yesterday's Bitcoin Price-Drop Caused By Rush Of Interest, Not DDOS

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  • dyna mo
    just a fucking jerk
    • Dec 2008
    • 68184
    #1

    yesterday's Bitcoin Price-Drop Caused By Rush Of Interest, Not DDOS

    sorry bitthurt haters.

    Hi everyone, just a quick update on the situation and what happened last night.

    First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success!

    Indeed the rather astonishing amount of new account opened in the last few days added to the existing one plus the number of trade made a huge impact on the overall system that started to lag. As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine!

    To give you an idea of how impressive things were here are some numbers that we would love to share with you guys:
    - The number of trades executed triple in the last 24hrs.
    - The number of new account opened went from 60k for March alone to 75k new account created for the first few days of April! We now have roughly 20,000 new accounts created each day.

    Due to these facts we have been busy working on improving things since last week and our team has been working around the clock to improve Mt.Gox to catch up with the demand. We will continue to release several updates today and in the coming few days to improve our system overall performance.

    Also please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system.

    Thank you for your understanding and continuous support!
    http://techcrunch.com/2013/04/11/bit...ounts-per-day/

    https://www.facebook.com/MtGox/posts/455962117821534
    Last edited by dyna mo; 04-11-2013, 04:32 AM.
    Tags: None
    • Juicy D. Links
      So Fucking Banned
      • Apr 2001
      • 122992
      #2
      Me and Frank below mining


        Comment

        • dyna mo
          just a fucking jerk
          • Dec 2008
          • 68184
          #3
          Originally posted by Juicy D. Links
          Me and Frank below mining


          i heard there's some drama

            Comment

            • Barry-xlovecam
              It's 42
              • Jun 2010
              • 18083
              #4
              "What we want from a monetary system isn't to make people holding money rich; we want it to facilitate transactions and make the economy as a whole rich. And that's not at all what is happening in Bitcoin," ... Nobel Prize-winning economist Paul Krugman wrote in 2011.
              Keep it in perspective ...

                Comment

                • dyna mo
                  just a fucking jerk
                  • Dec 2008
                  • 68184
                  #5
                  Originally posted by Barry-xlovecam
                  Keep it in perspective ...
                  yup, exactly my point.


                  fact is, it's bleeding edge tech experiment. let's not make it out to be anything more than that.

                    Comment

                    • Google Expert
                      Webmaster
                      • Jun 2004
                      • 14294
                      #6

                        Comment

                        • dyna mo
                          just a fucking jerk
                          • Dec 2008
                          • 68184
                          #7
                          you do realize that picture makes no sense in regards to this topic right?

                          you must have thought you are posting in another thread.

                            Comment

                            • MikeRoth
                              Confirmed User
                              • Jan 2011
                              • 361
                              #8
                              I don't believe MTGox... A surge of new accounts and traders at mtgox would not have caused bitcointalk forums and a bunch of mining pools to go down or lag at the same time.
                              ICQ: 64995031

                                Comment

                                • L-Pink
                                  working on my tan
                                  • Mar 2005
                                  • 39151
                                  #9
                                  So increase in demand caused a drop price …………………. lol


                                  .

                                    Comment

                                    • MikeRoth
                                      Confirmed User
                                      • Jan 2011
                                      • 361
                                      #10
                                      Originally posted by L-Pink
                                      So increase in demand caused a drop price ???????. lol


                                      .
                                      Well they are saying the increase in demand caused lag which in tern caused people to panic sell causing more lag and more panic selling. The order lag is currently at 8 minutes and increasing... lol
                                      ICQ: 64995031

                                        Comment

                                        • dyna mo
                                          just a fucking jerk
                                          • Dec 2008
                                          • 68184
                                          #11
                                          Originally posted by MikeRoth
                                          I don't believe MTGox... A surge of new accounts and traders at mtgox would not have caused bitcointalk forums and a bunch of mining pools to go down or lag at the same time.
                                          they go otr often with news of ddos attacks causing disruptions, not sure why they would break that tradition this 1 time and make up a pretty stupid (embarrassing) reason for the slowdown, then 3 hours after they fix it, go otr again saying they are now being ddosed.

