Order placing suspended, market cool down at MtGox?

[Rampion]

WTF does this means?

Message on MtGox when trying to place an order:

Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC

What's this? A new way to manipulate the market? MARKET COOLDOWN? What kind of joke is this?

[3btc]

WTF!

Screenshot? Link?

edit: Thanks for pic. WOW, that's pretty brave (or rather stupid) of them!

Bitcoinity confirms that




edit#2: So what now? "Normal" server upgrade or something else?

[Rampion]

https://i.imgur.com/eMlU7MP.png?1

[gdsl]

Allso confirmed on https://mtgox.com/press_release_20130411.html

This is a good thing. Someone where doing market manipulation by placing tens of thousands of micro orders creating insane lag, leading to drop in value.

Hopefully mtgox will improve the matching engine and eliminate the lag.

[mckoss]

My last trade was executed at:

    2013-04-11 13:57:48 UTC

At the time, trading lag was about 1 minute - not as bad as yesterday.

According to the banner, trading will re-open at:

    2013-04-12 02:00:00 UTC

So we're looking to 12 hours of down time, right in the middle of the US-day.

I would have preferred throttling the number of trades per account to some number per hour, rather than stop all trading across the board.

I can only imagine the huge crush of trades that will be placed exactly at 02:00 UTC today - likely will hammer their servers even harder than
they were yesterday.

[Rampion]

WTF!

Screenshot? Link?

edit: Thanks for pic. WOW, that's pretty brave (or rather stupid) of them!

Bitcoinity confirms that




edit#2: So what now? "Normal" server upgrade or something else?

No, "market cooldown".

What a joke.

[BitAurum]

Closing a market... This is not a good thing to do in a normal situation, but I guess we are beyond that by now. Confidence is low enough for this to be a "grab a beer and some popcorn and see what happens" kind of thing.
Speaking from the EUR-Region: bitcoin-24 and bitcoin-central both are in the 50 EUR range now. Order book is getting empty, huge spreads, everyone tries to be smart when nobody knows what to do.
Good thing I can afford to lose the money I have in my BTC-portfolio. Obviously, not everyone can do that. Should I do some arbitraging? I could make 200% on some small markets

[Rampion]

Ongoing panic sell

[zeroday]

Capital Control just reached bitcoin market.

[makomk]

Ongoing panic sell

I expect a bunch of merchants are still setting their prices based on the now-frozen Mt Gox rate and are going to get the shock of their life.

[Rampion]

Ongoing panic sell

I expect a bunch of merchants are still setting their prices based on the now-frozen Mt Gox rate and are going to get the shock of their life.

Good point.

[mckoss]

Coinbase spread is insane now. They are buying Bitcoin for $71 and selling it at $137!