MtGox should roll back

[MikeH]

seriously, this wasn't a bubble pop - it was a DDoS attack - roll back and it would make a statement that you won't take bitcoin down with these kind of attacks.

do nothing and the media will have a field day and bitcoin will take a long time to recover..

then of course MtGox needs to do something about it - halt trading at a certain level of lag or something!


even those who bought cheap coins shouldn't be against this, as long as they already held a few.

---

edit:  I've changed my mind, as long as we keep rallying, we may be better off without a roll back - however painful that was.

[cjspiller28]

Well the DDoS explanation does make more sense than any other right now.

[Evan]

seriously, this wasn't a bubble pop - it was a DDoS attack - roll back and it would make a statement that you won't take bitcoin down with these kind of attacks.

do nothing and the media will have a field day and bitcoin will take a long time to recover..

then of course MtGox needs to do something about it - halt trading at a certain level of lag or something!


even those who bought cheap coins shouldn't be against this, as long as they already held a few.

No, sir this was a bursting bubble.

have a great day.

[jerkoff]

It shows the weakness of financial sites like exchanges written by hobbyists and trading by programmer-logic. For a programmer it's logical that if someone sells 100 coins and sweeps the book empty down to $120, while due to lag the sell side of the book starts at $180, that you can have people selling coins and getting $120 and others uying and paying $180 for them. That's how it is designed, they'll say.

Consumers won't stand for this bullshit though. They will demand reasonable prices, a trading stop on large moves, marking rates or the book as stale when they're too old. The real markets have those for a reason, you can't just build a site where being ddos'ed means you let the price run down from $200 to $1 (didn't happen today, but it could).

[Evolvex]

I might be inclined to agree on this, I find it really worrisome that one of the major players in the bitcoin world is allowing this to happen week in, week out - they should of halted trading at the first sign of a DDOS attack. I'll not be using them for much longer.

Disclaimer: I lost a lot of money today due to the lag to my views may be bias.

[pretendo]

I didn't really lose anything. but MTGOX has prove itself as incompetent and unsuitable for transactions of this gravity. They really need to start acting responsible. I am switching exchanges ASAP

[jwzguy]

Um, no way. It doesn't matter that this was an attack. No fake coins were sold. No accounts were hacked. (AFAWK)

A roll back would be a disaster, and pointless.

[Gabriel]

IMHO the main problem is still simply the fact that MtGox is still too important.

Bitcoin should be all about decentralization if I'm not mistaken but MtGox still is a central point.

Should not be.

Of course, this can't really be helped I guess, as whenever mainstream media writes about Bitcoin, the only exchange they ever mention by name is MtGox, so that's where newbies will automatically go.

But older users should be more responsible and switch exchanges.

Also, MtGox itself should be more responsible and notify newbies about other exchanges. (I know, they are a business a too and this would likely be far too altruistic a move in a market environment, but still... might be worth considering, as surely they wouldn't like it either if the price would crash even lower...)

Or they could simply just split themselves into several smaller exchanges and name and perhaps even design these differently. They could of course still manage all of these themselves, but at least then there would also be more diversification.

Right now however, MtGox is The Bitcoin Exchange, whether we like it or not, and if MtGox takes a hit for any reason, the price will plummet.

So, to cut is short, serious work should be done already to reduce the importance of MtGox. It should simply be an exchange from the many, not The Single Exchange.

Still IMHO, of course.

[InqBit]

Victims of their own success, not a DDoS

https://mtgox.com/press_release_20130411.html

[dego]

Roll back? Nope. I bought the coins you sold at 130$... won't give em back...

[Zedster]

This is funny nothing but newbs posting here.  Roll back an exchange? Are you listening to yourself? LOL

Christ I am very newb myself but I understand what we are going through is huge growing to pains.  Way too big, way too fast.

The biggest problem BTC is having atm is that Gox is running 80% of the trade (which they happily brag about). 

We need more competent exchanges, end of story.  All other exchanges are a joke, sadly.  I personally hate Gox has I think their interface is just terrible.  I am looking forward to kraken.com, it looks like it may be a very good attempt at competition to Gox.

I wish I had the money to back a new exchange with tools that were worth using and servers that won't choke.

Roll back an exchange ROFL!

[MikeH]

MtGox have rolled back before dude.. I'm sure they'd be considering it if it hit $1 again.

[cly]

PLEAAAASSSE

Make MtGox Open source. So everybody can check the code, set up a trading market himself and take advantage from decentralized systems.

Thank you

[Zedster]

MtGox have rolled back before dude.. I'm sure they'd be considering it if it hit $1 again.

Not with 20K people trading.

[centove]

One question...

If they roll back, how are they going to roll back the bitcoins sent out and confirmed to a non-mtgox address?

[Ekaros]

Rollback? I see lawsuits coming.


MtGox is just too big for their own competence... If they were small player that might be okay, but as biggest...

[JoelKatz]

Um, no way. It doesn't matter that this was an attack. No fake coins were sold. No accounts were hacked. (AFAWK)

A roll back would be a disaster, and pointless.

People were unable to cancel orders for extended periods of time. That's a pretty serious problem, IMO. Though I agree that a rollback isn't the solution.

[deadweasel]

seriously, this wasn't a bubble pop - it was a DDoS attack - roll back and it would make a statement that you won't take bitcoin down with these kind of attacks.

do nothing and the media will have a field day and bitcoin will take a long time to recover..

then of course MtGox needs to do something about it - halt trading at a certain level of lag or something!


even those who bought cheap coins shouldn't be against this, as long as they already held a few.

---

edit:  I've changed my mind, as long as we keep rallying, we may be better off without a roll back - however painful that was.

I'm glad you've changed your tune.  MtGox is not the problem.  It's the people that continue to use it when they know they will not be able to trade when it really matters.  This is an unregulated market, so we cannot expect regulated behavior of exchanges.

Welcome to the wild west.  Sit back, stay a while.

[ErebusBat]

PLEAAAASSSE

Make MtGox Open source. So everybody can check the code, set up a trading market himself and take advantage from decentralized systems.

Thank you

ANd how are you going to collect/payout fiat and handle AML laws?   

[dg2010]

MTGOX is a fucking joke.

Written and run by children with no fucking clue how to run a real business.