Update: Mt. Gox Shuts Down Bitcoin Trading Activities!

Update: Mt. Gox Shuts Down Bitcoin Trading Activities! The latest news regarding the rollercoaster ride for Bitcoin value include reports that the principal Bitcoin exchange, Tokyo-based Mt. Gox, ceased trading towards the end of last week.

Immediately before the shutdown, the currency dropped over half its value only hours after it had peaked, and Mt. Gox closed its doors after a brief recovery to $145, announcing that the massive sell-off had triggered a three-fold rise in transaction volume that could not be dealt with by the company's still-under work trade engine.

This happened on April 11, while on April 12 the trading was resumed, and the currency immediately lost another 35 percent of its value before rebounding to the $135 level. However, despite the rise the site went down again after just two hours, citing a significant Distributed Denial of Service attack from unknown entities.

"We are experiencing a stronger than usual DDoS," the Mt. Gox said in a Google+ post. "We are working in it." Last week, Mt. Gox was the target of another "major" DDoS attack that it said created "its worst trading lag ever".

"Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit," said the exchange back then.
  • This is an amazing article to read in retrospect to what the value of BTC is today...I think around $369/1BTC. I was reading another forum post that was from 2008 and they were discussing trading bitcoins for less than $20 a piece. I wish I had been smart and bought bitcoins then,right? :)

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