3 interesting replies found at mtgox website about the rolling back

[passerby]

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I know this because people have withdrawn bitcoins from MtGox to their personal wallets (look around people said this on this forum).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

Did you carry out the mathematication rituals necessary to divine whether they have enough coins to cover the rollback out of their own pockets or not?  

Also, are you an expert lawyer dealing with Japanese legislation governing virtual commodity exchanges (or whatever Japanese laws might apply)?  

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[Bazil]

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.

What would you rather?  Him to just take bitcoins away from everyone, possibly a large number.  Or just pretend he still has them until he has replenished all the bitcoins with the fee?  Just like a regular bank.

[aop]

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.

That'll work just fine because first thing you see if Mt.Gox ever opens again is a freaking bank run.

[Synaptic]

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.

What would you rather?  Him to just take bitcoins away from everyone, possibly a large number.  Or just pretend he still has them until he has replenished all the bitcoins with the fee?  Just like a regular bank.

Fuck, I forgot you need the /sarcasm tag on the Intardwebz.

[Desu]

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?

Your definantly on!

[goldbit]

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.

I think there will be a "bank run" on Mt Gox after this incident. If Mt Gox do not have enough bitcoins, some people is going to eat the loss.

I am glad I found something wrong with my account less than 24 hours ago, and I changed my password to 24 character long, and withdraw all btc at the same time.

I just found it unbelievable that so many people blindly trusted Mt Gox even with all the hints show up in the last few days.

[qwk]

"Chargebacks"

Fractional Reserves

Everything we stand for as a community!

Mt Gox is not part of the bitcoin "project", nor is it part of the community. It is a private enterprise just accidently involved in the business of bitcoin trading.

[Synaptic]

"Chargebacks"

Fractional Reserves

Everything we stand for as a community!

Mt Gox is not part of the bitcoin "project", nor is it part of the community. It is a private enterprise just accidently involved in the business of bitcoin trading.

Pretty sure something 99% of bitcoin users also use, constitutes being part of the "community"...

[cunicula]

If you lost a lot, then try to network with other people who lost money and see if you can file a class action suit against Mt. Gox.

Should be much easier if they hold US Bank accounts and you can sue them in a US jurisdiction. Japan is very hostile to civil litigation.

[Synaptic]

If you lost a lot, then try to network with other people who lost money and see if you can file a class action suit against Mt. Gox.

Should be much easier if they hold US Bank accounts and you can sue them in a US jurisdiction. Japan is very hostile to civil litigation.

Oh God, this would be the most EPIC of examples of exactly what I've talked about a number of times in my prior threads.

PLEASE someone try to bring a lawsuit concerning bitcoins to court.

Nothing would make our lives more interesting here, I assure you.

[DamienBlack]

If you lost a lot, then try to network with other people who lost money and see if you can file a class action suit against Mt. Gox.

Should be much easier if they hold US Bank accounts and you can sue them in a US jurisdiction. Japan is very hostile to civil litigation.

How can you lose a lot by the rollback? Do you mean the stolen bitcoins you picked up for $0.10 and had for 10 minutes? You will have as much as you had earlier today.

[passerby]

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.

That'll work just fine because first thing you see if Mt.Gox ever opens again is a freaking bank run.

[DATA COMMANDER]

A steals something from B and sells it to C. If C doesn't know that it was stolen from B, then if B demands that C give it back, he is demanding that a theft be committed. Period.

[jhansen858]

so you admit to knowingly buying stolen goods?  Doesn't that make you an accessory?  If you didn't know they were stolen when you bought them you do now.  You still think you want them?

[ixne]

I can't believe people are expressing righteous indignation because they can't keep the stolen bitcoins someone threw in their general direction.  Good luck getting a lawyer to prepare a class action suit based on the principle of "finders keepers."

If Mt. Gox is indeed short some amount of bitcoins, it'll just be taken out of whatever's left of the hacked account I imagine.

A steals something from B and sells it to C. If C doesn't know that it was stolen from B, then if A demands that C give it back, he is demanding that a theft be committed. Period.

Who cares what A demands, he stole it in the first place.

Here's how it works in the real world: If someone sells you something and you later find out it was stolen, you are trafficking in stolen goods if you don't return it.

[Maged]

A steals something from B and sells it to C. If C doesn't know that it was stolen from B, then if A demands that C give it back, he is demanding that a theft be committed. Period.

So, apparently, the police commit theft every day? Just be glad that you still get your money back.

[DATA COMMANDER]

I can't believe people are expressing righteous indignation because they can't keep the stolen bitcoins someone threw in their general direction.  Good luck getting a lawyer to prepare a class action suit based on the principle of "finders keepers."

If Mt. Gox is indeed short some amount of bitcoins, it'll just be taken out of whatever's left of the hacked account I imagine.

A steals something from B and sells it to C. If C doesn't know that it was stolen from B, then if A demands that C give it back, he is demanding that a theft be committed. Period.

Who cares what A demands, he stole it in the first place.

Here's how it works in the real world: If someone sells you something and you later find out it was stolen, you are trafficking in stolen goods if you don't return it.

I made a typo (braino?). I meant to write, "...then if B demands that C give it back..."

Here's a reality check for you: every bill in your wallet that is more than a year old was almost certainly stolen from someone at some point. Anyone who supports a rollback should whip out all of the US currency in their possession and post the serial numbers. That way, if someone else can determine that they were stolen from someone at some point, we can return the stolen bills. Yay!

[RomertL]

To all of you who bought bitcoins at about 5 cents and are now pissed coz Mt Gox are doing a rollback I have only one thing to say: Fuck you! You knew something was wrong, you tried to capitalize and thought you got away with it. Don't blame you guys for trying, most of us would have. I blame you for bitching about the rollback, calling it stealing, and claiming to not understand that something was wrong when the other markets traded at around 15$ at the same time.

[Synaptic]

To all of you who bought bitcoins at about 5 cents and are now pissed coz Mt Gox are doing a rollback I have only one thing to say: Fuck you! You knew something was wrong, you tried to capitalize and thought you got away with it. Don't blame you guys for trying, most of us would have. I blame you for bitching about the rollback, calling it stealing, and claiming to not understand that something was wrong when the other markets traded at around 15$ at the same time.

Except of course, everyone knows what a volotile market BTC is and so it very well could have been a totally legit sell off by an early investor.

Right?

Isn't that how this wonderful free market works?

[Andrew Vorobyov]

      

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.