[ExI] Bitcoin

Mirco Romanato painlord2k at libero.it
Sun Apr 28 15:07:27 UTC 2013

Il 28/04/2013 09:43, Gordon ha scritto:
> Those of us following the Bitcoin market know that DDoS attacks on the
> exchanges are a problem. Some even say a DDoS attack at Mt.Gox triggered
> that massive correction a couple of weeks ago.

The DDoS came after MtGox went down because of the influx of new
accounts and money trading.

The DDoS attackers want short the BTC to buy them at a discount,
counting on the appreciation. They don't want destroy it.

But, even if they would be able to DDoS MtGox, this would cost them
money (not a lot), but would just spur the development of more resilient
systems of distributed exchange.

> What if they all went down?

There would be p2p, in person or over internet exchange.
I would like to see DDoS stopping them then.
The price would go down a lot, for a time, but then would come up with a

> What if all the bitcoin exchanges were shut down?
> http://rt.com/op-edge/if-bitcoin-exchanges-shut-down-518/

> On a related subject, I wonder who is behind the DDoS attacks. Some of
> my conspiracy-minded friends think banks or governments are behind it,
> but I rather doubt that.

It is not how they think and act.
They would try to hack the legal system to convince judges and lawmakers
to shut down exchanges and likes.

> Bitcoin is still only a negligible player in
> the world economy. I've heard another theory that the attackers are
> trying to push prices down in order to buy low and sell high after they
> stop the attacks, but I'm not sure that makes sense, either. Why would
> someone who is fundamentally bullish on bitcoins try to hurt
> the credibility of the market?

In fact, they didn't. The market rebounded a lot and there was a push to
have better exchanges, more exchanges and more decentralized exchanges.

The correction was due, because it went parabolic and needed to stop.
It just corrected what? Four weeks back? Four times higher than four
months before? and then rebounded to one week or two back.

If it just quadrupled every year for five years it would grow x1000. and
we would be in the 150 K$ range in 2018.

> Who is attacking Bitcoin, and why?

They are not attacking BTC per se, but just Mt.Gox and others.
Why? Money, as usual.

They are not attacking BTC because the protocol and the network is too
resistant and resilient.


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