Bitcoin Forum
December 06, 2016, 06:13:25 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3 »  All
  Print  
Author Topic: 3 interesting replies found at mtgox website about the rolling back  (Read 5326 times)
qikaifu
Full Member
***
Offline Offline

Activity: 168


God creats math and math creats bitcoin.


View Profile
June 19, 2011, 08:34:41 PM
 #1

Jun-20 2011 04:42.

Why should everyone who profited from the crash suffer your inablitiy to secure the site?

Anyone who owns shouldn't have 500K in his Mt Gox account anyway (and make sure no one gets his/her password).

So, everyone who got cheap bitcoins today will have them reversed??? THAT is stealing!

Please give a statement to that!!!
----------------

Jun-20 2011 04:27.

I also don't see how you can rollback transactions without losses. I had a trade that executed as the market dropped, shortly after I got spooked and withdrew my BTC (less then 100 more then 10) to my wallet. That BTC is now in my wallet confirmed. How can you possibly roll that back?
------------

I don't think you're realizing what a disaster this is. You won't be able to rollback all the transactions because substantial amounts of Bitcoins have been withdrawn, and you can't just declare a price of $17.5 or reinstate people's orders to achieve that price because circumstances have changed. I would object strongly if my prior order is reinstated without giving me a chance to review the current, rather than past, conditions. What of people who both bought and sold after the hack?







If you see any of my suggestions useful, please donate me. http://btc.to/ec
1481048005
Hero Member
*
Offline Offline

Posts: 1481048005

View Profile Personal Message (Offline)

Ignore
1481048005
Reply with quote  #2

1481048005
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481048005
Hero Member
*
Offline Offline

Posts: 1481048005

View Profile Personal Message (Offline)

Ignore
1481048005
Reply with quote  #2

1481048005
Report to moderator
Synaptic
Member
**
Offline Offline

Activity: 84


View Profile
June 19, 2011, 08:37:22 PM
 #2

Jun-20 2011 04:42.

Why should everyone who profited from the crash suffer your inablitiy to secure the site?

Anyone who owns shouldn't have 500K in his Mt Gox account anyway (and make sure no one gets his/her password).

So, everyone who got cheap bitcoins today will have them reversed??? THAT is stealing!

Please give a statement to that!!!
----------------

Jun-20 2011 04:27.

I also don't see how you can rollback transactions without losses. I had a trade that executed as the market dropped, shortly after I got spooked and withdrew my BTC (less then 100 more then 10) to my wallet. That BTC is now in my wallet confirmed. How can you possibly roll that back?
------------

I don't think you're realizing what a disaster this is. You won't be able to rollback all the transactions because substantial amounts of Bitcoins have been withdrawn, and you can't just declare a price of $17.5 or reinstate people's orders to achieve that price because circumstances have changed. I would object strongly if my prior order is reinstated without giving me a chance to review the current, rather than past, conditions. What of people who both bought and sold after the hack?








DON'T WORRY GUYS, MT. GOX HAS GOT THIS.
Durr
Newbie
*
Offline Offline

Activity: 28


View Profile
June 19, 2011, 08:39:23 PM
 #3

MTGOX IS NOW NAKED SHORT ON BITCOINS. IT DOES NOT HAVE THE BITCOINS IT SAYS IT DOES

THEY ARE MANIPULATING THE MARKET BY NOW SETTING THE PRICE TO 17.51

Help this puppy survive: http://larrycorreia.files.wordpress.com/2011/06/mr-snuggles.jpg

Donate to 1Gvzk3L3oLjeK5m6y4B82kFvLEZbqQnUWs
shakaru
Sr. Member
****
Offline Offline

Activity: 364


View Profile WWW
June 19, 2011, 08:39:55 PM
 #4

I agree. Im begining to think I might have some serious problems on my hands now.

bitrebel
Sr. Member
****
Offline Offline

Activity: 364


View Profile
June 19, 2011, 08:42:26 PM
 #5

It's those replies on their site and a few others that led me to post this...

http://forum.bitcoin.org/index.php?topic=19587.0

Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
DamienBlack
Jr. Member
*
Offline Offline

Activity: 56


View Profile
June 19, 2011, 08:45:07 PM
 #6

If you withdrew, they will rollback and subtract what you withdrew. If you withdrew more than you had before the rollback, they may have to just cover the losses. They've made enough to. I just hope they don't decide the losses are to much and restarting isn't worth it since they lost everyone's trust and disappear.

Perhaps they will put your account negative and require you to return the funds to continue trading.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
Tips: 1NfXhiTFEdKQTdLy49s6DYAP1K7MeFWyao
bitrebel
Sr. Member
****
Offline Offline

Activity: 364


View Profile
June 19, 2011, 08:47:11 PM
 #7

I'll bet a bitcoin they will leave that message up for several days, give a few rounds of excuses, and their site will disappear by next week.

Any takers?

Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
paulie_w
Sr. Member
****
Offline Offline

Activity: 420


View Profile
June 19, 2011, 08:48:34 PM
 #8

MTGOX IS NOW NAKED SHORT ON BITCOINS. IT DOES NOT HAVE THE BITCOINS IT SAYS IT DOES

THEY ARE MANIPULATING THE MARKET BY NOW SETTING THE PRICE TO 17.51

but how do you know this?
zby
Legendary
*
Offline Offline

Activity: 1431


View Profile
June 19, 2011, 08:52:09 PM
 #9

I really hope they'll not reinstantiate all the standing orders without giving a chance to review them against current conditions (in particular the current price at other exchanges).
evoorhees
Legendary
*
Offline Offline

Activity: 994


Democracy is the original 51% attack


View Profile
June 19, 2011, 08:54:07 PM
 #10

The number of coins that actually left MtGox is small and limited, so while those may be lost for good, the vast majority of the big theft are still with them, and reversing their trades will repair most of the damage. Perhapt Mt. Gox will personally compensate the remaining amount from their own wallets?  

