Why is Bitcoin exhange going crazy?

[rilesbriles]

Today I woke up and Bitcoin was shooting up to $140. Now it is on a steep decline going down to $115. What is going on?

[idividebyzero]

mt gox was down for a long time so nobody was able to buy, it should go back up now

I got screwed and bought at 137, not even an hour later Mt Gox goes down. If only BitInstant would have taken longer to process the payment.

[Gator-hex]

A so called "Bitcoin" service provider was hacked (https://www.instawallet.org/) (https://bitcoin-central.net/)

Then there was sell panic, because newbies think Bitcoin got hacked.

MtGox creaked under the load of newbie sell orders.

I suspect.

Happens all the time.  

[nathanghart]

Today I woke up and Bitcoin was shooting up to $140. Now it is on a steep decline going down to $115. What is going on?

This happens a lot, at least in terms of percentage swings.

[Reliabletrade]

Happens all the time?
There is only one solution, and it important for the future of the bitcoin community - a public exchange. It is funny we believe in bitcoin because of its democratic value, peer to peer, etc. and then we get stuck with a company, which is no peer to peer, which control the exchange!
Actually it is not funny...

[Uest3]

As another user posted, they said it was a DDos attack https://bitcointalk.org/index.php?topic=166310.msg1735252#msg1735252

[Gator-hex]

Yeah would be nice to have a peer-2-peer exchange built into the Bitcoin client.