BITCON... WHY its totally FLAWED

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
 
willrocks said:
aleks said:
might aswell get that buy order ready at $7
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Might aswell get my $300 sell order ready.
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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
 
Bullion Baron said:
RetardedMonkey said:
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.
Click to expand...
When you consider the numbers that is huge for Bitcoin, makes me think the price rise is not over yet (even though I think it's ultimately forming a bubble). If they signed up only 250,000 accounts in April and each new buyer wanted 2 Bitcoins on average (to hoard), that's almost 5% of the whole supply taken up by only 1 month of new accounts...
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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.
 
Wow, guys look at the sell volume!

And compare it to Yesterday! It's like twice!

Sell_Volume.png
 
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.
 
Load of Bullion said:
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.
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I hope there isn't a next Cyprus. It's sad what's happening over there.
 
salty lemon said:
Load of Bullion said:
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.
Click to expand...

I hope there isn't a next Cyprus. It's sad what's happening over there.
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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.

Screen_Shot_2013_04_12_at_12_18_01_AM.png
 
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.
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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
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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.
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MtGox.com @MtGox 5h
Network maintenance, don't freak out!
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