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Author Topic: Who would rather see Mt. Gox completely dissolved?  (Read 3894 times)
Anonymous
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June 20, 2011, 07:17:01 PM
 #1

They failed to maintain their business. Contracts have been made and settled although there were devious parties involved but they aren't under the company's jurisdiction. Mt. Gox isn't a security force. They are an escrow. No vigilant justice should occur.

Instead of voiding people's trading contracts at large why doesn't Mt. Gox just hold itself liable and pay for the losses it caused directly? Why doesn't Mt. Gox just accept its failure? Why burden innocent traders for its negligence?

Again, personally, I think Mt. Gox should just be wiped off the map. They're done. They failed.
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June 20, 2011, 07:20:07 PM
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Letting the trades stand would be just like letting the blockchain fork due to an attack, and not letting the proper one replace it. Major exchanges do this, would your crusade extend to the NYSE and NASDAQ? In the end, the market will decide if Mt.Gox survives or not. I think they will, and bitcoin along with them.

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June 20, 2011, 07:21:21 PM
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Personally, I think you should be wiped off the map for being ignorant.
Anonymous
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June 20, 2011, 07:22:23 PM
 #4

Letting the trades stand would be just like letting the blockchain fork due to an attack, and not letting the proper one replace it. Major exchanges do this, would your crusade extend to the NYSE and NASDAQ? In the end, the market will decide if Mt.Gox survives or not. I think they will, and bitcoin along with them.


NYSE and NASDAQ have limited government liability. They are outlaws in the playing field of business and Mt. Gox is near that territory. If the market accepts this gambit, so be it.
Anonymous
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June 20, 2011, 07:23:30 PM
 #5

Personally, I think you should be wiped off the map for being ignorant.
Enlighten me. I'm not here to have all of you agree with me. I am genuinely curious of what you think.
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June 20, 2011, 07:25:11 PM
 #6

They failed to maintain their business. Contracts have been made and settled although there were devious parties involved but they aren't under the company's jurisdiction. Mt. Gox isn't a security force. They are an escrow. No vigilant justice should occur.

Instead of voiding people's trading contracts at large why doesn't Mt. Gox just hold itself liable and pay for the losses it caused directly? Why doesn't Mt. Gox just accept its failure? Why burden innocent traders for its negligence?

Again, personally, I think Mt. Gox should just be wiped off the map. They're done. They failed.

I can understand your point. Personally I think the same of United and American Airlines after 9/11.

Who should be the arbiter? The current and future customers of Mt. Gox.

If Mt. Gox handles this well then they will have the confidence of their users.

If they handle it poorly, they will lose confidence and business.

So the ball is really in their court. Do they want to stay in business?

Their actions will soon tell and customers will decide if their actions go far enough.

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June 20, 2011, 07:26:46 PM
 #7

Letting the trades stand would be just like letting the blockchain fork due to an attack, and not letting the proper one replace it. Major exchanges do this, would your crusade extend to the NYSE and NASDAQ? In the end, the market will decide if Mt.Gox survives or not. I think they will, and bitcoin along with them.


+2,500,000 BTC
Major exchanges do this....
Rollback here we come, stay tuned for more exciting plot twists in the Bitcoin Drama.   Cheesy

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June 20, 2011, 07:27:37 PM
 #8

To the OP: NO WAY, mtgox after having to deal with all of this crap will come out of this crap way stronger and more secure than ever before. There's just no substitute for real life experience although unpleasant for teaching people lessons on how to sufficiently protect their business and I strongly believe mtgox has learned their lesson.

I will most likely stay there myself because I like the functionality of their site the most compared to alternatives and I also like how they handled most of this entire fiasco.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
Anonymous
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June 20, 2011, 07:30:25 PM
 #9

To the OP: NO WAY, mtgox after having to deal with all of this crap will come out of this crap way stronger and more secure than ever before. There's just no substitute for real life experience although unpleasant for teaching people lessons on how to sufficiently protect their business and I strongly believe mtgox has learned their lesson.
I wish this would apply to the FDA, the police and every other failing government service. If we can and will hold Mt. Gox liable in the future, so be it. I will agree with you.

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June 20, 2011, 07:36:40 PM
 #10

To the OP: NO WAY, mtgox after having to deal with all of this crap will come out of this crap way stronger and more secure than ever before. There's just no substitute for real life experience although unpleasant for teaching people lessons on how to sufficiently protect their business and I strongly believe mtgox has learned their lesson.
I wish this would apply to the FDA, the police and every other failing government service. If we can and will hold Mt. Gox liable in the future, so be it. I will agree with you.



