Thank you MtGox for once again causing a massive drop
 

From 120 dollars to 80 because of your shitty servers.
100k profit a day and they can't manage to set up servers that handle a few 1000 trades.
These idiots are killing Bitcoin!

Every fucking time it goes up their servers go down. Either by ddos or their c64 servers.

It's so fucking annoying to see this happen over and over again.

God, you delusional imbecile.

On ignore you, together with all the other idiots.
Bye!

:1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh

You are the annoying imbecile with your 100 bitcoins threads.

Out trolled.

How do you know they are making $100k a day?

I really don't buy into the crappy servers part. That could be fixed in a day or less if they really wanted to.

They are manipulating the price on purpose. He doesnt get it. He thinks an insider.

Well what is it then. So far their excuses were ddos and hardware problems.
What else could it be?

I read that at several places.

I believe the ddos, I just find it hard to believe they keep having hardware issues. I mean, if I had the same problem it would be fixed in the day and I'm small potatoes. It's not like they are not making money and the entire currency is riding on them right now, so you would think it would get fixed asap.

Yeah i can't understand this either. Ok, they're growing like crazy but it's nothing compared to many other operations. With the amount of money they make they should've been able to fix this a long time ago already.
I'm thinking what else could be a reason but can't find anything. Anything else would quickly turn into crazy conspiracies. Which i won't say is impossible. But very unlikely.

no point in saying much cause franck ignores my questions.
This is just a thread to point back on when it crashes so the bitcoin jerkers have something to blame it on. It is probably the case though but had this not went on bitcoin would have made it to 100K

where you see a bunch of money to be made you will find people looking for ways to fuck the system, I bet this has something to do with it

Blah blah

I don't know enough about it to say, but do they have anything to gain as a company by crashing btc every so often?

Yup, that is possible.

I doubt it. But ofcourse a nice conspiracy would be them getting paid by big investers to cause a crash at certain times.

same thing happened to egold exchangers...constant bullshit excuses why you can not trade...sound familiar?

they tried to slow down the crash by slowing down trade in total and hoping most people would simply give up and the pressure of the bubble would reduce...it was a big mistake on their part because things like this purge out the good users and leave the scammers and inside guys...

deja vu...

virtual "currency" not backed up by ANYTHING or anyone

what could go wrong, indeed?

:1orglaugh

How did Mt.gox end up being the primary exchange for bitcoins anyway?

No clue really. Maybe they were the first?

in their reddit AMA they said it takes up to 1 month to setup new servers :1orglaugh

they can't possibly be THAT incompetent?

Wtf? 1 month?? I can't believe that.

That just doesn't make any damn sense. And people on reddit are believing that?

yea, looks like they don't even question it...

"Upgrading computer systems means ordering more servers (2 weeks timeframe), setting up (1 day), load testing (2 weeks) and deployment (1 day). It's a process that can take up to one month in total. "

http://www.reddit.com/r/Bitcoin/comm...re_mt_gox_ama/

i'm not sure it doesn't make sense for a couple reasons.

they have to be able to transact down 9 decimal places right? that's a lot of processing power to process 1000s and 1000s of exchanges for 1 satoshi (.000000001 btc)

+ the contractor, can't just do a goog search for a random company to come in and scale this, that's what mtgox did in 2011, resulting in the stolen database and subsequent crash of june 2011

food for thought.

Sounds like an sound investment :pimp

There is an idiot born every second!

I was that idiot once, but I educated myself!!

Two weeks? LOL. They need a better supplier/web hosting company! They should also be ahead of schedule. They should have spare servers on standby, waiting and ready for any failure.

That's really just an excuse. They should be prepared and ready for things like this.

the number of trades is what counts, the size of the trades doesn't matter much, and they don't trade that much, about 15k trades per day... which is fuck all...

obviously they shouldn't just hire some random contractor off the street, they should hire some known, reliable, etc company...

but you bring up a good point, how can bitcoins have a future, if any programmer or site/app owner working with anything bitcoin related can anonymously without any trace steal coins so easily? at anytime they can play the "sorry, we got hacked" card and walk away with millions worth of bitcoins?

i'm with you, but, i'm not sure, this current hype bubble seems to have taken everybody by suprise, perhaps they were prepped to scale but had not anticipated such a drastic uptick in orders?

don't get me wrong, mtgox is THE issue with btc right now.

it can happen, some good threads over at bitcointalk about that, otc trading, etc, way over my head but there is a consensus that there will be a transition away from exchanges as they exist right now.

is MtGox owned by who ever started bitcoin or could anyone potentially open an exchange?

