take your car for service
car repair shop closes down for a month
you just going to do nothing?
What do you propose? Class action against them? Take a gun and kill them all? Huh. whatever it takes to get my car back |
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Eventually, we're going to single digits again.
Ahh... I wish we did. I could buy the entire mining supply of bitcoin with the proceeds of my daily arbitrage operations. Proudhon did not want to hear this lol... There are some big players coming into the market. Most of them are doing cash for btc off exchange purchases. And when they can't unload an investment off of the exchanges when the exchange rate is plummeting because nobody wants to buy volume off exchange in that context, guess where their bitcoins end up going... Oanda et al will move in now problem solved Still holding at 67$ on BTCe. And this is still not a "crash" due to the currency but the failure of the exchange |
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*MOD just kicked us off the front page....looks like they did not like where this was going [Note see EDIT 1] I do not like the way Gox make their excuses which is basically "We were doing so well, we opened too many accounts, and crashed our trade engine, causing panic sell and also alot of you could not trade even if you wanted to."
I don't really see your point here. Why do you want to sue them? Fucktard americans are so stupid. Even if they want to close the trades for 1 month, if they put the website down because : - they are experiencing problems - they want just to - or whatsoever reason What do you want to reproach them? They do not need to be up every single second, and to offer a good service. They offer what they want to offer, and if you're not happy with that just gtfo. Thank you take your car for service car repair shop closes down for a month you just going to do nothing? |
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Oanda is the service that will make this all stable, they are professional, years of experience, handle large trade volumes, and have an excellent interface.
It looks like they are adding BTC as well!!!
I for one can't wait
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PROUDHON's thesis was BTC would drop by itslef
this was an exchange failure not a BTC failure....
Bitcoin would drop by itself? I don't even know what that means. My claims about bitcoin's exchange rate collapsing take into account everything about it, including the awful infrastructure built around it so far (poorly designed exchanges) and the fact that coins are so densely distributed in the hands of so few individuals that at any moment so far a single person or small handful of people wanting fiat can easily wipe out any rise brought on my lots of new users who buy up comparatively few bitcoins. That isn't something you can seperate from the protocol, because its tied to the nature of its design. If bitcoin is widely adopted it will have gone through many of these catastrophic market events, and yet people will have persisted in adopting it and strengthening the infrastructure around it. That's not a given, though, as eventually this open experiment can burn enough people that wide scale adoption becomes practically impossible. Anyway, sorry to those who just lost a lot, and a warning to everyone who is still in the black, this event isn't over and a quick recovery is extremely unlikely. This will be worse for bitcoin than 2011. yeah nah....you gave the impression "bitcoin would drop" if the exchange was smoothly running and it dropped then sure props to you. But this is not what happened, in any event it still has circa $80 -$100 support over at BTCe...and that's with a trollbox, if that tells you anything, your still not right. Even if it is not BTC the Concept of CC's are an adoption tech |
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A free market is a well-regulated market? We just need a system where all trades go through one exchange so then.....   IMHO there is no problem with several exchanges as long as they meet several technical standards! Like security, reliability, easy to use for example. How to develope these standards and audit them? This is a really huge community, there must be some ppl which are able to do this job! Its up to the comunity if we want to make the BTC a success. I suggested precisely this earlier today, not that anyone cared then https://bitcointalk.org/index.php?topic=172984.msg1800224#msg1800224 |
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Ten98 (10-98)
So if a bar has a capacity to hold only 100 people and instead 500 people show up on April 10, 2013 because it was known a week ago that a famous rock star would be at the bar on that day. The bar, knowing that this rock star would draw a huge crowd (in excess of 500 people), failed to hire additional bartenders. As a result there's only 1 bartender working on April 10,2013 and he couldn't handle the capacity and ended up misplacing/losing the funds of the 500 extra people that the bar didn't have the capacity to handle, but let them in anyway; do those 500 people have a right to sue regarding the loss of their funds?
I didn't lose anything and I don't plan on selling anytime, regardless of what happens. But MTGOX is incompetent and something needs to be done.
In regards to a class action suit, I believe that you can commence one in the US since they now operate in the US as well as Japan. There will undoubtedly be attorneys that would do it pro-bono for the simple fact that this is a Bitcoin issue and there are attorneys that would want to be pioneers here.
Your on the ball! sounds like the right direction |
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Much worser than the loss of money is the loss of confidence this has caused. Average John Doe will stay away from BTC, LTC or other virtual currencies for a LOOOOOONG time and trust in his FIAT money.
Good! The free market can also seek legal redress as a form of market dicipline
A free market is a well-regulated market? We just need a system where all trades go through one exchange so then..... This is a different point regulation is different to tortuous conduct or breach of contract or misrepresentation. |
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Class action? LOL Sure...
Alternatively we all could just have a great weekend and get back to this next week and see what the free markets say about value of BTC.
The free market can also seek legal redress as a form of market dicipline |
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I agree with you (about the infrastructure), but it's like suing a bar because they have no seats and are too crowded?
