Thursday, April 11, 2013

Jeff Tucker's View on the Ease of Transacting in Gold versus Bitcoins

Tucker wrote on March 30:
Gold is, of course, the original money and the all-time heavyweight champion of asset protection, but in the present world it’s difficult to transact in. Bitcoin is extraordinarily easy to transact in [...]
This morning, from Mt. Gox the bitcoin dealer (my highlights):

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! 
Mt. Gox on April 4:
 Mt.Gox has been suffering from its worst trading lag ever, 502 errors, and at one point some users were not able to log in their account. The culprit is a major DDoS attack against Mt.Gox.   Since yesterday, we are continuing to experience a DDoS attack like we have never seen.[...]
It is not a secret Mt.Gox is the largest Bitcoin exchange with more than 80% of all USD trades and more than 70% of all currencies. Mt.Gox is an easy target for anyone that wants to hurt Bitcoin in general.[...]Believe it or not, there is pretty much nothing that can be done. Large companies are frequently victims of these kinds of attacks. Even though we are using one of the best companies to help us fight against these DDoS attacks, we are still being affected.


  1. Mtgox is a single currency exchange. The troubles it's experiencing do not impact in the slightest the ease with which people can conduct transactions using bitcoin in general. (apologies for the awkward username)

  2. I'm starting to think Robert Wenzel wants to suppress the price of bitcoins so he can buy more at low levels.

  3. Only question is what government is engaged in the attacks. I'll give you 3 guesses and the first 2 don't count.

  4. Is this a propaganda site now? Do you work for the government?

  5. My $10 000 position in bitcoin last night is worth $4000 now.

    I still think it has good fundamentals. But RW is right - bitcoin is not a currency yet.