Yeah, I'd probably be dumping right about now. Don't sell when it's just going up and up, but now that it's dipping just take your profit and run
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Yeah, I'd probably be dumping right about now. Don't sell when it's just going up and up, but now that it's dipping just take your profit and run
don't worry folks, this fall was just temporary
Last price:$134.00000
High:$147.00000
http://news.cnet.com/8301-1023_3-575...ge-outage-hack
Quote:
The value of Bitcoin has been skyrocketing of late, gaining more than 50 percent in the last few days, but two unrelated events today knocked the virtual currency back down a bit. The peer-to-peer currency, which was languishing in the midteens in January, surged past $100 on Monday and was trading as high as $147 today before an hour-long outage at Mt. Gox, the world's largest Bitcoin exchange, pushed its value down to $115. The currency rebounded a bit to close at $123, a 500 percent increase in the past two months. Mt. Gox initially blamed the outage on a surge in trading volume that created a lag in trading and order cancellations. However, in a subsequent tweet, the exchange said it was experiencing a distributed denial-of-service attack.
Will be interesting to see if this becomes more common. If you're a criminal enterprise (not a sick enterprise) do you DoS mtgox for a few hours to drop the price $40-50 then buy some more bitcoins? Rinse/repeat once a week?Quote:
Originally Posted by rickastley
That's got to have diminishing returns. If it's getting DDoSed on a regular basis, people will just get used to it and stop panic selling. It will also have less of an impact if other exchanges become more prominent.Quote:
Originally Posted by simpdog
I'm sure there's many other ways to induce panic, given how skeptical so many people are with bitcoin.
I just watched a few trades in the single digits, and the price jumped up and down like $5. There is so little volume and float even 10 bitcoins can move the price 2 to 3%.
I think this is nothing more than a daytrading / gambling exercise at this point. I doubt very few bitcoins are being used to purchase actual goods unless its for highly shady stuff. Most are people trying to run up their holdings to cash out in actual legitimate currency.
Like any other daytrading, its basically unsustainable in the long run for 95% of the people that try it. I remember when I did the daytrading of penny stocks. My very first venture, I took $1,500 and a week later the stock went from $1 to $10. I wound up selling at around $7 and I thought I was a fucking genius. People warned me I was going to eventually get burned, but I was not hearing anything from these flat earthers. I went and bought all these computer programs on how to beat the system and a year later I was $10,000 in the hole.
You can already see the signs of a daytrading bubble. There are people even on this site lamenting the fact then did not buy at $50. They view it as they missed an "investment", which is LOL, because this is not an investment. What they are saying is they thought about betting on the 7 horse, they passed on the bet, and the 7 horse won and they are kicking themselves.
Disagree. A concerted ongoing effort by hackers could bring an online currency to its knees and cripple it. That to me is the real risk. And unlike the USA, there is no FBI or DHS to go after hackers that attack any online currency. They simply won't care. Unregulated also means "no protection". If you treat Bitcoins as a gambling tool, then ok, you know the risks of rolling the dice. But if you are treating this like some investment vehicle, you are positively nuts.Quote:
Originally Posted by SrslySiriusThat's got to have diminishing returns. If it's getting DDoSed on a regular basis, people will just get used to it and stop panic selling. It will also have less of an impact if other exchanges become more prominent.Quote:
Originally Posted by simpdog
I'm sure there's many other ways to induce panic, given how skeptical so many people are with bitcoin.
What are you disagreeing with? That this is an unsustainable way of manipulating price, or that the motive for the attacks is profit?Quote:
Originally Posted by The_PHADisagree. A concerted ongoing effort by hackers could bring an online currency to its knees and cripple it. That to me is the real risk. And unlike the USA, there is no FBI or DHS to go after hackers that attack any online currency. They simply won't care. Unregulated also means "no protection". If you treat Bitcoins as a gambling tool, then ok, you know the risks of rolling the dice. But if you are treating this like some investment vehicle, you are positively nuts.Quote:
Originally Posted by SrslySirius
FWIW, a DDoS attack is not a hack. Nobody has broken into MTGox and accessed any sensitive data. It's essentially the same thing as having a few billion people visit the website and click refresh over and over again. The result is that the site runs slow or goes down. These attacks are pretty common and usually don't last all that long, if the victims have a clue what they're doing. Even Seals recovered from a DDoS after a day or two.
Are you saying MTGox has more resources than Sony? Sony also had the backing of worldwide governments to catch the hackers. Who will MTGox rely on?Quote:
Originally Posted by SrslySiriusWhat are you disagreeing with? That this is an unsustainable way of manipulating price, or that the motive for the attacks is profit?Quote:
Originally Posted by The_PHA
FWIW, a DDoS attack is not a hack. Nobody has broken into MTGox and accessed any sensitive data. It's essentially the same thing as having a few billion people visit the website and click refresh over and over again. The result is that the site runs slow or goes down. These attacks are pretty common and usually don't last all that long, if the victims have a clue what they're doing. Even Seals recovered from a DDoS after a day or two.
