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

[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."

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

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[Wilikon]

All the big bitcoin accounts should start voting with their coins and spread them to other exchanges. There is no need for Mt.Gox client to feel happy like a beaten wife every time. I mean you would not do this if it was your fiat money using some tools like E trade or something else that would be responsible for crashing down the whole market...

DDoS attack I would "understand" the excuse.

[kiba]

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.

[Rawted]

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.

[WinVery.com]

I've pulled everything 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

[jubalix]

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

[agogos]

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.

[jubalix]

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.

[drrussellshane]

MTGOX (Magic The Gathering Online Exchange) has gotten waaaaay too big for its britches.

[btcash]

All over the forum/irc people complain about lags now mtgox is upgrading their database and you wanna sue them? 

[Wilikon]

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?

[jubalix]

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

[threeip]

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!

[jubalix]

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

[Ten98]

Don't be so childish. Only Americans sue each other over nothing.

Yes, Mt. Gox is a shit exchange. We have known this for years, yet people still place millions of dollars into it. Why? I have no idea.

Smaller exchanges offer faster trading, better interface, higher security, better site uptime and lower fees, yet MtGox continues to hold the lion's share of the trade.

If you lost big becuase you had lots of funds tied up in gox's shitty servers, then it's your fault for using them.

You can't sue gox for the actions of its users, causing a crash because the site started to go laggy. It's been laggy for years, there's no need to sell all your coins based on lag.

No, the real culprits of this crash are the morons who bought at $250, even though the near-vertical graphs and any basic analysis of them showed all the warning signs of a classic bubble, they got $$ signs in the eyes and ignored the risk.

Well, this is what you get.

[threeip]

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...

[Beutelschneider]

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!

What has Gox done 'wrong'? Did they sign something saying they would have no lag? Did you?

They accepted a shitload of new users(which would cause more load on their infrastructure) without upgrading their infrastructure

If gox would have been smart, they didn't accept so many new ppl 'til they were sure the servers can cope that load!

Its like selling an unlimited amount of tickets for a flight (because of greed) and the heavy overloaded plane crashes!

[threeip]

I agree with you (about the infrastructure), but it's like suing a bar because they have no seats and are too crowded?

[jubalix]

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

[Beutelschneider]

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.