Bitcoin-wide DDOS attack - NOT GOX SCAMMING!

MatTheCat

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Quote from: raid_n on February 12, 2014, 11:32:57 AM

I think this is a big issue with many speculators.
If you know what is going on you can make much better decisions

The flip side of that is that if you think you know what is going on, but actually don't know what is going on, then you are liable to make much worse decisions.

Quote from: theonewhowaskazu on February 12, 2014, 12:07:35 PM

Gox Bitcoin price is irrelevant. You can't withdraw either BTC or fiat, the price is meaningless.

Bitstamp is $150 higher than that, making it look not much like a nose-dive. And yes, as we've seen in the past, normalizing usually does require a double-bottom on some major exchange. The bottom is $520 - that's $57. We still need to visit the new $61. That's what we're in the process of doing. That's the high $500s, ON STAMP, not gox. Gox could easily see $400 again.

If I am not mistaken, Bitstamp did spike down to $530 and has since struggled to get and stay back up it its previous $700 trending range.

theonewhowaskazu

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Quote from: MatTheCat on February 11, 2014, 07:48:46 PM

Quote from: thelema93 on February 11, 2014, 07:44:34 PM

My analysis serves me very well thanks. And on top of that I can actually read articles.

BWAHAHAHAHAHAHAHAHA.....

....

Quote from: thelema93 on February 09, 2014, 09:08:21 PM

As I predicted 2 days ago - the BTC price is normalizing around $700. It will do that until October when it will rise to $5000 +

Would Bitcoin nose diving down to $530 be part of that 'normalising' process......before it shoots up to 5k?

Gox Bitcoin price is irrelevant. You can't withdraw either BTC or fiat, the price is meaningless.

Bitstamp is $150 higher than that, making it look not much like a nose-dive. And yes, as we've seen in the past, normalizing usually does require a double-bottom on some major exchange. The bottom is $520 - that's $57. We still need to visit the new $61. That's what we're in the process of doing. That's the high $500s, ON STAMP, not gox. Gox could easily see $400 again.

Ibian

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Quote from: thelema93 on February 12, 2014, 02:39:06 AM

The point of this thread was to make it clear that the recent turmoil is not due to Gox wanting to scam everyone as so many people think.
The coinbase article makes it clear that their really is a vulnerability which will be fixed soon.
Everything else is FUD

Just sent btc to kraken, sold, rebought with a small profit, withdrew. No problems and as fast as ever. Gox is down because gox is incompetent, scammy, or both. It's just how it is.

raid_n

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Quote from: MatTheCat on February 12, 2014, 09:49:15 AM

I am not a technical person, at least not when it comes to coding so only have a layman's understanding of how Bitcoin works.

I think this is a big issue with many speculators.
If you know what is going on you can make much better decisions

Quote from: chesthing on February 12, 2014, 11:05:21 AM

Do you believe it will rebound back up toward a grand again? or do you think there is a fair probability it's headed down to nothing?

See the above. Bitcoin could fail but if so then the malleable transaction issue is almost certainly not it.

MatTheCat

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Quote from: chesthing on February 12, 2014, 11:05:21 AM

Do you believe it will rebound back up toward a grand again? or do you think there is a fair probability it's headed down to nothing?

In most likelihood, I think Bitcoin is going to test $500 and perhaps spike down to $380 range. Whilst I would love to short if I could do so on Bitstamp (I trust nobody else), I have learned a valuable lesson about playing the catching the falling knives game. i.e. I don't have the nerve for it and it isn't for me. My game plan is to wait for signs of confirmed trend reversal. Providing the integrity of the technology remains intact, then I see no reason why Bitcoin won't continue to grow after the market has found a fair(er) price level after this crazy ramp up, which has been based largely on future hopes and limited supply.

However, I do have some very low buy-in tranches starting in low treble digits and staggering all the way down to zero. This is a wild-card 'just incase' outside bet, where I am willing to risk losing a lot for the potential for huge gains. If Bitcoin gets as low as some of my buy-ins are set, it will surely be standing on the Brink of it's own death, so my bet really would be an all or nothing thing....if I would even have the nerve to leave these buy-ins intact should such events unfold during waking hours.

So I wouldn't say that there is a fair probability that it is headed down to nothing, but I do think their is a possibility.

Torque

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Quote from: MatTheCat on February 12, 2014, 10:54:50 AM

I am not going to be one of those who will be likely to catch this bottom. This is a cornered market and only precious few people have any realistic idea of predicting where the reversal is going to be.

And that right there, is THE solid point that a lot of folks are missing. Everyone thinks that the price is going to hit a bottom of $400, and stay there for a long time so that everyone will have a chance to get coins at that price. But just like the flash crash to $102 on btc-e, the likelihood is that it will flash crash to $400-$350 for only a millisecond. Very few will be able to catch coins at that price. The majority of Joe Bitcoiners won't. So the realistic BOTTOM price that most will be able to catch coins at the stable price just before and right after it bottoms out. And I'm guessing we're nearly there.... my guess is between $550-500.

chesthing

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Do you believe it will rebound back up toward a grand again? or do you think there is a fair probability it's headed down to nothing?

