Is it because the bubble is bursting?
From Mt Gox:
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!
"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees
105! perfect timing..
Buy Bitcoins! Use Bitcoins! End the FED!
Man, while people were selling like crazy... I was trying to buy like crazy... I tried all of the exchanges I know and they were all backed up! I couldn't buy not even cash through bit instant. I ended up posting on craigslist and local bitcoins...
finally, I was able to lock in cash through bit instant.
end the fed!
... as we chat here, mtgox is backed up with over 19,000 people waiting in line to open up an account with them.
The same goes for coinbase and bitstamp. With coinbase you have to pay the amount you are able to lock in at in a week from your purchase- they're so backed up.
Why would a laggy MtGox website cause people to panic sell?? Website slowdowns and backbone slowdowns are uber-common. Is bitcoin going to crash every time MtGox has a server hiccup?
They are just getting creative with excuses to cover for the fact that each of the six or seven times bitcoin has crashed in the past few weeks it has magically recovered in like an hour or so.
They are fixing the exchange price to accommodate engineered rapid pump-and-dumps....
~wobbles but doesn't fall down~
Because people that have recently adopted bitcoins know less about bitcoins than you do. Yes, manic adopters that do not even understand bitcoins sold in mass.
Us that know better are like "come to Papa!"
The economy is fortifying.
As for your last assertion: I CHALLENGE you to bring up some proof.
You and I have chatted in the past man... and I'm still waiting for all of the "proof" from your past assertions as well...
I bet the ones calling the shots of the crashes are ex-Goldman-Sux employees... ;)
with no weight backing it up.
hey man I respect you... and your opinion.
a sentence is prepended by "I bet" then it is not an assertion. :>
As far as respect, I don't view disagreement in debate as a basis for disrespect. We just disagree (probably because you are a hyperactive yoot :D )
dont spin my wheels and the space on this forum... Here's a chemtrail:
What happened today was due to normal trading volume.
We shook all of the weaklings off!!!
Wealth got transferred to more intelligent hands!!!
This was only a bear trap.
(eat your heart out haters!)
I Bought bit coins at today's LOW!!!
(get off ma nuts-haters!!)
Until you own your home, have some farmland rented out, and have a cash flow you have no business in gold, silver or anything else. In other words if you don't have wealth how can you preserve it? None of it is going to make you rich. It is simple a way to preserve something that did make you wealthy.
this is why i buy silver...
Silver: Supply and Demand: https://www.youtube.com/watch?v=M3uNsEfgZXY
silver supply and demand part 2: https://www.youtube.com/watch?v=2auBA7xaUCk
They can be used to buy drugs relatively anonymously online. That gives bitcoin one more use than the dollar (although you can pay taxes to the IRS in dollars, I'm sure that gets some progressives off).
Also, the value of the US dollar climbed 60% in bitcoin today. I think we should all be praising the Chairman of the Board for his fantastic work.
I can call up some people to look around for drugs and get them the same day or sooner and pay with cash or probably pawn off something of value for them. I trust someone I know in person rather than a person online and whatever system they use to ship them. Shipping drugs is utterly retarded.
Please come join my forum if you're not a trendy and agree with my points of view.
Also the government monitors every text message, email, phone call, and whatever else. So it is a trade-off.
Rip-offs happen on Silk Road, but way more often then not it works out like it is supposed to.
Also, do you have any idea how many drugs are in the air at a given time? Many of the drugs are undetectable. There is no way for a dog or machine to detect LSD in a package. The vapor pressure is too low and the amount is too small. And they don't even packages to begin with domestically.
I have friends that have had pounds and pounds and pounds of marijuana shipped in the mail with no incidents.
**Edit** Also there is plausible deniability. If it was a crime to have drugs shipped to you in the mail, I would mail every member of Congress crack right now to their house.
"If you're not having fun, you're not doing it right." - Ron Paul
Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
My Bitcoin Address: 17khsA7MvBJAGAPkhrFJdQZPYKgxAeXkBY
I buy Bitcoin, silver and gold regularly.
