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

sorry bitthurt haters.

http://techcrunch.com/2013/04/11/bit...ounts-per-day/

https://www.facebook.com/MtGox/posts/455962117821534

Me and Frank below mining


http://www.novinite.com/media/images...big_120962.jpg

i heard there's some drama

http://hidensneek.com/wordpress/wp-c...gay-miners.jpg

yup, exactly my point.


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

you do realize that picture makes no sense in regards to this topic right?

you must have thought you are posting in another thread.

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.

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

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.

I'm hedging my bets on full recovery plus steady growth for the "e/coin" industry.

http://www.advertisingsex.com/btce.jpg

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 linked the article. the info is there.

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.

i'm going to start talking about all homos in the same stereotypical fashion.

the release didn't seem to quell concerns, as they are still dropping, $115 right now

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.

it's under a ddos attack now.

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.

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

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.

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 :)

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.

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.

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.

reposted.

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.

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.

Was talking to the other guy and using gold as an example of his flawed thinking and faith

Yes, if the servers crash.

Don't be an idiot.

Over $200,000 in buy orders at $100

MtGox.com ‏@MtGox 12m

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

Hah. Exactly. What else are they goin to say? "Ddos attacks directly effect the price in a drastic way". Doubtful...

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

it's not currently a currency and the people involved in it are far more diversified than how you generalize.

that's all.

that's exactly what they did/do::::::

Below $100, abandon ship!

sounds like bad news. Welp it was a good bubble while it lasted

today's bitcoin pricedrop brought to you by ddos!

tomorrow's sponsored by the nyse!

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.

who you reppin?

First crash: Rush of Interest.

Second crash: DDOS.

Got it.

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.

i think its gonna be ddossed throughout the whole week

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/

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/

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.

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 :)