Topic: Today's DDOS / MT.GOX manipulation observation - page 2. (Read 1479 times)

Hello there,
it's my first post so please no bashing for some dumb newbie questioning.
I'm relatively fresh to bitcoins, started watching the market for 2 months and went in three weeks ago.
And damn was it a rollercoaster ride until right now!
Just have to state that I'm not in the game because of quick wins with speculation but for longterm investment, since the pensionsystem in germany is going down the drain
and I have some deep faith in the system of bitcoin as a resource (as which I see it now) and hopefully someday a real everyday currency.
but I should get to the point:

so I'm watching the mt. gox chart right now being manipulated by some bots for nearly three hours
and I'm amused by the line crawling up and down like a caterpillar in search of the next branch.
Fortunately I read the forums (thanks for all the information here and the relaxed behaviour with such attacks) and I'm holding strong to my few coins (first thing I learned  ).
There's one thing I simply don't understand:

Why do the guys at mt. gox not just simply pull the plug, shut down their market
and take some time for figuring out what to do about it?

The longer this goes on the more the market is disturbed by this stuff. (or is it self regulatory and by the next morning everything's okay again)

Little doubt this was orchestrated, massive lag on gox combined with the main chart sites and the forms going down, hmmm....

I trade on a smaller exchange so the lag didnt affect me too much but I felt blind without my charts .

I wonder if MTGOX will take steps to prevent this kind of gaming in the future.

I am also curious to explore the suspicion of deliberate DoS attacks versus automated buy/sell systems bugging out/using poor programming/reacting unsupervised.

Once I had a mistake in my programming that uses the Mt. Gox API, and the next time I logged into my account I had 70+ pages of buy requests all stating "insufficient funds" 

Mt. Gox is supposed to change things so they won't accept orders bigger than your account can fund, which should prevent what I just mentioned from happening, but that wouldn't have prevented my program from sending 70 pages of sell requests that Mt. Gox servers would have to filter through.

I don't think lil' ol' me could cause many problems for Mt. Gox, but if there was something similar going on with many people at once, I could see how the Gox servers could get bogged down with well-intentioned yet erroneous requests.

astute observation. Thank im sure someone will note this and thanks for potentially saving us all millions.

hmmm, sounds like somebodys figured out how to play the system. the solution is to think long term and ignore the short term.

Anyone know how many posts aere required to post in the forums?

I don't think that there's any dispute that people are DDOSing Gox in order to drive down the market price. However, this has been a reasonably recent phenomenon, and while their DDOS protection is already at 'Pretty damn Good', they need to step it up to 'Amazon' levels of DDOS protection.  I'm sure they'll do it sooner rather than later.

--Rob

Hmm interesting, didn't know that. Thanks for sharing.

I'm posting here as my account can't yet post elsewhere. 

Today during the massive sell-off/mtgox panic the panic started with a couple of very large sells followed by what appeared to be a massive DDOS comapign.  This rendered mtgox all but unusable, and their API stream was spotty at best.  What was interesting was the buy orders that were already placed in anticipation of the crash.

By refreshing bitcoin.clarkmoody.com I was able to watch the sell orders that had already been placed prior to the DDOS (assumption) and noticed that there were quite a few evenly spaced huge buy orders already in the queue.  every 10 dollars or so there would be a 2000+ btc order ready to be gobbled up by the panicking market sellers.

Using this info could we not predict the next DDOS attack and sell early, in preparation for re-entering at a lower point?  If we notice evenly spaced out orders for thousands of btc well below the current trading level (for example, orders for 2000 btc at 100,110,120,130 when it's currently trading at 220) we can assume a DDOS is imminent.

Thoughts?