I have bought silver in the teens, and I have bought silver at $49.
I have bought bitcoin at $11 and I have bought bitcoin at $260 (no joke).
The price goes up, the price goes down.... I know all 3 are going to the moon when this debt paradigm collapses. I know I will have lots of all them on that day.
Having said that.... I am most excited about Bitcoin. Gold is too susceptible to confiscation, and will never be allowed to be used as money. I think Bitcoin is important for the freedom movement. I will continue to accumulate all 3.
Protect your assets and profit from the greatest wealth transfer in history.
Couldn't agree more. I work in on a trading floor where all the experts will tell you that gold trading off $30 in a day means you're a sucker if you own it. I, on the other hand, am with you. I own all three. I have way overpaid for BTC, gold and silver. I am not buying any of them for the next 25% or even the next 50%. I am saving my deferred consumption in something other than USD. Does that mean that I will earn economic rent owning them? Not necessarily, but if you held on to a quarter from 1933, it buys about as much today as it did back then, and that is saying something. I'm not looking to "make" money. I'm looking to retain the consumption power of what I have produced to date but have yet to consume.
Unlearning and self-teaching since 2008. Thanks, Dr. Paul!
Okay... caveat is that I fully expect everyone to jump down my throat and say "no one is forcing you to read these posts, and your commenting on them is the exact same sort of thing to which you object." Fine. That said.
I cannot for the life of me understand why there are so many people on here talking their own books. To the people who own gold and silver, do you really care that much to see people lose money investing in BTC? Really? Does that make you happy? To the people on here promoting the merits of BTC every day, why must you try to throw it in the face of the goldbugs that you think your money is better than their money? Aren't there enough actual enemies that you have in common? Do you really need to fight about whose money is better? Can't you each just save in whatever form you choose to save in and not care where gold and BTC trade in USD terms (or silver for that matter, because I know there are plenty of people who make fun of gold hoarders because "good luck trying to buy a loaf of bread with your $1,600 gold ounce.
Personally, I think if you're smart enough to get your money into an alternative savings vehicle, you should be smart enough to know that you're not smart enough to determine which is going to the be the absolute best under all scenarios. It's one thing to have a healthy debate about the pros and cons of each. That is constructive. It's another thing to come on here and trash talk. I sometimes wish you would just go to MSNBC or FoxNews to do that (fully aware of the fact that you have every right to do it here).
How about this... I hope and pray that ALL of you are happy and healthy and wealthy and that either you never need to resort to bartering in alternative currencies and the state becomes less tyrannical. In the event that this is not the case, I hope that gold and silver are worth $25,000/oz and $1,500/oz respectively; and that each BTC is worth $3,000! May we all live long and prosper!
how sweet :>
if that was remotely sincere, then:
if that was sarcastic and biting, then:
i, too, can play in the emoticon sandbox.
I was sincerely touched by your well-wishing to everybody. :D
Although I have concerns for those bitcoin speculators who may lose it all. Hope they didn't invest their rent and food money or their kids college fund...
i will admit that i have been meaning to buy btc for over a year now but have always been overwhelmed by the upfront work to do in selecting a wallet and a site on which to buy, etc. finally, today, i got my account funded at mtgox and actually top-ticked. yep. proud owner of BTC at $260/coin.
Oh well, such is life. If you have savings to protect with alternative savings vehicles, you're better off than most, so who's complaining? The way I see it, if you had asked me yesterday would I prefer BTC to be at $250 or $100 today, I'd pick the latter because I would like to buy some.
I think it is down $250 since he bought it, plus $95 in taxes.
oh behave baby!
"Let me issue and control a nation's money and I care not who writes the laws."
- Mayer Amschel Rothschild
"give me control of my own permaculture and I care a lot about what makes law"
In case you haven't noticed.
It was down $25 today alone.
Just sayin :-)
What is that in percentage terms?
If he doesn't the whole Ponzi scheme collapses.
Free includes debt-free!
Stock market hit an all time new high today. DC houses are at their highest point ever.
Ben can print the money, but he can't control where it goes.