Why didn't MtGox halt trading like they've done in the past? - page 2.

Holliday

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Quote from: evlew on February 20, 2014, 04:40:05 PM

Quote from: bitcon on February 20, 2014, 03:50:06 PM

becase this time the "karp of gox street" needs to buy some cheap coins to arbitrage while everyone else has to sit around and watch him get fatter.

This is the main theory still? Is there actual proof that mtgox lost coins to transaction malleability?

All we have is conjecture. Gox fails at informing it's customers about what is actually happening as badly as they fail on the technical side of things.

evlew

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Quote from: bitcon on February 20, 2014, 03:50:06 PM

becase this time the "karp of gox street" needs to buy some cheap coins to arbitrage while everyone else has to sit around and watch him get fatter.

This is the main theory still? Is there actual proof that mtgox lost coins to transaction malleability? Or did they lose them some other way?

I'm trying to be objective in this thread. All my questions are genuine. I try to keep abreast the best I can but there's simply too much information (and misinformation) spread all over the forum and web. I stay pretty busy so it can be a little challenging to stay up to date. Currently I have quite a bit tied up in gox.

My understanding is Gox came under fire when they blamed the developers and the developers blamed gox.
Then the developers admitted that Gox makes a case, but that their code is still out of date?
This way other exchanges were able to protect themselves and implement fixes?
But because mtgox code was so old/complex/etc it's taking them more time?
Did mtgox help prevent damage on other exchanges/services? Is it at all likely they are trying their best to resolve the issue?

barbs

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Quote from: bitcon on February 20, 2014, 03:50:06 PM

becase this time the "karp of gox street" needs to buy some cheap coins to arbitrage while everyone else has to sit around and watch him get fatter.

+1

traderCJ

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Quote from: piramida on February 20, 2014, 04:15:23 PM

Quote from: traderCJ on February 20, 2014, 04:02:16 PM

When you think about it, this is an incredibly clever move on Gox's part, at least in the short term. You've got a bunch of frenzied traders beating the crap out of each other and Gox harvests the spilled blood. Only Gox insiders can withdrawal to arbitrage, and I guarantee you they have. Who the hell do you think gets to "beta test" these changes? MK's cronies. This is little more than a swindle, whether it was intentionally done or not.

I also think they actually deliberately making their statements vague and delays long - since they are lacking funds they want the price to be as low as possible *to get as much money in as possible* when they reopen withdrawals, everyone would try to arbitrage, and they will have a hard limit on withdrawals (and open end on deposits I assume), so they will be able to fill their coffers and start paying out bit by bit. Otherwise, they'd go broke in twenty minutes.

Also, if they do turn out to be insolvent (which I believe is unlikely), their fiat obligations to creditors are much less now. If you're on the brink of insolvency, it makes sense to crash the value of your debt obligations, if possible. For Gox, it was as easy as disabling withdrawals.

piramida

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Borsche

Quote from: traderCJ on February 20, 2014, 04:02:16 PM

When you think about it, this is an incredibly clever move on Gox's part, at least in the short term. You've got a bunch of frenzied traders beating the crap out of each other and Gox harvests the spilled blood. Only Gox insiders can withdrawal to arbitrage, and I guarantee you they have. Who the hell do you think gets to "beta test" these changes? MK's cronies. This is little more than a swindle, whether it was intentionally done or not.

I also think they actually deliberately making their statements vague and delays long - since they are lacking funds they want the price to be as low as possible *to get as much money in as possible* when they reopen withdrawals, everyone would try to arbitrage, and they will have a hard limit on withdrawals (and open end on deposits I assume), so they will be able to fill their coffers and start paying out bit by bit. Otherwise, they'd go broke in twenty minutes.

The fact that they severely damage bitcoin's public image once again because idiots would quote their price from now on in their "OMG CRASH FRMO 1200 TO 100" idiotic articles - doesn't seem to bother Karpeles much. Or he has no other choice, again, an incompetent dick that he is.

traderCJ

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Think about it. If you halt trading and withdrawals, your customers really are trapped. They'd have lawyers barking up their asses in no time. This at least gives them the impression of some freedom. Also, and most importantly, the exchange would bring in no money while trading is halted.

When you think about it, this is an incredibly clever move on Gox's part, at least in the short term. You've got a bunch of frenzied traders beating the crap out of each other and Gox harvests the spilled blood. Only Gox insiders can withdrawal to arbitrage, and I guarantee you they have. Who the hell do you think gets to "beta test" these changes? MK's cronies. This is little more than a swindle, whether it was intentionally done or not.

The biggest problem cryptos face isn't technological hurdles, it is human meddling. Technology will eventually grow to a point where it is insulated from such factors, but it will take many years of evolutionary code changes.

theonewhowaskazu

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Quote from: sgbett on February 20, 2014, 03:47:48 PM

everyone cried when trading was halted as i recall.

damned if you do, damned if you don't....

Because, back then, they were trying to stop people from selling BTC, i.e, prevent the free market from operating, while now, they're not halting trading although they're reporting an incorrect price for BTC, primarily bcz what they're selling off isn't BTC, its BTC IOUs based on a failing exchange. So, effectively what they're doing is selling high-yield junk-bonds for BTC, claiming its BTC, which is disrupting the free market.

sgbett

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Quote from: humanitee on February 20, 2014, 03:48:50 PM

Quote from: sgbett on February 20, 2014, 03:47:48 PM

everyone cried when trading was halted as i recall.

damned if you do, damned if you don't....

I know I didn't, so it's not everyone!

"How can we fuck each other hard and fast if you take the exchange down?" - traders, 2000forever

hehe. true dat !

bitcon

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becase this time the "karp of gox street" needs to buy some cheap coins to arbitrage while everyone else has to sit around and watch him get fatter.

humanitee

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Quote from: sgbett on February 20, 2014, 03:47:48 PM

everyone cried when trading was halted as i recall.

damned if you do, damned if you don't....

I know I didn't, so it's not everyone!

"How can we fuck each other hard and fast if you take the exchange down?" - traders, 2000forever

sgbett

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everyone cried when trading was halted as i recall.

damned if you do, damned if you don't....

evlew

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Seriously... we've seen MtGox stop trading all together at least once (I think maybe even twice, that I recall) to let the market "cool down."

So I can't understand why they didn't just halt trading until the withdrawal issue is fixed. This seems almost criminal in my mind.

Am I missing something?

Topic: Why didn't MtGox halt trading like they've done in the past? - page 2. (Read 2603 times)