Major Bitcoin Exchange Slammed with DDoS Attack

CommanderFrank

CommanderFrank

Cat Can't Scratch It
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Bitcoin transactions at one of the world’s largest Bitcoin exchanges were interrupted late Thursday night by a ‘stronger than average’ DDos attack that affected the Bitcoin rate of exchange. No word on who was behind the latest round of cyber attacks.

The system is also used to trade in Bitcoins, and Mt. Gox said in a support message on Friday that it was unable to process deposits and withdrawals through Dwolla.
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Quote: “It's not too late to hop on board, as the explosive growth period is not yet finished. Investing in Bitcoin today would be like investing in Google three years after their first IPO. There is still a lot of money to be made.”

More like MyVoid. Like MySpace, but with absolutely no content.
 
Kaitian said:
Good for illegal drugs on Silk Road. That's about it.
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Some people say that they can make a lot of money by trading in them. In order to be able to do this, they have to sell them at a higher price. To do this, someone has to buy them at a higher price. To get them to do this, they are going around trying to get others to get onboard (enrole) in the scheme, by telling them that they can make money.

The key is the irony that they do not regard the BitCoins themselves as the actual money, to be made, but rather the $.

http://en.wikipedia.org/wiki/Pyramid_scheme
 
There only about $990 million of bitcoins in circulation (at the current pice of $90 / coin). Meanwhile, there's about $850 billion USD in circulation (and that's just in currency directly). Almost all of these bitcoin exchanges rely on outside banks to convert bitcoins / foreign currency and vice-versa, and I don't see that changing any time soon.

Really this thing is like a huge ponzi scheme as investors try to catch the next leg of bitcoins' run.
 
DW-UK said:
Some people say that they can make a lot of money by trading in them. In order to be able to do this, they have to sell them at a higher price. To do this, someone has to buy them at a higher price. To get them to do this, they are going around trying to get others to get onboard (enrole) in the scheme, by telling them that they can make money.

The key is the irony that they do not regard the BitCoins themselves as the actual money, to be made, but rather the $.

http://en.wikipedia.org/wiki/Pyramid_scheme
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Using your broad definition of a pyramid scheme, stocks, bonds, currency exchanges, derivative securities, precious metals, real estate, etc. are all pyramid schemes...basically anything anyone thinks is going to appreciate in value. You may want to rethink your analogy.
 
Bleedblue12345 said:
There only about $990 million of bitcoins in circulation (at the current pice of $90 / coin). Meanwhile, there's about $850 billion USD in circulation (and that's just in currency directly). Almost all of these bitcoin exchanges rely on outside banks to convert bitcoins / foreign currency and vice-versa, and I don't see that changing any time soon.

Really this thing is like a huge ponzi scheme as investors try to catch the next leg of bitcoins' run.
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Yep. Considering that in the early days of bitcoin mining, it was easier to generate then than it is now. When a system favors those who jump on first and it gets prohibitively harder for those down the line from them... You have a defacto pyramid scheme.
 
techrat said:
Yep. Considering that in the early days of bitcoin mining, it was easier to generate then than it is now. When a system favors those who jump on first and it gets prohibitively harder for those down the line from them... You have a defacto pyramid scheme.
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like gold typically?
 
DW-UK said:
Some people say that they can make a lot of money by trading in them. In order to be able to do this, they have to sell them at a higher price. To do this, someone has to buy them at a higher price. To get them to do this, they are going around trying to get others to get onboard (enrole) in the scheme, by telling them that they can make money.
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Nope, I actually want dolts like you to stay the fuck out. You will only make mining harder by increasing difficulty for everyone else.

The key is the irony that they do not regard the BitCoins themselves as the actual money, to be made, but rather the $.

http://en.wikipedia.org/wiki/Pyramid_scheme
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No you dolt, we regard bitcoins as gold. You can't go into a restaurant and pay 1/100th of an ounce of gold for a cup of coffee. But with Bitcoins, which can be subdivided to 8 decimal places, we can convert fractions of them to the equivalent in dollars/rubles/yens and many other world currencies. There is a whole infrastructure network built to provide that service around the world. Please do try to educate your ignorant self before spilling your word vomit onto the screen.
 
turbogeek said:
like gold typically?
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Exactly like gold. The fact is there isn’t enough gold currently in existence to cover the security gold is supposed to provide. That is to say it’s been oversold; way oversold.