                                          either way, my point is it is a growing pain, it's not a run for the hills, btc is fuked incident.

                                            Comment

                                            • ~Ray
                                              visit hardlinks.org
                                              • Jun 2003
                                              • 18361
                                              #12
                                              I'm hedging my bets on full recovery plus steady growth for the "e/coin" industry.

                                              Adult Backlinks for Adult Websites - Testimonials Available

                                                Comment

                                                • TheSquealer
                                                  Mayor of Thneedville
                                                  • Oct 2004
                                                  • 26184
                                                  #13
                                                  One would honk this would be the perfect example of the frailty of such a "currency" which is backed by absolutely nothing other than the wet dreams of anti social nerds, the paranoid and delusional and those clever enough to exploit them.
                                                  .
                                                  Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

                                                  Rochard

                                                    Comment

                                                    • dyna mo
                                                      just a fucking jerk
                                                      • Dec 2008
                                                      • 68184
                                                      #14
                                                      Originally posted by L-Pink
                                                      So increase in demand caused a drop price ???????. lol


                                                      .
                                                      i linked the article. the info is there.

                                                        Comment

                                                        • ilnjscb
                                                          Confirmed User
                                                          • Jun 2009
                                                          • 8957
                                                          #15
                                                          Wow! Those people who make money from suckers trading bitcoins have really reassured me that bitcoins are safe and not volatile at all! Why they're just like gold, by jingo!

                                                          I appreciate that those people who make money from suckers trading a virtual currency want me to feel secure to continue to make them money, and so have placed the "facts" squarely in front of me. I understand that what happened was, according to a statement they released, "an influx of new suckers caused an nth series binary loop in our processing unit leading to a gradual ... what you're still reading? but this is gibberish! Go buy some bitcoins you muppet! attaboy!" and I am gratified and appeased.

                                                            Comment

                                                            • dyna mo
                                                              just a fucking jerk
                                                              • Dec 2008
                                                              • 68184
                                                              #16
                                                              Originally posted by TheSquealer
                                                              One would honk this would be the perfect example of the frailty of such a "currency" which is backed by absolutely nothing other than the wet dreams of anti social nerds, the paranoid and delusional and those clever enough to exploit them.
                                                              i'm going to start talking about all homos in the same stereotypical fashion.

                                                                Comment

                                                                • PR_Phil
                                                                  Confirmed User
                                                                  • Apr 2003
                                                                  • 1960
                                                                  #17
                                                                  the release didn't seem to quell concerns, as they are still dropping, $115 right now

                                                                    Comment

                                                                    • MikeRoth
                                                                      Confirmed User
                                                                      • Jan 2011
                                                                      • 361
                                                                      #18
                                                                      Originally posted by ~Ray
                                                                      I'm hedging my bets on full recovery plus steady growth for the "e/coin" industry.

                                                                      Nice, you've hedged your funds quite well. You might want to change your btc-e password though. A lot of reports on the forums that peoples btc-e accounts were hacked.

                                                                      I've been bouncing my bitcoins from ~105 to ~110 over and over. If it breaks below $100 though I'll probably pull out of everything till things settle down. All of the cryptocurrencies will take a hit.
                                                                      ICQ: 64995031

                                                                        Comment

                                                                        • dyna mo
                                                                          just a fucking jerk
                                                                          • Dec 2008
                                                                          • 68184
                                                                          #19
                                                                          Originally posted by PR_Phil
                                                                          the release didn't seem to quell concerns, as they are still dropping, $115 right now
                                                                          it's under a ddos attack now.

                                                                            Comment

                                                                            • TheSquealer
                                                                              Mayor of Thneedville
                                                                              • Oct 2004
                                                                              • 26184
                                                                              #20
                                                                              Originally posted by dyna mo
                                                                              i'm going to start talking about all homos in the same stereotypical fashion.
                                                                              I think a few generalizations are very fair to make. Take Frabk for example and his new religion of Bitcoin. Is that an example of someone with a rock solid understanding of economis and monetary systems or someone who is simlly driven to go against the current in most things in life?

