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Author Topic: THIS is why the freeze was an idiotic idea.  (Read 1505 times)
BitBuster
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April 12, 2013, 02:05:39 AM
 #1

Mt. Gox is now under a heavier DDoS attack than before, thanks to everyone panic selling more than if the damn thing was just left to run its course.
Well done dipsticks!


BB.
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April 12, 2013, 02:07:03 AM
 #2

Mt. Gox is now under a heavier DDoS attack than before, thanks to everyone panic selling more than if the damn thing was just left to run its course.
Well done dipsticks!


BB.

Exactly, it just put Mt. Gox customers at a disadvantage to everyone else and made the crisis worse. What did they expect? A "welcome back Gox!" rally?

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DeathAndTaxes
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April 12, 2013, 02:13:28 AM
 #3

Sadly the spreads and volatility were lower on other exchanges UNTIL MtGox opens.  Suddenly MtGox is lagging, no transparency, people on other exchanges feel a lack of visibility pull orders, widens spread volatility spikes.

It would have been better had MtGox just stayed closed.
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April 12, 2013, 02:15:03 AM
 #4

MTGOX just calls trading "DDoS".

They should stay closed. They obviously didn't fix the scalability problems (they can't and won't, ever).


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Exocyst
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April 12, 2013, 02:24:34 AM
 #5

Dipsticks? No use holding onto coin at 120 if its going to 30. ( I could have 4X as much coins) Why should only the architects (DDoS) benefit from the crash?

BitBuster
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April 12, 2013, 02:35:30 AM
 #6

Why should only the architects (DDoS) benefit from the crash?
Mt Gox can't handle the load of EVERYONE (yes, you!) trading at once, the panicked traders are the architects of the DDoS. Anyone with half a brain can conclude that the best option is to be collectively sensible and calm (i.e. dont go batshit crazy selling/buying) - hence the problem.

BB.
aantonop
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April 12, 2013, 02:38:12 AM
 #7

Why should only the architects (DDoS) benefit from the crash?
Mt Gox can't handle the load of EVERYONE (yes, you!) trading at once, the panicked traders are the architects of the DDoS. Anyone with half a brain can conclude that the best option is to be collectively sensible and calm (i.e. dont go batshit crazy selling/buying) - hence the problem.

BB.

What makes you think they can handle normal load?

Face it people: MTGOX has reached the limits of scalability for their shit software. They can't fix it because they have no idea how to fix it. It will only get worse.

If they had a board, the COO would be fired yesterday.

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BitBuster
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April 12, 2013, 02:42:19 AM
 #8

If they had a board, the COO would be fired yesterday.
Considering the amount of money they are making and have been for a sustained period of time, it is absolutely unforgivable that such poor performance exists. They are only getting rich because they got there first.


BB.
Exocyst
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April 12, 2013, 02:43:50 AM
 #9

Why should only the architects (DDoS) benefit from the crash?
Mt Gox can't handle the load of EVERYONE (yes, you!) trading at once, the panicked traders are the architects of the DDoS. Anyone with half a brain can conclude that the best option is to be collectively sensible and calm (i.e. dont go batshit crazy selling/buying) - hence the problem.

BB.

Taking advantage panic is part of market psychology. You have to have the stomach for gambling (taking risks) to make big gains.
 

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April 12, 2013, 02:48:09 AM
 #10

If they had a board, the COO would be fired yesterday.
Considering the amount of money they are making and have been for a sustained period of time, it is absolutely unforgivable that such poor performance exists. They are only getting rich because they got there first.


BB.

Exactly! MtGox is completely incompetent!  Their claim to fame is entirely based off being at the right place at the right time during Bitcoins infancy.

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BitBuster
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April 12, 2013, 02:58:49 AM
 #11

Taking advantage panic is part of market psychology. You have to have the stomach for gambling (taking risks) to make big gains.
We are completely agreed! This is why the people who think that freezing, rollbacks, etc (Whatever they call it, its manipulation) are a good idea should maybe think a little harder.


