I think people who whine about the rollback is disgusting!
They give a shit about the guy who potentially lost 8 million dollars, because they were able to buy shitloads of BTC @ 0.05 USD rates, and now feel that they actually earned those coins.
In my eyes, it's more or less in line with stealing.
Topic: Rollback is BS - page 2. (Read 7080 times)
I thought the same thing at first, but imagine if somebody hacked an online real estate trading site and sold a house that wasn't theirs and tried to run off with the money... Or somebody hacked an etrade account that had 100 billion Yuan... Similar measures would be enacted.
I didn't really take the sell off seriously, personally, everyone seemed to be aware that it was stolen BTC being sold off. I was surprised when they announced the 'rollback' (unfortunate wording, I would say... I would have called it a 'reversal'). Before this I thought only Wal-Mart did rollbacks. However, at this point, I'm pleased that a reversal is possible.
I didn't really take the sell off seriously, personally, everyone seemed to be aware that it was stolen BTC being sold off. I was surprised when they announced the 'rollback' (unfortunate wording, I would say... I would have called it a 'reversal'). Before this I thought only Wal-Mart did rollbacks. However, at this point, I'm pleased that a reversal is possible.
Mea culpa
After eating some cheese and a spicy snack I've had a change of mind.
Since price conveys information about the market, and since price conveyed by the sale or purchase of stolen funds is false and is not to be reasonably expected by market participants, anybody who sold out voluntarily, or bought voluntarily, was not doing so under reasonably expected conditions. If somebody sold 500,000 btc because they're a dork, that's one thing. If 500,000 were sold off because they were stolen, that is something completely different.
While I find the attitude of "I made a mistake and sold because I panicked and now I want some governing body to fix my screw-up" appalling, and if I had sold sub-$10 I probably wouldn't be whining for a rollback, I would agree that in this scenario a rollback is the right thing to do.
After eating some cheese and a spicy snack I've had a change of mind.
Since price conveys information about the market, and since price conveyed by the sale or purchase of stolen funds is false and is not to be reasonably expected by market participants, anybody who sold out voluntarily, or bought voluntarily, was not doing so under reasonably expected conditions. If somebody sold 500,000 btc because they're a dork, that's one thing. If 500,000 were sold off because they were stolen, that is something completely different.
While I find the attitude of "I made a mistake and sold because I panicked and now I want some governing body to fix my screw-up" appalling, and if I had sold sub-$10 I probably wouldn't be whining for a rollback, I would agree that in this scenario a rollback is the right thing to do.
yeah, how would MtGox enforce setting the price back? Thats not what they claimed. They're rolling back the bids and ask to approx when they were at that price.
This has been discussed in the various other threads already devoted to this exact topic, but I think it's worth noting that MtGox dictates the price only on its own exchange. MtGox never said "Tradehill has to trade at xxx value". If you don't like it, no one is forcing you to use this exchange. That's what a free market really is if you're such a free-market enthusiast.
@OP 
Quit crying you big baby! If it wasn't for the rollback, BTC would be crashing down around you right now! Then what would you do with your stolen, worthless bitcoins?
Quit crying you big baby! If it wasn't for the rollback, BTC would be crashing down around you right now! Then what would you do with your stolen, worthless bitcoins?
By rolling the price back to it's prior value and not letting the free market decide upon the new value after this attack, Mtgox is essentially saying that they themselves are the de facto controller of the value of bitcoin. I don't use bitcoin because I wanted some regulatory agency to say how much my money was worth, I wanted the market itself to decide that.
mtgox should be shut down anyway for this absolute gross failure to uphold private data.
mtgox should be shut down anyway for this absolute gross failure to uphold private data.
They thought they had it made, and no matter what words they use, their argument is all simply one statement: I wanted to be rich. Nothing wrong with that, of course, but it's hard to respect such round-about weaselwording. I haven't seen a single person there say "Damn! I thought I struck it big. Shit.", which is an attitude I would respect.
You know what they say - easy come, easy go. That phrase was made for situations like this.
You know what they say - easy come, easy go. That phrase was made for situations like this.
I for one wanted to buy at 0.01$, but could not (Mt Gox wouldn't take my order). For a few moments i really thought "what a great opportunity I missed". But right now, i'm really glad I didn't make it.
Not making the deal of your lifetime is one thing, but feeling like you did and then seeing it all slip away... ouch!
Watch buyers step up next time the price drops sharply, and they want to get a bargain and thereby stabilizing the price. Or probably they won't because if they are wrong they lose money (no-rollback) and if they are right they make no money (possible rollback).
People b1tching about no rollback are pathetic.
I think its the right call to RB, think about it for Christs sake, its the logical step...oh well, no reason to reason with "some" greedy or otherwise stupid + under-aged citizens.
I think its the right call to RB, think about it for Christs sake, its the logical step...oh well, no reason to reason with "some" greedy or otherwise stupid + under-aged citizens.
Because of course it is not greedy to want to have a voluntary trade rolled back after you discover you may be able to sell for more.
The trades weren't legitimate so I think its entirely fair.
