New Difficulty Calculation

[AngelusWebDesign]

If it actually happened in the professional stock markets before, I stand corrected. I'm man enough to admit when I'm wrong about something.

STILL, the fact that they had circuit breakers in place puts them far above Mt. Gox.

And I bet you didn't have people on forums, "You can't rollback my Proctor & Gamble BUY orders @ .01!  I'm gonna sue you!"

In other words, the above-mentioned DOW market shutdown & fix was much more timely than the one at Mt. Gox. The guys at Mt. Gox were probably playing video games or something when the crash happened. Or they were sleeping. Either way, they simply don't have enough manpower OR know-how to run a professional, secure currency exchange. That's the point I'm trying to make.

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[Jack of Diamonds]

Mt. Gox aren't some guys in a basement.
They have a massive office in Cerulean Tower which is one of the most expensive areas in Tokyo. They are a registered company that pays taxes in Japan.

You can even visit them or check the place on google maps.
I think you are discounting the fact that their turnover is often nearly a million dollars per day.

Is Sony just a mickey mouse operation because all their data was stolen?
No, it's one of the oldest technology companies in the world.

p.s. People, companies and stock market officials have been sued after real life flash crashes.
There are countless cases where a computer error executed a sell order in a wrong sequence (i.e. 60,000 stocks at $1 instead if 1 stock at $60,000).

[AngelusWebDesign]

Mt. Gox aren't some guys in a basement.
They have a massive office in Cerulean Tower which is one of the most expensive areas in Tokyo. They are a registered company that pays taxes in Japan.

You can even visit them or check the place on google maps.
I think you are discounting the fact that their turnover is often nearly a million dollars per day.

Is Sony just a mickey mouse operation because all their data was stolen?
No, it's one of the oldest technology companies in the world.

p.s. People, companies and stock market officials have been sued after real life flash crashes.
There are countless cases where a computer error executed a sell order in a wrong sequence (i.e. 60,000 stocks at $1 instead if 1 stock at $60,000).

"Kids" can afford an expensive office when they do a million dollars a day in trades. The fact that they have money has no bearing on their professionalism or competence. BTW, the fact that a bunch of kids are running an exchange that does $1 million per day is EXACTLY MY POINT. They are too big for their britches. They are in way over their heads. They haven't a clue.

[Jack of Diamonds]

Mark Zuckerberg was a "kid" barely in his 20s when he created Facebook. It was also riddled with problems after it started expanding.

He's now 27 and owns one of the most valuable companies in the world employing 1000+ people and is a billionaire. Point?

The current economic crisis was started by bankers in their 50's and 60's taking astronomical risks and speculating on garbage loans in the US housing market. Age doesn't mean anything.

[Rob P.]

"Kids" can afford an expensive office when they do a million dollars a day in trades. The fact that they have money has no bearing on their professionalism or competence. BTW, the fact that a bunch of kids are running an exchange that does $1 million per day is EXACTLY MY POINT. They are too big for their britches. They are in way over their heads. They haven't a clue.

If you're "man enough", why don't you just admit that perhaps, maybe, you were wrong to go off the deep end.  You have NO IDEA of the credentials MtGox's operators have, and probably didn't bother to find out.  You just assumed that since they were dealing in Bitcoins, they were "some kid".

You stand corrected, admit it, and move on.

[Synaptic]

"Kids" can afford an expensive office when they do a million dollars a day in trades. The fact that they have money has no bearing on their professionalism or competence. BTW, the fact that a bunch of kids are running an exchange that does $1 million per day is EXACTLY MY POINT. They are too big for their britches. They are in way over their heads. They haven't a clue.

If you're "man enough", why don't you just admit that perhaps, maybe, you were wrong to go off the deep end.  You have NO IDEA of the credentials MtGox's operators have, and probably didn't bother to find out.  You just assumed that since they were dealing in Bitcoins, they were "some kid".

You stand corrected, admit it, and move on.

"Hey, I know! Let's just give our entire database to our 'financial adviser. Should be safe as all fuck with him!"

"Yeah, good idea! We're totally mature and ready for the responsibility of multiple millions of dollars worth of hundreds of thousands of people's assets. WE HAVE TEH CREDENTIALS."

"YAY."

[AngelusWebDesign]

+1

[Synaptic]

...and then the mods just delete any serious criticism of MtGox and everyone continues on as blind as ever...

Move along folks, we've got serious business to take care of here.