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Author Topic: Mt Gox Rollback question  (Read 1075 times)
gmantakis
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June 20, 2011, 03:07:48 PM
 #1

What actually do you think will be rolled back?

A.) What about Withdraws to a Bank Account made yesterday a couple of hours before the hack? I initiated a withdrawal request to a Euro Bank Account about 01:00 PM GMT yesterday... Do i have to reenter this withdrawal again? I hope if the withdrawal request is rolled back the money gets credited back to the account. Or will only the executed trades being rolled back?

B.) I had an open buy order at 8.08 which by my surprise got executed. Which orders will get rolled back? BTC's traded at 0.01? Or all orders between 0.01 and 17.50 ?
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BookofNick
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June 20, 2011, 03:23:35 PM
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A) On the Bitcoin show last night, this question was brought up and it sounded like it was the first time the guys from Mt Gox considered it. They didn't have an answer. My guess is there's not much they can do about cx'ing withdrawals without appealing to the financial institutions. If you withdrew in Bitcoin, then I'd guess they can't do zip about it. But then they have to compensate for that, so...?

B) Yes according to the current story they are rolling back all transactions. I personally had buy orders all the way down to $1. They were all filled. Many will be upset about that, but...

gmantakis
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June 20, 2011, 03:36:52 PM
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A) On the Bitcoin show last night, this question was brought up and it sounded like it was the first time the guys from Mt Gox considered it. They didn't have an answer. My guess is there's not much they can do about cx'ing withdrawals without appealing to the financial institutions. If you withdrew in Bitcoin, then I'd guess they can't do zip about it. But then they have to compensate for that, so...?

I think my question was not clear enough. Yesterday 19 June 2011 about 01:30 PM to be exactly i made a withdrawal request and real USD money was removed from my Account. BUT i think that Mt Gox is not immediatly trasnfering the money to a Bank Account. So if they roll back some kind of database does that mean that they roll back only the trades? I know that bitcoin trasfers cant be rolled back. But what about money orders being initiated? I am ok if they cancel them also BUT i hope they credit back to the acvount also the US Dollars.
Horkabork
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June 20, 2011, 11:56:34 PM
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My guess is that they'll give you a negative balance, assuming you withdrew all of your funds. Then, at most, they'll request that you pay them back, but not really do anything outside of Mt. Gox besides that request (In other words, I doubt there would be Dwolla chargebacks or reversed bank transfers).

However, I would expect a full ban from them in that case. You can probably keep the money you transferred, but then they'd be insane to let you keep trading at the site or avoid the negative balance by starting a second account. It's their prerogative to allow people Mt. Gox access, and this would be the only real incentive to encourage people to pay them back without potentially breaking laws.

But that's just guessing. I so do love it when we all have to guess at these rather important questions.

Edit: MagicalTux just said this in IRC:

<MagicalTux> kgo: when you'll recover your account the coins amount will be negative and you won't be able to withdraw until you either add coins back, or buy coins

Me: 15gbWvpLPfbLJZBsL2u5gkBdL3BUXDbTuF
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gmantakis
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June 21, 2011, 12:34:13 AM
 #5

My guess is that they'll give you a negative balance, assuming you withdrew all of your funds. Then, at most, they'll request that you pay them back, but not really do anything outside of Mt. Gox besides that request (In other words, I doubt there would be Dwolla chargebacks or reversed bank transfers).

However, I would expect a full ban from them in that case. You can probably keep the money you transferred, but then they'd be insane to let you keep trading at the site or avoid the negative balance by starting a second account. It's their prerogative to allow people Mt. Gox access, and this would be the only real incentive to encourage people to pay them back without potentially breaking laws.

But that's just guessing. I so do love it when we all have to guess at these rather important questions.

Edit: MagicalTux just said this in IRC:

<MagicalTux> kgo: when you'll recover your account the coins amount will be negative and you won't be able to withdraw until you either add coins back, or buy coins

You also havent understood what i mean.... i wanted to withdraw money from my US Dollars... i didnt wanted to withdraw BTC's! The time i requested the withdraw to a Bank Account i had 0 BTC and an amount in USD in my account at Mt Gox... I also had an OPEN BUY order but i never thought that it will get executed. So my question is ... i dont have problems if the buy is reversed BUT what is with my money? my USD? will the withdrawal request still be there? And if not will my money credited back to my account?

Thanks

George
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June 21, 2011, 12:56:35 AM
 #6

My guess is that they'll give you a negative balance, assuming you withdrew all of your funds. Then, at most, they'll request that you pay them back, but not really do anything outside of Mt. Gox besides that request (In other words, I doubt there would be Dwolla chargebacks or reversed bank transfers).

However, I would expect a full ban from them in that case. You can probably keep the money you transferred, but then they'd be insane to let you keep trading at the site or avoid the negative balance by starting a second account. It's their prerogative to allow people Mt. Gox access, and this would be the only real incentive to encourage people to pay them back without potentially breaking laws.

But that's just guessing. I so do love it when we all have to guess at these rather important questions.

Edit: MagicalTux just said this in IRC:

<MagicalTux> kgo: when you'll recover your account the coins amount will be negative and you won't be able to withdraw until you either add coins back, or buy coins

You also havent understood what i mean.... i wanted to withdraw money from my US Dollars... i didnt wanted to withdraw BTC's! The time i requested the withdraw to a Bank Account i had 0 BTC and an amount in USD in my account at Mt Gox... I also had an OPEN BUY order but i never thought that it will get executed. So my question is ... i dont have problems if the buy is reversed BUT what is with my money? my USD? will the withdrawal request still be there? And if not will my money credited back to my account?

Thanks

George

I'm sorry man. You're right I completely misunderstood that you initiated it before the flash crash even started. Well, that's something else entirely and I can only guess as to what will happen. However, I'm sure that you'll get either the USD in your Gox account or your bank transfer will go through. The absolute worst case scenario is that you have to submit a support ticket or chat with MagicalTux when he peeks into IRC so they can manually add the USD back after verifying that the transfer didn't happen. I would be very, very surprised if they "pulled a Paypal" on you and just kept the money.

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cryptoanarchist
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June 21, 2011, 03:41:36 AM
 #7

A) On the Bitcoin show last night, this question was brought up and it sounded like it was the first time the guys from Mt Gox considered it. They didn't have an answer. My guess is there's not much they can do about cx'ing withdrawals without appealing to the financial institutions. If you withdrew in Bitcoin, then I'd guess they can't do zip about it. But then they have to compensate for that, so...?

B) Yes according to the current story they are rolling back all transactions. I personally had buy orders all the way down to $1. They were all filled. Many will be upset about that, but...


They let you keep the bitcoins you bought for a dollar?? I thought they were ones that had been stolen and they were rolling them back..
Aqualung
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June 21, 2011, 04:48:04 AM
 #8

 
 
Quote
Once Mt.Gox is back online,  trades  218869~222470 will be reverted.

let's wait and see Smiley


used to be a miner
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