Sold 0.008 btc for over 11,000 USD at mtgox [Updated] - page 2.

phantomcircuit

sr. member

Activity: 463

Merit: 252

Quote from: koin on July 31, 2011, 02:56:02 PM

Quote from: MagicalTux on July 31, 2011, 12:18:26 PM

Quote from: Xiong Zhuang on July 31, 2011, 12:02:24 PM

I will wait mtgox to post there announcement about the glitch.

https://support.mtgox.com/entries/20323996-mt-gox-system-update-troubles

so to understand this correctly.

mt. gox performs a major upgrade live, and rather than bringing the exchange down for maintenance relies simply on mysql table locks to prevent the processing of live activity.

even though this was a major update, and the date was known for weeks, the exchange didn't put even the basic protection of halting dwolla withdrawals for a few hours so that if anything went haywire (which it did, of course), all of the funds held by the exchange would still be under the control of the exchange?

does this accurately describe the situation?

yes

koin

legendary

Activity: 873

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Quote from: MagicalTux on July 31, 2011, 12:18:26 PM

Quote from: Xiong Zhuang on July 31, 2011, 12:02:24 PM

I will wait mtgox to post there announcement about the glitch.

https://support.mtgox.com/entries/20323996-mt-gox-system-update-troubles

so to understand this correctly.

mt. gox performs a major upgrade live, and rather than bringing the exchange down for maintenance relies simply on mysql table locks to prevent the processing of live activity.

even though this was a major update, and the date was known for weeks, the exchange didn't put even the basic protection of halting dwolla withdrawals for a few hours so that if anything went haywire (which it did, of course), all of the funds held by the exchange would still be under the control of the exchange?

does this accurately describe the situation?

SmokeAndMirrors

full member

Activity: 168

Merit: 100

Reminds me of the time my bank credited my account with $150,000. If MTGox is anything like my bank, they will charge your for every penny withdrawn.

kwukduck

legendary

Activity: 1937

Merit: 1001

Nice price!
I completely fail to see why anyone is still using Gox when there are other exchanges that seem to do a much better job at less cost for the customers..

Dansko

newbie

Activity: 40

Merit: 0

Quote from: TiagoTiago on July 31, 2011, 12:22:44 PM

So if someone pays for a BigMac with a 100 bill without the person nor the cashier noticing McDonald's must hold the extra change waiting to return it whenever the person presents themself?

I think they would give it back up until the register was counted down. After that your SOL.

Bobnova

full member

Activity: 210

Merit: 100

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.

If you-an-individual screwed up like that bank did you wouldn't find the police or the DA very useful at all.

Gox will get Gox's money back, because Gox is bigger than you.

TiagoTiago

hero member

Activity: 616

Merit: 500

Firstbits.com/1fg4i :)

What if they had an automated vending machine like cashier and the person didn't noticed a hundred bill fell into the slot folded in such a way that it skipped the bill reader?

Mt.Fun

member

Activity: 75

Merit: 10

Quote from: TiagoTiago on July 31, 2011, 12:22:44 PM

So if someone pays for a BigMac with a 100 bill without the person nor the cashier noticing McDonald's must hold the extra change waiting to return it whenever the person presents themself?

I'm sure McDonald's would give the person their change if the cashier made a mistake.

Andris

newbie

Activity: 28

Merit: 0

Quote from: TiagoTiago on July 31, 2011, 12:22:44 PM

So if someone pays for a BigMac with a 100 bill without the person nor the cashier noticing McDonald's must hold the extra change waiting to return it whenever the person presents themself?

I know this is how it worked when I was in retail.

TiagoTiago

hero member

Activity: 616

Merit: 500

Firstbits.com/1fg4i :)

So if someone pays for a BigMac with a 100 bill without the person nor the cashier noticing McDonald's must hold the extra change waiting to return it whenever the person presents themself?

MagicalTux

vip

Activity: 608

Merit: 501

-

Quote from: Xiong Zhuang on July 31, 2011, 12:02:24 PM

I will wait mtgox to post there announcement about the glitch.

https://support.mtgox.com/entries/20323996-mt-gox-system-update-troubles

Xiong Zhuang

member

Activity: 102

Merit: 10

I will wait mtgox to post there announcement about the glitch.

stsbrad

full member

Activity: 168

Merit: 100

Brad Willman, SSCP, LTCP, MCTS,SCE,BCE

Quote from: joulesbeef on July 31, 2011, 10:32:09 AM

Quote

i believe that legally he should be able to keep the money

he sold bitcoins and got the money

you cant "legally" sell on a glitch.
Had an individual been a fool and accidently bought for that much.. he might have a case but not on a glitch, the money isnt his and he can be prosecuted.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 100% Correct. Glitches don't mean you can get rich legally. I work for a large financial institution and recently one of our ATM's had a 20 dollar bill cassette in the 5's slot and 5's in the 20. The customer hit the machine for an hour and took out THOUSANDS. Police were sent to his house, DA's office threatened prosecution and money was instantly returned. I think the same would apply here.

TiagoTiago

hero member

Activity: 616

Merit: 500

Firstbits.com/1fg4i :)

Wow!!! If only you had a whole bitcoin to sell at that moment instead of just 8 millies 0.0

Why did your balance go negative though?

oakpacific

hero member

Activity: 784

Merit: 1000

Quote from: elggawf on July 31, 2011, 10:31:00 AM

Quote from: oakpacific on July 31, 2011, 10:26:38 AM

I have never got it, are you guys using Dwolla for the fear of disclosing your bank details to Mt.Gox? I am in UK and Gox would process my bank wire transfer(they have a domestic bank account) within 1-2 days.

I don't think there's a bank transfer option on MtGox, and SEPA transfers are 2% fees. Depending on what you transfer, 25c might be less than 2%.

Hmmm.....GBP deposits are free in UK.

Tasty Champa

member

Activity: 84

Merit: 10

As far as I can tell no one has anything to be concerned about with dwolla and mtgox unless they go do some silly shit like what OP is stating having done. Lips sealed

joulesbeef

sr. member

Activity: 476

Merit: 250

moOo

Quote

i believe that legally he should be able to keep the money

he sold bitcoins and got the money

you cant "legally" sell on a glitch.
Had an individual been a fool and accidently bought for that much.. he might have a case but not on a glitch, the money isnt his and he can be prosecuted.

elggawf

sr. member

Activity: 308

Merit: 250

Quote from: oakpacific on July 31, 2011, 10:26:38 AM

I have never got it, are you guys using Dwolla for the fear of disclosing your bank details to Mt.Gox? I am in UK and Gox would process my bank wire transfer(they have a domestic bank account) within 1-2 days.

I don't think there's a bank transfer option on MtGox, and SEPA transfers are 2% fees. Depending on what you transfer, 25c might be less than 2%.

oakpacific

hero member

Activity: 784

Merit: 1000

I have never got it, are you guys using Dwolla for the fear of disclosing your bank details to Mt.Gox? I am in UK and Gox would process my bank wire transfer(they have a domestic bank account) within 1-2 days.

bitbot

member

Activity: 70

Merit: 10

why dont you setup a transfer from dwolla to your bank and hope it clears tomorrow

Topic: Sold 0.008 btc for over 11,000 USD at mtgox [Updated] - page 2. (Read 10879 times)