Other than the trades with the stolen coins, how were the other trades not 'legitimate'? Did somebody make a trade non-voluntarily?
I stand to lose quite a bundle from the rollback, but I won't be complaining to Mt.Gox. They're in a tough business and they're doing a lot to help bitcoin along and days like today have got to be rough. Still, if somebody panic sells at 8 bucks because they saw somebody else panic sell at 9 bucks, I fail to see how that is an illegitimate trade.
All of those trades were initiated because the price was hacked to drop. Had the hack not happened, none of those trades would have been made. The majority of the coins sold were those that were stolen. Do you really think it is OK to profit off one rich bastard's misfortune?
Maybe you didn't read my entire post. I indicated that trades with stolen coins were not legitimate.
People b1tching about no rollback are pathetic.
I think its the right call to RB, think about it for Christs sake, its the logical step...oh well, no reason to reason with "some" greedy or otherwise stupid + under-aged citizens.
I think its the right call to RB, think about it for Christs sake, its the logical step...oh well, no reason to reason with "some" greedy or otherwise stupid + under-aged citizens.
The trades weren't legitimate so I think its entirely fair.
Other than the trades with the stolen coins, how were the other trades not 'legitimate'? Did somebody make a trade non-voluntarily?
I stand to lose quite a bundle from the rollback, but I won't be complaining to Mt.Gox. They're in a tough business and they're doing a lot to help bitcoin along and days like today have got to be rough. Still, if somebody panic sells at 8 bucks because they saw somebody else panic sell at 9 bucks, I fail to see how that is an illegitimate trade.
All of those trades were initiated because the price was hacked to drop. Had the hack not happened, none of those trades would have been made. The majority of the coins sold were those that were stolen. Do you really think it is OK to profit off one rich bastard's misfortune?
Anyone who saw the price drop knew something went wrong , NO ONE would go buy if they really believed that bitcoins just became worth a big fat NUL.
I guess you weren't trading tech stocks in 1999-2000.
Faceless Businessman is my favorite pony of the show. He is overflowing with frustrated envy.
The trades weren't legitimate so I think its entirely fair.
Other than the trades with the stolen coins, how were the other trades not 'legitimate'? Did somebody make a trade non-voluntarily?
I stand to lose quite a bundle from the rollback, but I won't be complaining to Mt.Gox. They're in a tough business and they're doing a lot to help bitcoin along and days like today have got to be rough. Still, if somebody panic sells at 8 bucks because they saw somebody else panic sell at 9 bucks, I fail to see how that is an illegitimate trade.
Some cruel part of me is taking great amusement in the frothy-mouthed furor that has filled the Mt. Gox frontpage. Eloquent, passionate arguments about how things should have been, must be, how they're done in the real world, and how Mt. Gox will lose all their business over this, all by a tiny group of people who were (un?)fortunate enough to trade for huge numbers of bitcoins at 0.01.
They thought they had it made, and no matter what words they use, their argument is all simply one statement: I wanted to be rich. Nothing wrong with that, of course, but it's hard to respect such round-about weaselwording. I haven't seen a single person there say "Damn! I thought I struck it big. Shit.", which is an attitude I would respect.
You know what they say - easy come, easy go. That phrase was made for situations like this.
They thought they had it made, and no matter what words they use, their argument is all simply one statement: I wanted to be rich. Nothing wrong with that, of course, but it's hard to respect such round-about weaselwording. I haven't seen a single person there say "Damn! I thought I struck it big. Shit.", which is an attitude I would respect.
You know what they say - easy come, easy go. That phrase was made for situations like this.
Anyone who saw the price drop knew something went wrong , NO ONE would go buy if they really believed that bitcoins just became worth a big fat NUL.
They tried their luck and hoped mtgox would overlook it and let it go on like last weekend when prices dropped from 32 to 10, and I am sure something went very wrong then aswell. It wasnt merely a market price decline.
Some cruel part of me is taking great amusement in the frothy-mouthed furor that has filled the Mt. Gox frontpage. Eloquent, passionate arguments about how things should have been, must be, how they're done in the real world, and how Mt. Gox will lose all their business over this, all by a tiny group of people who were (un?)fortunate enough to trade for huge numbers of bitcoins at 0.01.
They thought they had it made, and no matter what words they use, their argument is all simply one statement: I wanted to be rich. Nothing wrong with that, of course, but it's hard to respect such round-about weaselwording. I haven't seen a single person there say "Damn! I thought I struck it big. Shit.", which is an attitude I would respect.
You know what they say - easy come, easy go. That phrase was made for situations like this.
They thought they had it made, and no matter what words they use, their argument is all simply one statement: I wanted to be rich. Nothing wrong with that, of course, but it's hard to respect such round-about weaselwording. I haven't seen a single person there say "Damn! I thought I struck it big. Shit.", which is an attitude I would respect.
You know what they say - easy come, easy go. That phrase was made for situations like this.
I really wouldnt want to profit off others misfortue, just be bad karma. Its all just growing pains that need to be worked out.
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