get out your tin foil hats

[Anon136]

if we were just dealing with run of the mill hackers (like we were with ddos' in the past) i would expect them to be very careful not to kill their cash cow (like they were in the past, they never went overboard). Previously all attacks were at highs, presumably in an attempt to crash the price and buy in lower. All attacks were promptly halted after the price fell.  Now someone is attacking at lows, this is new and not in the interest of someone who is attempting to manipulate the market for profit. This would however be in the interest of someone who sells a currency that competes with bitcoin.

Smells awfully fishy to me. Are we finally seeing TPTB reacting to bitcoin?

What do you guys think?

[John Self]

Tomorrow you will wake up and it all will have been a dream. There never was any bitcoin or MtGox or Satoshi. Like Never Never Land or Oz, you'll try to explain to people what a bitcoin is, and they won't understand.

[Minor Miner]

First I would like to know.
Did EVERYONE else find that bitcointalk and bitcoincharts etc ALSO did not work well yesterday (massive delays and server time outs)?
If so, how is this unrelated and Gox "just had too many accounts open recently"?

[Akka]

Mt.Gox itself cashing out on bitcoin to focus on Ripple

No, I'm not serious

[Wuji]

Tomorrow you will wake up and it all will have been a dream. There never was any bitcoin or MtGox or Satoshi. Like Never Never Land or Oz, you'll try to explain to people what a bitcoin is, and they won't understand.

There's no place like home, there's no place like home...

[benjamindees]

First I would like to know.
Did EVERYONE else find that bitcointalk and bitcoincharts etc ALSO did not work well yesterday (massive delays and server time outs)?

Yep.  It wasn't just "slow due to new users" either.  It was slow one minute, working fine the next.  Like a DDOS.

[Mike Christ]

I was on all of yesterday putting up with the DDoS.  It was definitely there; it cannot be attributed to new members, there's no way in hell.  Someone's fucking with us.

[Severian]

Smells awfully fishy to me. Are we finally seeing TPTB reacting to bitcoin?

Coinbase is run by a Goldman Sachs trader, Fred Ersham. It's my opinion that GS has been using Coinbase to gather coins, using other peoples' money of course, in order to manipulate prices.

Anyone that thinks I'm just being paranoid has little idea of how the Money Powers operate. It might do you well to read some history. Start here:

“Very pleased we have entered into relations again with American Government” -Rothschilds, 1878

[XXthetimeisnowXX]

Smells awfully fishy to me. Are we finally seeing TPTB reacting to bitcoin?

Coinbase is run by a Goldman Sachs trader, Fred Ersham. It's my opinion that GS has been using Coinbase to gather coins, using other peoples' money of course, in order to manipulate prices.

Anyone that thinks I'm just being paranoid has little idea of how the Money Powers operate. It might do you well to read some history. Start here:

“Very pleased we have entered into relations again with American Government” -Rothschilds, 1878

yep we all know the ones in charge of money willnot like there profits going away. the fed reserv are attacking along with many banks they want to see this thing go away. it is an amazing idea and it will work but the problem is they have a lot of money to pump and dump and pump and dump and eventualy everyone will try to get out. its been there plan from the start and you want to go to another alt well they will do the same to that as well, the only way to stop it is if you have limits on how many you can buy and sell at a time so we dont have huge ups and huge downs. what do you think?

[Akka]

Smells awfully fishy to me. Are we finally seeing TPTB reacting to bitcoin?

Coinbase is run by a Goldman Sachs trader, Fred Ersham. It's my opinion that GS has been using Coinbase to gather coins, using other peoples' money of course, in order to manipulate prices.

Anyone that thinks I'm just being paranoid has little idea of how the Money Powers operate. It might do you well to read some history. Start here:

“Very pleased we have entered into relations again with American Government” -Rothschilds, 1878

yep we all know the ones in charge of money willnot like there profits going away. the fed reserv are attacking along with many banks they want to see this thing go away. it is an amazing idea and it will work but the problem is they have a lot of money to pump and dump and pump and dump and eventualy everyone will try to get out. its been there plan from the start and you want to go to another alt well they will do the same to that as well, the only way to stop it is if you have limits on how many you can buy and sell at a time so we dont have huge ups and huge downs. what do you think?

