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Author Topic: Rollback is BS  (Read 6528 times)
dutt
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June 19, 2011, 08:11:31 PM
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Mt. Gox can do as they want but I don't think it is fair in regards to the traders who had orders in at $0.01  Embarrassed

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June 19, 2011, 08:16:28 PM
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I'm sure several people will be moving over to TradeHill.
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June 19, 2011, 08:19:52 PM
 #3

Mt. Gox can do as they want but I don't think it is fair in regards to the traders who had orders in at $0.01  Embarrassed

So, you think it is fair that those traders would gain enormous profit from a hack?

Yeah, well... I'm gonna go build my own blockchain, with blackjack and hookers. In fact, forget the blockchain!
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June 19, 2011, 08:21:47 PM
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The trades weren't legitimate so I think its entirely fair.

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
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russelljohnson
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June 19, 2011, 08:24:51 PM
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This thread is BS.

If you've found my post helpful, send me some bitcoins!
1FkGxXmesGbhoFewYGrtNEmifzwvNaNCXH
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June 19, 2011, 08:27:40 PM
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I really wouldnt want to profit off others misfortue, just be bad karma. Its all just growing pains that need to be worked out.
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June 19, 2011, 08:30:18 PM
 #7

Some cruel part of me is taking great amusement in the frothy-mouthed furor that has filled the Mt. Gox frontpage.  Eloquent, passionate arguments about how things should have been, must be, how they're done in the real world, and how Mt. Gox will lose all their business over this, all by a tiny group of people who were (un?)fortunate enough to trade for huge numbers of bitcoins at 0.01. 

They thought they had it made, and no matter what words they use, their argument is all simply one statement:  I wanted to be rich.  Nothing wrong with that, of course, but it's hard to respect such round-about weaselwording.  I haven't seen a single person there say "Damn!  I thought I struck it big.  Shit.", which is an attitude I would respect.

You know what they say - easy come, easy go.  That phrase was made for situations like this.
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June 19, 2011, 08:33:37 PM
 #8

Some cruel part of me is taking great amusement in the frothy-mouthed furor that has filled the Mt. Gox frontpage.  Eloquent, passionate arguments about how things should have been, must be, how they're done in the real world, and how Mt. Gox will lose all their business over this, all by a tiny group of people who were (un?)fortunate enough to trade for huge numbers of bitcoins at 0.01. 

They thought they had it made, and no matter what words they use, their argument is all simply one statement:  I wanted to be rich.  Nothing wrong with that, of course, but it's hard to respect such round-about weaselwording.  I haven't seen a single person there say "Damn!  I thought I struck it big.  Shit.", which is an attitude I would respect.

You know what they say - easy come, easy go.  That phrase was made for situations like this.

Anyone who saw the price drop knew something went wrong , NO ONE would go buy if they really believed that bitcoins just became worth a big fat NUL.

They tried their luck and hoped mtgox would overlook it and let it go on like last weekend when prices dropped from 32 to 10, and I am sure something went very wrong then aswell. It wasnt merely a market price decline.

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June 19, 2011, 08:36:07 PM
 #9

The trades weren't legitimate so I think its entirely fair.

Other than the trades with the stolen coins, how were the other trades not 'legitimate'?  Did somebody make a trade non-voluntarily?  

I stand to lose quite a bundle from the rollback, but I won't be complaining to Mt.Gox.  They're in a tough business and they're doing a lot to help bitcoin along and days like today have got to be rough.  Still, if somebody panic sells at 8 bucks because they saw somebody else panic sell at 9 bucks, I fail to see how that is an illegitimate trade.

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Goldenmaw
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June 19, 2011, 08:37:51 PM
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Faceless Businessman is my favorite pony of the show.  He is overflowing with frustrated envy.
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June 19, 2011, 08:38:08 PM
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Anyone who saw the price drop knew something went wrong , NO ONE would go buy if they really believed that bitcoins just became worth a big fat NUL.

I guess you weren't trading tech stocks in 1999-2000.

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June 19, 2011, 08:40:21 PM
 #12

The trades weren't legitimate so I think its entirely fair.

Other than the trades with the stolen coins, how were the other trades not 'legitimate'?  Did somebody make a trade non-voluntarily?  

