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!
No, the panic selling began well before the lag. This is an absurd statement. "As expected"?? No, I do not expect that new accounts on a trading platform would devastate a currency. And I don't believe it did. They use this lag as an excuse for any sell-off. We were going down well before this sell-off started. The lag actually slowed the sell-off down.
IMO This is an absurd pump....basically saying 'Don't worry, we have tons of new buyers coming'. Can you imagine a broker in any other asset class making a statement like this?
In another statement during the previous minor sell-off (not from yesterday but April 3rd) -- 'I understand that many of you have a lot at stake here, but remember that Bitcoin,
despite being designed to have its value increase over time, will always be the victim of people trying to abuse the system,
or even the value of Bitcoin decreasing occasionally. These are not new phenomena and have been present since the beginning of time when humans first started trading'.
Can you imagine a brokerage in the US being able to say that the underlying is 'designed to increase in value' or that it's value 'decreases occasionally'? They couldn't because it would be illegal.
Twitter: 'Trading is suspended until 2013-04-12 02:00am UTC for market cooldown. Once back trading will be also faster.'
And now we're halted. I question their timing. We were in a slow sell-off at a key psychological support level (yesterday's low). We were not in a panic sell today, so why halt? They could have halted yesterday. Yes, they need to upgrade their servers....but I think it's interesting that they chose a key psychological support level to halt and not when it was trading higher today.
