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Author Topic: My view on the current situation...  (Read 1922 times)
notig
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April 12, 2013, 06:18:40 AM
 #1

basically one of two groups of people is attacking gox with huge amounts of DDOS. It's either someone trying to kill the price to buy back cheap or it's the government. Did you know the US has a branch in the pentagon just for economic warfare? Maybe their plan is just to play a little bitcoin war. Who knows.

It's unfortunate because increased attacks come at one of the worst times... right when bitcoin is first getting spotlight. The amount of increased popularity from genuine people alone would probably give most sites scalability problems. But combine that with attacks and it is devastating.

Did you know mt. gox originally meant magic the gathering online? It was meant as a place for trading cards. The software has been described as poorly written. They simply are fundamentally a bit handicapped in their design (and that's why they have publicly stated they are rewriting their trading engine to decouple it from their site)

Anyways the price is currently 90. The servers just came back up. This could be a great time to buy back in... or the warfare could just continue until the price is... who knows.

Bitcoin itself is as strong as ever. Decentralization is strong. Centralization is weak. right now we are seeing the effects of what happens when bitcoin is attacked at it's weakest link (exchanges).
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Kluge
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April 12, 2013, 06:29:44 AM
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Just to set the record straight.... Mt. Gox did not originally stand for Magic the Gathering: Online. That was an early jab at Bitcoin made by SomethingAwful, or 4chan, or whatever they were.
yolo2222
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April 12, 2013, 06:31:38 AM
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Just to set the record straight.... Mt. Gox did not originally stand for Magic the Gathering: Online. That was an early jab at Bitcoin made by SomethingAwful, or 4chan, or whatever they were.

 Grin

pheaonix
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April 12, 2013, 06:32:38 AM
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well, they could learn a few things from cardshark.com


BTC.sx - Leveraged Bitcoin Trading. Simply use Bitcoin to take advantage of a rising or falling Bitcoin price.
notig
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April 12, 2013, 06:46:26 AM
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Just to set the record straight.... Mt. Gox did not originally stand for Magic the Gathering: Online. That was an early jab at Bitcoin made by SomethingAwful, or 4chan, or whatever they were.

shit really? Whoops
bitfoo
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April 12, 2013, 06:54:33 AM
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Just to set the record straight.... Mt. Gox did not originally stand for Magic the Gathering: Online. That was an early jab at Bitcoin made by SomethingAwful, or 4chan, or whatever they were.

The wayback machine can set the record straight for us! (hint: 4chan wasn't kidding)

mtgox.com in 2007: http://web.archive.org/web/20070817170606/http://mtgox.com/gwt/mtgox.php

mtgox.com in 2009: http://web.archive.org/web/20090812073342/http://www.mtgox.com/

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April 12, 2013, 07:04:44 AM
 #7

mtgox.com was converted into a bitcoin exchange site because Jed wasn't really using it for anything anymore. It's basically where he tried out his pet projects. Remember, at the time, bitcoin was essentially just a toy. Somehow though, this site is one of very few remaining bitcoin services from that time and the name stuck.

yolo2222
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April 12, 2013, 07:28:59 AM
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Who cares!

Its just the domain name or can you send magic cards to gox and in return get usd coupons?  Grin

Mt. Gox is a sticking name and sounds much better than anything with -bank in the name.



Kluge
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April 12, 2013, 08:48:48 AM
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.... I'ma just go place a withdrawal and shut my mouth, now.  Lips sealed
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April 12, 2013, 08:57:47 AM
 #10

Never attribute to malice that which is adequately explained by stupidity.

We just need better infrastructure, something that people are currently working on. Growing pains, nothing to worry about.

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April 12, 2013, 10:08:33 AM
 #11

people must have more character to stand up against those evil naked short sellers
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April 12, 2013, 11:18:32 AM
 #12

I think this is purely psychological. People are just not used to such kind of fast price appreciation, because they have never seen this before

Interestingly, I asked my friends who do not know much about bitcoin before the crash, and when they heard the recent fast price rise, all of them saying this is a bubble and it is going to burst. It's obvious, people's mindset have been fixed at a yearly ROI of less than 100%, never a monthly ROI of 5X, and that fixed mindset will make them start to fear when price rise fast, and eventually drive their panic sell action





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