In the end, you can’t eat it, you can’t drink it and it won’t keep you alive. The best you can hope for is to trade it at a highly devalued rate for temporary existence.
 
Lorien said:
Nope, I actually want dolts like you to stay the fuck out. You will only make mining harder by increasing difficulty for everyone else.



No you dolt, we regard bitcoins as gold. You can't go into a restaurant and pay 1/100th of an ounce of gold for a cup of coffee. But with Bitcoins, which can be subdivided to 8 decimal places, we can convert fractions of them to the equivalent in dollars/rubles/yens and many other world currencies. There is a whole infrastructure network built to provide that service around the world. Please do try to educate your ignorant self before spilling your word vomit onto the screen.
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Aside from the unneeded rudeness the fact is Bitcoins cost more in resources to make /produce than they will ever be worth.

Worse, in a SHTF situation where the power grid goes down or governments take over the net, or both, you have no access to your digital currency. You gonna purchase of a cup of coffee with the promise of virtual currency? Please…
 
lol

do not belabor yourself Lorien, we have here a habitual fudster, there is no help for it
 
BillR said:
Aside from the unneeded rudeness the fact is Bitcoins cost more in resources to make /produce than they will ever be worth.

Worse, in a SHTF situation where the power grid goes down or governments take over the net, or both, you have no access to your digital currency. You gonna purchase of a cup of coffee with the promise of virtual currency? Please…
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Especially there's no one to use the currency with outside of silk road. There's absolute shit-all value for it. The only idiots that profits off this is the idiots at the top who already have a crapload of coins. The ones at the bottom end up getting hurt. Oh right, what does that remind me of. MLM's.
 
Kaitian said:
Especially there's no one to use the currency with outside of silk road. There's absolute shit-all value for it. The only idiots that profits off this is the idiots at the top who already have a crapload of coins. The ones at the bottom end up getting hurt. Oh right, what does that remind me of. MLM's.
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Yay for more assumptions based on ignorance.

I'm typing this on a triple DELL U2410, dual 7970 eyefinity rig that paid for itself + energy costs via mining. I actually made a profit because after selling all that I had I ended up with ~15 extra coins leftover which I churned in the market and finally sold netting about a grand.

You can buy giftcards to amazon, newegg, sears, barns & noble with bitcoins (https://www.btcbuy.info/GiftCards.cshtml).

There are also online stores that sell hardware directly with prices in bitcoins (https://www.bitcoinstore.com/). You can buy wordpress hosting, server hosting, VPNs, recharge your mobile phone minutes, etc. etc.

Like I said before, there is a whole network of infrastructure being built around bitcoins. Just because the obtuse and poorly researched online "press" focuses on one aspect of bitcoins to grab attention in their headlines does not mean that is all bitcoins are about. But obviously it doesn't stop willfully ignorant parrots like you from repeating it.

Besides, last I checked anyone can buy "illegal" drugs with regular cash. I don't see you protesting against those other currencies ;)
 
jojo69 said:
lol

do not belabor yourself Lorien, we have here a habitual fudster, there is no help for it
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Ya I noticed. I like how he loves quoting wikipedia, shows he's a well educated individual lol.
 
one would think bitcoin could afford some protection from Prolexic of Neustar and would of already had such systems in place to protect them.... amateurs
 
Lorien said:
You can buy giftcards to amazon, newegg, sears, barns & noble with bitcoins (https://www.btcbuy.info/GiftCards.cshtml).
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No, you can use Bitcoins as a payment method, like Paypal or a Credit Card, to buy those gift cards. The companies that sell them do not sell them or denominate them in Bitcoins. What happens is this company buys the giftcards using US dollars, and then gives it to you. they take the Bitcoins and cash them out to US dollars to continue their operation.

