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Author Topic: Since when was mtgox the regulartory agency for btc?  (Read 3543 times)
onesalt
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June 19, 2011, 09:25:53 PM
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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.

Oh also which mod deleted my thread, if you have any love for the constitution you'll let people speak their mind instead of enforcing your views upon them. Thanks!
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Durr
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June 19, 2011, 09:28:35 PM
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Because early bitcoin guys liked to trade Magic The Gathering cards.

But yeah I agree MtGox should be shutdown or refund millions $ to people who lost because of this.

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paulie_w
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June 19, 2011, 09:28:51 PM
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so i guess you also took advantage of this situation and are sad about the reversal? :-)

i feel for you brother. :-)
onesalt
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June 19, 2011, 09:30:42 PM
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No I just don't feel that if people lose faith in the mtgox exchange mtgox should be going "NOPE WE STILL DEMAND YOU EXCHANGE BTC AT THESE VALUES BECAUSE WE SAY SO". The free market should be deciding the price of btc, NOT THE EXCHANGE.
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June 19, 2011, 09:32:00 PM
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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.

Oh also which mod deleted my thread, if you have any love for the constitution you'll let people speak their mind instead of enforcing your views upon them. Thanks!

Are you stupid? Why are there so many morons on this forum? It still is a free market, they are rolling back compromised accounts and the system.

Gox doesn't decide the market at all, once it opens back up people put in the price they want to sell the coins for and buy for as usual.
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June 19, 2011, 09:34:21 PM
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No I just don't feel that if people lose faith in the mtgox exchange mtgox should be going "NOPE WE STILL DEMAND YOU EXCHANGE BTC AT THESE VALUES BECAUSE WE SAY SO". The free market should be deciding the price of btc, NOT THE EXCHANGE.

They can't demand anything. The price is a reflection of bids and asks. I would have to assume they simply mean they are going to cancel the fraudulent trade and go from there. They simply worded it poorly. I would even guess that they will do something to allow users to confirm the bids and asks that they had before the fraudulent trade occurred. If they don't, then it's time to start bitching.

They didn't word it poorly, idiots just don't understand how the trade system works.
airdata
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June 19, 2011, 09:34:30 PM
 #7

I understand if people are mad about the roll back.  But at the same time mtgox is the only place capable of damage control here.  

If the sell off was legit, so be it. If it was a criminal act, nobody has any right to profit from it and it's retarded to complain after the fact.

For those who received stolen property today and are happy with that... Cool. It's a felony if the dollar figure is high enough.  If reversing Ill-gotten tranactions isnt the best thing to do in this situation, I don't know what is.
onesalt
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June 19, 2011, 09:35:14 PM
 #8

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.

Oh also which mod deleted my thread, if you have any love for the constitution you'll let people speak their mind instead of enforcing your views upon them. Thanks!

Are you stupid? Why are there so many morons on this forum? It still is a free market, they are rolling back compromised accounts and the system.

Gox doesn't decide the market at all, once it opens back up people put in the price they want to sell the coins for and buy for as usual.

Hmm then why would they announce they're "rolling back all the prices and accounts to before 3pm 20th june?" if something happens to a company that makes it fail, the owner of the stock market doesn't get to go "sorry chaps I'm not letting you sell at the price you want. You gotta sell at the price I WANT", does he?
zerokwel
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June 19, 2011, 09:42:54 PM
 #9

Normally I would not comment on this but felt like I must

So to put this into context your saying. say someone hacks your bank account and you have say 1 million in there and sends it to me. I can keep that money ?

come on even the stock market has had a roll back before I think it was last year cannot remember what for


and for anyone that feels that they cannot trust bitcoins no more feel free to send yours to the address on my sig. I will more than happy take them off your hands Smiley
DamienBlack
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June 19, 2011, 09:44:33 PM
 #10

They aren't going to "make" you sell at that price. They are just returning to a snapshot of when it was at that price. If the market drops or picks up after that, so be it.