I think it's good this is happening while bitcoins is still so new and "fledgling." It's still in Beta. Anyone who didn't expect crazy stuff like this was naive, but the Bitcoin will emerge stronger. Stronger exchanges, stronger passwords, and lots of new information.

The market will heal.
Waldschrat
Full Member
***
Offline Offline

Activity: 163



View Profile
June 19, 2011, 08:55:33 PM
 #11

Quote
I'll bet a bitcoin they will leave that message up for several days, give a few rounds of excuses, and their site will disappear by next week.

You're on! Smiley

SgtSpike
Legendary
*
Offline Offline

Activity: 1344



View Profile
June 19, 2011, 08:57:01 PM
 #12

It shouldn't be rolled back.  MtGox needs to cover the losses of the guy who was hacked, and that should be it.
epi 1:10,000
Full Member
***
Offline Offline

Activity: 154


View Profile
June 19, 2011, 08:57:17 PM
 #13

I'll bet a bitcoin they will leave that message up for several days, give a few rounds of excuses, and their site will disappear by next week.

Any takers?

If that happens we will send Atlas after him.
Synaptic
Member
**
Offline Offline

Activity: 84


View Profile
June 19, 2011, 08:58:29 PM
 #14

The number of coins that actually left MtGox is small and limited, so while those may be lost for good, the vast majority of the big theft are still with them, and reversing their trades will repair most of the damage. Perhapt Mt. Gox will personally compensate the remaining amount from their own wallets?  

I think it's good this is happening while bitcoins is still so new and "fledgling." It's still in Beta. Anyone who didn't expect crazy stuff like this was naive, but the Bitcoin will emerge stronger. Stronger exchanges, stronger passwords, and lots of new information.

The market will heal.

The SPECULATOR (pump and dump) market will heal.

The LEGITIMATE vendor/consumer market will not.

Bitcoin grabbed the spotlight too early if it wasn't ready for prime-time.

Cause it got major fucking prime-time attention, and a whole hell of a lot more is coming next week, bet your bottom bitcoin (which is probably quite worthless at this point) on it.

BTC as anything but an "investors" circle-jerk and criminal paypal is gone, probably for good.  Maybe in another year or two BTC might have a chance at being a legit e-currency, but it's doubtful...
qikaifu
Full Member
***
Offline Offline

Activity: 168


God creats math and math creats bitcoin.


View Profile
June 19, 2011, 08:59:22 PM
 #15

The number of coins that actually left MtGox is small and limited, so while those may be lost for good, the vast majority of the big theft are still with them, and reversing their trades will repair most of the damage. Perhapt Mt. Gox will personally compensate the remaining amount from their own wallets?  

I think it's good this is happening while bitcoins is still so new and "fledgling." It's still in Beta. Anyone who didn't expect crazy stuff like this was naive, but the Bitcoin will emerge stronger. Stronger exchanges, stronger passwords, and lots of new information.

The market will heal.

very soon, there will no exchange named mtgox

If you see any of my suggestions useful, please donate me. http://btc.to/ec
Durr
Newbie
*
Offline Offline

Activity: 28


View Profile
June 19, 2011, 09:01:11 PM
 #16

MTGOX IS NOW NAKED SHORT ON BITCOINS. IT DOES NOT HAVE THE BITCOINS IT SAYS IT DOES

THEY ARE MANIPULATING THE MARKET BY NOW SETTING THE PRICE TO 17.51

but how do you know this?


I know this because people have withdrawn bitcoins from MtGox to their personal wallets (look around people said this on this forum).

This means MtGox no longer has the Bitcoin it's supposed to have.

MtGox should not rollback, but instead continue and refund the hacked accounts who lost bitcoins.

If they rollback they should be put in jail for breaking the law. This is not how exchanges are allowed to function by law.

Help this puppy survive: http://larrycorreia.files.wordpress.com/2011/06/mr-snuggles.jpg

Donate to 1Gvzk3L3oLjeK5m6y4B82kFvLEZbqQnUWs
Bazil
Full Member
***
Offline Offline

Activity: 126


View Profile
June 19, 2011, 09:04:22 PM
 #17

Even if Mtgox lost a large number of bitcoins, they can temporarily work like a fractional reserve bank until they recoup all the accounts with the 0.65% fee.

17Bo9a6YpXN2SbwY8mXLCD43Wup9ZE4rwm
passerby
Member
**
Offline Offline

Activity: 112


View Profile
June 19, 2011, 09:07:01 PM
 #18

It shouldn't be rolled back.  MtGox needs to cover the losses of the guy who was hacked, and that should be it.

Excuse me, did he get hacked because he cannot into passwords and used something like "johnqwerty" as his pw, or because MtGox got exploited?
DamienBlack
Jr. Member
*
Offline Offline

Activity: 56


View Profile
June 19, 2011, 09:07:39 PM
 #19

I think the rollback it necessary and fine. Mt Gox might just have to take losses from people who withdrew. I'm sure not all that many did.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
Tips: 1NfXhiTFEdKQTdLy49s6DYAP1K7MeFWyao
Synaptic
Member
**
Offline Offline

Activity: 84


View Profile
June 19, 2011, 09:09:12 PM
 #20

Even if Mtgox lost a large number of bitcoins, they can temporarily work like a fractional reserve bank until they recoup all the accounts with the 0.65% fee.

Gosh, it's like a bitcoiners dream!

"Chargebacks"

Fractional Reserves

Everything we stand for as a community!

Yee Haw cowboys.
Pages: [1] 2 3 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!