MTGOX SO SICK OF THEIR BULLSHiT Should start a class action suite

[klamathonsite]

[Update June 24 - 02:39 GMT]

We're seeing that the amount of claims that need review is much higher than what we had anticipated, and consequently it is taking us longer to process the claims.

We want to be as accurate as possible when approving claim forms to ensure accounts are issued back to the original account holders, so we humbly ask for continued patience while we work through the outstanding claims. If we were to stick to the launch time of 3:00 GMT the majority of accounts will still not have access to Mt.Gox at the reopening.  We want to ensure as many users as possible have equal access when we are ready to open the site again.

Email confirmation and rejections have started going out. If you received a "rejection" email, please go through the claim process again  at claim.mtgox.com and add additional account information such as the account numbers of the services you used to deposit along with the amounts.

We understand many of you are eager to get access to your account, and we are doing our best to ensure this happens as quickly and with as much confidence as possible.

Thank you for your patience and understandinge look forward to getting through the claims and continue trading as soon as possible.

I think we should ban together to hit mt gox with a class action law suite  any thoughts
on anyone lost over $500 can claiim against them and they are bound by some usa laws as well as HK laws so they can be sued and for loss and profits and keeping us from our revenues,

[Astro]

Is that like the honeymoon suite?

[bitcoinminer]

Is that like the honeymoon suite?

LOLOL!!!

Like the tradehill post about a ROUGE hacker.  I can totally picture a tranny hacker putting on rouge.

[psyborgue]

Would you rather they rush and be negligent?  You can have:

1. Security
2. Speed

Pick one.

[bitcoinminer]

Would you rather they rush and be negligent?  You can have:

1. Security
2. Speed

Pick one.

3. TradeHill

[psyborgue]

Would you rather they rush and be negligent?  You can have:

1. Security
2. Speed

Pick one.

3. TradeHill

I will likely go there too (or perhaps a third option), but in the mean time, I would like to think Mt. Gox is taking the proper time to take the claims process seriously, and somebody else isn't engineering their way into my account.  You can't simultaneously criticize Mt. Gox for not taking enough time to secure their shit, and demand they hurry up, throwing security to the wind in favor of convenience.

[bitcoinminer]

I will likely go there too (or perhaps a third option), but in the mean time, I would like to think Mt. Gox is taking the proper time to take the claims process seriously, and somebody else isn't engineering their way into my account.  You can't simultaneously criticize Mt. Gox for not taking enough time to secure their shit, and demand they hurry up, throwing security to the wind in favor of convenience.

I'm not.  I'm criticizing them for being ignorant, deceitful, amateurish fuckknobs that have no business running a business.  Except maybe selling stamp collections on ebay to old people.

[Valalvax]

What would you sue them for?

Being slow isn't something you can sue them for, by the way, maybe lost profits, but you'd have to be able to account for what your lost profit was, being as you don't know what might have happened with the market, you can't sue them for that, hell, they might have saved you a hundred dollars that you were going to lose

[Shinobi]

Why do you make excuses for Mt. Gox? The OP is admittedly not the sharpest tool in the shed, but their frustration is justified - Mt. Gox have failed to meet deadlines they themselves set. Do you think that stroking off Mt. Gox will get you an extra bitcoin?

Would you rather they rush and be negligent?  You can have:

1. Security
2. Speed

Pick one.

3. TradeHill

[beeph]

#1 you can sue anyone for anything
in this case, breach of fiduciary duty

#2 they're in japan, so good luck suing them.. if and when they get sued they'll prolly just use the US deposits to pay their lawyers and liquidate the bitcoins on tradehill.  Their exchange is worthless now anyway, bankruptcy is inevitable... hiring CSR's right now would just be throwing money down the toilet.

Noone here is gonna get any money back whatsoever.. and noone will care.. this is just another scam of a list of a million scams that people will just look at you and go 'you gave what to mount WHAT? and you're surprised u got scammed? lol.. idiot'

Even in a regular class action suit the lawyers make millions and u make maybe 2 cents.... and this is not even gonna come close.. u might get 1 cent.

a fool and his money are soon parted.. and we... are the fools...

GOOD ONE MT GOX.

can someone go on block explorer and trace that big 400,000 bitcoin account and see where its going?  just for shits and grins?

