I think the weakness in the 'currency' now is the exchanges. The infrastructure needs to be robust. If you can't get in and out quickly, you could be in trouble. Also as more of these exchanges come online, you have to wonder how many are trustworthy.
The Bitcoin virtual currency lost half its value yesterday because of a panic sell-off. From a high of $260 (169) for each Bitcoin, the value dropped to about $130 (84) in just six hours. The selling frenzy began as Bitcoin's main exchange, MTGox, struggled to keep up with the volume of trade in the virtual currency. MTGox said it was working hard to improve the exchange to avoid future trading problems. Free money The high of $260 marked the end of a steep rise in value for Bitcoins, which were worth only $90 each two weeks ago. On Thursday, values recovered slightly to reach about $160 (104). http://www.bbc.co.uk/news/technology-22105322
Its extremely difficult to execute the short term trades.. but if you did.. you had the oppertunity to double your money then and maybe now.. 1for1
The queue to get verified is only for people who wanna transfer $$ from Mt Gox to local banks. You can trade with fiat or deposit to Mt Gox without a verified account. To me, it's sounds like the end of the game... but again, no one knows, I may be wrong, I will consider getting into bitcoin market if it picks up the rhythm again.
This is what volatile looks like. Big moves up and down. Love it or hate it, it is Bitcoin at present. A new type of currency finding its feet. Bring on the next Cyprus.
True. Theft via banks/Govt. It is not nice for anyone except the thieves. It is a pity to support thieves.
OK, so that's where we are standing right now in terms on volume on the USD MtGox. Looks like sellers have pretty much sold.
Some of their twitter posts MtGox.com @MtGox 6m Trading is suspended until 2013-04-12 02:00am UTC for market cooldown. Once back trading will be also faster. Expand MtGox.com @MtGox 8m @stevemcdowall Hello, Yes, we have. Trading will resume at 11am JST. You can still cancel your orders now. http://bit.ly/10Z8jvM View conversation MtGox.com @MtGox 20m @awad_ziad Hello, We are upgrading our database. Trading will resume afterwards. http://bit.ly/YoCqON View conversation MtGox.com @MtGox 24m @Caleborp Hello, There is a lag again. However, we are working to resolve this. http://bit.ly/YNBDWM Expand MtGox.com @MtGox 2h @Rodiiiiiiiiiii Hello, Yes, we have an order matching system. Regarding depth, you can see it at www.bitcoin.clarkmoo... http://bit.ly/YoCqON View conversation MtGox.com @MtGox 2h @innov8ion Hello, We apologies for the inconvenience caused to you . We are still working in Android app . So pl... http://bit.ly/10LNl22 View conversation MtGox.com @MtGox 4h Maintenance Over however we are now under a DDoS attack. Expand MtGox.com @MtGox 5h Network maintenance, don't freak out! Expand