MtGox used to make "pennies a day", and now they were doing $1,000,000 and even $1.5M/ day in volume. They grew too fast, please just let the free marker decide, IMO.

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Astro
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June 20, 2011, 07:38:04 PM
 #11

You should probably practice what you preach and let the invisible hand of the market deal with MtGox as it sees fit. 
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June 20, 2011, 07:38:47 PM
 #12

Quote
Enlighten me. I'm not here to have all of you agree with me. I am genuinely curious of what you think.



Fact 1: You know for a fact it's impossible to be perfect.

Fact 2: You know you've, in fact, made mistakes in your lifetime.

Fact 3: You know you've learned your lesson on many of your major mistakes.


Should nobody give you a second chance?

Example, someone sees you walk and slip on ice or trip over uneven pavement. Should they assume you fail at walking for the rest of your life?



mt gox is a lot richer and has a lot more resources than they had before starting this project. They are also smarter as a result of this incident. They've handled the incident better than expected. Don't be so quick to write people off.
Anonymous
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June 20, 2011, 07:39:23 PM
 #13

You should probably practice what you preach and let the invisible hand of the market deal with MtGox as it sees fit. 
Heh, who says I am not advocating that?
Anonymous
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June 20, 2011, 07:40:31 PM
 #14

Quote
Enlighten me. I'm not here to have all of you agree with me. I am genuinely curious of what you think.



Fact 1: You know for a fact it's impossible to be perfect.

Fact 2: You know you've, in fact, made mistakes in your lifetime.

Fact 3: You know you've learned your lesson on many of your major mistakes.


Should nobody give you a second chance?

Example, someone sees you walk and slip on ice or trip over uneven pavement. Should they assume you fail at walking for the rest of your life?



mt gox is a lot richer and has a lot more resources than they had before starting this project. They are also smarter as a result of this incident. They've handled the incident better than expected. Don't be so quick to write people off.

A second chance and trust are not rights.
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June 20, 2011, 07:41:41 PM
 #15

To the OP: NO WAY, mtgox after having to deal with all of this crap will come out of this crap way stronger and more secure than ever before. There's just no substitute for real life experience although unpleasant for teaching people lessons on how to sufficiently protect their business and I strongly believe mtgox has learned their lesson.
I wish this would apply to the FDA, the police and every other failing government service. If we can and will hold Mt. Gox liable in the future, so be it. I will agree with you.

You forget that those agencies have government guaranteed jobs and insurances meanwhile mtgox is an independent private company striving for a piece of a very competitive free market in the purest sense possible. As I'm a strong believer in the free market being the harshest regulator there is. I also strongly believe that in the event that I'm wrong and mtgox does not learn from their mistakes, the market will punish them and reward someone else who does.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
2weiX
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June 20, 2011, 07:43:07 PM
 #16

IMHO they should've only rolled back everything lower than 20% from where it took the plunge.
I wittnessed the 1000pt crash in the DOW not long ago, and isn't that how they handled that?

Also, mtgox isnt governed or regulated by jack shit. they are going through a heapful of shit and asshattery to regain some of the trust by completely wiping the board clean. you could respect that.
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June 20, 2011, 07:43:33 PM
 #17

Quote
A second chance and trust are not rights.


That's your prerogative. It's your loss. It's your win.

Doesn't affect me.
Anonymous
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June 20, 2011, 07:44:21 PM
 #18

Quote
A second chance and trust are not rights.


That's your prerogative. It's your loss. It's your win.

Doesn't affect me.

I'm glad we can agree. Hahaha.
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June 20, 2011, 07:46:35 PM
 #19

I don't think they should be wiped off the map, but I think they should take the losses for the bad decision of allowing a 3rd party auditor way too much data.

I think that will make up for it, as avidly noisy people like me that just wanted to buy 50 at 13 will still indeed support them.


you can read about it here:
http://forum.bitcoin.org/index.php?topic=19192.0

It was only a request.
Astro
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June 20, 2011, 07:46:54 PM
 #20

You should probably practice what you preach and let the invisible hand of the market deal with MtGox as it sees fit. 
Heh, who says I am not advocating that?

The very nature of your question implies an explicit action taken by a single person or regulatory body.  You've been exposed!

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