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Comment by TallboyOne | Hacker News Reader

The amount of effort I put into this is directly proportional to how much Mt. Gox is being hacked or DDOS'd. Lol.

What's even more remarkable, is these posters on here and other forums, (and even the media outlets), are saying that - an influx of buyers, and a de-flux of markets, is causing Bitcoins to drop from $250 down to $60! Lol. That's pretty much the opposite of what logic and reason say should happen.

MtGox has to be where market manipulators live - and they run the coin prices up every day. Now that it's not trading at the moment over there, the real demand is meeting the real supply.

If they stay shut down for a while longer, it will give all the horders and speculators a chance to rightfully panic and sell. $60 is not the bottom.

Mt. Gox was not being hacked or DDOS'd, it had a legit influx of users opening accounts.

Um, there was definitely DDOS'ing going on. I witnessed it myself with a bunch of other sites (bitcointalk, bitstamp, bitcoincharts etc). Mt Gox was trying to do damage control and spin it positively. That failed and now they are reporting DDOS again.[1][2]

"@MtGox Maintenance Over however we are now under a DDoS attack." [1]

Mt Gox has taken a credibility knock, which has a ripple effect on the BTC pricing right now.

Overall it probably a temporary setback, but does bring to light irrational exuberance voices ignoring others that were calling for a more decentralized ingress/egress between USD and BTC. IOW bitcoin needs more exchanges to drive competition, and perhaps even meta-exchanges too.

[1] https://twitter.com/MtGox/status/322281690309468160

[2] https://www.facebook.com/MtGox/posts/456123227805423

What evidence do you have that each of these sites weren't going down just because of real high traffic?

I don't think it's at all unreasonable to think that each of those sites would have naturally seen their greatest traffic surge with the events of yesterday. For example, over 20% of all subscribers were present on /r/bitcoin (for comparison, (eg) /r/android is currently at about 0.5%, /r/bitcoin is around 10% now).

There have been large sequences of micro-transactions of 0.01 BTC, all on the heels of one another. That points to market manipulation/DDOS.

I'll see if I can dig up sources.

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