If its posted on the internet it must be true. They cant post anything that isn't true on the internet.

There was several exchanges over the last few years but mtgox is the one that survived.

I think that if the bitcoin continues to be traded and work that governments will step in to curb the trading because they are terrified of the thought of an alternative to their own currency.

And governments would do that just how?

Seriously, I am looking for your input on this matter.

:thumbsup:thumbsup:thumbsup:thumbsup:thumbsup
:thumbsup:thumbsup:thumbsup:thumbsup:thumbsup
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^ Uh, for example, by making it illegal to have anything to do with bitcoin or do business or have any other connection to anyone who has anything to do with bitcoin.

Anyone can potentially open an exchange and anyone can potentially start their own 'bitcoin' currency.

this is their DNS:
nameserver: ns-964.awsdns-56.net
nameserver: ns-1273.awsdns-31.org
nameserver: ns-1583.awsdns-05.co.uk
nameserver: ns-277.awsdns-34.com

Isn't that Amazon ? I thought that its all cloud based
anyone know the size of these attacks ? Cloudflare have handled attacks in the size of 200 Gbps. Not sure how often people need to buy new hardware for their cloud hosting or why they even use web-hosts that doesn't specialize in DDoS prevention.

Bitcoin Tax:2 cents:

This is the problem with companies like this. Trying to save a penny. If they are making as much as they say they are making. They should be able to afford their own cage/hardware/network equipment and should hire a CIO who knows what the fuck they are doing, with the right equipment, network infrastructure, load balancing etc. These issues would never occur. They should have their own multi gigE backbone and not rely on someone else for things like this.

Good luck with that one!

For USA, offshore corp, offshore account and the USA government can go fuck itself.

Why the extrememe fluctuations?

One word.

Cyprus.

http://i264.photobucket.com/albums/i...g-DVDcover.jpg

:2 cents:

Actually, this one is rather easy to figure out...

anything below 1000 bitcoins or less is 0.5% fee. It goes up to 0.6%. Considering most trades are FAR BELOW 1000 bitcoins, it is safe to use 0.5% as an average, it is likely too low.

Volume traded each day is roughly 200k. Likely closer to 250k.

That is thus at least 1000 Bitcoins a day. Since I am SURE they take their commission in hard currency, not in Bitcoins (at least they should), that even at $50 BTC value is already 50k a day in revenue. Considering BTC is trading above $100, that the volume is closer to 250k and was up to 400k in the past days. In the last days, they made far more than 100k a day in revenue. So 100k profit at least the last few days is likely true.

I really don't know but I had the television on today and there was a mention of bitcoin and the volatility of late and how unstable it was. They were presenting it as a bad thing. The statement was that some volatility was a good thing but it has been too extreme. I didn't catch the whole story but it is on the gov's radar. If they are watching there is no telling what they would do.

They will fix it.

Just watch.

Don't panic.

http://i745.photobucket.com/albums/x...Dont_panic.jpg

:2 cents:

they don't host their shit on amazon.

they do have their own hardware.


the world currency markets are how big? 100 trillion$ 150 trillion$?
yet *the government!* is going to swoop down on little ole bitcoin?

not anytime soon.

moreover, the federal treasury is run by wall street fancy pants, they have yet to rape and pillage btc.

*the government!* won't be making btc illegal anytime soon, if ever.

Fuck governments.

:2 cents:

*the government!* issued rules for virtual-currency via fincen, the regulatory branch of the federal reserve, legitimizing bitcoin.

Yahoo news Saturday;

"Bitcoin’s Value Drops 80 Percent In 24 Hours"


http://smallbusiness.yahoo.com/advis...--finance.html


.

...after rising more than 100,000 percent in 4 years

http://bitcoincharts.com/charts/mtgo...zm1g10zm2g25zl