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Author Topic: 2013-04-04 BBC News: Hack attacks hit Bitcoin exchange rates  (Read 1210 times)
P_Shep (OP)
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April 04, 2013, 01:44:44 PM
 #1

http://www.bbc.co.uk/news/technology-22026961
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April 04, 2013, 01:54:39 PM
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Bizarre choice of photo in that BBC piece (Wall St. sign with three American flags). What's that about?
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April 04, 2013, 02:11:13 PM
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For the press a ddos attack is a "HACKING"  Roll Eyes

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April 04, 2013, 02:55:32 PM
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And they already know that it was DDoS attack responsible even that the currency is so unpredictable ?

I would rather say that it is pretty normal value correction, especially for Bitcoin.

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April 04, 2013, 03:04:23 PM
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April 04, 2013, 03:11:22 PM
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It does annoy me when anyone refers to DDoS as 'hacking'.
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April 04, 2013, 03:21:33 PM
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To be fair the Headline could be referring to the actual hack of instawallet, also in the article.
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April 04, 2013, 03:26:23 PM
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They must have looked at different exchange rates over there at the BBC, the price did not drop, it did not exeed avarage volatility, Bitcoin price was and is higher than it was the day before, nothing bad happened to the exchange rate at all. Why cant they report news based on facts (and simply report nothing if nothing happened) instead of making up pure nonsense and blatant lies out of journalistic boredom?

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April 04, 2013, 03:29:18 PM
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The article is quite fair, even if we don't our embarrasment of yesterday smeared all over the net. They are simply stating the facts and have read up on the info on the story before writing and importantly, no condescending sarcasm in the tail to round up the story!
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April 04, 2013, 03:50:40 PM
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The article is quite fair, even if we don't our embarrasment of yesterday smeared all over the net. They are simply stating the facts

Except that there was no price drop. Price spiked from 100 to 145 bounced at resistance and consolidated around 125, thats not exactly what I would call a price drop. Maybe they turned their charts upside down?

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April 04, 2013, 04:28:33 PM
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The article is quite fair, even if we don't our embarrasment of yesterday smeared all over the net. They are simply stating the facts

Except that there was no price drop. Price spiked from 100 to 145 bounced at resistance and consolidated around 125, thats not exactly what I would call a price drop. Maybe they turned their charts upside down?

There was no buttons working on my account until 10 minutes after trading was reenabled. The API feed was also sporadic so I didn't se the same numbers as you, the first trade I got in  was in at the $117 bottom. That's why it was the bottom, as most people suddently were able to trade again.

The crash was small in Bitcoin world, but there has not been hundreds of  reporters watching the Bitcoin ticker until a few days ago. They normally consider the Dollar dropping 25 Cents a huge event. Seeing Bitcoin dropping from $141 to $110 in 3 hours looks like a crash to them and not a normal weekend dip event.

I warned about the guided slide and tricks in general like we had on the 22-24'th March that magically stopped after which the price took off as nothing happend. These actions raise worries with people used to normal boring kind of economics!

Fiat currencies are support bought and sold to counter act wild swings when there is low volume. Bitcoin is liberated from this kind of government price fixing, but that also demands higher discipline amongst the traders with the power to move the market!!

To mention an example from the real world: The Yen had a spread of one percent being bot traded by a few bots on the night of the 31'th March when every human trader was in The Hamptons shoveling snow. It looked exactly like a glitchy Gox day and it's filtered out now to a flat line. If this happend during a normal trading day the press would go amok also!

Bitcoin looks crazy for an outsider as it is has no control mecanisms, some reporters will understand that.
Wall Street have their circuit breaker that suspends trading if any stock drops more than 5% in 15 minutes. Thats also a prevention against anyone trying to game the market. Gox could consider something similar.

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