Bitcoin trading halted until 10 PM Eastern tonight

[Gaddafi Duck]

http://www.foxbusiness.com/technolo...ge-halts-trading-for-12-hours-after-meltdown/

only one exchange, but it happens to be the largest and most popular. ironic that bitcoin was touted as an opt-out option to avoid a Cyprus-esque freeze out...now Bitcoin users are frozen out of the biggest market for transactions. so much for that idea..

i love the reasoning too. Bitcoin trading halted due to panic selling...as opposed to the panic buying over the past 4 months to which they did nothing about??? hahahah...like the people fearing irrational selling when a market sells off, but cheering irrational buying all the way up the mania ladder.

alternative bitcoin exchanges are selling at a deep discount to $90/coin vs. the $123 on the frozen Mt.Gox.

so, now that we got the exchange dilemma outta the way (now you can sell your coins for a 25% discount in an identical exchange), does anyone know if or how long your trade takes to settle?? will the funds even be there if you access and trade thru these exchanges???

 

[talkingpointes]

http://www.foxbusiness.com/technolo...ge-halts-trading-for-12-hours-after-meltdown/

only one exchange, but it happens to be the largest and most popular. ironic that bitcoin was touted as an opt-out option to avoid a Cyprus-esque freeze out...now Bitcoin users are frozen out of the biggest market for transactions. so much for that idea..

i love the reasoning too. Bitcoin trading halted due to panic selling...as opposed to the panic buying over the past 4 months to which they did nothing about??? hahahah...like the people fearing irrational selling when a market sells off, but cheering irrational buying all the way up the mania ladder.

alternative bitcoin exchanges are selling at a deep discount to $90/coin vs. the $123 on the frozen Mt.Gox.

so, now that we got the exchange dilemma outta the way (now you can sell your coins for a 25% discount in an identical exchange), does anyone know if or how long your trade takes to settle?? will the funds even be there if you access and trade thru these exchanges???

The market is having issues with TOO MUCH traffic, and people are saying it's the end. The fact a digital currency can slay the dollar is all everyone needed to see. The dollar is done. Bitcoin might not be the end all - be we now know this is the way to go.

 

[RickyJ]

Panic selling is bad, panic buying is good. LOL! Fools and their money are soon departed.

 

[brandon]

http://www.foxbusiness.com/technolo...ge-halts-trading-for-12-hours-after-meltdown/

only one exchange, but it happens to be the largest and most popular. ironic that bitcoin was touted as an opt-out option to avoid a Cyprus-esque freeze out...now Bitcoin users are frozen out of the biggest market for transactions. so much for that idea..

It's only one exchange and bitcoin is still in it's infancy. It will take time to get several professional grade exchanges up.

If you are worried about bitcoin being fozen, fear not. I will buy any bitcoins anyone here wants to sell for $20/coin. PM me, I'll transfer you the money isntantly.

 

[dannno]

Somebody is spinning.. either the OP or Mt.Gox..

But I think I'll hold onto my bitcoin.

TOKYO - JAPAN - April 11, 2013

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 tripled 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!



Regards
Mt.Gox Co. Ltd Team.

Mt.Gox Contact [email protected]

https://mtgox.com/press_release_20130411.html

 

[dannno]

It's only one exchange and bitcoin is still in it's infancy. It will take time to get several professional grade exchanges up.

If you are worried about bitcoin being fozen, fear not. I will buy any bitcoins anyone here wants to sell for $20/coin. PM me, I'll transfer you the money isntantly.

I'll pay $40/coin.

Anybody else wanna turn this thread into a trading auction?

 

[Gaddafi Duck]

It's only one exchange and bitcoin is still in it's infancy. It will take time to get several professional grade exchanges up.

If you are worried about bitcoin being fozen, fear not. I will buy any bitcoins anyone here wants to sell for $20/coin. PM me, I'll transfer you the money isntantly.

Still in its infancy.. so that's the excuse. Last week, it was "to the moon", "money that governments can't touch", etc. etc. Now it's "ohh, well, it's still new, guys, so give it time to work out the kinks. what did you expect, change overnight??" To the moon...wait....governments can't take it...wait...but nerds running these exchanges can. I feel so much better!

