qikaifu (OP)
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Activity: 168
Merit: 100
God creats math and math creats bitcoin.
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June 19, 2011, 08:34:41 PM |
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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!!!
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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?
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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 You won't be able to rollback all the transactions because substantial amounts of Bitcoins have been withdrawn, and you can't just declare a price of $17.5 or reinstate people's orders to achieve that price because circumstances have changed.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?
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The forum strives to allow free discussion of any ideas. All policies are built around this principle. This doesn't mean you can post garbage, though: posts should actually contain ideas, and these ideas should be argued reasonably.
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Synaptic
Member
Offline
Activity: 84
Merit: 10
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June 19, 2011, 08:37:22 PM |
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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!!!
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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?
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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. |
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Durr
Newbie
Offline
Activity: 28
Merit: 0
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June 19, 2011, 08:39:23 PM |
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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
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shakaru
Sr. Member
Offline
Activity: 406
Merit: 250
QUIFAS EXCHANGE
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June 19, 2011, 08:39:55 PM |
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I agree. Im begining to think I might have some serious problems on my hands now.
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DamienBlack
Jr. Member
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Activity: 56
Merit: 1
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June 19, 2011, 08:45:07 PM |
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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.
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bitrebel
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June 19, 2011, 08:47:11 PM |
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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?
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Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
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paulie_w
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June 19, 2011, 08:48:34 PM |
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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? |
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zby
Legendary
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Activity: 1592
Merit: 1001
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June 19, 2011, 08:52:09 PM |
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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).
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evoorhees
Legendary
Offline
Activity: 1008
Merit: 1021
Democracy is the original 51% attack
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June 19, 2011, 08:54:07 PM |
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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.
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Waldschrat
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June 19, 2011, 08:55:33 PM |
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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!  |
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SgtSpike
Legendary
Offline
Activity: 1400
Merit: 1005
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June 19, 2011, 08:57:01 PM |
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It shouldn't be rolled back. MtGox needs to cover the losses of the guy who was hacked, and that should be it.
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epi 1:10,000
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June 19, 2011, 08:57:17 PM |
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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. |
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Synaptic
Member
Offline
Activity: 84
Merit: 10
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June 19, 2011, 08:58:29 PM |
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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... |
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qikaifu (OP)
Full Member
Offline
Activity: 168
Merit: 100
God creats math and math creats bitcoin.
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June 19, 2011, 08:59:22 PM |
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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 |
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Durr
Newbie
Offline
Activity: 28
Merit: 0
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June 19, 2011, 09:01:11 PM |
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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.
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Bazil
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June 19, 2011, 09:04:22 PM |
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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.
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17Bo9a6YpXN2SbwY8mXLCD43Wup9ZE4rwm
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passerby
Member
Offline
Activity: 112
Merit: 10
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June 19, 2011, 09:07:01 PM |
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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? |
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DamienBlack
Jr. Member
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Activity: 56
Merit: 1
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June 19, 2011, 09:07:39 PM |
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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.
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Synaptic
Member
Offline
Activity: 84
Merit: 10
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June 19, 2011, 09:09:12 PM |
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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. |
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