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Author Topic: Mt. Gox needs to give more time between reopening and starting trading.  (Read 2737 times)
Hook^
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June 23, 2011, 03:21:43 PM
 #1

I thought they said it would 24 hours between opening their site back up and allowing trades?  Now it is one hour.

They need to allow more time so that people that didn't get their accounts activated through some glitch in their system can resolve that before market opening.  As of right now, no one that went through the claims process has any indication that the process was successful.  They won't know until 3:00 GMT on Friday with the email sent out.  So if they don't get the activation email, that gives them one hour to get it fixed before market opening.  Given Mt. Gox's response time, it essentially means it ain't gonna happen.

Some speculators believe that the price will drop quite a bit for a while, and if their accounts aren't available during that time, they could miss on a buying opportunity.
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datguywhowanders
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June 23, 2011, 03:28:02 PM
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I agree. I was among the first to go through the claim process, and I still have no idea what the status of my account or claim is right now.

Somewhat frustrating...

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TriumVir
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June 23, 2011, 03:29:05 PM
 #3

Absolutely, positively agree. This has the potential to be a real disaster.

Hey, MtGox guys, you absolutely cannot afford to get this wrong. I can't speak for anyone else, but I would MUCH rather prefer to wait for a positive outcome than you rush into something that has trouble written all over it.

Please reconsider your timeline.

A month from now, no one will care about an extra few days, or a week even, IF YOU GET IT RIGHT . . . but if you rush into this and there are problems, kiss your exchange good-bye. Seriously.
bolapara
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June 23, 2011, 03:35:59 PM
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I don't care when they allow trading.  I just want access to my account to get my BTC out.  I want that ASAP!
elvis
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June 23, 2011, 03:40:54 PM
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Mt Gox is doomed. Everyone will bail and the market will crash. Of course they can always "roll it back" again :-)
3txx
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June 23, 2011, 03:45:42 PM
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Quote
I agree. I was among the first to go through the claim process, and I still have no idea what the status of my account or claim is right now.

Somewhat frustrating...

+1

ts314
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June 23, 2011, 03:46:33 PM
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I agree. I was among the first to go through the claim process, and I still have no idea what the status of my account or claim is right now.

Somewhat frustrating...

+1
ts314
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June 23, 2011, 03:48:24 PM
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@Hook^: Could you put up a poll? Maybe if MagicalTux sees there are 100s of ppl agreeing with you, he will react...
RchGrav
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June 23, 2011, 03:48:52 PM
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In my case, I have a standing order that I NEED to have canceled..  The order is for a significant amount of BTC which is BELOW 17.51, but above the current trading values of BTC,

If that limit order executes without that ability to re-adjust my bid.. I will be really really really unhappy.

It needs to be considered that not everyone will be able to log on during that single hour, factors like server load, unforseen glitches, and different time zones could REALLY REALLY hurt a lot of traders.

Please consider extending the hour to something more reasonable... like 12 hours or 24 hours... or at least 6 hours.  Something more than 1.


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3txx
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June 23, 2011, 03:50:21 PM
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don't worry - all orders where canceled.

klaus
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June 23, 2011, 03:51:51 PM
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Absolutely, positively agree. This has the potential to be a real disaster.

Hey, MtGox guys, you absolutely cannot afford to get this wrong. I can't speak for anyone else, but I would MUCH rather prefer to wait for a positive outcome than you rush into something that has trouble written all over it.

Please reconsider your timeline.

A month from now, no one will care about an extra few days, or a week even, IF YOU GET IT RIGHT . . . but if you rush into this and there are problems, kiss your exchange good-bye. Seriously.

+1

i think the same.

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AbeSkray
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June 23, 2011, 04:02:35 PM
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don't worry - all orders where canceled.
Can you confirm this with a link? I don't remember reading anything in MagicalTux's updates about whether or not limit orders would be restored or wiped out.
3txx
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June 23, 2011, 04:05:43 PM
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if i'm not totally wrong, they announced exactly this in the bitcoin show. but there is no link i can send you...  if you think about it - what sence would it make to keep the orders?

qikaifu
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June 23, 2011, 04:13:44 PM
 #14

We all know that the bitcoin economy is still young and the major service providers are all fucking boys.
They're all irresponsible and unprofessional. Some of them are better at PR and lying than doing a good job.
so don't be disappointed by the mtgox, they are just one of the fucking ones.
There will soon be better service providers flourishing.
Take exchange service as example, the mtgox first, then tradehill(someone call it laghill), now we see campbx, and of course, there will be a even better one than campbx, which still have the 1000 USD limitation. Hopefully someone including campbx will work with the authorities and lawyers to solve the MSB&KYC things and other regulation things, then bitcoin will become even larger economy than now.

Just wait in patient, and withdraw all the fund. I'm not worried about Mtgox any more.


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AbeSkray
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June 23, 2011, 04:19:45 PM
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if i'm not totally wrong, they announced exactly this in the bitcoin show. but there is no link i can send you...
Thanks for elaborating! I didn't watch the Bitcoin Show, so I missed that piece of info.

if you think about it - what sence would it make to keep the orders?
Have you ever played Prince of Persia: The Sands of Time? I have been imagining the Rollback as "rewinding" time to a previous state. Meaning that all the trades get undone and all the limit orders that were in place get restored just like they were at that specific moment in time. I had a buy order around $12, so I would be happy with that getting restored.

I understand why they would clear the order book, though. It's just really gonna suck trying to put in buy orders between 3:00 GMT and 4:00 GMT tomorrow when everyone else is trying to do the same thing!
3txx
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June 23, 2011, 04:25:43 PM
 #16

Have a look at this:

http://www.youtube.com/watch?v=-0XvP841jaM&feature=channel_video_title


38:00 Min !

beeph
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June 23, 2011, 04:29:08 PM
 #17

theres alot of people with money being held against their will (NOT JUST BITCOINS)... so screw the 'bitcoin economy'... WE WANT OUR DAMN MONEY.
are you guys nuts?

has ANYONE been able to log in and even verify their balance?

TriumVir
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June 23, 2011, 04:36:25 PM
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has ANYONE been able to log in and even verify their balance?

Nope, and that's why we need more than an hour. Can you imagine the hell that will break loose if trading begins and they've got accounts wrong?

Account reclamation is a two way street, requiring validation on both ends. MtGox has only accounted for one end.
Jr00t
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June 23, 2011, 05:00:50 PM
 #19

if i'm not totally wrong, they announced exactly this in the bitcoin show. but there is no link i can send you...  if you think about it - what sence would it make to keep the orders?

Upon logging back into the system for the first time there will be a checkbox that will allow you to wipe all open orders.

Source: OnlyOneTV interview with Mt.Gox
julz
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June 23, 2011, 06:03:29 PM
 #20

Quote
Upon logging back into the system for the first time there will be a checkbox that will allow you to wipe all open orders.

Source: OnlyOneTV interview with Mt.Gox

So if you don't get a chance to log in before trading starts.. your orders will still be there and will execute?  I hope that's not how they do it.

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