Won't work. Free marked. There will always be an exchange with no limits.

Only way would be if there are enough speculators beliving in Bitcoin that would buy more coins back as they sold every-time a drop happens.

[Severian]

Only way would be if there are enough speculators beliving in Bitcoin that would buy more coins back as they sold every-time a drop happens.

That's my point. They're collecting all the coins they can to control the price. It's a long game for them too.

Unfortunately, a majority of Bitcoin users have no idea what they're actually up against so they'll play right into it.

[Severian]

The really dangerous part of this isn't the price manipulation, that just discredits the exchanges as a reference to Bitcoins fiat value

Spot on. That's the goal: sow doubt about the value of Bitcoin in as many people as possible.

[dasein]

"They" can mess with the trading and speculation while the infrastructure is still young, but meanwhile the network continues to grow and strengthen slowly but surely. All this craziness will eventually be a thing of the past when a more robust crop of exchanges emerges that are built on the lessons learned during these crashes.

[Severian]

The exchanges are the Achilles heel of Bitcoin atm though :/

And the snakes will strike those heels as much as they can and as fast as they can. Bitcoin is now a real threat to them.

[Anon136]

The really dangerous part of this isn't the price manipulation, that just discredits the exchanges as a reference to Bitcoins fiat value

Spot on. That's the goal: sow doubt about the value of Bitcoin in as many people as possible.

I don't think it affects peoples views on Bitcoins fiat value that much though, I don't care if the exchange says 61 EUR per BTC because there's no way in hell I'm buying less than 100 EUR per BTC, I'd rather see the whole lot become worthless. The exchanges are the Achilles heel of Bitcoin atm though :/

i agree and since there are so many other people who feel this way, we know this will be a temporary setback.

[Grover]

With many of the theories posted here, who knows? "When you have eliminated the impossible, whatever remains, however improbable, must be the truth" -Sherlock Holmes.

But Occam's theory of evidence may prevail in this instance, and that is the simplest explanation is most likely the correct explanation.

Gox sux.

Gox is the defacto FED of BTC.

And the influence of a centralized power has proven to be hazardous to an alleged decentralized commodity.  Gox may not own 51% of the hashing power but Gox holds over 51% of the exchange/monetary power.

I have to say I agree with this blogger https://defuse.ca/bitcoin-pool-ddos.htm. BTC is in trouble when a service, or pool holds so much power over BTC.  If you think Gox is bad, wait until someone gets hold of enough ASIC's that when they ddos a few major mining pools they can take over the btc net and wipe out anything they wish.

Which scenario is worse for BTC, or are both equally bad; 51% takeover or 80% monetary power?

LTC FTW!

But I want to know where you get Tin Foil?  I'm using Aluminum and maybe that's my problem; Aluminum doesn't block as well as Tin?

[Severian]

i agree and since there are so many other people who feel this way, we know this will be a temporary setback.

I think this is just the setup. They haven't tried their knockout yet.

[Akka]

But I want to know where you get Tin Foil?  I'm using Aluminum and maybe that's my problem; Aluminum doesn't block as well as Tin?

No, Aluminum is way superior to Tin. As I have explained in detail in my offer:

https://bitcointalk.org/index.php?topic=146580.0

They are getting cheap again. Maybe you want some?

[Severian]

Can you elaborate please? To my untrained eye this looks like over-the-top FUD

https://www.google.com/#output=search&sclient=psy-ab&q="fred+ehrsam"+goldman+sachs+coinbase

[BitSmile]

Maybe there should be a sticky telling new people here what to make of this mess.
http://maxkeiser.com/2013/04/11/inside-mt-gox/