                                                                              Bitcoins are religion
                                                                              Bitcoins are a protest movement
                                                                              Bitcoins are a short term gamble for experiences investors
                                                                              Bitcoins are a long term gamble for inexperienced investors
                                                                              Bitcoins attract conspiracy theorist, truthers and kooks
                                                                              The list could go on and on

                                                                              Bitcoins are a lot of things to a lot of people and almost all of it has zero to do with rational economics or basic understanding of monetary systems and currencies.

                                                                              Here is the simple test to know when people have completely derailed from rational thought.., observe how certain people are. Certainty of ones beliefs is the first sign of irrationality.if you are certain of the future if bitcoins, then you aren't thinking clearly or rationally on the subject.
                                                                              Last edited by TheSquealer; 04-11-2013, 06:13 AM.
                                                                              .
                                                                              Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

                                                                              Rochard

                                                                                Comment

                                                                                • MikeRoth
                                                                                  Confirmed User
                                                                                  • Jan 2011
                                                                                  • 361
                                                                                  #21
                                                                                  Just got this on MTGox: Market cooldown, order placing suspended until 2013-04-12 02:00:00 UTC

                                                                                  Should see a rise in BTC price on btc-e now
                                                                                  ICQ: 64995031

                                                                                    Comment

                                                                                    • - Jesus Christ -
                                                                                      Confirmed User
                                                                                      • Mar 2003
                                                                                      • 7197
                                                                                      #22
                                                                                      TheSquealer posts are actually painful to read becasue I know if I spend time giving valid logical answers he will just come up with some more baseless nonsense and I will have wasted my time.

                                                                                      Talk less. Read more.

                                                                                      Amen

                                                                                        Comment

                                                                                        • TheSquealer
                                                                                          Mayor of Thneedville
                                                                                          • Oct 2004
                                                                                          • 26184
                                                                                          #23
                                                                                          Of course, your also quite certain. A perfect example. You have no clue where gold will be in 6 months, but you're 100% certain of where an imaginary, intangible "currency" backed by absolutely nothing will go. Obviously I have the problem with my thinking
                                                                                          .
                                                                                          Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

                                                                                          Rochard

                                                                                            Comment

                                                                                            • dyna mo
                                                                                              just a fucking jerk
                                                                                              • Dec 2008
                                                                                              • 68184
                                                                                              #24
                                                                                              Originally posted by TheSquealer
                                                                                              I think a few generalizations are very fair to make.

                                                                                              Here is the simple test to know when people have completely derailed from rational thought.., observe how certain people are. Certainty of ones beliefs is the first sign of irrationality.if you are certain of the future if bitcoins, then you aren't thinking clearly or rationally on the subject.
                                                                                              no, not in this case, you "generalized" simply for the sake of herding everyone into 1 group so you could insult.

                                                                                              look, i'm an adult, i've figured out my own test on irrational v rational people, thus my comment to you about your post. it's irrational.

                                                                                                Comment

                                                                                                • - Jesus Christ -
                                                                                                  Confirmed User
                                                                                                  • Mar 2003
                                                                                                  • 7197
                                                                                                  #25
                                                                                                  Do you see me making price predictions? Nope.

                                                                                                  Dirty F is like I was when I discovered bitcoin years ago... once someone understand what it means for the world the get very excited about it.

                                                                                                  You're just an angry man.

                                                                                                  Amen

                                                                                                    Comment

                                                                                                    • dyna mo
                                                                                                      just a fucking jerk
                                                                                                      • Dec 2008
                                                                                                      • 68184
                                                                                                      #26
                                                                                                      Originally posted by TheSquealer
                                                                                                      Of course, your also quite certain. A perfect example. You have no clue where gold will be in 6 months, but you're 100% certain of where an imaginary, intangible "currency" backed by absolutely nothing will go. Obviously I have the problem with my thinking
                                                                                                      you must have missed my post above where i state btc is an experiment. i am also otr here many times trying to explain that btc is an experiment, it's not a currency.

                                                                                                        Comment

                                                                                                        • dyna mo
                                                                                                          just a fucking jerk
                                                                                                          • Dec 2008
                                                                                                          • 68184
                                                                                                          #27
                                                                                                          Originally posted by dyna mo
                                                                                                          yup, exactly my point.


