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Author Topic: Rollback is BS  (Read 6529 times)
iya
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June 20, 2011, 12:06:33 PM
 #41

Yeah, if they roll back trades, they also have to cancel all bids and asks.
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wndrbr3d
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June 20, 2011, 04:31:36 PM
 #42

Rolling back buy orders due to crash/volume flood is no different than what they do in real markets when there's a huge, sudden fluctuation. In fact, it happened a couple months ago here in the US:

http://www.reuters.com/article/2010/05/10/plunge-minis-idUSN1023971920100510

Standard practice is to halt all trading, unwind the trades executed during the specified period and cancel all open orders on the floor. Not sure why people seem shocked/upset.
foggyb
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June 20, 2011, 04:37:00 PM
 #43

Not sure why people seem shocked/upset.

Greed.
Cluster2k
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June 20, 2011, 04:46:19 PM
 #44

Not sure why people seem shocked/upset.

Greed.

+1.  The only people who are shocked and upset are those who snagged cents per BTC trades during the deliberate market attack.  They can feign innocence and ignorance all they want.  They were the indirect beneficieries of crime.

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xanatos
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June 20, 2011, 04:48:08 PM
 #45

And remember, the fact that there is at least a persons with 500k bitcoin isn't a problem for bitcoin... It's an healthy thing! :-)
newunit16
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June 22, 2011, 01:58:44 AM
 #46

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.

are you blind? do you see the other exchanges trading with values in relation of what they were at mtgox during the time of the security breach? the free market is all up in those other exchanges deciding the value post-hack, RIGHT NAU!

mtgox is an exchange. there are other exchanges that trade for USD, shit theres one locally in cincinnatti at the hackerspace. do you think he was trading for .01$/BTC? hm, maybe its due to the fact those prices were not legitimately set by the free market?

if the free market decided BTC's were worth .01$, im sure the next day they would be worth .00$. (though id still buy a few bucks worth for S's and G's)

mtgox got hacked. if you're sad cause you didnt hit the "lottery", then you sir, are no better than the body(ies) that executed this attack.


my only issue with mtgox is their speed of recovery. id really like to get access to my <200USD i have in there. bitches should pay me intrest.
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