Topic: Sold 0.008 btc for over 11,000 USD at mtgox [Updated] (Read 10820 times)
Damn. And I'd had a standing sell order at $5 million, too. Unfortunately I canceled it a while back...
At that time, my account got about 5 million USD accounted from some small BTC sale. Later, the MtGox ticker showed price at 14.10 USD per BTC. So, theoretically, I could buy plenty of BTC ... If I wanted.
Perhaps, MtGox had same safety blockage applied. But if not, anyone could rip the BTC out of it.
Perhaps, MtGox had same safety blockage applied. But if not, anyone could rip the BTC out of it.
They picked up the issue as soon as it happened, you would have had to do the trading to BTC and withdrawing it within a few seconds at best.
Remember, as they patched and looked at system the issue occurred thus they could shutdown trading immediately.
At that time, my account got about 5 million USD accounted from some small BTC sale. Later, the MtGox ticker showed price at 14.10 USD per BTC. So, theoretically, I could buy plenty of BTC ... If I wanted.
Perhaps, MtGox had same safety blockage applied. But if not, anyone could rip the BTC out of it.
Perhaps, MtGox had same safety blockage applied. But if not, anyone could rip the BTC out of it.
What if someone had tried that moment to convert his millions of USD into some Bitcoins and immediately withdrew them out of MtGox? Even if 100 BTC would be the limit, its still some money ...
Say what? Convert his USD into bitcoins ? the price per bitcoin went up which means he would have ended up with worthless bitcoins since he paid $11 000 per bitcoin lol
Dont think you quite understood the issue that occured, people got $11 000 per bitcoin thus if you sold bitcoins you could try jippo the system but obviously would get caught and if you bought bitcoins you got screwed out of money from the mtgox system and not real USD from user wallets(which also got correct)
We won't lock the account, as nothing was lost. It is an interesting way of showing things. We did a fuck up with this update that didn't go right (we did a dozen during the past month and it's the first update causing a major problem, we have found why and modified the procedures to make sure it won't happen again).
Anyway in this case Xiong Zhuang told us exactly how to get the funds back (cancelling the LR withdraw, thru crediting $2000 to his account, solving the negative balance and setting everything right). There is nothing else for us to do here.
We are auditing any account which got a negative balance following that bug. Yes, Dwolla can be reversed, and yes, we will ask for reversal if someone shows an intent to be evil. AML limits on withdraws prevent us from losing any significant amount, anyway.
Anyway in this case Xiong Zhuang told us exactly how to get the funds back (cancelling the LR withdraw, thru crediting $2000 to his account, solving the negative balance and setting everything right). There is nothing else for us to do here.
We are auditing any account which got a negative balance following that bug. Yes, Dwolla can be reversed, and yes, we will ask for reversal if someone shows an intent to be evil. AML limits on withdraws prevent us from losing any significant amount, anyway.
What if someone had tried that moment to convert his millions of USD into some Bitcoins and immediately withdrew them out of MtGox? Even if 100 BTC would be the limit, its still some money ...
Xiong Zhuang, I can tell you now that you will not see a penny of that withdrawal since its mostly manually processed and specially after the stuffup.
What may happen is that you would lose that money (you clearly wanted to run with it) and probably have your account locked on mtgox.
What may happen is that you would lose that money (you clearly wanted to run with it) and probably have your account locked on mtgox.
We won't lock the account, as nothing was lost. It is an interesting way of showing things. We did a fuck up with this update that didn't go right (we did a dozen during the past month and it's the first update causing a major problem, we have found why and modified the procedures to make sure it won't happen again).
Anyway in this case Xiong Zhuang told us exactly how to get the funds back (cancelling the LR withdraw, thru crediting $2000 to his account, solving the negative balance and setting everything right). There is nothing else for us to do here.
We are auditing any account which got a negative balance following that bug. Yes, Dwolla can be reversed, and yes, we will ask for reversal if someone shows an intent to be evil. AML limits on withdraws prevent us from losing any significant amount, anyway.
Don't tell me that you won't cancel my LR withdraw if I didn't post this topic. If that I will hate myself badly.
Lets be realistic here.
McDonalds would fire the checker for screwing up, and then demand concrete proof from the customer that the customer doesn't have, and then keep the change.
McDonalds would fire the checker for screwing up, and then demand concrete proof from the customer that the customer doesn't have, and then keep the change.
I did retail many many moons ago, and I was taught to put the customers bill on top of the cash drawer, not in it. Then you count your change and present it. If the customer says he gave me $100, I can point to the $50 sitting there and say no you didn't.
Once the customer accepts the change and walks away, I put their bill in my cash drawer. That transaction is committed and could not be reversed.
Xiong Zhuang, I can tell you now that you will not see a penny of that withdrawal since its mostly manually processed and specially after the stuffup.
What may happen is that you would lose that money (you clearly wanted to run with it) and probably have your account locked on mtgox.
What may happen is that you would lose that money (you clearly wanted to run with it) and probably have your account locked on mtgox.
We won't lock the account, as nothing was lost. It is an interesting way of showing things. We did a fuck up with this update that didn't go right (we did a dozen during the past month and it's the first update causing a major problem, we have found why and modified the procedures to make sure it won't happen again).
Anyway in this case Xiong Zhuang told us exactly how to get the funds back (cancelling the LR withdraw, thru crediting $2000 to his account, solving the negative balance and setting everything right). There is nothing else for us to do here.
