

Any libertarian in good standing would take him private army to Japan and start asking some questions.

Really? I would be extremely surprised how that would go. The legal status of Bitcoins is grey to say the least. Bitcoins are at best an unregulated speculative market, at worst they are an illegal currency. You cannot sue for the theft of something that is illegal; try suing a drug dealer because they gave you flour instead of cocaine

So, imagine a person had some bitcoins that were traded without their authorisation. What can they do? First we would have to look if there is a contract between the user and mt.gox, but there is no such thing, when signing up users were not given any terms and conditions through a click-wrap agreement, and the site has no ToC either. So any user would only have one recourse, and that is to hope that a court may recognise that Mt.Gox had some obligation to you, and that they were neglectful in their fulfilment of such obligation. This will be difficult to say the least without a contract.

So, even if you want to go ahead and sue, where would you do it? You could sue in your own jurisdiction, but foreign civil lawsuits are difficult to enforce, and we have established that BTCs may even be illegal in your jurisdiction. You could try suing in Japan, but for that you would need to hire a Japanese lawyer... not cheap. And then again, BTCs may be illegal in Japan too.

So, I don't really see any lawsuits happening any time soon.

Damn! I thought I struck it big. Shit!

Why people here and on slashdot keep repeating that?

Mtgox.com was giving it's company address on their website.

K.K. Tibanne
24-30, Kugayama 5-Chome
Suginami-ku, Tokyo 168-0082

Sheeesh you guys need to learn your googles and html link clicking thingies.

The real money to be made was in the price drops at all the other exchanges.   

No one is saying the illegal trades shouldn't be cancelled.  The argument is over voluntary trades not involving the stolen btc.

Good luck suing some guy in Tokyo who is only reachable via IRC.  MtGox doesn't even have a postal address to write to.

Those people advocating against a rollback are taking a very strange position.  Imagine for a moment your bank account got hacked and the funds withdrawn.  Would you just shrug and say "Well, that's what the bank and temporary user of my account dictated.  I can't argue with the will of the market!"  Real exchanges (not Magic The Gathering trading sites like Mt Gox) roll back suspicious and erroneous trades on a regular basis.

There is absolutely nothing to be gained by allowing the ridiculous trades like $0.01 per BTC to remain.

If anybody wanna sue Mt Gox, I'll be there to throw shit and rotten banans at them greedy bastards outside of the court room -.-

Fucking disgusting people.

i smell lawsuits coming to mtgox.

Exchanges cancel orders all the time for various reasons.

If you don't like it, open another exchange. The greed on display here is disgusting.

Rollback is Awesome......................