BitCoin Value Collapses, Possibly Due To DDoS 605
hydrofix writes "The Bitcoin-to-USD exchange rate had been climbing steadily since January 2013, from around 30 USD to over 250 USD only 24 hours ago. Now, the value bubble seems to have burst, at least partially. The primary trading site MtGox reported a drop in value all the way down to 140 USD today, a loss of almost half in real value. With many sites unreachable or slow, there are also news of a possible DDoS attack on MtGox: 'Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit.'"
Bank speculators ... (Score:5, Funny)
have found another target. Having bankrupted several major economies they are looking for virgin lands to grab.
Who uses bills? (Score:3, Funny)
My money is a few bits in my bank's private datacenter.
What's the price of a few bits? If it's what Wells Fargo is telling me it is - holy shit. I've got a NAS with several TB of storage sitting here. Do you know how large of a number I can store on that sucker?
I'M RICH! Monocles and top hats for everyone on Slashdot! You get a monocle! And you get a monocle! And you get a monocle!
And I don't even care that Anonymous Cowards are getting back in line for multiple monocles!
Re:Most recent Prices (Score:5, Funny)
...and you've just got mtgox DDoS'ed again. Well played, Sir.
Re:Well the ultimate value of Bitcoin is (Score:5, Funny)
things are different this time... (Score:4, Funny)
full disclosure -- I too enjoy slagging on bitcoin with cheap shots.
Re: Monocles and Top Hats (Score:5, Funny)
Google Glass will be the rich-nerd monocle of the 21st Century
If it works right etc
Wish I had bought some Bitcoins (or mined up a bunch) in January.... They're back up to about $200 now. From about $15/ea in January. Could have been more than a tenfold return if timed right.
Sounds like... (Score:5, Funny)
Either the Spanish Inquisition or Goldman Sachs. Either way, it sure was unexpected.
Re:Well the ultimate value of Bitcoin is (Score:5, Funny)
Re:Well the ultimate value of Bitcoin is (Score:5, Funny)
Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor.
And with High Frequency Trading, you can get rid if your sandwiches before they go bad. Everybody wins!
Re:Well the ultimate value of Bitcoin is (Score:5, Funny)
Dude, you can buy "pizza" with bitcoins.
And by "pizza" I mean, "drugs and hookers."
Comment removed (Score:2, Funny)
Re:Who uses bills? (Score:3, Funny)
What's the price of a few bits?
Shave and a haircut...
Re:Well the ultimate value of Bitcoin is (Score:5, Funny)
Re:Well the ultimate value of Bitcoin is (Score:5, Funny)
Re:Well the ultimate value of Bitcoin is (Score:4, Funny)
Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor.
And with High Frequency Trading, you can get rid if your sandwiches before they go bad. Everybody wins!
Yes, but HFT is pointless. They only take a little nibble per each sandwich trade which would have gotten traded anyway without HFTs, so we're essentially feeding them all for no reason, they're just leaches... For what? A little bit more Liquidity? Who Wants a Soggy Sandwich?!