                                                                                                          fact is, it's bleeding edge tech experiment. let's not make it out to be anything more than that.

                                                                                                          reposted.

                                                                                                            Comment

                                                                                                            • dyna mo
                                                                                                              just a fucking jerk
                                                                                                              • Dec 2008
                                                                                                              • 68184
                                                                                                              #28
                                                                                                              Originally posted by TheSquealer
                                                                                                              Of course, your also quite certain. A perfect example. You have no clue where gold will be in 6 months, but you're 100% certain of where an imaginary, intangible "currency" backed by absolutely nothing will go. Obviously I have the problem with my thinking
                                                                                                              when have i ever claimed where btc will be in 6 months? let alone quite, 100% certain where it will be?

                                                                                                              oh i know, no where.

                                                                                                              in fact, i've often times mentioned my mistakes in navigating btc.

                                                                                                                Comment

                                                                                                                • TheSquealer
                                                                                                                  Mayor of Thneedville
                                                                                                                  • Oct 2004
                                                                                                                  • 26184
                                                                                                                  #29
                                                                                                                  Which generalization are unfair? Obviously everyone is not the same person nor do they have the same motivations. However, everyone can have 1000 different reason (or at least claim they do) as they line up in the millions to hear an Indian guru like Sai baba (sp?) and few of those reasons are grounded in reality.

                                                                                                                  They wall remain certain he is a true gurus even after being exposed time and time again for being a fraud. This is a problem with wanting to believe something or needing to believe something.

                                                                                                                  These conversations, as with currency itself, are about faith. The stronger a persons faith , the more irrational they become. The more certain a person is in his or her beliefs, the more they behave and think irrationally .

                                                                                                                  I'm not trying to attack you. I think you are a nice guy. I just see this as a new religion that attracts those that want to believe, for all the wrong reasons. The vast majority of people snatching up bitcoins and praising bitcoins aren't doing so because they understand currencies and monetary systems. That in itself should be a pretty telling fact.
                                                                                                                  .
                                                                                                                  Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

                                                                                                                  Rochard

                                                                                                                    Comment

                                                                                                                    • TheSquealer
                                                                                                                      Mayor of Thneedville
                                                                                                                      • Oct 2004
                                                                                                                      • 26184
                                                                                                                      #30
                                                                                                                      Originally posted by dyna mo
                                                                                                                      when have i ever claimed where btc will be in 6 months? let alone quite, 100% certain where it will be?
                                                                                                                      Was talking to the other guy and using gold as an example of his flawed thinking and faith
                                                                                                                      Last edited by TheSquealer; 04-11-2013, 06:35 AM.
                                                                                                                      .
                                                                                                                      Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

                                                                                                                      Rochard

                                                                                                                        Comment

                                                                                                                        • Dirty F
                                                                                                                          Too lazy to set a custom title
                                                                                                                          • Jul 2001
                                                                                                                          • 59204
                                                                                                                          #31
                                                                                                                          Originally posted by L-Pink
                                                                                                                          So increase in demand caused a drop price ???????. lol


                                                                                                                          .
                                                                                                                          Yes, if the servers crash.

                                                                                                                          Don't be an idiot.

                                                                                                                            Comment

                                                                                                                            • MikeRoth
                                                                                                                              Confirmed User
                                                                                                                              • Jan 2011
                                                                                                                              • 361
                                                                                                                              #32
                                                                                                                              Over $200,000 in buy orders at $100
                                                                                                                              ICQ: 64995031

                                                                                                                                Comment

                                                                                                                                • Dirty F
                                                                                                                                  Too lazy to set a custom title
                                                                                                                                  • Jul 2001
                                                                                                                                  • 59204
                                                                                                                                  #33
                                                                                                                                  MtGox.com ‏@MtGox 12m

                                                                                                                                  Trading is suspended until 2013-04-12 02:00am UTC for market cooldown. Once back trading will be also faster.

                                                                                                                                    Comment

                                                                                                                                    • Supz
                                                                                                                                      Arthur Flegenheimer
                                                                                                                                      • Jul 2006
                                                                                                                                      • 11057
                                                                                                                                      #34
                                                                                                                                      Originally posted by ilnjscb
                                                                                                                                      Wow! Those people who make money from suckers trading bitcoins have really reassured me that bitcoins are safe and not volatile at all! Why they're just like gold, by jingo!

