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Author Topic: Yet another DDOS and sell-off...  (Read 3113 times)
NikolaTesla
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April 13, 2013, 01:28:46 AM
 #1

Looks like Gox and BTC-e are both getting hit hard and the price has fallen from 130 to 103 in an hour?

This is getting ridiculous. How can this market possibly be sustainable like this?

I suppose the bullish types (if there are any left) will see this as an opportunity to scoop up sub-100 coins when the dust settles but the question is will it even climb back up after that? I'm beginning to be very skeptical now.

Do as thou wilt shall be the whole of the law.
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Le Happy Merchant
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April 13, 2013, 01:31:56 AM
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I'm beginning to be very skeptical now.

Congratulations, you win the weakest hands award.

ElectricMucus
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April 13, 2013, 01:33:20 AM
 #3

If you are sceptical become sceptical of the validity of the DDOS claim. This smells like a scapegoat to me.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
NikolaTesla
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April 13, 2013, 01:33:46 AM
 #4

I'm beginning to be very skeptical now.

Congratulations, you win the weakest hands award.
Sweet!

Do as thou wilt shall be the whole of the law.
BitCloud
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April 13, 2013, 01:35:10 AM
 #5

this ddos bla bla is complete bs - you could also argue that a ddos prevents both sides (including the sellers) from executing so why ddos->price fall?
BitCloud
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April 13, 2013, 01:37:07 AM
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become sceptical of the validity of the DDOS claim.

Beat me to it
just1nmc
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April 13, 2013, 01:37:44 AM
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That wasn't a DDOS, that was someone trying to start a panic sell with a BTC5k wall. Panic sells only work when combined with lag.

MtGox is getting better at handling lag (slowly), and we're seeing the effects right now. It would have gone much lower than $106 otherwise.

The price almost doubled in 12 hours, why are you surprised it came back down some?
NamelessOne
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April 13, 2013, 01:43:09 AM
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That wasn't a DDOS, that was someone trying to start a panic sell with a BTC5k wall. Panic sells only work when combined with lag.

MtGox is getting better at handling lag (slowly), and we're seeing the effects right now. It would have gone much lower than $106 otherwise.

The price almost doubled in 12 hours, why are you surprised it came back down some?

EXACTLY, of course it was going to drop, this isn't a revelation. Markets don't go in straight lines. Sure, maybe it could go lower, it would makes sense if it did, but currently it has been hovering in the 112-115 area. We'll see what happens.
GeniuSxBoY
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April 13, 2013, 02:27:07 AM
 #9

Lol... i've been sitting here for hours and when I finally go to make a move, gox goes unresponsive.


What I still don't understand is why bitcoinity gets better information from gox earlier than clark moody and mtgoxlive is just fucking fucked up.

Be humble!
Ichthyo
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April 13, 2013, 02:48:12 AM
 #10

Looks like Gox and BTC-e are both getting hit hard and the price has fallen from 130 to 103 in an hour?

please see this rate drop in proportion to the run up of the previous hours. If viewed this way, it is utterly unspectacular, even a bullish sign. It was surprising we got through the $100 so easily. At the end of such a swing up, when the potential reservoir of people willing to buy is exhausted, there is always some swing back caused by people taking profits.


In fact, I can imagine the DDosers start to get disappointed now, when they realise that they can't really harm the bitcoin economy beyond Gox.
Gatekeeper
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April 13, 2013, 02:59:18 AM
 #11

I'm beginning to be very skeptical now.

Congratulations, you win the weakest hands award.

lmao, absolute classic

(1470) <KLYE> But I was far too drunk to fuck a midget
(1470) <KLYE> I will fuck a chicken for 250 btc
HappyBitCoinUser
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April 13, 2013, 03:09:38 AM
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notig
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April 13, 2013, 03:22:49 AM
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It looks like gox is offline. Their trading lag was not bad. If they are offline it probably means they are being DDOS'ed. That can create panic when it resumes. That's why I don't think we are out of the park yet. Someone is perpetually attacking gox and succeeding.
ElectricMucus
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April 13, 2013, 03:27:44 AM
 #14

It looks like gox is offline. Their trading lag was not bad. If they are offline it probably means they are being DDOS'ed. That can create panic when it resumes. That's why I don't think we are out of the park yet. Someone is perpetually attacking gox and succeeding.

