Bitcoin Forum

Will the sell-off continue or did most people find other avenues to sell in the last 12 hours?

Down to $100 bounce to $150

Down to 50 or below. Crash still needs to level out, majority of people will want to panic sell.

Everyone sells their Bitcoin.

The value plumets to negative values.

Investor-noobs go insane and start mass riots.

The world economy collapses and the zombie apocalypse is finally realised.

Mt. Gox starts trading in rifles, ammo and food... due to incompetence they lose everyone's resources...

It will probably crash well below $100, probably in the range of $20-50.

This is how the mainstream press is viewing this event:
http://www.naturalnews.com/039880_bitcoin_bubble_panic_selling_accounts_frozen.html

Quote from the article:
"Bitcoin is now officially a failed experiment."

Best prediction ever.

/Close Thread

People have been "Goxed" again!  I predict a bottoming out at $50 however Mt Gox will pull the plug at $70 and blame it on a technical glitch this time.

Should you listen to me?  Of course not!

CoinMan

Awesome. That ranks right up there with Wired adding Bitcoin to the 2012 "Expired" list.

lets better put it this way:

first swallow up the bids which are still there, so move down.
Then probably high API lag again, causing the downward move to terminate at a point which is absolutely arbitrary and meaningless.
Next bounce back up when the buy orders hit the head of the engine queue. Again the top value is arbitrary and meaningless.

Then, after matters cool down, the real action starts. My personal bet is it will be headed first a bit below $100. But from this point up, we should not try to make predicitions, since psychology isn't predictable.

Everything will go smoothly.

I found this hilarious.  Thank you sir.

^^ +1 I laughed too,

Well, there is allegedly thousands of new accounts (cause of the trade engine failure), so perhaps these new account holders will buy up the coins at the low prices causing a run-up.

OR

Those that acquired the coins at a higher price will want to take their lumps and walk away (sell).

Ultimately, unless we get another DDoS or other form of manipulation, the market will decide.

I'm making coffee right now for the fireworks.

Thats all the confirm i need.  Mt Gox will trade for 10 minutes and then lag, then sell off, then suspend trading.

What kind of dbase upgrade could they have done in 12 hours.  Swapped out the mechanical to ssd in their raid array? (As if they should have done this already)

Thoughts?  Was the dbase access the bottleneck?  Did they have the trading front end running on the same box as the dbase?  (As if they shouldn't have put that into 2 boxes already).

Maybe they went out and bot those PCIe Ram Disk cards?  (With 500K/day of revenue, shouldn't they have done that already).

The fact that they CAN upgrade the dbase in 12 hours scares me to begin with!

IT guys thoughts?

price just changed btw...now 127...how can that be if there is no trading...

Oh man their setup is such crap, its like a monet, the more you look at it the more of a mess you see.

oh btw, whats gox's policy on num of confirms?  Sending in da coins in case of a big run.

chaos is my only prediction.

naturalnews is mainstream media? humph... news to me.

Price will fall to 40 and after that will climb back to ~ 200 $ in the next 24h if we don't get hit by the lag again.

mtgox.. is reopening slowly.
guess what.!!
still plenty of .01 btc trades going through. what is wrong with gox

disable ALL APIS please for the next 24 hours
but does gox ever listen

I thought I saw on another thread that yes, they did have the front end and the DB on the same box. Moving the DB to another machine *should* be a trivial task, but when dealing with mission critical components making sure it all works properly means caution and testing.

If the database upgrade is a simple swap for more power (better CPUs, more RAM, faster drives) then yes it can be done in 12 hours.

[12 years as a programmer, with the last 5 of them working on a large web platform.]

well, it's trading between 55 and 80 right now on various other exchanges....  so there would be an arb opportunity to sell if the gox bids were significantly higher than say 70, and buy back on other exchanges for short profit.    The arb-bots and arb-traders should have some fun here.

MtGox's posted reason for halting trade was  "to allow the market to cooldown following the drop in price"... they later said they would be upgrading their db servers.

To me, this says they were trying to support the price much as trading curbs kick in on NYSE during a crash.

There could be some surprises on the order book also. Remember things are very different now than after the first bitcoin bubble pop, with VC and other investors indicating interest.  If you're a VC and ready to buy bitcoin at 200, are you going to lose interest in buying it below 100?  

The Vinklevii twins announced (around 2pm?) they are major backers of bitcoin, and said they're buying the  dip...

I wouldn't doubt that during the halt, some phone calls were made, and buyers solicited to prop up the price.

I wouldn't be surprised to see big bids supporting price at major levels, say $60...  

Finally, there should be heavy load and wild swings for a while. At some point it will be clear whether the new db can handle the load, after which the lag will diminish, and prices will stabilize after a classic consolidation triangle pattern.

Which brings us to tomorrow, and next week.

There are 15k users backlog in the mtgox verification queue.  Most of these represent small time speculators or investors who were eager to buy at $200.   Some of these will chicken out... but they don't already hold coins.  Others will see the dip as an opportunity and go ahead with their buying.   But overall, there will still be people standing in line to buy, which should begin price rising again....