                                                                                                                                      I appreciate that those people who make money from suckers trading a virtual currency want me to feel secure to continue to make them money, and so have placed the "facts" squarely in front of me. I understand that what happened was, according to a statement they released, "an influx of new suckers caused an nth series binary loop in our processing unit leading to a gradual ... what you're still reading? but this is gibberish! Go buy some bitcoins you muppet! attaboy!" and I am gratified and appeased.
                                                                                                                                      Hah. Exactly. What else are they goin to say? "Ddos attacks directly effect the price in a drastic way". Doubtful...

                                                                                                                                        Comment

                                                                                                                                        • dyna mo
                                                                                                                                          just a fucking jerk
                                                                                                                                          • Dec 2008
                                                                                                                                          • 68184
                                                                                                                                          #35
                                                                                                                                          Originally posted by TheSquealer
                                                                                                                                          Which generalization are unfair? Obviously everyone is not the same person nor do they have the same motivations. However, everyone can have 1000 different reason (or at least claim they do) as they line up in the millions to hear an Indian guru like Sai baba (sp?) and few of those reasons are grounded in reality.

                                                                                                                                          They wall remain certain he is a true gurus even after being exposed time and time again for being a fraud. This is a problem with wanting to believe something or needing to believe something.

                                                                                                                                          These conversations, as with currency itself, are about faith. The stronger a persons faith , the more irrational they become. The more certain a person is in his or her beliefs, the more they behave and think irrationally .

                                                                                                                                          I'm not trying to attack you. I think you are a nice guy. I just see this as a new religion that attracts those that want to believe, for all the wrong reasons. The vast majority of people snatching up bitcoins and praising bitcoins aren't doing so because they understand currencies and monetary systems. That in itself should be a pretty telling fact.
                                                                                                                                          i'm not sure i get all that but the last part, it seems to me you are clinging to thinking btc is a currency. it isn't. period. the end. it may be one day. it's goal is to be a currency, it was designed to be that, but it is currently an investment tool. most peeps are buying it and hoarding it in hopes the value will skyrocket in 20 minutes.

                                                                                                                                          that is not what it was intended to be.

                                                                                                                                          nevertheless, you posted this and i replied to it

                                                                                                                                          One would honk this would be the perfect example of the frailty of such a "currency" which is backed by absolutely nothing other than the wet dreams of anti social nerds, the paranoid and delusional and those clever enough to exploit them.
                                                                                                                                          it's not currently a currency and the people involved in it are far more diversified than how you generalize.

                                                                                                                                          that's all.

                                                                                                                                            Comment

                                                                                                                                            • dyna mo
                                                                                                                                              just a fucking jerk
                                                                                                                                              • Dec 2008
                                                                                                                                              • 68184
                                                                                                                                              #36
                                                                                                                                              Originally posted by Supz
                                                                                                                                              Hah. Exactly. What else are they goin to say? "Ddos attacks directly effect the price in a drastic way". Doubtful...
                                                                                                                                              that's exactly what they did/do::::::


                                                                                                                                              Why has Mt.Gox become the target of a DDoS attack? It is not yet clear who is behind this DDoS and we may never know, but these actions seem to have two major purposes:
                                                                                                                                              • Destabilize Bitcoin in general.
It is not a secret Mt.Gox is the largest Bitcoin exchange with more than 80% of all USD trades and more than 70% of all currencies. Mt.Gox is an easy target for anyone that wants to hurt Bitcoin in general.
                                                                                                                                              • Abuse the system for profit.
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.

                                                                                                                                              What can be done?
                                                                                                                                              Believe it or not, 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. There are a few things that we can implement to help fight the attacks, such as disconnecting the trade engine backend from the Internet. By separating the data center from the Mt.Gox website, we will continue to be able to trade.

