Speculation on MtGox 12 hour shutdown

[zoolander]

"BitCoin, the decentralized currency" Oh, really?

Ain't that the truth.

Very good news for the other exchanges though and perhaps Bitcoin long term. Should be interesting to see those who sink and those that swim.

Personally I'm pissed though. FIAT locked up on Gox.

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[bitarrow]

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

They will prolly go down for a few hours to add extra servers within the next 24 hrs

Never ceases to amaze me what bad readers some people are

the message on Gox is "Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC"

tell me how "market cooldown" sounds anything related to this Mtgox statement?

What it state is Mtgox is attempting to control the market

[Manticore]

"BitCoin, the decentralized currency" Oh, really?

Right.

[NamelessOne]

the message on Gox is "Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC"

tell me how "market cooldown" sounds anything related to this Mtgox statement?

What it state is Mtgox is attempting to control the market

It's there attempt to SAVE the market and I fully support it. Save it from their own stupid laggy systems.  But the cooldown should only only be as long as it takes to alleviate the lag. Otherwise this place turn into a hell whole of stupidity selling for no reason. Some person starts to sell, then a bunch jump on board, then the lag starts, then all hell breaks loose and a paradox of fear, selling and lag is unleashed that would not have been unleashed had the lag not multiplied it. YES, selling would have happened, but nowhere near the insanity that the lag creates.

[samson]

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

They will prolly go down for a few hours to add extra servers within the next 24 hrs

Never ceases to amaze me what bad readers some people are

That was yesterdays announcement, you're a day behind.

[spartacusrex]

Im sorry - success or no success - MTGOX ARE IDIOTS..

btc-e.com has a much MUCH better interface, there's no orders information on gox at all, and they have single handedly wiped 1BILLION dollars of the value of bitcoins..

WHY would you use their site when it's CRAP !?

Ha!.. (Breath)..

It'll take some time for any confidence to return to the Markets, and their rather cheery message about how their success has caused this, only feels like lemon juice on a paper cut..

STOP USING GOX!

Then   will turn to  

 

[giarc]

the message on Gox is "Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC"

tell me how "market cooldown" sounds anything related to this Mtgox statement?

What it state is Mtgox is attempting to control the market

It's there attempt to SAVE the market and I fully support it. Save it from their own stupid laggy systems.  But the cooldown should only only be as long as it takes to alleviate the lag. Otherwise this place turn into a hell whole of stupidity selling for no reason. Some person starts to sell, then a bunch jump on board, then the lag starts, then all hell breaks loose and a paradox of fear, selling and lag is unleashed that would not have been unleashed had the lag not multiplied it. YES, selling would have happened, but nowhere near the insanity that the lag creates.

The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover.

By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money.

[HappyBitCoinUser]

"BitCoin, the decentralized currency" Oh, really?

Right.

While its in your wallet yes, and then when you trust a 3rd party like MtGox, we're back to Centralized Banking. Grats to everything that thought they beat the system lol.

[antimattercrusader]

thoughts?

Put the tinfoil hat down!

If your paycheck just cleared into your bank and their website became unusable.  Then at night they said there is no DDOS this is just success.  Then the next day they said this is a DDOS we are shutting down for 24 hours.  How would that make you feel about your bank?  Why should you give Mt Gox more leeway with your money?  Maybe you'd be fine with that scenario but, I for one would not.  No tin foil hat involved, I just want a stable place I trust to store my wealth.  Having the FDIC back it helps a lot as well.

Having FDIC back... oh sweet jesus. Please, no. This is the one market where I don't have to deal with Government bullshit.

Now, if someone wants to start an FDIC insured exchange (Good luck), and I have the CHOICE to use it, that's fine.

[bitarrow]

The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover.

By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money.

Exactly.  Other exchanges will crash today now. And tonight so will Gox. Their attempt to cooldown will make it worse. Idiots!

[NamelessOne]

the message on Gox is "Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC"

tell me how "market cooldown" sounds anything related to this Mtgox statement?

