yes Mt. Gox is down but if you dont understand why...

[Billy the Bit Miner]

Yes Mt. Gox is down, and there is an 80gps or more by now DDos going on, on top of many many people trying to access the server and over 20k new registration per day. Here is the most recent comment from Mt. Gox via their twitter page to confirm this. "We are experiencing a stronger than usual DDoS. We are working in it". This is happening because of many reasons. There are some that don't want bit coin to succeed but it is out of their realm of control. There was a article today on CNN bad mouthing the site and bitcoin on main stream networks and the different traders people should use instead of Mt. Gox trying to shift major market control from mt. gox into who's hands...banksters maybe You have to understand the hardware capabilities that Mt. Gox had at this time and even with the new upgrades this was not foreseen. They will need to implement new hardware. Plus new software that they will need to create themselves to ensure attacks like this can be stopped and enabling them to keep the site secure. It seems they plan to do this we will see. Regardless we all must stand behind bitcoin and the people that work to keep it going like mt.gox. We will not let the elitist tactics scare us away from our goals for bitcoin. We must keep mining and using the currency no matter what tactics are used against bitcoin.
Further more we will not trust in any currency like the us dollar that is clearly being manipulated and will eventually leave the entire country broke and in shambles when the world reserve currency changes...

[1715031882]

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[1715031882]

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[aantonop]

Stand behind bitcoin. Dump the idiots at GOX. They keep making excuses, but they've had 3 years and millions of dollars to address these problems. They lack skills, expertise and professional management, not servers or bandwidth. That's just excuses from a poorly run business that is seriously damaging bitcoin. Time to walk away from the game card swap site and look for some people with experience. I'd rather give the other exchanges a few months to adapt to higher loads and DDoS than to keep expecting mtgox to get their act together. They are not capable of solving this with the same skills that landed them in this mess in the first place.

[turt1e]

If I have money in Mt. Gox, should I be worried?

[GeniuSxBoY]

Yes, usually when this happens, the money completely disappears. People have to put their money into the system all over again.

[Billy the Bit Miner]

little history lesson for the uninformed 
On August 6 2010, a major vulnerability in the bitcoin protocol was found. Transactions weren't properly verified before they were included in the transaction log or "blockchain" which allowed for users to bypass bitcoin's economic restrictions and create an indefinite amount of bitcoins.

On August 15 2010, the major vulnerability was exploited. Over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol. This was the only major security flaw found and exploited in bitcoin's history

In late-2011, the bitcoin price crashed from $30 to below $2 in what many would consider a "bubble". Some claimed the crash was due to a lower cost in producing bitcoins through cheaper computing power.

In march 2013 the bitcoin transaction log or "blockchain" temporarily forked into two independent logs with differing rules on how transactions could be accepted. The Mt.Gox bitcoin exchange briefly halted bitcoin deposits. Bitcoin prices briefly dipped by 23% to $37 as the event occurred before recovering to their previous level in the following hours, a price of approximately $48.

[PachucoBro]

If I have money in Mt. Gox, should I be worried?

Good luck getting it out... It was my intention, after the big draw down to pull my cash out of MtGOX and wait to see the BTC price settle down.

I figured if the crash took out alot of people's interest in trading it then MtGOX is not going to be making $60,000 a day since no one will be actively trading it back and forth. At that point they may shut down or go bankrupt because they can't afford their bills. At that point your cash is in their hands.

But it is a pain in the arse to get your money out from them. ...and if they are so busy getting DDoS then no one can do anything or get to their money.

Earlier today I tried doing an ABA bank transfer and the webform is broke and say there is some number that is blank. So now I can't even use their online interface to request to get my cash back.

[aantonop]

Fastest way to get money out from MTGOX is to buy bitcoin and then withdraw it immediately to another wallet or exchange and sell it for USD there. Or just hold it in your own wallet as BTC.

I pulled $XX,XXX yesterday from GOX in about 15 minutes that way.

[turt1e]

I had just put money in, and didnt even have time to exchange it. I didn't feel it was right to buy at 125 because of the fluctuation.

I just hope my money is safe...

[Billy the Bit Miner]

and just a fyi I made this post to explain what is happening to mt. gox right now for all those who were ranting about lag issues and the site being down, and no i don't work for them nor is this a promotion for using the site just a simple explanation of whats going on with the site right now.

[aantonop]

You're just adding your speculation, which is just as uninformed as those "talking smack" about lag.


You can pretend it's ok for an exchange to have several minutes of lag under "normal" circumstances. I'll just call it incompetence, which after so many years is inexcusable.

[Billy the Bit Miner]

You're just adding your speculation, which is just as uninformed as those "talking smack" about lag.


You can pretend it's ok for an exchange to have several minutes of lag under "normal" circumstances. I'll just call it incompetence, which after so many years is inexcusable.

yes i agree it is not ok for the issues that the site is facing now, but i was talking about the people that don't understand why they are getting the lag and why the site went down. Many of them just ranting not knowing the state the site is in right now. I was not excusing the fact that there is problems with the site. BTW nothing in my original post regarding the information about Mt. Gox is speculation.

[aantonop]

How is it not speculation? Do you have first-hand information or are you repeating the press release?

How do you know the volume of DDoS?

MTGox is down because they pissed away two years and millions of dollars on a very poorly designed infrastructure that doesn't scale, isn't resilient and can't grow. The DDoS was just the straw that broke their back.

[minerva]

little history lesson for the uninformed 
On August 6 2010, a major vulnerability in the bitcoin protocol was found. Transactions weren't properly verified before they were included in the transaction log or "blockchain" which allowed for users to bypass bitcoin's economic restrictions and create an indefinite amount of bitcoins.

On August 15 2010, the major vulnerability was exploited. Over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol. This was the only major security flaw found and exploited in bitcoin's history

In late-2011, the bitcoin price crashed from $30 to below $2 in what many would consider a "bubble". Some claimed the crash was due to a lower cost in producing bitcoins through cheaper computing power.

In march 2013 the bitcoin transaction log or "blockchain" temporarily forked into two independent logs with differing rules on how transactions could be accepted. The Mt.Gox bitcoin exchange briefly halted bitcoin deposits. Bitcoin prices briefly dipped by 23% to $37 as the event occurred before recovering to their previous level in the following hours, a price of approximately $48.

Fascinating. So the NSA could be able to break bitcoin?

[ex-trader]

Move to Bitstamp!

I've only been trading there a few weeks, but they stayed opened through the crisis (albeit minor outages) and I've paid in and withdrawn money via SEPA in days without issue. I guess non-European customers may take more days though.

[Billy the Bit Miner]

btw Mt. Gox is already back up

[aantonop]

Of course it is. 3/4 of the world is asleep and mtgox has no volume.

It will crash soon again, don't worry. The incompetence didn't go away even if the volume did for a bit.

[Billy the Bit Miner]

We need a decentralized exchange!

[aantonop]

Sure eventually a decentralized exchange would be nice. For now we just need some competent adults with prior trading systems experience. I've seen 4-5 startups, so hopefully one of them will grow to replace gox and be better architected.