MatTheCat

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Quote from: chesthing on February 12, 2014, 10:45:13 AM

Well to be fair Matt, after the December crash to $400 then stalling in the $600's for a few days you as well as me expected continued low prices. The nutters as you like to call them kept saying buy now because it's going to rise swiftly, and your response back then was the same today. Fuck me if it didn't almost hit $1000 within a month, and fuck me for not listening to them instead of the bears here, which I was certainly one of.
Bottom line is you aren't always right, and they aren't always wrong. No one knows what is going to happen, thinking you got it figured out is foolish.

I remember that well and remember being badly butt-hurt due to losing my nerve on the bounce after I caught the knife too high, as a result of being persuaded by the Bitcoin Nutters that my $400 buy-ins were unrealsitic and moving my tranches up $100.

I was totally wrong right from $490 right up to $700, but changed my tune from $700 upwards, and profited from it.

Going forward, I expect to be continually proven right, until I am proven wrong again, at which point I will again change my tune, and hopefully again profit from it.

I am not going to be one of those who will be likely to catch this bottom. This is a cornered market and only precious few people have any realistic idea of predicting where the reversal is going to be.

chesthing

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Well to be fair Matt, after the December crash to $400 then stalling in the $600's for a few days you as well as me expected continued low prices. The nutters as you like to call them kept saying buy now because it's going to rise swiftly, and your response back then was the same today. Fuck me if it didn't almost hit $1000 within a month, and fuck me for not listening to them instead of the bears here, which I was certainly one of.
Bottom line is you aren't always right, and they aren't always wrong. No one knows what is going to happen, thinking you got it figured out is foolish.

MatTheCat

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Quote from: creekbore on February 12, 2014, 09:38:14 AM

Mat,
I'm struggling to understand what your position with regard to all of this.

For me the malleability issue is one that has been well known to those 'in the know'. Attackers/hackers have used it not to steal funds but simply to sow mischief (I have yet to see a report of funds being stolen) by 'double entering' payments. As the article I posted above stated this wouldn't be the case if Gox had kept their code up to date. And surprise, surprise other exchanges either wanted to check they had the exploit covered or discovered they were in the same position. People are busy making money and cutting corners doing so, this comes as little surprise.

While the fundamentals of BTC are good, the infrastructure surrounding it has (IMHO) long been recognised as lacking.

Your posts seem to be very 'anti-bitcoin' as well as being personally aggressive towards individuals. I won't speculate why that is but if you are so against bitcoin I'd suggest not spending so much time here arguing with people. It's not healthy.

peace

Good Post.

I am not a technical person, at least not when it comes to coding so only have a layman's understanding of how Bitcoin works.

It isn't healthy arguing with people but I seem to have gotten addicted to it. It kicked off in earnest on this forum at least when I turned bearish when Bitcoin was still at around $1050 on Stamp. I got absolutely ridiculed at the time yet as we know, was proven absolutely 100% correct. I never even knew what a MACD was back then and my change in stance was based purely on instinct. The fact that I was laughed out the house, so to speak, yet thankfully stuck to my guns and was both proven correct and financially rewarded for it, has triggered some kind of hyperphobic response in me and now I am lurking around these forums just waiting for someone to say Bitcoin is going North, when it clearly isn't, so I can't pounce upon them and start attacking them. It is like a kind of mental immune response going into overdrive.....like an allergic reaction.....and as you say, it aint healthy.

But fuck me, there is such an overdose of idiots on this forum that it is beyond belief.

creekbore

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Quote from: MatTheCat on February 12, 2014, 08:21:58 AM

Quote from: thelema93 on February 11, 2014, 11:20:03 PM

Yes! Well done.

And what about twice testing $630 in the past 24 hours. Would twice testing a temporary support 10% lower than your prediction also be part of that $700 'normalisation' process?

And where from here thelema. Are we going further down or up? I ask you because since you have been wrong every single time up until now, law of averages states high probability of getting your next call right.

Quote from: creekbore on February 12, 2014, 03:30:30 AM

Did you read this?

http://falkvinge.net/2014/02/11/the-embarrassing-fact-mtgox-left-out-of-their-press-release/

But what about this?

https://www.bitstamp.net/article/bitcoin-withdraws-suspended/

Seems MtGox aren't the only ones being affected. Will Bitstamp, the most secure and respectable exchange out of them all be the last of it?

Mat,
I'm struggling to understand what your position with regard to all of this.

For me the malleability issue is one that has been well known to those 'in the know'. Attackers/hackers have used it not to steal funds but simply to sow mischief (I have yet to see a report of funds being stolen) by 'double entering' payments. As the article I posted above stated this wouldn't be the case if Gox had kept their code up to date. And surprise, surprise other exchanges either wanted to check they had the exploit covered or discovered they were in the same position. People are busy making money and cutting corners doing so, this comes as little surprise.

While the fundamentals of BTC are good, the infrastructure surrounding it has (IMHO) long been recognised as lacking.