I rather think they pulled the plug. They want to stall the collapse for as long as possible to collect more fees. And since it is within the promised 48h "no fee" value propping area they don't loose any either.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
notig
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April 13, 2013, 03:30:33 AM
 #15

It looks like gox is offline. Their trading lag was not bad. If they are offline it probably means they are being DDOS'ed. That can create panic when it resumes. That's why I don't think we are out of the park yet. Someone is perpetually attacking gox and succeeding.

I rather think they pulled the plug. They want to stall the collapse for as long as possible to collect more fees. And since it is within the promised 48h "no fee" value propping area they don't loose any either.

If gox was doing any of this on purpose and destroying their own reputation then it's not to their monetary incentives is it? It's also not to their monetary incentives to have the price of bitcoin become lower.
ElectricMucus
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April 13, 2013, 03:34:04 AM
 #16

It looks like gox is offline. Their trading lag was not bad. If they are offline it probably means they are being DDOS'ed. That can create panic when it resumes. That's why I don't think we are out of the park yet. Someone is perpetually attacking gox and succeeding.

I rather think they pulled the plug. They want to stall the collapse for as long as possible to collect more fees. And since it is within the promised 48h "no fee" value propping area they don't loose any either.

If gox was doing any of this on purpose and destroying their own reputation then it's not to their monetary incentives is it? It's also not to their monetary incentives to have the price of bitcoin become lower.

Sorry that was meant they are propping volume.
I think the concept behind this is to increase volatility and as such the frequency of trades. Once the trading volume has gone up to this levels it will take a while for it to come down, during which they will collect fees.


As for their reputation: It's not like we can catch them doing it, we can either believe their explanations or come up with something our own. Neither of which can be proved either way.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
HappyBitCoinUser
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April 13, 2013, 03:40:31 AM
 #17

They are obviously still vulnerable to DDoS attacks and therefore this will continue to happen over and over when it benefits the people doing it possibly for BTC/USD gains.

johnyj
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April 13, 2013, 03:44:55 AM
 #18

I'm almost sure that's some one missed the train and played a trick to scare the others out so that they can buy at much lower price. Other wise they don't need to initialize a DDOS to create panic

If they just want to cash out, they will make sure MtGox work flawlessly, they need as many as possible buy orders in the market so that they can sell more at a higher price. I guess they have tried to push down the price several times, all without luck, the price bounced back immediately, so this time they started the sell together with a DDOS, finally created the panic effect. Of course people's fear at high price also helped to achieve their goal

Look at the heavy volume when price are between 70 to 120, almost 400,000 coins are bought, that's 4% of total coins, who do you think are buying like crazy now? Before crash, these amount of bid volume could possibly send the exchange rate to $1000+

NamelessOne
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April 13, 2013, 03:53:35 AM
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I'm almost sure that's some one missed the train and played a trick to scare the others out so that they can buy at much lower price. Other wise they don't need to initialize a DDOS to create panic

If they just want to cash out, they will make sure MtGox work flawlessly, they need as many as possible buy orders in the market so that they can sell more at a higher price. I guess they have tried to push down the price several times, all without luck, the price bounced back immediately, so this time they started the sell together with a DDOS, finally created the panic effect. Of course people's fear at high price also helped to achieve their goal

Look at the heavy volume when price are between 70 to 120, almost 400,000 coins are bought, who do you think are buying like crazy now? Before crash, these amount of bid volume could possibly send the exchange rate to $1000+

The strong hands were buying as the weak hands cowered in fear. I hope they weak ones made it out alive, but that is how markets work.
massivebitman
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April 13, 2013, 03:59:05 AM
 #20

Hahaha.. More cheap coins!!

We know the game now. I only see opportunity.

It'll take more than a DDOS to affect market confidence.

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