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onesalt
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June 19, 2011, 09:46:29 PM
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Normally I would not comment on this but felt like I must

So to put this into context your saying. say someone hacks your bank account and you have say 1 million in there and sends it to me. I can keep that money ?

come on even the stock market has had a roll back before I think it was last year cannot remember what for


and for anyone that feels that they cannot trust bitcoins no more feel free to send yours to the address on my sig. I will more than happy take them off your hands Smiley

I have never once said keeping the fraudulently obtained money is okay. What I'm saying is, that after thuis money has been obtained and the massive confidence shock in the bitcoin and mtgox has been had, mtgox does not have the right to demand we trade at the same values that were being traded at before. It's akin to the government demanding that money be worth money despite the fact it's valueless.
IlbiStarz
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June 19, 2011, 09:47:09 PM
 #12

They are just saying that they are going to sell/buy at that price when Mt. Gox comes back up. No one is forcing you to trade there, you can still trade on a different site...

It's better to be pissed off, than to be pissed on.
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onesalt
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June 19, 2011, 09:49:40 PM
 #13

They are just saying that they are going to sell/buy at that price when Mt. Gox comes back up. No one is forcing you to trade there, you can still trade on a different site...

It's extremely difficult to do that when mtgox has a monopoly on the exchanges now really isn't it.
zerokwel
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June 19, 2011, 09:53:57 PM
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thats just poor wording. put up in a rush. what they mean is they will put the database back to what it was before this happened when the price was at 17.50.  then people can do whatever they want. sell em at $2 each etc.
Shinobi
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June 19, 2011, 10:01:16 PM
 #15

Quote
It's extremely difficult to do that when mtgox has a monopoly on the exchanges now really isn't it.

So you've answered your own damn question. If MtGox is the only real exchange, then it is not MtGox *saying* that their are the de facto controller, they, in fact, *are* the de facto controller. Some of you are surprisingly ignorant to be playing this game.

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onesalt
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June 19, 2011, 10:02:42 PM
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So for some reason a decentralised cryptocurrency has ended up centralised and running to the whims of a obviously insecure company? This seems a good idea.
Icy-
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June 19, 2011, 10:04:10 PM
 #17

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.

Oh also which mod deleted my thread, if you have any love for the constitution you'll let people speak their mind instead of enforcing your views upon them. Thanks!

Are you stupid? Why are there so many morons on this forum? It still is a free market, they are rolling back compromised accounts and the system.

Gox doesn't decide the market at all, once it opens back up people put in the price they want to sell the coins for and buy for as usual.

Hmm then why would they announce they're "rolling back all the prices and accounts to before 3pm 20th june?" if something happens to a company that makes it fail, the owner of the stock market doesn't get to go "sorry chaps I'm not letting you sell at the price you want. You gotta sell at the price I WANT", does he?

THEY CANT MAKE YOU SELL AND BUY AT THAT PRICE THAT WAS USED TO TELL YOU WHERE THEY ARE RESTORING THE SERVER BACKUP AT.

God damn your retarded.
bcearl
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June 19, 2011, 10:05:39 PM
 #18

They cannot reverse BTC transactions anyway. All they can reverse is their local books. That should tell people a lesson what it means to trust book keepers instead of the P2P net. Smiley

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June 19, 2011, 10:10:57 PM
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Knowingly purchasing stolen goods is a crime. Simply purchasing stolen goods (without knowing that they were stolen) is not a crime. If I steal your television and sell it, it's not reasonable to expect the person who buys it from me to know that it was stolen. If you go after the buyer, you are committing an act of aggression.

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June 19, 2011, 10:16:06 PM
 #20

They cannot reverse BTC transactions anyway. All they can reverse is their local books. That should tell people a lesson what it means to trust book keepers instead of the P2P net.

+1

This is why speculation should be organized in a p2p system to the extent possible.

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