We are auditing any account which got a negative balance following that bug. Yes, Dwolla can be reversed, and yes, we will ask for reversal if someone shows an intent to be evil. AML limits on withdraws prevent us from losing any significant amount, anyway.
Chimpanzees and gorillas can have very complex social systems just as humans do.
What do they do with members which keep breaking the system or attempt stealing the resources of other members?
They either expel or kill them. http://www.gather.com/viewArticle.action?articleId=281474976794596
That's of course a bit extreme for humans (and I genuinely don't advocate it), but I'm saying even they have a system for their own kind that can't control themselves
What do they do with members which keep breaking the system or attempt stealing the resources of other members?
They either expel or kill them. http://www.gather.com/viewArticle.action?articleId=281474976794596
That's of course a bit extreme for humans (and I genuinely don't advocate it), but I'm saying even they have a system for their own kind that can't control themselves
No, that's not what "people do". That's what a wild animal would do.
What do you do with wild animals which can't control their behavior? You put them in cages.
What do you do with wild animals which can't control their behavior? You put them in cages.
That's not even true at all - many monkeys and great apes exhibit social structured behavior and they're wild animals. People are just idiots looking for a way to justify their sociopath tendencies, so they say shit like this:
I genuinely think the free market would have wanted me to keep the ~$1M I got for that two thirds of a Bitcoin. I object to MtGox's interventionism!
Because that's what people do...? Like, all the time, everywhere...
Would you murder someone just because nobody was there to see or gather evidence?
Or rob an old lady just because you're in the middle of nowhere
and she has $2000 in her purse to buy expensive medicine & there are no cops around
No, that's not what "people do". That's what a wild animal would do.
What do you do with wild animals which can't control their behavior? You put them in cages.
i vote for op. would love to see him come away with that. whom can u trust, if not the price of the biggest exchange?
It has nothing to do with trust when someone obviously tries to take advantage of a glitch. Nobody is dumb enough to believe that the price went up to the point of geting $11,000 for .08BTC.
If you walked into your bank and told them you wanted $10.00 in cash, and they handed you $110,000, would you still think you're entitled to it?
Why does it seem this community is about screwing or scamming anyone so long as it gets you ahead?
Because that's what people do...? Like, all the time, everywhere...
i vote for op. would love to see him come away with that. whom can u trust, if not the price of the biggest exchange?
It has nothing to do with trust when someone obviously tries to take advantage of a glitch. Nobody is dumb enough to believe that the price went up to the point of geting $11,000 for .08BTC.
If you walked into your bank and told them you wanted $10.00 in cash, and they handed you $110,000, would you still think you're entitled to it?
Why does it seem this community is about screwing or scamming anyone so long as it gets you ahead?
Dwolla doesn't do chargebacks...you can't reverse the transaction.
Someone doesn't pay attention to current events it seems.
Dwolla's marketing speak is a bunch of shit, everywhere they said "no chargeback concerns" is a lie.
And yet everyone loves Dwolla but hates Paypal.
Yep its just another glorified Paypal clone with a nicer web design.
i vote for op. would love to see him come away with that. whom can u trust, if not the price of the biggest exchange?
Xiong Zhuang, I can tell you now that you will not see a penny of that withdrawal since its mostly manually processed and specially after the stuffup.
What may happen is that you would lose that money (you clearly wanted to run with it) and probably have your account locked on mtgox.
What may happen is that you would lose that money (you clearly wanted to run with it) and probably have your account locked on mtgox.
Dwolla has stated up front from when I first heard about them that ACH chargebacks were possible.
We all know ACH chargebacks between the depositor and Dwolla are possible. That wasn't the issue. The issue is whether Dwolla will pass on the chargeback to the merchant if an ACH chargeback occurs. They specifically said they would not:Quote from: Dwolla
Remember, these are cash-based transactions! No credit card fees, chargeback concerns, or signing necessary!
http://www.dwolla.org/blog/retail-merchants-rejoice-web-kiosk-online/And they had, and still have, no legal grounds to do so. The transfer from Dwolla to the merchant was approved by Dwolla. So they cannot claim the transfer to the merchant was unauthorized by the originator of that transfer.
Dwolla still has not claimed the right to pass on chargebacks to indirect recipients. All they have said is that they can chargeback the sender and they can claw back funds prior to arbitration. So if I put $100 in my Dwolla account and then reverse that deposit, they can deduct $100 from my Dwolla account without going to arbitration. They have never claimed the right to deduct from other people's Dwolla accounts, yet they have done so.
Quote
The receiving party of a transaction may be subject to chargebacks occurring within the account if claims are made by the sending party or by the financial institution. In the event fraud occurs, funds may be reversed and arbitration will begin with both parties.
https://www.dwolla.com/dialogs/terms_and_conditions.aspxThis clearly says that it is about chargebacks within the account. It doesn't say anything about charging back Jack's account because Jeff issued a dispute. The last part also doesn't say they can charge back Jack because Jeff did something fraudulent.
Has anyone admitted to being that fat finger?
yes, tux admitted it was he (or, more specifically, that there was a problem during the migration).
apparently the mysql table lock was released, unexpectedly, during the migration. activity occurred such that the api code was probably then mismatched against the underlying tables. that is why the trades had to be rolled back -- they weren't real, nobody was buying at $11k per btc.
somewhere, someone actually BOUGHT your BTC for $11,000. Has anyone admitted to being that fat finger?
i think that if someone got away with a trade, they should get to keep the money. Mtgox sure didn't give a shit about a lot of us (myself included) who had btc stolen from their database compromise. that would be a bit if a double standard, now wouldn't it?
Jump to: