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Author Topic: mtgox priorities  (Read 549 times)
roos
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June 22, 2011, 11:13:53 PM
 #1

I read a lot posts here about whether mtgox rollback is right or wrong. No one seam to have thought through what the goals of mtgox should be with whatever they do after their security breach.

Here is the priority list i would have used myself if I had been in charge.

Case one: Responsibility for the breach is on MTGOX

1. Those who lost money or coins in the event should be protected.
2. MTGOX should be protected from having to fold
3  Those who benefited from the big sell off should be protected
4  MTGOX should be protected from major losses


Case two: Responsibility for the breach is on the owner of the big sale account

1. MTGOX should be protected from having to fold
2. Those who lost money or coins in the event should be protected if possible, except for the owner of the big sale account
3. MTGOX should be protected from major losses
4. Those who benefited from the big sell off should be protected
5. The owner of the big sale account should be protected

I guess case one seams to be the most likely one. If that was the case I would have made the rollback to ensure 1 and 2. Then I would have approached the ones who had gotten to buy coins for low prices from a very humble position to negotiate a deal. I suspect that MTGOX has actually made quite a lot of money during the last couple of months and that they can afford to keep most of the users happy. Most users however do realize that MTGOX cannot afford to let everybody keep all the coins that they aquired for a few dollars or even less without forcing MTGOX into bankrupcy, from which nobody involved would benefit.
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June 22, 2011, 11:28:17 PM
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Before the big sell-off, people's accounts were being logged into with the correct password (cracked from the leaked database) and all the money stolen. In addition to the rollback, I think those who got stolen from should be compensated. There's something fishy about the amount of bitcoins supposedly on one account, if they all were sold from the same account, but I don't feel like speculating about it. Anyway, the rollback only helps with the stuff that happened within MtGox - they should refund those who got their accounts stolen from by withdrawing the bitcoins somewhere out of the site. After all, no matter how the password database got leaked, they were carelessly hashed, which is the root cause of the problem.
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June 22, 2011, 11:34:31 PM
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I definetly agree about the amount being huge, this is strange and i hope they are looking into it. And yes, repaying stolen coins i would  definetly consider being a major part of priority 1 in case 1.
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