Silk Road forums
Discussion => Silk Road discussion => Topic started by: KarmaPharm on April 11, 2013, 03:08 am
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Mt Gox gave a statement as to why the price dropped.
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!
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They need to hire someone who knows how to english
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wait? what? yeh, kthxbye lol
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So this 2 days down time...
What will it cause?
A rise or drop in price?
Its going up, but will this 2 days cause a massive up and down?
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So this 2 days down time...
What will it cause?
A rise or drop in price?
Its going up, but will this 2 days cause a massive up and down?
It's only going to be 2 hours of down time.
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Thanks for sharing.
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So this 2 days down time...
What will it cause?
A rise or drop in price?
Its going up, but will this 2 days cause a massive up and down?
It's only going to be 2 hours of down time.
Ok, Thanks Pharm!
Im blind as bat. lol
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Well, that's good news. That's a lot of new accounts on that exchange alone. I can imagine the others. N Cavirtex.com. Reported 8million in sales in the part quarter. They sold out their IPO in a few hours.
So, this means coins are here to stay and the price will stabilize once again until the next big sell off happens. Those are our only chances to buy up coins at a reduced rate. Gotta stay on top of it. With cavirtex , I use a trigger or alarm to automatically buy coins for me when the price hits my chosen amount. So if it ever drops suddenly in the middle of the night, I will still get the best price.
You need to link your bank account to the exchange account.
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Well, that's good news. That's a lot of new accounts on that exchange alone. I can imagine the others. N Cavirtex.com. Reported 8million in sales in the part quarter. They sold out their IPO in a few hours.
So, this means coins are here to stay and the price will stabilize once again until the next big sell off happens. Those are our only chances to buy up coins at a reduced rate. Gotta stay on top of it. With cavirtex , I use a trigger or alarm to automatically buy coins for me when the price hits my chosen amount. So if it ever drops suddenly in the middle of the night, I will still get the best price.
You need to link your bank account to the exchange account.
Dude That is Awesome!
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You know someone is going to try and get on mtgox when it is down and they will not have read this. Theyr going to flip their shit thinking mtgox is gone.
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You know someone is going to try and get on mtgox when it is down and they will not have read this. Theyr going to flip their shit thinking mtgox is gone.
I'm pretty sure that it wont be a blank page, it'll probably be a screen informing people of routine maintenance. I would hope so at least..
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Mt. Gox is single handledly ruining bitcoin's reputation as a currency which can be reliable and stable.
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Well, that's good news. That's a lot of new accounts on that exchange alone. I can imagine the others. N Cavirtex.com. Reported 8million in sales in the part quarter. They sold out their IPO in a few hours.
So, this means coins are here to stay and the price will stabilize once again until the next big sell off happens. Those are our only chances to buy up coins at a reduced rate. Gotta stay on top of it. With cavirtex , I use a trigger or alarm to automatically buy coins for me when the price hits my chosen amount. So if it ever drops suddenly in the middle of the night, I will still get the best price.
You need to link your bank account to the exchange account.
no you don't, the only alarm you get at night is when your grandpa sticks his cock in your mouth
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Mt. Gox is single handledly ruining bitcoin's reputation as a currency which can be reliable and stable.
^^^THIS
Anyone who has coins/currency on MtGox should really move them to another exchange. It's not safe for a "decentralized" currency to have like 80% of its' trades happening on one exchange, and MtGox is clearly not prepared for it.
The best part is about 30min after the "WAsnt DDoS bros, ur all jus 2 awesome!!!" statement where they sucked our cocks for a couple paragraphs, they tweeted this...
****CLEARNET****
https://twitter.com/MtGox/status/322281690309468160
"Maintenance Over however we are now under a DDoS attack."
rly?
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they are bullshit, i would move coins to personal wallets encrypted and thats it, anyways dont have any right now but well, IMO its going for an epic crash