Exactly mike. Why are you all buying into the idea of ddos attack? Its clear as day the price is being manipulated and very obvious mtgox has a major involvment. Boycott mt gox. The longer I am involved the more clear it has become. I believe mt gox is created by the satoshi character and theres a reason he's been anonymous. Mt gox is taking you all for a ride and reaping tremendous profits In the mean time. They're creating the panic and capitalizing on their calculated value crash and rise. Playing the physiological ballfield. Come on ppl.
To be fair, the price went sky high in a very short amount of time. I'm talking just April, and just the past few days.
I sense the market is being heavily manipulated.
That is natural during a collapse though. As the price goes down the bulls keep buying back in at the end of each day thinking they are getting a steal. I doubt the next day or two will be pretty but, I'm ok with it either way. Just waiting to see what happens next with my bowl of popcorn.
The price rose based on speculation. The "DDOS" attack is actually panicked sellers trying to sell, speculators trying to buy "cheap", and others trying to look at prices. The exchanges just never expected so many new speculators to enter the market so fast and their infrastructures can't handle the load.
It could be either way, but until the balance of who uses what exchanges evens out, it'll be hard to say. If Gox really is garnering ~80% of all BTC trade, we must diversify, and then, if stability ensues, or volatility continues, we'll have some idea of what was really going on today. It's unsettling to know that the price of a single Bitcoin is unanimously weighed by what Gox is doing. While Gox swung from 200 to 100 and back again, Vircurex (the only other exchange I was looking at so sorry for lack of examples) was completely steady at about $140 the entire time. OTOH, I'm pretty sure I heard Bitstamp hit sub-100 levels, so who knows? I don't.