And yet here we are... people frozen out of the largest Bitcoin exchange (which didn't freeze people out from the parabolic climb over the past few days/weeks)... just hilarious how in the middle of March, Cypriots were lining up to withdraw from a frozen banking system...now, less than a month after the Cyprus collapse, the whole globe is lining up to withdraw from the Bitcoin market. and are even accepting massive discounts in order to do so if another exchange will "let" them out at a 25% hit...gee, that's a nice little Cypriot haircut...25%...

and what's better is I have money changers replying to this thread offering to buy my fictional Bitcoins that I don't even own for 85% off. lol...

 

[Gaddafi Duck]

Somebody is spinning.. either the OP or Mt.Gox..

But I think I'll hold onto my bitcoin.


https://mtgox.com/press_release_20130411.html

Yes, I am "spinning". Mt.Gox locks down their entire exchange and you buy what their explanation is. That they're being so successful. I'm sure they are for them, but not for Bitcoin users. Scottrade doesn't really care what price the market is at, so long as their clients are giving them $7/trade.

And if Mt.Gox is seriously telling the truth, it doesn't explain why all the other exchanges are at $90/coin while Mt.Gox is at $123. That would indicate the market was halted due to further selling--not due to "zomg huge # of new accounts, we gotta shutdown for half a day".

Believe what you want (me, Mt.Gox, whatever else you look at), or think for yourself. Mt.Gox is no different from the confidence pushers in government. Bernanke says, "Oh, yeah, things are great!" Obama says, "Oh, yeah, things are great!" and Mt.Gox says, "Oh, yeah, things are great!"

 

[Maverick]

I'll pay $40/coin.

Anybody else wanna turn this thread into a trading auction?

I'm down for that. I'm still looking to buy. Will match/beat danno's offers

 

[Gaddafi Duck]

I'm down for that. I'm still looking to buy. Will match/beat danno's offers

Again, money changers offering for you to sell your frozen, illiquid bitcoins to them at 75%++ off.

HiLaRiOuS

 

[Gaddafi Duck]

Dannno must be nervous. One Bitcoin trade he got into was around $77..we're getting close to that point

We're actually at $77 on one bitcoin exchange. Others are at $86. I laugh at the massive divergence and arbitrage opportunities that obviously aren't being exploited. Because they can't.

Anyone care to point out why there are huge divergences among the Bitcoin exchanges for identical currency exchanges, and why they AREN'T being arbitraged away to parity?

 

[oyarde]

You guys .... I was going to offer $2.50.....

 

[brandon]

Still in its infancy.. so that's the excuse. Last week, it was "to the moon", "money that governments can't touch", etc. etc. Now it's "ohh, well, it's still new, guys, so give it time to work out the kinks. what did you expect, change overnight??" To the moon...wait....governments can't take it...wait...but nerds running these exchanges can. I feel so much better!

I'm not here to make any excuses. I own no bitcoins and never have. I have no skin in the game. I'm not a fanatic and I try to always remain realistic. Because some other people said stupid things is not a reason to discredit what I say. Are you interested or capable about having a real discussion or are you just here to laugh at people?

 

[oyarde]

I can throw in three pounds of my home grown yellow onions and I will pay shipping .At least you can eat them

 

[Gaddafi Duck]

I'm not here to make any excuses. I own no bitcoins and never have. I have no skin in the game. I'm not a fanatic and I try to always remain realistic. Because some other people said stupid things is not a reason to discredit what I say. Are you interested or capable about having a real discussion or are you just here to laugh at people?

I'm here to laugh.

 

[jclay2]

This is going to be interesting. Maybe the exchange couldn't handle all the buy orders that were coming in post crash. /endsarc

 

[oyarde]

Dannno must be nervous. One Bitcoin trade he got into was around $77..we're getting close to that point

We're actually at $77 on one bitcoin exchange. Others are at $86. I laugh at the massive divergence and arbitrage opportunities that obviously aren't being exploited. Because they can't.

Anyone care to point out why there are huge divergences among the Bitcoin exchanges for identical currency exchanges, and why they AREN'T being arbitraged away to parity?

I dunno , but I can tell you what my silver dimes are worth .

 

[ronpaulfollower999]

Again, money changers offering for you to sell your frozen, illiquid bitcoins to them at 75%++ off.

HiLaRiOuS

My remaining coins aren't frozen. I can transfer them to any wallet I want.

 

[Tod]

How can it be suspended? I thought the whole point of this is that it can't be controlled or manipulated.

 

[Gaddafi Duck]

My remaining coins aren't frozen. I can transfer them to any wallet I want.

Cool. Transfer them over to a wallet on Mt.Gox's exchange.