Gox' Class action? [NOTE GOX STOPPED TRADING MOMENTS AFTER THIS WAS POSTED]

[jubalix]

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.

[jubalix]

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!

[Ten98]

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.

Indeed, because if a fire breaks out in a bar a lot of people could die.

If a Bitcoin exchange lags out all that happens is a bunch of morons lose their money.

[jubalix]

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

[Pangia]

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.

[Beutelschneider]

Indeed, because if a fire breaks out in a bar a lot of people could die.

If a Bitcoin exchange lags out all that happens is a bunch of morons lose their money.

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. No need for shops to offer easy and fast checkouts using BTC and so on...its up to you to think about it, but ask yourself why are you involved in BTC?

Nothing more to say about this  

[threeip]

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.....

[sega01]

You guys need to stop bitching about MTGox. If you don't like them, use someone else. I'd like you try to see if you can run your own exchange any better. I have no doubt things could be better, but I honestly believe they are making a huge difference in Bitcoin adoption and are doing the best they can.

And you're not serious about a class action law suit, are you? Suing an exchange over a speculative digital currency, because you used it incorrectly?

I have no doubt many of you have lost money in this fiasco over the past 24 hours. But blaming the biggest exchange while it's being continually attacked and people are trying to manipulative the markets, is just plain silly.

[jubalix]

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.

[Beutelschneider]

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.  

[jubalix]

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

[Rawted]

You guys need to stop bitching about MTGox. If you don't like them, use someone else. I'd like you try to see if you can run your own exchange any better. I have no doubt things could be better, but I honestly believe they are making a huge difference in Bitcoin adoption and are doing the best they can.

And you're not serious about a class action law suit, are you? Suing an exchange over a speculative digital currency, because you used it incorrectly?

I have no doubt many of you have lost money in this fiasco over the past 24 hours. But blaming the biggest exchange while it's being continually attacked and people are trying to manipulative the markets, is just plain silly.

Please clarify how you think they are "making a huge difference in bitcoin adoption".

[jubalix]

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

[koobie]

You can't have it both ways.  Bitcoin is designed to be a self-regulating currency.  I understand that people who have a large exposure to BTC (I don't) would be very upset.  This exchange was not prepared for the large increases in volume.  Blame it on media hype or Cyprus or whatever.  The fact is that these exchanges provide a valuable service to trade BTC.  If you don't like it, start your own.  A lawsuit against an exchange might set a precedent for all BTC businesses.  Once you get lawyers involved in BTC, it will die shortly.

[Beutelschneider]

I suggested precisely this earlier today, not that anyone cared then

https://bitcointalk.org/index.php?topic=172984.msg1800224#msg1800224

Didn't noticed this yet but business as usual...

THE SHIT HAS TO HIT THE FAN REAL HARD BEFORE CHANGES HAPPEN

this was the 2nd time, the first gox incident didn't affect as much common ppl as this one now. Fingers crossed BTC will get a 3rd chance now by the time!

Oh, and btw, there are better places for trading currencies against each other. It's called FOREX and most brokers offer accounts with 200$ or 300$ deposit as minimum

[wtfvanity]

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

Umm... the bar wouldn't let the people in. They have a limit by ordinance how many people can be inside. Those people would be waiting outside until some left from already being there. The line would go for who knows how far. Does anyone live in Vegas? Did anyone go to the stupid pawn stars shop before it had a tv show? Now, only so many people can be inside at one time. So, a line wraps around the building...

If mtgox can't handle the new people don't let them use the trading system until it is first upgraded...

[Beutelschneider]

This exchange was not prepared for the large increases in volume.....  Once you get lawyers involved in BTC, it will die shortly.

Simple question: If they weren't prepared enough, why did they let the ppl in? was the profit they were generating not enough? They placed greediness over risk management? And if gox disappears after a class action, its still a sign for the other exchanges

[naphto]

*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

[koobie]

This exchange was not prepared for the large increases in volume.....  Once you get lawyers involved in BTC, it will die shortly.

Simple question: If they weren't prepared enough, why did they let the ppl in? was the profit they were generating not enough? They placed greediness over risk management? And if gox disappears after a class action, its still a sign for the other exchanges

Obviously, they should have done something sooner.  There were signs of overload for days.  They would have had to halt trading at some point.  I won't speculate on their reasons for not addressing the issues sooner.  My point is that any legal retribution against them opens the floodgates.  The legal system involves the government court system.  That would be bad for the BTC community.  What would be good is if the community could help prevent this type of problem from happening in the future.  I think the services rating system linked in this thread is a good idea.

[jubalix]

*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?