[TriumVir]

Would you rather they rush and be negligent?  You can have:

1. Security
2. Speed

Pick one.

Competence

[bitcoinminer]

Would you rather they rush and be negligent?  You can have:

1. Security
2. Speed

Pick one.

Competence

+1 vote for competence

[RchGrav]

I hear that both priceline and hotwire are having specials on class action suites... you can pretty much just name your own price.

Um.. I am 100% fine with the way MT.Gox is handling most of this... I really do believe that they are doing their best.

Do you have any idea how long it takes to go through 60,000 accounts!?

My only complaint.. would be that they are only allowing 1 hour for people to adjust their standing orders....

Not only do I not believe it is enough time.. but I'm not convinced that their system will be able to handle the load of that many people all at once in such a short period.

I will say right now... If the buy order I had placed for $15 right before their system went down executes.. and I don't have a chance to get on during the hour to fix it, or remove it..

I WILL BE VERY VERY VERY VERY pissed off...

Does anyone know if they canceled the orders everyone had.. or if they are expecting that all 60,000 traders will be able to adjust their orders during that 1 hour period.


I don't want to have ANY orders placed until the market has been running for a little bit.. that order was placed on Saturday BEFORE the incident... based upon the  market conditions of that day.

[elements]

What I cannot understand is why:

they always set a deadline and then

NEVER hold them.

It is so inconvenient for everyone to always check the site, only getting updates every 12-24 hours and then trusting in the statements.
This is so unprofessional. Why not simply announcing much more time and then holding the deadline.

Furthermore they officially announced, that they would re-open the site and then waiting AT LEAST 24 hours before resuming trading.

When they open at 3 am GMT - that means that it is 4 a. m. in Londen, 5 a. m in Paris/Berlin/Rome, Warsaw, 6 a. m. in Moscow - hell, they can't expect all of their European users to set their alarm clocks every night just to find out there is another postponing.
All of these users might get massively screwed if Mt Gox - one day - really does reopen and then there is only a one hour delay between reopening and start of trading.

Why not stick to the original plan of resuming trading 24 hours after reopening, so everyone gets a chance to check and reconfigure their accounts?

Mt Gox - Why do you make it even worse for your customers every time. That really isn't neccessary!

[stergium]

Would you rather they rush and be negligent?  You can have:

1. Security
2. Speed

Pick one.

3. TradeHill

+1 
At this point i am starting to believe that mtgox is never going to open again. this is bad for me because i liked their service (used it only once as i dont have much btc to trade). this also doesnt keep me on my toes because although i "claimed" my account and no communication has been done from mtgox , i have an EMPTY account. Good luck to those who parked their btc there.

[dinzy]

Don't forget people who rushed home from work early or changed dinner plans because they didn't want to miss the opportunity. 

[1.21gigawatts]

Mt Gox needs a lesson in under-promise and over deliver.  If it's really going to take them 1 week, say it will take 2 weeks.  Then, when they have the site up in 1.5 weeks, they'll look like they are somewhat competent and know what they are doing.

[kjj]

#1 you can sue anyone for anything
in this case, breach of fiduciary duty

That term has an actual meaning, and it doesn't apply here, unless you are Canadian.

[Valalvax]

Yea, I think the problem is they overestimate how quickly they can do things, that's not really competence, if you've never had to do it, you're not sure how long it'll take, they're not exactly business/PR majors, so they don't know to say it'll take longer than they think it will

[TerraHertz]

Very amusing to see people all excited about a virtual currency independent of government, then want to use the legal system to recover their losses when things go wrong.

Lets just review some basic facts.
The very existence of present national governments depends on their ability (in cahoots with the banks) to create and control the (fiat) currency universally used for commerce. Undermine that fiat, fractional reserve money machine, and all current governments would rapidly go pooof and vanish in a cloud of spitting, self-devouring chaos.

And this is _why_ we all like the fundamental concept of Bitcoin, because we hate the government and everything it stands for, right?

Except... the legal system is created, maintained and enforced by government. It is _part_ of the government.

It's true there's a long, long way to go before Bitcoin or anything like it makes an actual dent in government power. But the principle and intent are there. So going crying to the lawyers about your Bitcoin losses has a pretty strong small of hypocrisy.

On the other hand, starting a class action suit might be a good way to find out what the establishment wants with regard to Bitcoin. See how much official cooperation or obstruction you get.