Okay. I guess the reason I often get confused by your posts in this thread is that you quote something and then talk about something completely different.Quote:
Originally Posted by The_PHAAre you saying MTGox has more resources than Sony? Sony also had the backing of worldwide governments to catch the hackers. Who will MTGox rely on?Quote:
Originally Posted by SrslySirius
Yes, you're right. If MTGox actually gets hacked, there probably won't be any recourse.
Did you hang on to it?Quote:
Originally Posted by BUBBLES
I used to have 20,000 until I donked them off, lol.Quote:
Originally Posted by SrslySiriusDid you hang on to it?Quote:
Originally Posted by BUBBLES
I had 2500 seals chips (2.5 bitcoin), which I sold to someone here for a deep, deep discount.
I'd have thought the main reason his posts are confusing are because hes a drunk who does a very bad job of trolling.Quote:
Originally Posted by SrslySiriusOkay. I guess the reason I often get confused by your posts in this thread is that you quote something and then talk about something completely different.Quote:
Originally Posted by The_PHA
Yes, you're right. If MTGox actually gets hacked, there probably won't be any recourse.
http://www.cnbc.com/id/100615508
Quote:
Bitcoin Hacked: Price Stumbles After Buying Frenzy
Online currency bitcoin had 20 percent knocked off its price overnight on Thursday as one of its major exchanges became the victim of a hacking attack leading to a sell-off in the virtual currency after reaching an all-time high.
Uncertainty over other currencies, turmoil in Cyprus and media interest are just some of the reasons commentators are citing for the 360 percent rise in bitcoin prices over the last month. The frenzied interest in bitcoins piled over onto the social media site Twitter and led to a spike in Google searches on the topic.
(Read More: What Is Bitcoin?)
But by Thursday morning bitcoin prices had fallen to $132 from Wednesday's record price of $147.
The most popular bitcoin exchange, Tokyo-based Mt.Gox announced overnight that it had been the victim of a hacking attack after experiencing a severe lag with its systems. The complications meant the price quickly sank to below $115 before regaining ground to $130 by 6.00 a.m. London time on Thursday, according to Bitcoincharts.com.
(Read More: Bitcoin Bubble: How 'Geeks' Sent Prices Parabolic)
"There are many who will try to take advantage of the system. The past few days were a reminder of this sad truth," it said in a press release on its Facebook site.
The exchange blamed a type of hacking attack called a distributed denial-of-service attack (DDoS).
More than 80 percent of all bitcoin-USD trades and more than 70 percent of all bitcoin currency trades are done on Mt.Gox's servers, according to the company, making it is a major target for anyone wanting to take down bitcoin trading.
(Read More: Bitcoin Showing 'Aggressive Bubble' Behavior: SocGen)
"Attackers wait until the price of bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit," Mt.Gox said.
"There is pretty much nothing that can be done. Large companies are frequently victims of these kinds of attacks. Even though we are using one of the best companies to help us fight against these DDoS attacks, we are still being affected."
Bitcoin is a virtual currency allowing users to exchange online credits for goods and services. There are currently nearly 11 million bitcoins in circulation but the currency is capped at 21 million coins. While there is no central bank that issues them, new bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining.
(Read More: Bitcoin Boom? An ATM for Virtual Currency in the Works)
The total value of all bitcoins has now surpassed $1.4 billion. But these latest revelations may go some way to reinforce criticisms of its instability and price volatility. Mt. Gox had to temporarily suspend deposits on March 12 as a newly mined block of bitcoin went unrecognized by the system which caused a short sell-off.
Another bitcoin associated company Instawallet - an online storage service - was hacked earlier this week and its service was suspended indefinitely.
"Our database was fraudulently accessed, due to the very nature of Instawallet it is impossible to reopen the service as-is," it said on its website.
—By CNBC.com's Matt Clinch
It's already bounced back to $144.
Got a free chip from Micon way back when they were worth about $8, gambled it into 5.4 coins, and sold that today for a nice little zero investment, $800 score. Thank you Micon and Seals with Clubs.
PS. If I could have figured out the process quicker, I might have settle for $250ish about 2 weeks back.
Last price:$148.50001 High:$148.59000
things are going to soar over 200 this week IMO
Last price:$152.50000 High:$154.00000
https://www.youtube.com/watch?v=bz6k2aWwVYU
Last price:$156.13487 High:$157.00000