What it state is Mtgox is attempting to control the market

It's there attempt to SAVE the market and I fully support it. Save it from their own stupid laggy systems.  But the cooldown should only only be as long as it takes to alleviate the lag. Otherwise this place turn into a hell whole of stupidity selling for no reason. Some person starts to sell, then a bunch jump on board, then the lag starts, then all hell breaks loose and a paradox of fear, selling and lag is unleashed that would not have been unleashed had the lag not multiplied it. YES, selling would have happened, but nowhere near the insanity that the lag creates.

The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover.

By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money.

No, if the game is rigged by their crappy servers, lag, and ddos attacks they need to do something to rebalance it and actually make it an normal market. Right now it isn't free, right now it is heavily chained by a ton of stupid technical issues.  They are the only people that can do that and would be stupid not to. Sure... they could just let things continue on their shitty servers let more lag pile and from their bad decisions and destroy the whole thing, but why would they want to?

They aren't stopping people from transferring their BTC to other exchanges.

[HappyBitCoinUser]

thoughts?

Put the tinfoil hat down!

If your paycheck just cleared into your bank and their website became unusable.  Then at night they said there is no DDOS this is just success.  Then the next day they said this is a DDOS we are shutting down for 24 hours.  How would that make you feel about your bank?  Why should you give Mt Gox more leeway with your money?  Maybe you'd be fine with that scenario but, I for one would not.  No tin foil hat involved, I just want a stable place I trust to store my wealth.  Having the FDIC back it helps a lot as well.

Having FDIC back... oh sweet jesus. Please, no. This is the one market where I don't have to deal with Government bullshit.

Now, if someone wants to start an FDIC insured exchange (Good luck), and I have the CHOICE to use it, that's fine.

You can't FDIC insure something that can't be printed out in unlimited quantities lol.

[julius]

It is a pity that many had to learn the lesson through the hard way. It only takes some digging up of old threads in the forum to find out that mt gox has been undelivering for a long time.
It is fair to give them credit for their important role they had in the past in spreading the bitcoin. They have made a small fortune out of it, so good for them. But this should be curtains for them.
There are many exchanges out there. I for one don't have a preference, but if the consensus in the forum says let's move to bitcoin-24, bitcoin-24 it is.
Perhaps one of the veterans could open a thread with the pros and cons of all the exchanges and then we could decide by means of a poll which one we should start using.

[ArticMine]

The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover.

By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money.

Exactly.  Other exchanges will crash today now. And tonight so will Gox. Their attempt to cooldown will make it worse. Idiots!

... and the panic moved form Tokyo to Moscow https://btc-e.com/.  Calgary seems to be holding for a while https://www.cavirtex.com/

[seleme]

I just can't find the words to explain what MtGox had done closing orders at that point.

[Rampion]

"Market cooldown" is a JOKE.

Who are they to "cooldown" the market?

Very different from "system maintenance" or "server upgrade".

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The end of Mt.Gox hegemony is long overdue.

[Twerka]

The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover.

By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money.

Exactly.  Other exchanges will crash today now. And tonight so will Gox. Their attempt to cooldown will make it worse. Idiots!

I think it's the opposite. If people do not sell coins then the price go up.
On 12 hours, when MTGOx open again you will see a lot of people trying to buy cheap fast before it recover the "before shock" prices.

[Rampion]

The market doesn't need saving, it needs to be left to its own devices and those who get burned get burned. If it falls to low it will recover.

By doing this they are creating a panic not about bitcoin itself but about their own willingness to allow their customers to use their own money.

Exactly.  Other exchanges will crash today now. And tonight so will Gox. Their attempt to cooldown will make it worse. Idiots!

I think it's the opposite. If people do not sell coins then the price go up.
On 12 hours, when MTGOx open again you will see a lot of people trying to buy cheap fast before it recover the "before shock" prices.

Well, I will be ready to buy cheap, but I'm afraid that we will also have a downwards effect: sellers executing market orders to benefit from the higher Gox closing price and buyers panicking in order to cancel bids...

You can bet that MtGox will suffer THE HUGEST TRANSACTION VOLUME it EVER HAD when it reopens trading tonight. THAT will be a spontaneous crowd DDoS.

[DutchBrat]

The worst thing you can do is shut down the markets.... People need to know they can always get out, else it becomes as worthless as fiat in Cyprus....

Capital controls on Bitcoin.... who needs the feds when you have these exchanges !!!