Bitcoin Forum

So my account for mtgox was frozen (issues with OTP) anyway Im going through the reset process no issue there.

Except for  the following: When mtgox freezes your account all orders are suspended, 3 weeks later after unfreezing they re-activate all your orders automatically and execute them with you having no control or chance to cancel.

Now I had to ask their useless support agent "James"  the same question 5 times in an attempt to get a simple yes or no answer. Each time he would post a vague canned response and close the call. It seems "James" is allergic to yes or no answers and is only able to copy and paste replies from their support script.

Im just employing logic here but the only 2 fair things to do would be:

* execute order book as normal while account is frozen.
* wipe order book while account is frozen.
* pause order book while account is frozen and do not unpause/ freeze until the user logs in and confirms he wants his unfrozen orders to go active.

Instead we have the following fiasco:

* Freeze order books, wait 3 weeks and DROP all unfrozen orders on a market they were not planned for giving user no chance to intervene.

They should have it in their TOS what they do if an account is frozen for whatever reason. Personally I would vote for cancelling all standing orders, and notifying the customer about it when it happens. The customer should also be able to learn this before signing up.

Agreed, this is a terrible way to handle account lockouts imho.

Definitely your orders should have been frozen.  I hope you didn't lose a lot.

If you did memtingale your way out of it.  ;D (And just being a smart-ass)

Orders are frozen until the account is unlocked  then orders are made active automatically before you log in.

It means I will miss several bounces, fortunately only some of my funds are in mtgox :)

That's so convenient!  Imagine your cell phone gets suspended. When you pay the bill it calls everybody you tried to reach in the past 2 weeks with an automated message -

"Hai, mem finally paid his phone bill so now he can call you again, buh-bye!"

http://3.bp.blogspot.com/-xX3mqexOE3M/Tb_XoX6mDTI/AAAAAAAAAIM/UkLNUGrqQsw/s1600/toilet.jpg

I worded that poorly. I understand the trades were locked when the account was frozen.  I meant the trades were still frozen when you got use of the account again.  Better wording would have been the trades should be deleted before your account was made active again.

This sounds pretty funny actually.

Yer it worked out better than I hoped, I managed to catch a drop to $88 with the bulk of my funds and resell @ 20% profit :D

Ignore MrPOO-ER guys and girls, he thinks he can find misery in the forums but doesn't realize it follows him everywhere.   ;D ;D ;D

So what happens is yes, my orders do get frozen then dropped onto the market.

Fortunately I have confirmed with mtgox that should I have a buy order set at $88 (which I did)
and the current price were say $82, Id start paying for bitcoins at $82 UP TO $88 until my order volume was filled.

Given Im down to the 0.2% trade fees on mtgox this is not going to hurt me nearly as much as I expected.
In fact given my recent luck catching the floor again @ $88 Id safely say I can absorb the small loss if any :)

Other people that lock themselves out may find this info useful :)

GOX has the best rates the best for selling btc and sending AUD to an AU bank account, they only charge $10 aud for the transfer (for any amount). Id recommend anyone in Australia to use MTGox for putting funds into their bank account.

Also I love their android app for trading :)

The other exchanges I also use are:

bitnz.com - AU citizens can have NZ bank accounts, so I built up about 5k NZD just from catching the bounces, keeping that for a nice holiday for myself.
btc-e.com (love the trollbox, registering OKpay to do my withdrawls).

It is always good to diversify. Gox as a last resort might be okay but risky (as you saw first hand).

Too true Chaang.

While the handling of this by Gox is less than stellar I share part of the blame for not backing up my 2FA keys.
Another valuable lessoned learned at a fairly cheap price ;)