Silk Road forums

Discussion => Security => Topic started by: mrxempire on April 24, 2013, 08:52 pm

Title: do you think the bitcoin market will fall victim to anothor DOS attack?
Post by: mrxempire on April 24, 2013, 08:52 pm
I've heard that the reason the bitcoin market crashed the other week was because hackers/illuminati/satan used a DOS attack on mtgox which allowed them to sell all their bitcoins and lower the price considerably, resulting in panic selling that made the bitcoin price drop even lower. Do you think this will happen again once the bitcoin price gets high enough?  I bought about 1000 worth of bitcoins last wedsnday, which are now worth 1500. I am tempted to sell, but I would like to wait until the price goes to 250 or 300 a coin. It is really cool that my coins have acquired so much value in such short of a time, butt from what I've been reading, that is a bad thing. According to some articles I've read, this means that the price will eventually start falling just as fast as it has risen
Title: Re: do you think the bitcoin market will fall victim to anothor DOS attack?
Post by: sourman on April 24, 2013, 08:55 pm
It's just as likely that organized crime is DDoSing the market rather than the government or whatever, but yeah, as long as exchanges and other endpoints are vulnerable to these scams, they'll keep on happening.
Title: Re: do you think the bitcoin market will fall victim to anothor DOS attack?
Post by: Off The Wagon on April 24, 2013, 09:01 pm
Its not a matter of if it will happen, but more of a matter of when it will happen.  They were successful once, why would they not try again?  Getting out with profit even a small % is better than a loss...sounds like you have great profit right now.  Taking it and being happy is much better than sitting back and wishing you would have done it....kinda like stocks, the only guarantee is that there will be ups and downs. 

-OTW
Title: Re: do you think the bitcoin market will fall victim to anothor DOS attack?
Post by: Goldust on April 24, 2013, 09:18 pm
Another DOS attack has already happened on Mt.Gox since the crash a couple of weeks ago. However, Mt.Gox have changed the way they deal with it and immediately take the site down and stop and exchanges before the price can be manipulated. This was proven to be effective last week when it was hit with another attack. Take a look on their website and facebook page for updates.

Saying that, I think it just demonstrates how exchanges and websites are extremely vulnerable to these DOS and hacking attacks. I would expect lots of attacks such as this to happen over the next few months and years that effect the Bitcoin price severely.

I would suggest you either cash in you investment now or stay in for the long term. Bitcoins are extremely volatile at the moment and although we are seeing great growth it could easily be going the other way. However, I don't see any reason why Bitcoins won't reach 1000+ in a year or two if your brave enough to hold onto them. ;)

Goldust
Title: Re: do you think the bitcoin market will fall victim to anothor DOS attack?
Post by: lokiju on April 24, 2013, 09:44 pm
That 'crash' was so obviously manipulated. I lost some money there, because I chickened out and sold once it came down to the level I had bought in at. Pine mentioned that the market adapts, and the next manipulation (don't doubt that there WILL be one, just pisses me off that MtGox is so indifferent to them) might not have the intended effect.
I would think that if you can get in at a reasonable price (which means differently from everyone) and the money you put in wasn't for food (or something important) I don't think the BTC is eventually going anywhere but up. And I didn't listen when I sold last week.
Whatever is happening to BTC is going to happen again, either have to be ready to take advantage (enough people there would end another 'run') or look at in the vision of the long run.
Pissed me off, the manipulation was so transparent (and apparently MtGox indifferent) they need some competition that gives a little more of a shit. Although they handle (they say, and it could change FAST if they lose trust) 80% I don't like them, and don't use them. Unfortunately, after BitFloor (hope that guy Morlock sp? get's back in the game, I liked his style) need to find another.
I agree that the manipulators could be anyone, probably the simplest explanation involving incompetence
Title: Re: do you think the bitcoin market will fall victim to anothor DOS attack?
Post by: mrxempire on April 24, 2013, 11:25 pm
The thousand i put in was just extra money that I had saved up, so it's not going to ruin my life if I lose it. I've heard from multiple sources that BTC could become as valuable as 1000 per coin, so maybe ill hold off for a little longer. Hopefully bitcoins are here to stay, and any crash will only be temporary. It is mighty tempting to know that I could easily get 500 dollars worth of free drugs if I wanted. I suppose it would be better to wait though, and earn 1000 dollars worth of free drugs, along with an extra three or four thousand for real life necessities :)