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Author Topic: Since when was mtgox the regulartory agency for btc?  (Read 3547 times)
RomertL
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June 19, 2011, 10:21:52 PM
 #21

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.

Dude, the price were down to cents. Are you telling me people didn't know? That would be like selling your 40" LED-TV for 10$. People knew and tried to make a quick buck. Now they are pissed coz MT Gox doesn't let them.

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Shinobi
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June 19, 2011, 10:22:25 PM
 #22

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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.

So it took this crash for you to figure this out? What the hell were you doing all this time?

By the way, the result you pose above is the basis for one of the classic arguments for regulation - that self-regulation cannot be sustained and is ultimately more damaging. In the excitement to be Web 3.0, realize that traditional philosophy/theory is not wholly without merit.

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DATA COMMANDER
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June 19, 2011, 10:27:06 PM
 #23

Dude, the price were down to cents. Are you telling me people didn't know? That would be like selling your 40" LED-TV for 10$. People knew and tried to make a quick buck. Now they are pissed coz MT Gox doesn't let them.

The price was cents just a few months ago. It is totally unreasonable to expect someone who bought these cheap coins to have known that they were stolen. The Bitcoin economy is extremely unstable. Any number of things could have happened.

Any libertarian or anarcho-capitalist who supports a rollback is a hypocrite.

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June 19, 2011, 10:29:46 PM
 #24

Dude, the price were down to cents. Are you telling me people didn't know? That would be like selling your 40" LED-TV for 10$. People knew and tried to make a quick buck. Now they are pissed coz MT Gox doesn't let them.

The price was cents just a few months ago. It is totally unreasonable to expect someone who bought these cheap coins to have known that they were stolen. The Bitcoin economy is extremely unstable. Any number of things could have happened.

Any libertarian or anarcho-capitalist who supports a rollback is a hypocrite.

You are thinking about it in the wrong way.

MtGox knowingly allowed stolen bitcoins to be moved from person A to person C.

They are responsible now to return from person C to person A, otherwise they are liable as helping the B person (the thief).

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June 19, 2011, 10:31:32 PM
 #25

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Any libertarian or anarcho-capitalist who supports a rollback is a hypocrite.

I think you are right. And that's what makes such "philosophies" idiotic and untenable.

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DATA COMMANDER
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June 19, 2011, 10:34:20 PM
 #26

You are thinking about it in the wrong way.

MtGox knowingly allowed stolen bitcoins to be moved from person A to person C.

They are responsible now to reimburse person A out of their own pocket, otherwise they are liable as helping the B person (the thief).

FYP.

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JTaBitCoinKing
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June 19, 2011, 10:35:23 PM
 #27

To put it simply they anticipated, to some extent, that this would happen. You don't own the bitcoins until you take them out of MTgox and you don't own the cash until take it out of MTGox. They keep all the Bitcoins and all the cash because they are a 3ed party (like a bank) that is intrusted, by you, agreeing to use their service, to protect your money!

The Bitcoins and cash you play with are only representations of the real Bitcoins and Cash. Really all you have in MTGox is an account that has a bunch of numbers in it. You pay Cash to add Cash numbers in your account and you pay Bitcoins to add Bitcoin numbers to your account. MTGox is responsible for insuring the safety of your account and everyone else. Which really means they're responsible for paying you cash when they say you have cash, and paying you Bitcoins when they say you have Bitcoins. If they couldn't do something like this they wouldn't be doing the job you intrusted them to be able to do: Protect your money!

You did not get the money legitimately, not knowing this dose not make it your money, therefor they issue a rollback. If you don't like that go some place else; it really is that simple.
DATA COMMANDER
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June 19, 2011, 10:49:33 PM
 #28

Any libertarian or anarcho-capitalist who supports a rollback is a hypocrite.

I love this one. Good job.

Those Bitcoins were taken by force. No libertarian or anarcho-capitalist worth a damn would ever suggest that any trade made beyond that initial theft is binding.

Seriously... think before you post.


LOL.

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JTaBitCoinKing
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June 19, 2011, 11:29:21 PM
 #29

If the moneys not there, then the money is not there, and it's pretty much game over for MTGox. No one would ever trust them again, and they might not have 10 millions dollars just lying around to fix it. If that's the case we can expect them to file for bankruptcy and you all lose.

However, I think they are only going to rollback the money that was in the major account that got hacked. If you got money out of MTGox on other deals that will probably all still be legitimate.
EpicFail
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June 19, 2011, 11:33:19 PM
 #30

Hmmm ... if I had been playing market maker and during the selloff bought BTC at $5 in my Mt Gox account and sold BTC for $6 in my TradeHill account (hoping to pocket the $1 difference), is Mt Gox also going to roll back my Trade Hill trade? Or am I supposed to just suck in my losses because one leg of my trade happened to be fradulent?

The above situation was hypothetical, at least for my case. I am just pointing out that by rolling back trades there are unintended consequences because people might have placed other trades elsewhere on good faith that their Mt. Gox trades had cleared and will be honored.
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June 19, 2011, 11:53:25 PM
 #31

Mtgox is not reversing bitcoin transactions, they are reversing mtgox transactions, which they have every right to do.  It would have been better if actions mtgox could take in a response to a situation like today were outlined in the mtgox TOS beforehand.

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RomertL
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June 20, 2011, 12:51:52 AM
 #32

Any libertarian or anarcho-capitalist who supports a rollback is a hypocrite.

Before talking ideology, would you like to tell us how many btc you bought during this mess and for how much. And how much in $ you will "loose" in the rollback.



Looking for an easy way to charge bitcoins at: houseofreplicas.net, high quality replica watches. Using WP with the E-shop plug-in at the moment for charging credit-cards.
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