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

[naphto]

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.

[1714099218]

1714099218

[1714099218]

1714099218

[1714099218]

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[threeip]

take your car for service

car repair shop closes down for a month

you just going to do nothing?

If they were closed for 12 hours i wouldn't care.
I would if i left my wallet in the car, but that's my own fault.

Also, if you can't trade, they can't make fees, so you're not 'paying', dig?

[moni3z]

MtGox has been Goxxing their customers since 2011 when they bought out Magic The Gathering Online Xchange from the American who ran it as a hobby and was paranoid of getting sued over held scammer coins and unknown US regulation. If you continue to use them you can expect to be Goxxed again and again. Suing Japanese companies = impossible so good luck with that. You can sue Coinlab when they start up partnership and inevitable Goxxing occurs.

[jubalix]

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

[Herodes]

*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.html

is 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

Mark Karples is a good man, but he is not a good business man. He basically got this situation thrown into his lap, and as you say, this could've been handled differently - perhaps denying new accounts until their current systems got upgraded. Then users would seek out other exchanges, and Gox would lose market share, but as it is now, they wanted everything, and may end up with a lot less than everything - it seems like many people are very discontent with the current situation. But then, speak with your wallets, and move to another exchange.

A class action will not lead anywhere though.

[jubalix]

[/quote]

Mark Karples is a good man, but he is not a good business man. He basically got this situation thrown into his lap, and as you say, this could've been handled differently - perhaps denying new accounts until their current systems got upgraded. Then users would seek out other exchanges, and Gox would lose market share, but as it is now, they wanted everything, and may end up with a lot less than everything - it seems like many people are very discontent with the current situation. But then, speak with your wallets, and move to another exchange.

A class action will not lead anywhere though.
[/quote]


here on the front page of Gox is a core issue they hold out

We're always on. Buy and sell Bitcoin 24/7/365 with the world's most sophisticated trading platform.

[ErebusBat]

whatever it takes to get my car back

Wait, wut?  Did you get a loan on your car to buy bitcoins?

[Herodes]

[...]

Instead of creating extra stress, hostility and hatred within the community, and attacking existing bitcoin companies, why don't you contribute into making something better yourself ?

As of now, Gox is working hard to upgrade and improve their system. If they're not up to the task in the long run, the market will evolve, and new exchanges will pop up and volume will move there.

It's quite an asshat move to attack MtGox like this. You may have personal opinions in regards to their incompetency or whatnot, but actually suggesting a class-action at this point will do the community no good.

MtGox has done many errors, and will most likely continue to do so, which opens opportunities for other players. At least, they've started to communicate better with the user base, and that is a good sign.

Also, users must understand that from a technical perspective, things are not done over night. It takes time. It is very easy to sit here and point the finger at MtGox and complain for various reasons. It doesn't help much. The situation is what it is, and then we need to move forward.

I'm sure MtGox at this moment in time see that they should've scaled earlier. Now, I guess some people have a good business sense, and see problems before they arise, but some people do not have this sense.

Hassling MtGox with stuff in the legal system at this point will do absolutely no good. And what exactly will you sue them for ? The fact that they did not take adequate action to scale their systems because, they in your opinion should've done so ?

I agree they should've done so, but as MtGox wrote on the recent reddit interview, these things does take time. Perhaps they should've halted new registrations, perhaps they should've looked into things to streamline and optimize their current business, and afaik, they are looking into these things, but it all takes time.

[Phinnaeus Gage]

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

Surely, you're joking about the two mac mini's. I'm ignorant on this sort of thing, assuming Mt Gox is using a conventional server(s).

Somebody please enlighten me as to what type of server(s) they are using. Inquiring half-a-mind wants to know.

[jubalix]

[...]

Instead of creating extra stress, hostility and hatred within the community, and attacking existing bitcoin companies, why don't you contribute into making something better yourself ?

As of now, Gox is working hard to upgrade and improve their system. If they're not up to the task in the long run, the market will evolve, and new exchanges will pop up and volume will move there.

It's quite an asshat move to attack MtGox like this. You may have personal opinions in regards to their incompetency or whatnot, but actually suggesting a class-action at this point will do the community no good.

MtGox has done many errors, and will most likely continue to do so, which opens opportunities for other players. At least, they've started to communicate better with the user base, and that is a good sign.

Also, users must understand that from a technical perspective, things are not done over night. It takes time. It is very easy to sit here and point the finger at MtGox and complain for various reasons. It doesn't help much. The situation is what it is, and then we need to move forward.

I'm sure MtGox at this moment in time see that they should've scaled earlier. Now, I guess some people have a good business sense, and see problems before they arise, but some people do not have this sense.

Hassling MtGox with stuff in the legal system at this point will do absolutely no good. And what exactly will you sue them for ? The fact that they did not take adequate action to scale their systems because, they in your opinion should've done so ?

I agree they should've done so, but as MtGox wrote on the recent reddit interview, these things does take time. Perhaps they should've halted new registrations, perhaps they should've looked into things to streamline and optimize their current business, and afaik, they are looking into these things, but it all takes time.

so your going to make good for all the people that could not execute orders in the market when they needed too then? while gox has on their front page 24/7 brilliant system???

nice sentiments, but this is people money/BTC we are talking about

[Herodes]

so your going to make good for all the people that could not execute orders in the market when they needed too then?

Now, take a deep breath, lean back - and read again what you just write. Do it make sense to you ?

while gox has on their front page 24/7 brilliant system???

In a perfect world they would not advertise it as such. However, when growing up, most people learn the world is not black and white, but comes in shades of grey. There are countless companies that make promises they can't hold. Happens every day. I guess you're the same kind of person that would complain if you couldn't have a burger at 21:58 at your local burger place because the sign said they closed at 22:00.

nice sentiments, but this is people money/BTC we are talking about

Sure it is. If you are not satisfied, then withdraw everything you have there and stop giving them business, if you think that is a better solution. Suing them, which is something you won't do anyway - will serve no purpose, and you won't win. In fact, I don't even think you have a case.

[jubalix]

so your going to make good for all the people that could not execute orders in the market when they needed too then?

Now, take a deep breath, lean back - and read again what you just write. Do it make sense to you ?

Au contrair, this is the facts....you must make an actual criticism.

while gox has on their front page 24/7 brilliant system???

In a perfect world they would not advertise it as such. However, when growing up, most people learn the world is not black and white, but comes in shades of grey. There are countless companies that make promises they can't hold. Happens every day. I guess you're the same kind of person that would complain if you couldn't have a burger at 21:58 at your local burger place because the sign said they closed at 22:00.

Yes that's called misleading and deceptive conduct, or breach or contract when you take money Its no where near a shade of grey. You burger analogy males no scene. My use value of a bruger 2 minutes later is usually the same. 2 minutes later in a market, can be a different world.

nice sentiments, but this is people money/BTC we are talking about

Sure it is. If you are not satisfied, then withdraw everything you have there and stop giving them business, if you think that is a better solution. Suing them, which is something you won't do anyway - will serve no purpose, and you won't win. In fact, I don't even think you have a case.


That's my point!!!! Many could not withdraw or do anything for a loooong time even if they wanted to. Eg cash out at $150 - $160 nope.jpg click button but nothing doing.