Today Mt.Gox wasn't the only exchange that was having issues with overloading and ddos attacks, I believe BTC-E was one of the other victims. I would wait till things calm down over night and then go from there.
Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Apparently it wasn't DDOS, just panic selling.. Statement from their Facebook page:https://www.facebook.com/MtGox/posts/455962117821534
Trying to trade was a bad idea.. 1hour 12 minute trade delay. Awesome.
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Keep in mind that they could just be saying this to allay concerns about their stability. A lot of other sites were affected today as well. I find it somewhat hard to believe that they were all suffering from "increased demand" at the same time.
I agree with you. If it was just Mt.Gox it would be understandable. Considering btce, btc china, etc were all having issues, seems sketchy that it was just random panic selling. In addition there are plenty of graphs that showed how bots were spamming .02 btc trades hundreds of times to lag the servers. It seems that someone sold the majority of their coins at the 250+ high, used a minority to spam .02 bids non stop with their bots, and then purchased a new batch at the 100-150 price.
Tripamang
Naxxramas 1.0 Raider
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Coworker linked me this. Some guys invests his life savings and takes out 30k in credit card debt to invest it all in bitcoin. He bought in at 12-21$ mark. I wouldn't recommend anyone doing this but, I gotta give the guy credit for having the balls to go through with it.
http://www.reddit.com/r/Bitcoin/comm...ings_invested/
http://www.reddit.com/r/Bitcoin/comm...ings_invested/
How are you guys buying your coins? It seems the old Dwolla -> MtGox way is now full of delays and sending ridiculous amounts of identification. I expected this to get easier with time, not harder. And here I was all ready to buy in after my ridiculously long 5 day bank transfer to Dwolla completed. Lame.
Tripamang
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If you're Canadian nothing beatshttps://www.cavirtex.com/You can pay in person at four different Canadian banks (we only have 6) to load your account, you can wire transfers, bank deposits and online bill payments. It's pretty awesome and was entirely painless to cash out after I sold most of my coins.
I use this guy -http://jdpowell.net/. It may seem a little sketchy but when reading about how to get bitcoins on reddit, he was the only person without a single negative review. All you do is send in your order and wallet address in the morning, he gives you a quote that lasts the entire day. If you accept it, he gives you the directions on how to pay. All you do is go to Bank of America and do an out of state business account deposit. By the time you arrive home, the coins are in your wallet. So far I have done $1900 worth of transactions with him and haven't had an issue. For example, I bought on Tuesday at a morning quote of $209 and by the time I went to the bank in the afternoon, the price had risen to around $235 yet he didn't alter the rate.
Friend asked me to write up a proposal about investing into bitcoins now... I told him he was about 3 months too late.
Whatever setup is currently available would just be able to use current estimates of hashing power and using a one GPU setup would get you around 600MHash/s giving about 7 USD a day earnings...
What will 600MHash get you if Butterfly ever ships? no one knows...
Will it eventually pay for the hardware? Yes. Would I buy a computer just for this right now? No. Would I use bitcoin mining to subsidize the cost of a new gaming rig? Yes. If Butterfly announces more delays in shipping, would I suggest a multi GPU mining rig? Yes ( need to calculate your own costs for the effective date on this)
Whatever setup is currently available would just be able to use current estimates of hashing power and using a one GPU setup would get you around 600MHash/s giving about 7 USD a day earnings...
What will 600MHash get you if Butterfly ever ships? no one knows...
Will it eventually pay for the hardware? Yes. Would I buy a computer just for this right now? No. Would I use bitcoin mining to subsidize the cost of a new gaming rig? Yes. If Butterfly announces more delays in shipping, would I suggest a multi GPU mining rig? Yes ( need to calculate your own costs for the effective date on this)
Following this thread makes me so depressed that I don't have any disposable income. As soon as I heard it was going to be on the news, it was almost guaranteed to shoot up. I don't have the balls of that other guy though to use credit card debt to buy it up. Anyone here sitting on a mountain of money from buying a lot at <$30?
I unfortunately got in a few months too late, but stumbled into an individual who meets your description on Reddit yesterday. His username was bitcoinbillionare and he was throwing away money using the bitcoin tipping system like it was nothing. He enjoyed some guys post and gave him a 20 BTC tip, $4630 at yesterdays early rates. In all, after around 1-2 hrs he randomly dropped somewhere around $10,000 in tips and disappeared.
I remember that when bitcoins were just getting started, they had buy a pizza event when you order someone a pizza (or two) and get 10,000 bitcoins in return. Funny how 3 years later that transaction turned into 1-2 million if you held out with the coins.
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Ahh, wtf. I went to try to make some more money this morning and Mt.Gox has suspended trading for 12h to allow the market to "cool down". Haha.
https://support.mtgox.com/entries/21...n-for-12-hours
https://support.mtgox.com/entries/21...n-for-12-hours
Other exchanges had a massive sell-off while gox is down. btceBTC was down to $55 and btceLTC was down to $1. Killin' me that I can't buy in right now.
Bitcoin needs an easy way to buy in, badly. Whoever figures that out will get rich.
Bitcoin needs an easy way to buy in, badly. Whoever figures that out will get rich.
Arative
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I guess that's the problem in such a small market as bitcoins, easy to manipulate the price. From what I read someone did that with namecoins a few weeks ago, dumped 50btc into it and then people ran to it and he sold out for a decent profit. I would hope mtgox would fix the issue passenger posted above. That would certainly help stabilize the price
One easy fix that someone mentioned on the Bitcoin subreddit was to add a Captcha verification to every trade. It seems like a hassle and I am not sure how it would affect open buy orders that you leave if a price drops to a certain point, but I would rather have that vs. broken exchanges that can set bitcoin back with a day of issues. In addition this could be removed when enough people/bitcoins are spread around and a few individuals can't break the market by themselves.
So I'm getting more curious about this, and if the situation is right and I find myself with a little money as I expect in a few months, I want to be ready. What are the different exchanges all about? Are they separate bitcoin pools? Looking athttps://en.bitcoin.it/wiki/Buying_bitcoinsit is confusing as well. Any recommendations on exchanges to use or avoid, or pros/cons of the more popular ones?
Arative
Ahn'Qiraj Raider
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I've only ever used mtgox, so I don't have any experience with other exchanges. I've found it is pretty straight forward to use. I'd get a dwolla account that you can use for fund your account if you use mtgox but to fund your account could take a few days. With withdrawals I don't seem to have an issue, its fairly speedy.
The main difference between the exchanges is the rates they offer and fees/ease of getting USD to them. For buying BTC, I prefer to avoid exchanges and use this guyhttp://jdpowell.net/. I would stay away from Mt.Gox to try and drop their overall transactions. The fact that they control around 80% of BTC transactions is not a good thing for BTC and this latest fiasco is causing more and more people to avoid them. I believe after yesterday their share dropped to 58% volume.
Try to do some research regarding CampBX.com. I havent used it but since its US based and has more security options, it might be a good alternative to Mt.Gox. If you were interested in LTC, BTC-E is currently you only option.
Try to do some research regarding CampBX.com. I havent used it but since its US based and has more security options, it might be a good alternative to Mt.Gox. If you were interested in LTC, BTC-E is currently you only option.