BB.
Exocyst
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April 12, 2013, 03:10:06 AM
 #12

The freeze was nice. I split some coin out to 4 exchanges, sold some to USD, set really low buy positions, and high sell position. Then let each exchange fight it out, and make sense of it when the dust settles tomorrow. The fact is there is still a big queue of people looking to jump in to BTC, and lower prices tomorrow AM are only going to facilitate higher prices by weeks end.

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April 12, 2013, 03:12:32 AM
 #13

Why should only the architects (DDoS) benefit from the crash?
Mt Gox can't handle the load of EVERYONE (yes, you!) trading at once, the panicked traders are the architects of the DDoS. Anyone with half a brain can conclude that the best option is to be collectively sensible and calm (i.e. dont go batshit crazy selling/buying) - hence the problem.

BB.

That's just not realistic, it's not how a market works. This was a necessary correction IMHO.

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Furyan
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April 12, 2013, 03:44:44 AM
 #14

Why should only the architects (DDoS) benefit from the crash?
Mt Gox can't handle the load of EVERYONE (yes, you!) trading at once, the panicked traders are the architects of the DDoS. Anyone with half a brain can conclude that the best option is to be collectively sensible and calm (i.e. dont go batshit crazy selling/buying) - hence the problem.

BB.

That's just not realistic, it's not how a market works. This was a necessary correction IMHO.

The best thing that could happen to bitcoin right now would be for the price to fall back to the $20-$30 range and stay there for a few months.
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April 12, 2013, 03:55:43 AM
 #15

So when the price drops we should just sit back fold our hands and NOT buy ?
Lol yeah that makes sense !

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April 12, 2013, 03:56:16 AM
 #16

Sadly the spreads and volatility were lower on other exchanges UNTIL MtGox opens.  Suddenly MtGox is lagging, no transparency, people on other exchanges feel a lack of visibility pull orders, widens spread volatility spikes.

But I'm making money off of that!

Or at least, I imagine that I am.

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April 12, 2013, 03:56:28 AM
 #17

Why should only the architects (DDoS) benefit from the crash?
Mt Gox can't handle the load of EVERYONE (yes, you!) trading at once, the panicked traders are the architects of the DDoS. Anyone with half a brain can conclude that the best option is to be collectively sensible and calm (i.e. dont go batshit crazy selling/buying) - hence the problem.

BB.

That's just not realistic, it's not how a market works. This was a necessary correction IMHO.

The best thing that could happen to bitcoin right now would be for the price to fall back to the $20-$30 range and stay there for a few months.

I WISH, but if that happens I m buying like crazy !

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April 12, 2013, 04:17:12 AM
 #18

DDOS or not, freeze or not, price is going down.
Someone's determined to sell.

Razick
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April 12, 2013, 12:25:17 PM
 #19

Why should only the architects (DDoS) benefit from the crash?
Mt Gox can't handle the load of EVERYONE (yes, you!) trading at once, the panicked traders are the architects of the DDoS. Anyone with half a brain can conclude that the best option is to be collectively sensible and calm (i.e. dont go batshit crazy selling/buying) - hence the problem.

BB.

That's just not realistic, it's not how a market works. This was a necessary correction IMHO.

The best thing that could happen to bitcoin right now would be for the price to fall back to the $20-$30 range and stay there for a few months.

I agree, ~$25 is probably it's real value, is still a doubling of the pre-bubble price. Despite what people are saying about the price not mattering for Bitcoins use as a currency, that's not entirely true: Yes if I have dollars and just exchange before purchase, but if I want to keep BTC on hand, I don't want them to be overvalued, because there is a risk of them dropping.

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  BUY
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ACCEPT
   ███████████████████████████
  .CRYPTOCURRENCY..
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April 15, 2013, 01:16:07 PM
 #20

So when the price drops we should just sit back fold our hands and NOT buy ?
Lol yeah that makes sense !

+1

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▀██████████████████████████████████████████████████████████████████████████▀
  BUY
  SELL
ACCEPT
   ███████████████████████████
  .CRYPTOCURRENCY..
███████████████████████████
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