                                                                                                                                              What can you do?
                                                                                                                                              Like our favorite author here at Tibanne says… Don’t Panic! “Panic-selling is a wide-scale selling of an investment which causes a sharp decline in prices. Specifically, an investor wants to get out of an investment with little regard of the price obtained. The selling activity is problematic because the investor is selling in reaction to emotion and fear, rather than evaluating the fundamentals.” (Source: Wikipedia) I understand that many of you have a lot at stake here, but remember that Bitcoin, despite being designed to have its value increase over time, will always be the victim of people trying to abuse the system, or even the value of Bitcoin decreasing occasionally. These are not new phenomena and have been present since the beginning of time when humans first started trading.

                                                                                                                                                Comment

                                                                                                                                                • MikeRoth
                                                                                                                                                  Confirmed User
                                                                                                                                                  • Jan 2011
                                                                                                                                                  • 361
                                                                                                                                                  #37
                                                                                                                                                  Below $100, abandon ship!
                                                                                                                                                  ICQ: 64995031

                                                                                                                                                    Comment

                                                                                                                                                    • Coup
                                                                                                                                                      🚨 PBBC International 🚨
                                                                                                                                                      • Apr 2010
                                                                                                                                                      • 9931
                                                                                                                                                      #38
                                                                                                                                                      Originally posted by Dirty F
                                                                                                                                                      MtGox.com ‏@MtGox 12m

                                                                                                                                                      Trading is suspended until 2013-04-12 02:00am UTC for market cooldown. Once back trading will be also faster.
                                                                                                                                                      sounds like bad news. Welp it was a good bubble while it lasted

                                                                                                                                                        Comment

                                                                                                                                                        • dyna mo
                                                                                                                                                          just a fucking jerk
                                                                                                                                                          • Dec 2008
                                                                                                                                                          • 68184
                                                                                                                                                          #39
                                                                                                                                                          Originally posted by MikeRoth
                                                                                                                                                          Below $100, abandon ship!
                                                                                                                                                          today's bitcoin pricedrop brought to you by ddos!

                                                                                                                                                          tomorrow's sponsored by the nyse!

                                                                                                                                                            Comment

                                                                                                                                                            • dyna mo
                                                                                                                                                              just a fucking jerk
                                                                                                                                                              • Dec 2008
                                                                                                                                                              • 68184
                                                                                                                                                              #40
                                                                                                                                                              it's got to be pretty embarrassing for mtgox to have to admit their servers can not only not handle daily ddos attacks, they can't handle a bunch of new accounts either.

                                                                                                                                                                Comment

                                                                                                                                                                • Supz
                                                                                                                                                                  Arthur Flegenheimer
                                                                                                                                                                  • Jul 2006
                                                                                                                                                                  • 11057
                                                                                                                                                                  #41
                                                                                                                                                                  Originally posted by Coup
                                                                                                                                                                  sounds like bad news. Welp it was a good bubble while it lasted
                                                                                                                                                                  who you reppin?

                                                                                                                                                                    Comment

                                                                                                                                                                    • Sly
                                                                                                                                                                      Let's do some business!
                                                                                                                                                                      • Sep 2004
                                                                                                                                                                      • 31377
                                                                                                                                                                      #42
                                                                                                                                                                      First crash: Rush of Interest.

                                                                                                                                                                      Second crash: DDOS.

                                                                                                                                                                      Got it.
                                                                                                                                                                      Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted

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                                                                                                                                                                        Comment

                                                                                                                                                                        • Klen
                                                                                                                                                                          • Aug 2006
                                                                                                                                                                          • 32234
                                                                                                                                                                          #43
                                                                                                                                                                          Well something is strange here,shouldn't bitcon be a decentralized currency?If it's value will change every time when mtgox will have problems then claim how it's decentralized is not correct.