I stand to lose quite a bundle from the rollback, but I won't be complaining to Mt.Gox.  They're in a tough business and they're doing a lot to help bitcoin along and days like today have got to be rough.  Still, if somebody panic sells at 8 bucks because they saw somebody else panic sell at 9 bucks, I fail to see how that is an illegitimate trade.

All of those trades were initiated because the price was hacked to drop.  Had the hack not happened, none of those trades would have been made.  The majority of the coins sold were those that were stolen.  Do you really think it is OK to profit off one rich bastard's misfortune?
hiVe
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June 19, 2011, 08:40:38 PM
 #13

People b1tching about no rollback are pathetic.
I think its the right call to RB, think about it for Christs sake, its the logical step...oh well, no reason to reason with "some" greedy or otherwise stupid + under-aged citizens.
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June 19, 2011, 08:43:36 PM
 #14

The trades weren't legitimate so I think its entirely fair.

Other than the trades with the stolen coins, how were the other trades not 'legitimate'?  Did somebody make a trade non-voluntarily?  

I stand to lose quite a bundle from the rollback, but I won't be complaining to Mt.Gox.  They're in a tough business and they're doing a lot to help bitcoin along and days like today have got to be rough.  Still, if somebody panic sells at 8 bucks because they saw somebody else panic sell at 9 bucks, I fail to see how that is an illegitimate trade.

All of those trades were initiated because the price was hacked to drop.  Had the hack not happened, none of those trades would have been made.  The majority of the coins sold were those that were stolen.  Do you really think it is OK to profit off one rich bastard's misfortune?

Maybe you didn't read my entire post.  I indicated that trades with stolen coins were not legitimate.

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June 19, 2011, 08:45:23 PM
 #15

http://www.youtube.com/watch?v=I3mtsBFe2Us

Just give it a listen and the awesomeness of Acoustic Guitar will sooth you.

.      Will           '&`      Q
   Fingerpick      #       /|\
       for            #     (o\_)=="#
    BitCoins      _#_      / \
                     ( # )     \  \
                     / 0 \     ~   ~
                   ( === )       1LkTEGGyMKGgSo71f1sEubwG5PSg691zKb
Bimmerhead
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June 19, 2011, 08:46:33 PM
 #16

People b1tching about no rollback are pathetic.
I think its the right call to RB, think about it for Christs sake, its the logical step...oh well, no reason to reason with "some" greedy or otherwise stupid + under-aged citizens.

Because of course it is not greedy to want to have a voluntary trade rolled back after you discover you may be able to sell for more. Roll Eyes

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dutt
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June 19, 2011, 08:46:55 PM
 #17

Watch buyers step up next time the price drops sharply, and they want to get a bargain and thereby stabilizing the price. Or probably they won't because if they are wrong they lose money (no-rollback) and if they are right they make no money (possible rollback).

qwk
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June 19, 2011, 08:51:46 PM
 #18

They thought they had it made, and no matter what words they use, their argument is all simply one statement:  I wanted to be rich.  Nothing wrong with that, of course, but it's hard to respect such round-about weaselwording.  I haven't seen a single person there say "Damn!  I thought I struck it big.  Shit.", which is an attitude I would respect.

You know what they say - easy come, easy go.  That phrase was made for situations like this.

I for one wanted to buy at 0.01$, but could not (Mt Gox wouldn't take my order). For a few moments i really thought "what a great opportunity I missed". But right now, i'm really glad I didn't make it.

Not making the deal of your lifetime is one thing, but feeling like you did and then seeing it all slip away... ouch!

Yeah, well... I'm gonna go build my own blockchain, with blackjack and hookers. In fact, forget the blockchain!
onesalt
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June 19, 2011, 09:13:43 PM
 #19

By rolling the price back to it's prior value and not letting the free market decide upon the new value after this attack, Mtgox is essentially saying that they themselves are the de facto controller of the value of bitcoin. I don't use bitcoin because I wanted some regulatory agency to say how much my money was worth, I wanted the market itself to decide that.

mtgox should be shut down anyway for this absolute gross failure to uphold private data.
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June 19, 2011, 09:14:21 PM
 #20

@OP Cry
Quit crying you big baby! If it wasn't for the rollback, BTC would be crashing down around you right now!  Then what would you do with your stolen, worthless bitcoins?

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