How's that for a guess?

They are probably rushing in more hardware and possibly bandwith.

It's really something you down wanna do while systems are running at full capacity, as it can easily introduce errors.

If they actually have used only one machine, the trading software is likely to be designed for that. If so - my bet would be that they have brought in a new machine that can handle a lot more traffic.

Best case scenario would be that they have a system that is scalable, and that they just needed some time for installment/testing.
Guess they can afford a blade-stack by now.:-)

Opening around $80 and then down under $50 tomorrow with more wild fluctuations throughout the day.

Shouldn't it be as trivial as installing the same dbase server software package on the new machine, popping 10 gigbit enet cards in there, pluggin it into your router and then changing one line of code that contains the address of the server?

I did a complex street algo in SAS and MSSQL that processed millions of records, you never knew when the half dozen or so dbases i'd submit queries/updates to would move to a new address.   So you write the fucker "high Level" .  I queried a local table for the address of each dbase i would hit, as even some times the dbases themselves moved to different servers while some stayed.

Maybe i oversimplify, thats probably not how it queries.

PREDICTION: LAG LAG FAG LAG

I hope it hits $1. Then I will buy all the bitcoins I can

large purchases coming in at 129.. what a good day for people to arbitrage if they could

And it was really fun when the dumbass systems guys set up the new server and when migrating the dbase changed the schema.

the forum lags the heck out so we can't keep each other company.

price will rise
price will fall

rinse and repeat

^ ^ ^

https://i.imgur.com/YSbcXR3.jpg

One would hope they had improvements ready to go for a while, but were just waiting for a chance to halt trading in order to make changes which could not easily be done while operating, like moving the trading engine to a separate machine from the web server and reconfiguring various monolithic components to be setup for failover/replication.

That's just hope though. My current expectation is that it will be a clusterfuck but I'd like to be pleasantly surprised.

I was thinking that.  Some mainstream might have the same overall message but that reads like amateur journalism.  The 'officially a failed experiment' bit illustrates more than anything the writer's thinking if a statement is made emphatically enough it makes it true  ;D

Whomever has been running the DDOs in the past has their botnet on a clockwatch.

my prediction is that they will get soo much traffic, so many refreshes, they won't be able to handle it...

Failover?!?!  Redundancy!?!?  Dude this is GOX we're talking about.  The company that sits there and opens up thousands of accounts without knowing whether their platform can even handle it!

Natural News is not MSM.  It's usually better than them.  Bitcoin is outside of their area of expertise, so I'll forgive them for this:

https://i.imgur.com/CcHHo6s.jpg

How did you get a picture of the new trading engine being put in place?  ;D

Funny. Let them think what they want.

What's the opportunity here for a team from some NASDAQ or Forex trading house to clone their server /orderbook system and spawn a competitor to mtGox that is already hardened and instantly a stable, fast exchange with acceptable order-entry and trading tools?

I seriously so excited to watch the continuation of the crash in real time.

I think we're in for a bumpy ride. I predict we'll end up back where we were soon though.

I think people will buy and it will be back up to around $150

has gox said anything about reopening? 3 mins left....

What a rare opportunity... very exciting.

Hope to many people haven't over leveraged tho it may be brutal.

1 minute!!!!

CaVirtex and btce in mid-90s....

Will it be this
http://c534909.r9.cf2.rackcdn.com/wp-content/uploads/2013/01/Zombie-Bear-10.jpg

or this?
https://encrypted-tbn1.gstatic.com/images?q=tbn:ANd9GcSGaQAePErj8nIkv-ad9Kphqj7uT0SG9fZG2SnHvHxWwINrfYmd

Just wondered are any of the charting apps gonna work if they have changed there servers about?

Gox already lagging

504 Gateway Time-out

Mtgox trading engine lag: 117.17s

My money will be leaving gox as soon as reasonably possible.

Shit, can't even get on. Can anyone else?

I've I were at a Movie Theater waiting for 02:00 to see the movie, I'd be demanding my money back about now...

Crash just happened. 99.66

Im in market already down to $90 $78, seems predictions of influx of buyers was overly optimistic.

78.05 here
Make that $65.50

i closed it...if you ain't gonna trade right away don't refresh it...  Let the needy have their server time!

am i the only one getting lag, loads up easy but price doesn't seem to move smoothly.

Over 6 minutes lag in the first 11 minutes. Wonder how many hours before it shuts down again. Well I got my beer ready to watch the big game.

Web server new box fo sho...but how dat dbase upgrade working out wit 5 min lag? AHHAHAHAHAH!  GOX, you almost had me there!  U so CRAZY! I think i wanna have yo baby!

To be honest, I'm not sure they upgraded anything.

This is ridiculous.

Mt gox is earning bitcoins.

No they're not, commish free trading!

I got the around $80 part right now I can't wait to see what happens tomorrow.