Topic: New DDOS now in progress, what will happen? (Read 2750 times)

The money can't get into the market!  The pipe is clogged.  The clogged pipe is what caused the nosedive. 

This is an epic buy opportunity with anyone with any kind of foresight.   Sigh... that's obviously the minority though.

So the answer to this earlier question was, 12 hour maintenance will happen.

Mt Gox can't handle traffic and it doesn't matter if it is a DDOS or just too much traffic.  They are the major exchange and people look to them for price.  The fluctuations are making BTC the most useless currency out there now (Maybe Zimbabwe is worse hadn't checked).  All kidding aside though BTC is right now purely a speculation commodity and will not be currency until the value is more stable.  I'm out and staying out, wake me up when there is an exchange that can handle the load.  I seriously doubt that Mt. Gox didn't have the capital to invest in infrastructure.  I'm calling BS and will not be using them any more now that my BTC in Fiat and not in MT Gox any longer.  

If BTC is worth $10,000 as everyone preaches then great.  I think I averaged about 1200% return on my transactions.  If I buy back in at $1000 once it is a usable currency and hold till $10,000 well that is another 1000% profit even if it takes 10 years to get there. 100% per year is an amazing return for the smartest investors in the world.  I'll never regret being a wise investor making smart conservative decisions and not taking huge risks.  Hindsight is 20/20 and right now we are all Helen Keller.  Do you regret everytime a sports team wins you didn't risk your hard earned cash to gamble on the game?  Why is BTC any different now that it has proven itself a high risk unstable currency and Mt Gox equally useless?  I think this board is either filled with people who do not understand investing, currency and commodities or just plain stark raving lunatics worshipping the moon at this point.  Good luck!

That lag makes people panic sell is too obvious to warrant discussion. The analogies to NYSE or whatever are totally irrelevant because Bitcoin doesn't have any kind of track record of stability like major stock exchanges do, and Gox don't communicate during their surprise extreme lag events.

or, they try to cancel their order nut cant and end up selling much lower then they would have had they had a choice, keeping the crash going longer then it would have had they had control of their orders, I doubt many people were expecting a lag of over an hour yesterday

A rock called 'reality'. Do you really think that these new customers will throw money into this chart? Please........and the media hype cycle is over. This isn't new anymore and the media gets bored easily. They were already getting bored. And pure hype/speculation was the only thing keeping this up.


I completely understand what you're saying. It would've fallen further and faster in real time. There are other mechanisms at work during the lag......tiny bot trades that attempt to put green on the screen and stem the psychology of the sell-off (only occurring during the lag, and usually working). I can post various links of data sets and screenshots (mine and others who've mentioned this). What normally happens during a sell-off is...the price rolls over, the lag starts and grows the lower it goes, hundreds of tiny bot buys (e.g., 0.02 BTC) keep the bid/ask up (much much higher than steam of sells) in spite of 100s or 1000s of dumped coins as a means to stem the psychology of panic simply by simulating interest.

Because everything has slowed down, these bot buys make it look like we're bouncing because people are seeing the bid/ask stick higher in a more pronounced way than if we were trading real-time. The bid/ask keeps bouncing up to these tiny trades (5%-10% higher than stream of sells) and that's why we always bounce back up so quickly after minor sell-offs. Yesterday's selling was too intense, but they tried the same maneuver.

https://bitcointalksearch.org/topic/m.1795308
https://i.imgur.com/umRmL7b.png

 

interestingly enough, at this very moment in time there is a very popular prostitute website that is also under sustained DDOS attacks

coincidence?

Probably, yes

Can I get some government intervention please???

There's only so many times the popular media is going to report 'Bitcoin hits new highs!' and 'Bitcoin crashes!'.  About once is enough unless we go way below $100.

I'm not sure if I buy this whole deliberate DDoS theory.  We only have MtGox's word to go on, with no independent auditing and no detailed logs.  What would happen if one large seller decided 'this is as good as it gets' and dumped, which caused all the algos watching the price to also try and dump at the same time.  Same thing.  A wild spamming of HFT orders and more lag as the price goes down. 

The price was $180+ earlier today, and now back to $145.  Are people still blaming a conspiracy?  Why wouldn't the conspirators wait for it to inch back over $200+ before trying again?

An hour of lag is only going to make panicing people panic more. They see the price dropping and slam the sell, but it doesn't go through and the price keeps dropping, so the place the sell even lower, and lower, and panic grows.

Mtgox sure as hell isn't a Forex exchange.  Its the constraint right now to money flowing in.

That my friend is a temporary problem.

If you doubt it, sell me your coins.  I'm buying.

Lets get past centralized markets so this can never happen. Bitcoin markets should match bitcoin: decentralized.

Exactly. The lag quells panic, if anything. Trading curbs on NYSE/Nasdaq are used to quell panic. The lag is used as an excuse for every sell-off even though the sell-off is well under way when it occurs. I'm sorry, but do you think the Japanese Yen would implode because major forex platforms had a delay? People couldn't login to their forex accounts so the currency would simply halve. If so, all the more reason not to own the Yen.

I get 502s on Bitcoincharts every day. These websites are having difficulty with the traffic.

Hello my friend, did you bother reading mtgox statement?  They couldn't handle all the clamoring for Bitcoin.  Bored media?  What rock do you live under?

Right. All of these new customers are probably a moot point. I don't see them clamoring for Bitcoin. And the media is bored now as well.

I'm hitting refresh now.

Is it an attack or just 10's of thousands of people constantly hitting the refresh button in their browser trying to be the first to resume trading?

I call bull, seems to me lag is being caused by selling not the other way around. If anything lag is slowing the crashes.

Bitstamp at 140. There is some profit to be made here when we get close to 100.

looks like some angry hackers who lost a lot of money in bitcoin bubble taking a revenge