It's also a pretty shit deal. Currently the bid/ask spread on Bitcoins is about 92.51/93.06. This company is offering a BTC -> USD exchange rate on the cards of 88.46 (remember due to the extreme volatility it will change by the time you read this). So if you spend $2,000 buying bitcoins, you get about 21.5 of them. You need 22.62 to buy a $2,000 Amazon gift card from your little site so you still need 1.1 more, or about $100 additonal. On the other hand Amazon will sell you a $2,000 giftcard for $2,000. So you pay a 5%ish premium to buy it in Bitcoins AND you have to faff about with getting them, paying these guys, and hopefully getting your gift card, whereas with Amazon you just pay them directly and have protection in the event the card isn't delivered.

Sorry man, that is NOT a good selling point, that is not showing how useful they are. Quite the opposite really.
 
Sycraft said:
No, you can use Bitcoins as a payment method, like Paypal or a Credit Card, to buy those gift cards. The companies that sell them do not sell them or denominate them in Bitcoins. What happens is this company buys the giftcards using US dollars, and then gives it to you. they take the Bitcoins and cash them out to US dollars to continue their operation.

It's also a pretty shit deal. Currently the bid/ask spread on Bitcoins is about 92.51/93.06. This company is offering a BTC -> USD exchange rate on the cards of 88.46 (remember due to the extreme volatility it will change by the time you read this). So if you spend $2,000 buying bitcoins, you get about 21.5 of them. You need 22.62 to buy a $2,000 Amazon gift card from your little site so you still need 1.1 more, or about $100 additonal. On the other hand Amazon will sell you a $2,000 giftcard for $2,000. So you pay a 5%ish premium to buy it in Bitcoins AND you have to faff about with getting them, paying these guys, and hopefully getting your gift card, whereas with Amazon you just pay them directly and have protection in the event the card isn't delivered.

Sorry man, that is NOT a good selling point, that is not showing how useful they are. Quite the opposite really.
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Don't forget it's also a lot lower when you take into consideration of the amount of money that was spent to generate those bitcoins.
 
...good thing I socked away that $50k in my online wallet
 
Lorien said:
Nope, I actually want dolts like you to stay the fuck out. You will only make mining harder by increasing difficulty for everyone else.



No you dolt, we regard bitcoins as gold. You can't go into a restaurant and pay 1/100th of an ounce of gold for a cup of coffee. But with Bitcoins, which can be subdivided to 8 decimal places, we can convert fractions of them to the equivalent in dollars/rubles/yens and many other world currencies. There is a whole infrastructure network built to provide that service around the world. Please do try to educate your ignorant self before spilling your word vomit onto the screen.
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Alright, tell me why I want this. Explain to me, why I'd want to mine coins on my box, what is it I get for it? Currently, I see that the "golden days" are gone. The thing I read is it takes on average a single box now 2 months to farm a single coin. That doesn't seem worth it to me at all, for the power/strain on my hardware. Why do I want a virtual currency, why is it better to me than say a US dollar?
 
The more banks & imf apply pressure on various economies, the higher bitcoins will rise.

That's my hypothesis anyway, pretty simple.
 
Months ago I dropped $400 on an entry level Bitcoin miner and I made 12 bitcoins. I didn't really care if I lost the investment. Today those 12 Bitcoins are worth more than $1000. And I still have the miner itself so it was pure profit.

AMD/ATI cards are exceptionally good at mining bitcoins. However these days there's companies that are making custom (ASIC) chips that are made specifically for mining bitcoins.

The entry level $149.00 one pays itself off in only 6 days according to this calculator: http://www.bitcoinx.com/profit/

I'm actually completely cool with people thinking it's a pyramid scheme cause the more people mine the less I make.

Bitcoins are like USENET. The entire network self replicates on every node. No one can fuck the system over without taking over 51% of the nodes. That's why you can't just fake bitcoins. It's even better than gold because with bitcoins I can tell you exactly how many there will be in 2140 when the system stops making them. With Gold that is impossible because I'm sure the entire planet Earth contains more gold within it than we have ever mined out of the ground. BTC > Gold.
 
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