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Poll
Question: How long should Mt. Gox wait before opening trading after opening the site?
1 Hour - 17 (13.3%)
6 Hours - 10 (7.8%)
12 Hours - 12 (9.4%)
24 Hours - 47 (36.7%)
48 Hours or more - 13 (10.2%)
Who Cares? - 29 (22.7%)
Total Voters: 127

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Author Topic: Poll: Should Mt. Gox increase the time between opening and trading?  (Read 2354 times)
Hook^
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June 23, 2011, 03:57:10 PM
 #1

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

IMHO, 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.

So that is my opinion, what is yours?

BTW, according to Mt. Gox, you can still withdraw funds before the market opens.  So the extra time won't effect your withdrawls.
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URSAY
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June 23, 2011, 03:59:14 PM
 #2

Why isn't there a "who cares" option?
Hook^
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June 23, 2011, 04:00:19 PM
 #3

Why isn't there a "who cares" option?
As you wish.
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June 23, 2011, 04:05:32 PM
 #4

Why isn't there a "who cares" option?
As you wish.

Cool!  Thanks!  Smiley
nux
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June 23, 2011, 04:07:59 PM
 #5

They said they would give 24 hour notice before trading starts.  The only change they made was not open the site with trading closed earlier.

They still gave 24 hour notice of trading opening.  You just can't get into your account as soon.
ts314
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June 23, 2011, 04:26:44 PM
 #6

Quote
Users with reclaimed accounts will be able to login to Mt.Gox on Friday June 24th at 3:00 GMT (12:00 JST). Once you are logged back into the Mt.Gox site you will be able to withdraw and deposit funds as per usual. You will not be able to trade initially, but we plan to activate trading within an hour of the site being up (4:00 GMT)
(see https://support.mtgox.com/entries/20208066-huge-bitcoin-sell-off-due-to-a-compromised-account-rollback)
They are planning to leave us one hour between checking whether our accounts work, and starting trades.

We still don't know whether our accounts could be claimed successfully. Maybe MtGox has not even processed all accounts. Since the bitcoin price will probably fall immediately after trades are opened, this could create a HUGE disadvantage for people whose accounts could not be activated.
Not to mention that 4 GMT sucks for a lot of people depending on the time zone.

I'd say they should give us at least 24h. I hope MagicalTux will read this thread in time.
ts314
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June 23, 2011, 05:02:43 PM
 #7

see also this thread: http://forum.bitcoin.org/index.php?topic=21545.0
Grant
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June 23, 2011, 05:07:14 PM
 #8

They should either make it 24 hours, or they should do what i suggested before: Cancel the entire orderbook, in the case they'd cancel it they could open trading immidiately and nobody would get hurt.

Horkabork
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June 23, 2011, 05:07:40 PM
 #9

At this point, we've waited long enough.

However, I don't want it to open without everyone who is planning on trading having a chance to make orders, transfer money potentially and prepare.

See, they're removing all prior orders. That means, when they open, only those placed in that hour will exist. That gives the market the potential to flash crash again simply due to not enough time to put in supporting orders.

That, and looking at the depth chart and moving orders around before market opening will help confirm market confidence (or lack thereof). Also, it'll be fun tactically.

Also, they're setting themselves up for an unintentional DDOS. The site is going to be swamped for that hour prior to opening as well as the opening itself. At least by waiting 24 hours, the first bombardment could be avoided.

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June 23, 2011, 05:21:21 PM
 #10

mtgox has limited manpower and unlimited desire to make commissions.

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Nagle
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June 23, 2011, 05:30:32 PM
 #11

If Mt. Gox delayed trading for a long enough period for people to get their money out, everybody would pull out their cash. We know Mt. Gox loses some money in the "rollback", since some funds were transferred out before they stopped trading, and thus some transactions can't be rolled back. We don't know how big those losses were. If everybody pulled out their cash, Mt. Gox would have to make up those losses or go bankrupt.

I'd suggest pulling all funds out of Mt. Gox immediately after they re-open, and waiting a few days to see what happens next.
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June 23, 2011, 05:54:38 PM
 #12

If Mt. Gox delayed trading for a long enough period for people to get their money out, everybody would pull out their cash.

Whether the delay is an hour or three days, if all trade/fund/withdraw functionality is disabled, what would it matter?
Veldy
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June 23, 2011, 05:56:14 PM
 #13

mtgox has limited manpower and unlimited desire to make commissions.


They have two guys, the owner whose name I don't know ("empty gox") and Adam the support guy and the English speaking public voice.  Oh ... and that mythical felonious "security" auditor.   Hell, they have made enough commission that if they closed, provided they could cash it all in for reasonable value, would probably just retire happily .... except they probably had to pay for a lot of "reversed" trades and they have that expensive lease on that posh suite in Tokyo (or so it has been written).  I think the hold up is because they have legal council (for both defensive action and to make sure they don't screw this up worse), lacking technical talent to actually get the job done and to get it done right (so they maybe brought in additional or temporary technical resources?), but more importantly, their users clearly have a lack of faith in them and they would like to open up on a good note, but that isn't going to happen ... might turn out OK, but there will be a flood of withdrawals with many not returning for awhile or ever.

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fujiwara
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June 23, 2011, 06:02:31 PM
 #14

it should be possible to withdraw btc before trading starts (at least they said so)
but what about our buy and sell orders - will they still be in a place, even if someone can't login to his account?? that would be very bad

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June 23, 2011, 06:05:19 PM
 #15

Actually.. based on the previous deadlines mtgox set themselves and missed - I don't think we need worry that it'll be only one hour Tongue

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Horkabork
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June 23, 2011, 06:09:26 PM
 #16

it should be possible to withdraw btc before trading starts (at least they said so)
but what about our buy and sell orders - will they still be in a place, even if someone can't login to his account?? that would be very bad



Nope. Previous orders are being cleared. That's why I am in support of a longer time period, as 1 hour is not enough time to allow enough new orders to be placed to ensure a reasonably stable (or at least "manipulation-resistant") market.

In other words, a sale of nowhere near the 500k flash crash could eat up all the bids placed in that hour and cause another crash.

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fujiwara
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June 23, 2011, 06:11:59 PM
 #17

yep, and most european users won't get up at 3 or 4 am to place a few btc orders, .. but at least old orders are cancelled
marhjan
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June 23, 2011, 06:15:11 PM
 #18

1 hour will be a disaster and may just kill MtGox for good.  I voted 12 hours delay, but would be fine with 24 also. 

Mark (Tux) - do you not remember the disaster that was the 'reclaim your account' site??!?!  Could everyone do THAT within 1 hour??  So, what makes you think this will work in a short timeframe??  I SERIOUSLY hope this 1 hour window is reconsidered.

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Grant
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June 23, 2011, 06:16:42 PM
 #19


Nope. Previous orders are being cleared. That's why I am in support of a longer time period, as 1 hour is not enough time to allow enough new orders to be placed to ensure a reasonably stable (or at least "manipulation-resistant") market.

In other words, a sale of nowhere near the 500k flash crash could eat up all the bids placed in that hour and cause another crash.

If entire orderbook is being wiped out then i'm in support of the opposite, less time not more. Most people are capable of using limit orders i hope ? Or are they complete idiots who need to cashout instantly ?

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June 23, 2011, 06:25:55 PM
 #20

I don't care, once it's up i'm withdrawing all funds left and moving on.
No, not because of the hack or flashcrash whatever, but because he refuses to take responsibility like a professional business and keeps telling my my pc was hacked and not his site. I think last week should have showed him there was really something wrong on his end, but noooo... -.-

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