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Poll
Question: Should MTGOX rollback the fraudulent trades?
Roll it Back - 98 (74.2%)
No Rollback! - 34 (25.8%)
Total Voters: 132

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Author Topic: [POLL] Roll it Back or Not?  (Read 1713 times)
OgNasty
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June 21, 2011, 03:00:31 AM
 #1

Real poll...

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tymothy
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June 21, 2011, 03:02:00 AM
 #2

If Mt. Gox really was hacked and an account was compromised, those trades should be reversed.
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June 21, 2011, 03:03:02 AM
 #3

No, MtGox should pay those screwed (due to its incompetence) out of its own pocket!

(Just to mention, I have no vested interest in that happening, so dont dismiss me on that count Smiley ).
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June 21, 2011, 03:10:14 AM
 #4

Assuming bitcoins have value you cannot buy property from a seller that does not have permission to sell it. In this case I call it fair game in the sense that if MtGox could not roll back then sorry guys better luck next time for trusting money to an online exchange with minimal security. However since MtGox has the power to reverse the theft then it is up to them to do it or not.

If they do not then what happens if this occurs again(in which case people would be morons for having stayed with MtGox) and more stolen goods are purchased.

Being more free market however I want to tell whoever got their account hacked and bitcoins stolen "whoops sorry bout that" You trusted MtGox's security so your loss. But since I wasn't involved and my opinion doesn't really matt.... never mind I will continue to post my opinion on the subject anyway.

But just because I had the power to sell someones house to you doesn't mean you own it if I didn't have the authority or the right to.

I think Kevin should do the right thing and accept the loss but maybe he should be allowed to keep the 643 coins. Either way meh.

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June 21, 2011, 04:37:19 AM
 #5

Where is the option for "My opinion counts for less than two shits because Mt. Gox is going to do what they want without asking me first"?
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June 21, 2011, 09:36:16 AM
 #6

At least this incident has shown how a lot of the libertarians are a bunch of hippocrites when it comes to property rights and moral.
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June 21, 2011, 09:36:50 AM
 #7

Guess this clearly shows where the public is...

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June 21, 2011, 09:39:05 AM
 #8

At least this incident has shown how a lot of the libertarians are a bunch of hippocrites when it comes to property rights and moral.

What are the moral, property rights, and libertarian stances on this situation?

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June 21, 2011, 09:44:16 AM
 #9

Mt.gox should do with their database as they wish. This has nothing to do with bitcoin. It is a matter of mt.gox and its users.

Rolling back actual bitcoins is impossible anyway.

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June 21, 2011, 09:52:16 AM
 #10

What are the moral, property rights, and libertarian stances on this situation?
Exactly. Should the original owner be allowed to take back the stolen money by any force necessary, or does it now belong to the people who knowingly bought stolen coins? Do they now belong to whoever can afford the biggest guns to take them back or defend them?
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June 21, 2011, 10:05:18 AM
 #11

Rollback. 
In ideal world I would also add "and refund people loosing profits due to rollback".
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June 21, 2011, 12:38:54 PM
 #12

MtGox as a service to their customers have the perfect right to decide what measures are best to re-establish a healthy trust in their exchange. And if it cannot be guaranteed that trades beginning from the time of the compromise were initiated by the actual account owners, a rollback is sensible.

However, on a personal level, I hate to see the real panic sellers' asses being saved from their own stupidity.

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June 21, 2011, 12:49:07 PM
 #13

To simply rollback at their own whim is the worst they could do, since a re-rollback will then not be possible.

As I understand it Mt Gox is only a company of two persons right now: Mark and Adam.

Adam was hired two weeks ago and is mainly handling customer support.

Which means Mark is basically the only one deciding what is going on.

I believe he has no clue what shitstorm of legal ramifications is upon him, if he simply does the rollback without a clean investigation beforehand which will provide the necessary information on whether a rollback is infact the best solution or not.


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June 21, 2011, 12:56:17 PM
 #14

mtgox can do what ever they want, they own the exchange, they alone have the authority.

BUT:

People who like it can reward them by staying and continuing to pay a commission on trades to them, people who don't can punish them by leaving and taking their commissions to some place else.


Let the free market decide.

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June 21, 2011, 02:05:09 PM
 #15

I laugh out loud at the discussion of legal ramifications as it pertains to international digital currency markets where the deals have individuals on up to 3 different continents.

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June 21, 2011, 03:21:04 PM
 #16

No, MtGox should pay those screwed (due to its incompetence) out of its own pocket!

(Just to mention, I have no vested interest in that happening, so dont dismiss me on that count Smiley ).

I agree.  The biggest trade @0.01 might be a special case if you want then you should froze his account and sue him and court will decide if he was the hacker or not...
But this is bad too: running for help to government, involving police and all, this sucks. Everything now sucks.

This is why the hacking was so horrible thing to allow.
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June 21, 2011, 03:56:21 PM
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June 21, 2011, 04:00:46 PM
 #18

Clicked wrong one, howishot change? Tongue
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June 21, 2011, 04:05:14 PM
 #19

I think the rollback option is really hard for them to do. For me it's easy to say as I hadn't used them, this was a learnng experience for all. I will trust open source exchanges more, and I would expect that they have safety trip switches as bigger exchanges have in place when things look like they are going nuts.

I have seen many examples of trading being frozen on certain stocks due to leaked information etc. From what I have seen though there is usually enough of a rupture to allow for some serious gains if you are in the right place at the right time, but those trades are never rolled back in my experience.

If lucky people traded on the crash then so be it. No exchange should allow a crash of this intensity however and exchanges survive on their credibility. I guess Mt Gox was built quite fast and things got very serious very quickly. It's a victim of it's own success!

Since when do people sue exchanges? Have we got any example in the traditional financial system of this?

Surely this will speed up any moves to legislate against the bitcoin idea entirely! Please stop this legal sillyness, it's too early to be testing things in courts, especially american ones!!
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