Bitcoin Forum

Source: https://twitter.com/mtgox

If they can't handle this DDOS well and the lag gets to 1 hour again things will get nasty. Opinions?

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Another possibility is just that their twitter got hacked?

Interesting. If things go below 100$ I might recover the losses I suffered.

That's no DDOS.  That's just success.

YAY! Profit time! Buy buy buy!

Next stop 105

odNLRCV^%^NR i STILL HAVE 0.3 BTC TO SELL

FML

Well MTGOX seems to think its a DDOS.

Given their recent statement, I think they have a hard time distinguishing between success and DDoS.

Yeah, if it's not clear, MtGox posted the message OP quoted on Google+ (and presumably facebook too) literally minutes ago. It's not in reference to yesterday. So this might be a second wave.

To be honest, if I were mtgox i'd blame it on ddos. It sounds better than "we still have laggy servers".

Or a first wave.  Cuz yesterday was nothing more than success.

Look at history... buy whenever there is a DDOS attack.

Listen, Bitcoin crashed because Mt. Gox couldn't handle the flood of new buyers.  And that caused the panic selling.

The problem is TOO much money wants into bitcoin for the pipes in to handle.

What do you think is going to happen once those pipes get bigger or replaced?

Sheesh... this one is a no brainer.

Buy!

you need to work harder on your trollin

lol good point. I havent' seen such levels of incompetence in a while and I've been on the net a big percentage of my life :P

The money pipeline analogy might make sense if the market hadn't already nosedived. That doesn't look like too much money moving into the market to me.

What do you expect from the userbase when it shits itself in panic when significant lag occours?

The market needs to evolve/improve. both on the user's and service provider's side.

looks like some angry hackers who lost a lot of money in bitcoin bubble taking a revenge  8)

Bitstamp at 140. There is some profit to be made here when we get close to 100.

I call bull, seems to me lag is being caused by selling not the other way around. If anything lag is slowing the crashes.

Is it an attack or just 10's of thousands of people constantly hitting the refresh button in their browser trying to be the first to resume trading?

I'm hitting refresh now.

Right. All of these new customers are probably a moot point. I don't see them clamoring for Bitcoin. And the media is bored now as well.

Hello my friend, did you bother reading mtgox statement?  They couldn't handle all the clamoring for Bitcoin.  Bored media?  What rock do you live under?

Exactly. The lag quells panic, if anything. Trading curbs on NYSE/Nasdaq are used to quell panic. The lag is used as an excuse for every sell-off even though the sell-off is well under way when it occurs. I'm sorry, but do you think the Japanese Yen would implode because major forex platforms had a delay? People couldn't login to their forex accounts so the currency would simply halve. If so, all the more reason not to own the Yen.

I get 502s on Bitcoincharts every day. These websites are having difficulty with the traffic.

Lets get past centralized markets so this can never happen. Bitcoin markets should match bitcoin: decentralized.

Mtgox sure as hell isn't a Forex exchange.  Its the constraint right now to money flowing in.

That my friend is a temporary problem.

If you doubt it, sell me your coins.  I'm buying.

An hour of lag is only going to make panicing people panic more. They see the price dropping and slam the sell, but it doesn't go through and the price keeps dropping, so the place the sell even lower, and lower, and panic grows.

There's only so many times the popular media is going to report 'Bitcoin hits new highs!' and 'Bitcoin crashes!'.  About once is enough unless we go way below $100.

I'm not sure if I buy this whole deliberate DDoS theory.  We only have MtGox's word to go on, with no independent auditing and no detailed logs.  What would happen if one large seller decided 'this is as good as it gets' and dumped, which caused all the algos watching the price to also try and dump at the same time.  Same thing.  A wild spamming of HFT orders and more lag as the price goes down. 

The price was $180+ earlier today, and now back to $145.  Are people still blaming a conspiracy?  Why wouldn't the conspirators wait for it to inch back over $200+ before trying again?

Can I get some government intervention please???

interestingly enough, at this very moment in time there is a very popular prostitute website that is also under sustained DDOS attacks

coincidence?

Probably, yes

A rock called 'reality'. Do you really think that these new customers will throw money into this chart? Please........and the media hype cycle is over. This isn't new anymore and the media gets bored easily. They were already getting bored. And pure hype/speculation was the only thing keeping this up.


I completely understand what you're saying. It would've fallen further and faster in real time. There are other mechanisms at work during the lag......tiny bot trades that attempt to put green on the screen and stem the psychology of the sell-off (only occurring during the lag, and usually working). I can post various links of data sets and screenshots (mine and others who've mentioned this). What normally happens during a sell-off is...the price rolls over, the lag starts and grows the lower it goes, hundreds of tiny bot buys (e.g., 0.02 BTC) keep the bid/ask up (much much higher than steam of sells) in spite of 100s or 1000s of dumped coins as a means to stem the psychology of panic simply by simulating interest.

Because everything has slowed down, these bot buys make it look like we're bouncing because people are seeing the bid/ask stick higher in a more pronounced way than if we were trading real-time. The bid/ask keeps bouncing up to these tiny trades (5%-10% higher than stream of sells) and that's why we always bounce back up so quickly after minor sell-offs. Yesterday's selling was too intense, but they tried the same maneuver.

https://bitcointalk.org/index.php?topic=172540.msg1795308#msg1795308
https://i.imgur.com/umRmL7b.png

 

or, they try to cancel their order nut cant and end up selling much lower then they would have had they had a choice, keeping the crash going longer then it would have had they had control of their orders, I doubt many people were expecting a lag of over an hour yesterday

That lag makes people panic sell is too obvious to warrant discussion. The analogies to NYSE or whatever are totally irrelevant because Bitcoin doesn't have any kind of track record of stability like major stock exchanges do, and Gox don't communicate during their surprise extreme lag events.

Mt Gox can't handle traffic and it doesn't matter if it is a DDOS or just too much traffic.  They are the major exchange and people look to them for price.  The fluctuations are making BTC the most useless currency out there now (Maybe Zimbabwe is worse hadn't checked).  All kidding aside though BTC is right now purely a speculation commodity and will not be currency until the value is more stable.  I'm out and staying out, wake me up when there is an exchange that can handle the load.  I seriously doubt that Mt. Gox didn't have the capital to invest in infrastructure.  I'm calling BS and will not be using them any more now that my BTC in Fiat and not in MT Gox any longer.  

If BTC is worth $10,000 as everyone preaches then great.  I think I averaged about 1200% return on my transactions.  If I buy back in at $1000 once it is a usable currency and hold till $10,000 well that is another 1000% profit even if it takes 10 years to get there. 100% per year is an amazing return for the smartest investors in the world.  I'll never regret being a wise investor making smart conservative decisions and not taking huge risks.  Hindsight is 20/20 and right now we are all Helen Keller.  Do you regret everytime a sports team wins you didn't risk your hard earned cash to gamble on the game?  Why is BTC any different now that it has proven itself a high risk unstable currency and Mt Gox equally useless?  I think this board is either filled with people who do not understand investing, currency and commodities or just plain stark raving lunatics worshipping the moon at this point.  Good luck!

So the answer to this earlier question was, 12 hour maintenance will happen.

The money can't get into the market!  The pipe is clogged.  The clogged pipe is what caused the nosedive. 

This is an epic buy opportunity with anyone with any kind of foresight.   Sigh... that's obviously the minority though.