Re: Let's talk about BTC.SX and MT.GOX

Quote from: Seal on March 22, 2014, 11:01:44 AM

Hi Bitcointalk,

In response to larin. I would like to share with the community some facts about his history with btc.sx.

His accounts were locked due to exploitation to unfairly game the system for selfish profits at any cost, to us and our honest userbase. Upon discovery of this exploit, he signed up with 5 different accounts and continued using it across an additional 72 trades. This is behaviour which the community should stand against.

The attached images below show these trades.

http://s9.postimg.org/5kzqmosr3/Screen_Shot_2014_03_22_at_10_26_19.png
http://postimg.org/image/rk659w9l7/full/

http://s9.postimg.org/7qu1h6w7j/Screen_Shot_2014_03_22_at_10_26_44.png
http://postimg.org/image/5ifuzup3f/

Through use of his exploit, in these trades he profited by 17.9 btc.

Where losses incurred costed btc.sx additional collateral, this was deducted from his profits (15.6 btc).

The funds which larin claims to be his are all profits he gained from the exploit. We have not taken a satoshi more and honoured remaining withdrawals against his account.

...

Hi Seal. I'm inclined to believe you that Hodor / larin has gamed the system, however I cannot decipher your post. Forgive my ignorance of your system, but I can't think of a way to abuse a stop loss order with my stock broker - if my broker later tried to claw back my trades I would definitely go to a lawyer to draft a strongly worded letter.

So in the interest of letting the community fairly judge your operation could you explain like I was 5 years old what each line in the spreadsheets you linked means and why that would be an exploit of the trading system?