Topic: Whoever is responsible for not halting the trading at gox needs to go to prison (Read 1452 times)

Posted from another thread:

Twas the night before Goxxing, when all through Mark's house
Not a feature was working, not even Mark's mouse
The bitcoin were slung through trades with despair,
In hopes that St. Solvency soon would be there

The miners were slowing and profits were dead,
While visions of sugar-drinks danced in his head.
The llama they call Proudhon, and I in my cap,
Had long since forgotten the exchange that was crap.

When out from Mt. Gox there arose such a smatter,
I clicked on the link to see what was the matter.
Away from that window I clicked in a flash,
More opened and cluttered the further it crashed.

The doom on the boards from the new-fallen low
Gave the FUDsters some ammo with which they could sow.
When, with much thundering pain should appear,
But a bouncing blue ball, and a chap in headgear.

With a riddled fat rider, so ugly and sick
I knew in two seconds this guy was a dick.
Less rapid than sloth his announcements they came,
And he whistled, and shouted, and then bitcoin he blamed!

"Now, asshole! now, cancer! now answer and quicken!
Go, stop it! You're putrid! go, go ponder and fix it!
To the site you must lurch! you should stop with the stall!
Now bounce away! Bounce away! Bounce away ball!"

As dry leaves that before the wild hurricane fly,
When they meet with an obstacle, mount to the sky.
So up to the exchange the ball he did move,
With a mind full of ploys, and some syphilis too.

And then, with no thinking, he said quite aloof
His address was changing to a virtual roof.
As I saw what he said, and was browsing around,
The price just kept moving faster and further down.

They weren't impressed that's for sure, with this end to their loot,
The masses pressed onward, the response was quite moot.
A wallet of coins he had flung out the back,
He was leaving forever, he had had already packed.

His drinks-they were sprinkled! his pimples how cherry!
His face in weird poses, his complexion quite scary!
His droll little mouth was drawn up like a bow,
And the fat of his belly hid his penis below.

The stump of a drive he held tight in his teeth,
And I heard all the bitcoins cry out for relief!
He had a broad face and a giant round belly,
That shook when he sneered, like a bowlful of jelly!

He was a chubby chump, with a magic card shelf,
And I laughed when I learned it, in spite of myself!
A wink of his eye and a twist of his head,
Soon had me wondering if bitcoin was dead.

He spoke of goxbux, PHP - that would work!
And filled all the accounts, then turned with a jerk.
And laying a cheek aside of his ball,
And giving a nod, out the exchange he hauled!

He bounced down the street, and his katana glistened,
I told you stupid fuckers, you all should have listened.
But I heard him exclaim, as he bounced out of site,
"Happy Goxxing to all", and "you've all been fucked right!"

Gox deals with fiat as well. We all know that anyone dealing with fiat is highly regulated. It's another story whether that is a good thing or a bad thing.


Nothing about the exchange rate at Gox is a normal function of supply and demand. It's due to the fact that Gox is a dysfunctional exchange which may never be fully functional again.

The other exchanges are reflecting an exchange rate based on supply and demand (including the "news" that Gox is dysfunctional). There is also a massive divergence between the exchange rate at Gox and the exchange rate at the other exchanges.

For mtgox insiders to go to prison, they would have had to break a regulation. Why should a business thatdeals in an unregulated currency be regulated?

The price dropped because of supply and demand changing as a result of the news that broke. People panic, it happens.

I somehow doubt that if bitcoin had a sudden run up to $2000, that the OP would be calling for prison sentences.

Nothing is guaranteed in investing in bitcoin and no one has an obligation to protect you other than you.

i am sure they did and goxprice is now only 20% of prices on other exchanges.

what if they used the coins they got to sell on other exchanges?

they would make a fucking fortune since price on MtGox is halved o.O

I think we might be unto something

exactly this. It would have been only a push of a button to halt trading. Why did they not? Because they wanted to profit off the panic. This drop in price was with full knowledge manifactured by them.
If we let this go like this it will happen again on another exchange another day.

Mmm Hmm...

I TOTALLY AGREE!  How could they not have halted trading as well there?  It seriously makes me think it's because they wanted the price lower so they could use coins bought there to arbitrage at other exchanges.  GOX NEEDS TO PAY

just imagine the headlines the day after tomorrow

'bitcoin failed'  'bitcoin down to 1.80$'

will be the newstitels of the day after tomorrow.

just imagine the headlines tomorrow

'bitcoin failed'  'bitcoin down to 80$'

will be the newstitels of tomorrow.

I am not saying it is normal. Of course BTC at Stamp and BTC-e and elewhere are extremely overpriced.

because the MtGox ruined confidence in other bitcoin exchangers, people don't feel safe anymore keeping their coins online..

so the price dropped everywhere 

you're going to boo hoo that your bitcoin went down in value? we were due for a correction anyway, mtgox just happened to serve as a catalyst. and i thought everyone was aware that bitcoin was high risk and fluctuates in value frequently, you didn't get the memo? time for a reality check.

It was artificially inlfated (at Gox) because you couldn't withdraw fiat, so to get fiat money out you had to purchase bitcoins and withdraw them only to deposit and sell on another exchange.

so it was expected fo bitcoin to grow 1000% and then go back 90%? ... please insult someone else.

this gox-fiasco damaged the image of bitcoin for a long time. This exchange took a decent chunk away from the growthperspective of bitcoin in general.

Yeah, bitcoins for $100 at Gox and $550 everywhere else is completely normal. Nothing to see here.

there was nothing artificial when it was inflated. it should be halted if in fact gox is insolvent.  

And you should be placed in a mental health clinic. What is happening right now is a decline after a very technical bubble. This fall should have been expected. Do not blame others for your mistake of buying at the top of the bubble.

Congrats to Mark Karpeles for not halting the trading engine. Trading engine working = cheap bitcoins for smart investors.

you are probably right

how?