                                                                                                                                                                            Comment

                                                                                                                                                                            • NiXXiN
                                                                                                                                                                              Confirmed User
                                                                                                                                                                              • Apr 2012
                                                                                                                                                                              • 470
                                                                                                                                                                              #44
                                                                                                                                                                              i think its gonna be ddossed throughout the whole week
                                                                                                                                                                              _______________________________________________
                                                                                                                                                                              Onliance
                                                                                                                                                                              Resident Ginger | RBC Member | AppDev.
                                                                                                                                                                              Irc.Rizon.net #GFY

                                                                                                                                                                                Comment

                                                                                                                                                                                • TheSquealer
                                                                                                                                                                                  Mayor of Thneedville
                                                                                                                                                                                  • Oct 2004
                                                                                                                                                                                  • 26184
                                                                                                                                                                                  #45
                                                                                                                                                                                  Originally posted by dyna mo
                                                                                                                                                                                  i'm not sure i get all that but the last part, it seems to me you are clinging to thinking btc is a currency. it isn't. period. the end. it may be one day. it's goal is to be a currency, it was designed to be that, but it is currently an investment tool.
                                                                                                                                                                                  This interests me. You are the first person i've heard arguing that its not a currency. The definition of currency is very broad and it most certainly is a currency.

                                                                                                                                                                                  What does "investment tool" mean? As a "tool" what does it to enable you to do besides buy and sell and trade as a commodity and to pay debts or pay for goods and services as a currency?

                                                                                                                                                                                  You keep calling it an "experiment" however I don't see anyone besides yourself calling it "an experiment" or acting as if failure is a likely outcome as with any "experiment".

                                                                                                                                                                                  Its quite clearly created to be a currency
                                                                                                                                                                                  http://bitcoin.org/en/
                                                                                                                                                                                  Last edited by TheSquealer; 04-11-2013, 05:50 PM.
                                                                                                                                                                                  .
                                                                                                                                                                                  Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

                                                                                                                                                                                  Rochard

                                                                                                                                                                                    Comment

                                                                                                                                                                                    • dyna mo
                                                                                                                                                                                      just a fucking jerk
                                                                                                                                                                                      • Dec 2008
                                                                                                                                                                                      • 68184
                                                                                                                                                                                      #46
                                                                                                                                                                                      i just found this info in about 2 minutes supporting my points and comments so i am unsure why you can't find anything about it.

                                                                                                                                                                                      ::::::::

                                                                                                                                                                                      Since 2011, bitcoin has been criticized as not being a functional currency due to its experimental nature, volatile markets and allegedly limited use in trade.[11][12]

                                                                                                                                                                                      http://en.wikipedia.org/wiki/Bitcoin


                                                                                                                                                                                      Bitcoin's Wild Ride Shows It's Not Real Money
                                                                                                                                                                                      http://www.bloomberg.com/news/2013-0...eal-money.html


                                                                                                                                                                                      The Bitcoin Project describes bitcoin exclusively as an "experimental digital currency"

                                                                                                                                                                                      What The Bitcoin Experiment Started
                                                                                                                                                                                      http://www.huffingtonpost.com/charle...b_1506991.html

                                                                                                                                                                                      Make.Money.Slow : The Bitcoin Experiment
                                                                                                                                                                                      http://techcrunch.com/2011/05/21/the...in-experiment/




                                                                                                                                                                                      Bitcoin Is No Longer a Currency
                                                                                                                                                                                      http://www.theatlantic.com/business/...rrency/274859/


                                                                                                                                                                                      Bitcoin, Still Not a Currency. And Now Crashing.
                                                                                                                                                                                      http://go.bloomberg.com/market-now/2...-now-crashing/


                                                                                                                                                                                      Sorry, Bitcoin Isn’t a ‘Currency’
                                                                                                                                                                                      http://go.bloomberg.com/market-now/2...nt-a-currency/
                                                                                                                                                                                      Last edited by dyna mo; 04-11-2013, 05:56 PM.

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                                                                                                                                                                                        • TheSquealer
                                                                                                                                                                                          Mayor of Thneedville
                                                                                                                                                                                          • Oct 2004
                                                                                                                                                                                          • 26184
                                                                                                                                                                                          #47
                                                                                                                                                                                          Originally posted by dyna mo
                                                                                                                                                                                          i just found this info in about 2 minutes supporting my points and comments so i am unsure why you can't find anything about it.
                                                                                                                                                                                          I think we are just looking at it in different ways. I am making my comments in the context of all the endless discussion on this board... not within the context of any random article which may or may not support my beliefs. The honest truth is that i have zero interest in bitcoins or the outcome. I'm fascinated with all those who are obsessive, deluded and in denial about something thats so obviously unproven.