Your posts seem to be very 'anti-bitcoin' as well as being personally aggressive towards individuals. I won't speculate why that is but if you are so against bitcoin I'd suggest not spending so much time here arguing with people. It's not healthy.

peace

cryptoanarchist

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Quote from: MatTheCat on February 12, 2014, 09:17:44 AM

Sorry, but Bitstamp for my money is the most stable, reliable, and trustworthy exchange out there. When has Bitstamp been affected by dodgy shit that ends up costing people money and/or ends up in the server getting robbed and being forced to operate on an insolvent basis? It seems to me that Bitstamp has the 'cleanest' track record and has managed to set itself up and operate in such a way that it has avoided any federal/establishment fingers being wagged at it.

If you have information to the contrary then I would be glad to hear it.

Its all right here in the forum. Just read through their main thread and see the hundreds of complaints. Not to mention how lame it is to ask for govt ID to withdraw bitcoin, when that hasn't even been made a requirement by ANY government. Or the fact they're currently halting withdraws because of the malleability issue - which shouldn't be an issue and amounts to more BS.

MatTheCat

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Quote from: cryptoanarchist on February 12, 2014, 09:06:26 AM

NOT. I had to wait 2 weeks to get my coins out of that government honeypot.

Right now, BTC-e is the "most secure and respectable exchange out of them all".

Don't you mean government 'honeytrap'? If so, why?

Are you in the US?

I deal with Bitstamp via a Euro denominated bank account. I get my withdrawals within a few days.

BTC-e, was one of the two exchanges affected by the $100 flash crash. The dodgy as fuck $100 flash crash, whereby the exchanges stop responding to MT4, which meant lots of people who should have gotten cheap but-ins, never got cheap buy-ins. I used to trade on Bitfinex, but would always look to route stop losses through Bitstamp as the Bid/Ask walls on here were just so much more reliable and dare I say, 'honest'. After Bitfinex withdrew Bitstamp routing option, setting Stop Losses was practically an invite to bot farmers to rob you blind.

Sorry, but Bitstamp for my money is the most stable, reliable, and trustworthy exchange out there. When has Bitstamp been affected by dodgy shit that ends up costing people money and/or ends up in the server getting robbed and being forced to operate on an insolvent basis? It seems to me that Bitstamp has the 'cleanest' track record and has managed to set itself up and operate in such a way that it has avoided any federal/establishment fingers being wagged at it.

If you have information to the contrary then I would be glad to hear it.

roslinpl

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Quote from: cryptoanarchist on February 12, 2014, 09:06:26 AM

Quote from: MatTheCat on February 12, 2014, 08:21:58 AM

Will Bitstamp, the most secure and respectable exchange out of them all be the last of it?

NOT. I had to wait 2 weeks to get my coins out of that government honeypot.

Right now, BTC-e is the "most secure and respectable exchange out of them all".

I am using Bter and Vircurex with NO problems.

cryptoanarchist

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Quote from: MatTheCat on February 12, 2014, 08:21:58 AM

Will Bitstamp, the most secure and respectable exchange out of them all be the last of it?

NOT. I had to wait 2 weeks to get my coins out of that government honeypot.

Right now, BTC-e is the "most secure and respectable exchange out of them all".

cryptoanarchist

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Quote from: thelema93 on February 12, 2014, 02:39:06 AM

The point of this thread was to make it clear that the recent turmoil is not due to Gox wanting to scam everyone as so many people think.
The coinbase article makes it clear that their really is a vulnerability which will be fixed soon.
Everything else is FUD

The only thing you made clear is that you're full of BS. Anyone who's studied the issue understands its an issue with Gox's custom wallet, and not with bitcoin. I don't have any problems withdrawing from BTC-e.

roslinpl

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Quote from: Gabi on February 12, 2014, 08:57:31 AM

So do you think price will drop to 0? Or it will rise? Bitcoin always faced tons of problem, always survived them all and then skyrocketed. This is not the first time and is not the last time something weird happens.

Exacly. Thats what I want people to understand. Problems are with us always and forewer.
Just need to keep strong

roslinpl

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Omg

this is like an old news Tongue

Yes Bitcoin is unders DDoS attack, is it strange?

Gabi

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If you want to walk on water, get out of the boat

So do you think price will drop to 0? Or it will rise? Bitcoin always faced tons of problem, always survived them all and then skyrocketed. This is not the first time and is not the last time something weird happens.

MatTheCat

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Quote from: thelema93 on February 11, 2014, 11:20:03 PM

Yes! Well done.

And what about twice testing $630 in the past 24 hours. Would twice testing a temporary support 10% lower than your prediction also be part of that $700 'normalisation' process?

And where from here thelema. Are we going further down or up? I ask you because since you have been wrong every single time up until now, law of averages states high probability of getting your next call right.

Quote from: creekbore on February 12, 2014, 03:30:30 AM

Did you read this?

http://falkvinge.net/2014/02/11/the-embarrassing-fact-mtgox-left-out-of-their-press-release/

But what about this?

https://www.bitstamp.net/article/bitcoin-withdraws-suspended/

Seems MtGox aren't the only ones being affected. Will Bitstamp, the most secure and respectable exchange out of them all be the last of it?

Topic: Bitcoin-wide DDOS attack - NOT GOX SCAMMING! (Read 4036 times)