There are regulations upon number of guests in bars/clubs! Those regulations are made in case a fire breaks out! We all seen the pictures from fires in overcrowded clubs, emergency doors locked or behind curtains and stuff, ppl trampled to death as the masses panic. exactly...hive mind! |
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I agree with you (about the infrastructure), but it's like suing a bar because they have no seats and are too crowded?
no it's a bar that says we are the safest best venue come, spend your money here , but their venue is a firetrap, and you get burnt alive. |
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Have a nice time in Japan, take lots of photos as there's no way in hell you're filing a class action. Japanese law doesn't even have them!
Firstly that a question of jurisdiction and there are many ways to bring an action to send a message, eg, a test case, by funding an individual litigant. Come here so i can stone you to death  What has Gox done 'wrong'? Did they sign something saying they would have no lag? Did you? Best way to kill a company is to stop using it - you can't make others do the same but they can realize for themselves... No you sue them for holding out they are a trading organization, you go into trade, they don't upgrade, and then stop you trading when you need to, because they are signing up new customers while knowing their system can't handle it |
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PROUDHON's thesis was BTC would drop by itslef
this was an exchange failure not a BTC failure....
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Freezing is the worst thing they could have possibly done.
Anyone got the charts from last time they froze or even the infamous "rollback"?
BB.
I agree freezing is the worst thing, though trading had essentially frozen anyway |
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Have a nice time in Japan, take lots of photos as there's no way in hell you're filing a class action. Japanese law doesn't even have them!
Firstly that a question of jurisdiction and there are many ways to bring an action to send a message, eg, a test case, by funding an individual litigant. The Action in whatever for will be costly to defend and damaging to the reputation of the organization and a show of strength for BTC/CC but most importantly as message to the wider corporate world screw with BTC treat it without professionalism, you will be held accountable |
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I've pulled every single coin from gox. That statement is a child's response to a man's problem. They need to hire some proper programmers, expert financial traders, and get a management team. It's pretty fucking stupid to have the entire market crash when gox goes down. They've been dealing with +10 minute lag (the lag yesterday was over an hour) for so long, i refuse to believe it's not on purpose.
+1. Can I ask a stupid question? (I guess I will): How fast can all the big major bitcoin whales get together, put up a strategy to create and open a BRAND NEW exchange with a structure to scale all the way up to NASDAQ-like backbones if needed? Put your money where your mouth is pay a team of MIT-skilled programmers that are so smart they are into nuclear fusion as a hobby THEN you will see things to move better with more confidence. EVEN If you are only in for the quick bucks, think about it: who is more at risk to lose 50% of its bitcoins fortunes with amateurs? This is a different issue the issue at hand is when an exchange holds themselves out as being Mr. 80% and is running on two mac mini's |
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First time Bitcoin crash due to the stolen of one MT account.The BTC price backs to 0.01$ and dejected in the next TWO years.
Today, price backs to 74$( btc -e ), what shall we say? It thanks to MT? or the bubble broked??
I think it's the time we drop MT and get away from him.
no BTC, collectively needs strike out at belligerents. like Gox' to make others think long and hard about thier opperations, and its not just Gox, Vircurex, after doing a capital raise, just toppled over for days locking every ones funds up. It's one thing to have a "crash" it's another to have be unable to trade during it or at either end. |
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You want to waste your bitcoin on a class action lawsuit? Even if you win, I doubt you get much more than a token 0.01 BTC.
I LULZ.
A class action is a cheap way more many people to bring home to [large] corporations there will be consequences to your profits, even though the people in the class action may on see much, its acts a a deterant against such behavior by other exchanges. It is a market mechanism of discipline. Gox, has arbitraged their lack of spending and planning for your losses, into their profits and 1BTC from a thousands of people is a powerful force.....maybe just the good news BTC needs....BTC defending BTC from shoddy practice |
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*MOD just kicked us off the front page....looks like they did not like where this was going [Note see EDIT 1] I do not like the way Gox make their excuses which is basically "We were doing so well, we opened too many accounts, and crashed our trade engine, causing panic sell and also alot of you could not trade even if you wanted to."
Gox know full well that adding 20K or whatever accounts a day is going to cause an issue, without scaling, they know and in-fact claim of their front page they hand 80% of BTC transaction. Gox is so worried about market share rather than slow things down and do it right they keep holding out everything is ok and thus all suffer. Gox's of this world cannot burn it both ends....and must realize their duty of care and what is or is not reasonably foreseeable. https://mtgox.com/press_release_20130411.htmlis more or less an admission of guilt while being smug..."ho ho" were so great we screwed over our own system, which we made and knew was under stress... Look forwards to your views. I for one thing that we collectively can and must send a clear message that BTC is not to be FU__D with. [EDIT 1] Gox now has come out with it all a bit to late and with a pitiful "no" trading fee's for 48 hours compensation. That's small compensation to people who have missed out on trading already Trading is halted until 2013-04-12 02:00am UTC to allow the market to cooldown following the drop in price. Read more details on the support. Additionally trading fees will not be charged within 48 hours of trading resuming (until 2013-04-14 02:00am UTC).
and this is not for a market to cool down but because their trading engine is broken [EDIT 2] Lets get this together then, and engage some US council, any recommendations? also we need an escrow for donations and an address who's a trusted escrow around here? I know anon136 does some escrow |
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