                                                                                                                                                                                          As for the use of the word "currency", its really not necessary to look for examples of titillating headlines when we have actual dictionary definitions as well as common usage.

                                                                                                                                                                                          http://dictionary.reference.com/
                                                                                                                                                                                          cur·ren·cy [kur-uhn-see, kuhr-]
                                                                                                                                                                                          noun, plural cur·ren·cies.
                                                                                                                                                                                          1. something that is used as a medium of exchange; money.
                                                                                                                                                                                          2. general acceptance; prevalence; vogue.
                                                                                                                                                                                          3. a time or period during which something is widely accepted and circulated.
                                                                                                                                                                                          4. the fact or quality of being widely accepted and circulated from person to person.
                                                                                                                                                                                          5. circulation, as of coin.

                                                                                                                                                                                          Further the references in the articles to it not being a currency used as proof bitcoins are not a currency, are absurd. The Atlantic has the headline that its not a currency and then calls it a currency in the body of the article.

                                                                                                                                                                                          The Bloomberg article says its not a currency because what you can buy with it is limited. Obviously not meant to be taken literally as their is no pre-defined amount of stuff you can buy with something before that something can be called a currency. These aren't people relying on literal definitions nor meant to be taken literally, these are people trying to get page views by creating inflammatory headlines saying the opposite of what people want to believe.

                                                                                                                                                                                          Furthermore, The Atlantic's own headline "no longer a currency" clearly implies that it at least was a currency by their own definition, however elusive or blurred their definition might be.

                                                                                                                                                                                          Finding articles calling it "an experiment" does not make it an experiment. What is an experiment? Who views it as an experiment? Who on this board is talking about "experimenting"? No one. The conversations are most often Ron Paul-like in nature and defy any and all reason as most are committed to an outcome and a dream of whats to come. You've found 3rd parties with no vested interest referring to it as an experiment as a matter of literary license.
                                                                                                                                                                                          Last edited by TheSquealer; 04-11-2013, 06:47 PM.
                                                                                                                                                                                          .
                                                                                                                                                                                          Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

                                                                                                                                                                                          Rochard

                                                                                                                                                                                            Comment

                                                                                                                                                                                            • dyna mo
                                                                                                                                                                                              just a fucking jerk
                                                                                                                                                                                              • Dec 2008
                                                                                                                                                                                              • 68184
                                                                                                                                                                                              #48
                                                                                                                                                                                              look, arguing if a cryptocurrency fits the dictionary definition of currency in the year 2013 is not unlike comparing the internet to television in 1996.

                                                                                                                                                                                              seriously, we're in an industry known for understanding, embracing, and creating hi-tech, let's act like it eh.

                                                                                                                                                                                                Comment

                                                                                                                                                                                                • TheSquealer
                                                                                                                                                                                                  Mayor of Thneedville
                                                                                                                                                                                                  • Oct 2004
                                                                                                                                                                                                  • 26184
                                                                                                                                                                                                  #49
                                                                                                                                                                                                  Originally posted by dyna mo
                                                                                                                                                                                                  look, arguing if a cryptocurrency fits the dictionary definition of currency in the year 2013 is not unlike comparing the internet to television in 1996.

                                                                                                                                                                                                  seriously, we're in an industry known for understanding, embracing, and creating hi-tech, let's act like it eh.
                                                                                                                                                                                                  You used "crypto currency" not me. I never once used that term.

                                                                                                                                                                                                  I understand English. I understand the word "currency"

                                                                                                                                                                                                  They call it a currency themselves. Not sure why you are denying that fact.
                                                                                                                                                                                                  https://en.bitcoin.it/wiki/Main_Page

                                                                                                                                                                                                  Anyway, i have to get to bed. Have a good evening. Been trying to get my diet in order and get some abs like yours. What a bitch. Damn tiring
                                                                                                                                                                                                  Last edited by TheSquealer; 04-11-2013, 06:57 PM.
                                                                                                                                                                                                  .
                                                                                                                                                                                                  Yes, fewer illegal immigrants working equates to more job opportunities for American citizens.

                                                                                                                                                                                                  Rochard

                                                                                                                                                                                                    Comment

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