Let's see how things look in a week. I'm guessing those who sold at all in the past 48 hours will be please if they haven't already bought back in. 2013 is the new 2011, except this time the damage is much worse.
When you equate damage to price fall or rise you miss the real fundamentals of what bitcoin offers. Price could be 1 penny yet you can still transfer value all over the world instantly for little or no fee. This is where bitcoin is valuable. Bitcoin is valuable, but apparently not as valuable as people thought it was yesterday. |
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Bitcoin was at $180 two days ago
$180 happened today
What's the difference?
Tons of people spent a lot of money above $180. |
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Is Mt.Gox considering the lag caused by a few trades per second a success?
Is is still a success if the trades are generated by bots buying and selling 0.0001 BTC back and forth?
Is it still a success if the trading bots are doing these trades with the intention of causing more lag, or is it suddenly a DOS then?
YES |
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O rly? The way I see it: CHEAP COIN BUY NOW I just bought 10.000$ at 230  Hahaha what I said there is bullshit just for the LULZ you got trolled BAD  |
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MtGox.com @MtGox Twitter: Maintenance Over however we are now under a DDoS attack. DDoS, success, you can never be sure with these things...  |
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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.
Or a first wave. Cuz yesterday was nothing more than success. |
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That's no DDOS. That's just success. TOKYO - JAPAN - April 11, 2013 Hi everyone, just a quick update on the situation and what happened last night. First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success! Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine! To give you an idea of how impressive things were here are some numbers that we would love to share with you guys: - The number of trades executed tripled in the last 24hrs. - The number of new account opened went from 60k for March alone to 75k new account created for the first few days of April! We now have roughly 20,000 new accounts created each day. Due to these facts we have been busy working on improving things since last week and our team has been working around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today and in the coming few days to improve our system overall performance. Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system. Thank you for your understanding and continuous support! Regards Mt.Gox Co. Ltd Team. Mt.Gox Contact press@mtgox.comWell MTGOX seems to think its a DDOS. Given their recent statement, I think they have a hard time distinguishing between success and DDoS. |
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That's no DDOS. That's just success. TOKYO - JAPAN - April 11, 2013 Hi everyone, just a quick update on the situation and what happened last night. First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success! Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine! To give you an idea of how impressive things were here are some numbers that we would love to share with you guys: - The number of trades executed tripled in the last 24hrs. - The number of new account opened went from 60k for March alone to 75k new account created for the first few days of April! We now have roughly 20,000 new accounts created each day. Due to these facts we have been busy working on improving things since last week and our team has been working around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today and in the coming few days to improve our system overall performance. Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system. Thank you for your understanding and continuous support! Regards Mt.Gox Co. Ltd Team. Mt.Gox Contact press@mtgox.com |
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The reason the price is going down is because the same people that were buying when it was going up are now selling.
We are now in a bear market.
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Nice one! So the hope isn't lost and with the flood of new MtGox accounts we see 300 USD before the end of the month? If the price touches $300 on MtGox before the end of the month, I'll give you one whole shiny bitcoin. This time I'm certain I won't be giving any bitcoins away. This move was decisive, the number of bitcoins to be sold is piling up as people hope to get out, and a substantial amount of money has probably left for good. There's really only one way from here, and it's down. Everyone, finally a signal that the dip is over, proudhon has spoken. Thank you proudhon, now seems the perfect time to buy then, as you are the best contra-indicator. Good luck. |
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Further update: 180 support broken, which means 100 is the next one. My guess is rangebound trading from between 100-180 at least for the next few days until we establish a new trendline
I remember this game in 2011. "No way it's going back under $20" "Ok, no, not going under $13" "Ok, it might bounce of $10, then continue upward to new highs" "If the price breaks through $8, then we should see incredibly strong support at $5" "No, okay, hmmm, $3..." And the price went just a hair under $2. |
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Don't worry guys. Their system is probably just overwhelmed right now by all the institutional investors trying stuff money in.
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Nice one! So the hope isn't lost and with the flood of new MtGox accounts we see 300 USD before the end of the month? If the price touches $300 on MtGox before the end of the month, I'll give you one whole shiny bitcoin. This time I'm certain I won't be giving any bitcoins away. This move was decisive, the number of bitcoins to be sold is piling up as people hope to get out, and a substantial amount of money has probably left for good. There's really only one way from here, and it's down. |
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Yep, no DDOS, just the trading engine lagged to almost the length of a feature film when one guy decided to sell a few thousand. Success! |
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Most speculators are now either sold and gone (the winners), scared and have no clue what they are doing (the newbies), or left holding the bag and crying in their milk (the losers). I'm not sure where anyone believes all these new buyers are going to come from and push it back over $200 anytime soon. Hope is a good thing but, blind faith tends to lead to sad disappointing failure. Anyone who has experience today saw the fluctuation ($105-$266) and left for the hills. The writing was all over the wall this week with the run up from Monday till last night. Huge run up and massive volatility unseen before. I saw it last night and sold.
+1 |
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I see a price rise next week due to the large amount of money that is currently on its way to exchanges after the price fall last night, people want to buy in at these low prices and that will push the price back up.
Has anyone considered that 20,000 new accounts waiting to be verified may be 20,000 people with BTC they want to sell and withdraw the fiat from? No, I don't think people are considering that, but that's what's being reflected in the charts right now. We're seeing what we used to call "the orderbook flipping", which is to say that the asks are aggressively piling up while the bids thin way out. It looks like a ton of money took a hike. A week from now things are going to look very dismal (if you can't see it already) for prospects of going over $200 for a very, very long time. It would now take over $6m to get back to the all time high, which is about as much as left the bids side over the past 48 hours. Some of that $6m was just cashed out and won't be coming back. Another good chunk of it was already spent in the bouncing around of the past 12 hours. New all time highs are completely out of the question.  don't worry the invest funds will ride in to save us  |
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Let's see how things look in a week. I'm guessing those who sold at all in the past 48 hours will be please if they haven't already bought back in. 2013 is the new 2011, except this time the damage is much worse.
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I see a price rise next week due to the large amount of money that is currently on its way to exchanges after the price fall last night, people want to buy in at these low prices and that will push the price back up.
Has anyone considered that 20,000 new accounts waiting to be verified may be 20,000 people with BTC they want to sell and withdraw the fiat from? No, I don't think people are considering that, but that's what's being reflected in the charts right now. We're seeing what we used to call "the orderbook flipping", which is to say that the asks are aggressively piling up while the bids thin way out. It looks like a ton of money took a hike. A week from now things are going to look very dismal (if you can't see it already) for prospects of going over $200 for a very, very long time. It would now take over $6m to get back to the all time high, which is about as much as left the bids side over the past 48 hours. Some of that $6m was just cashed out and won't be coming back. Another good chunk of it was already spent in the bouncing around of the past 12 hours. New all time highs are completely out of the question. |
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Remember this: Long Slow Slide
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