Hack attacks hit Bitcoin exchange rates

Hack attacks hit Bitcoin exchange rates

From bbc.co.uk

Online services and exchanges dealing in Bitcoins have been hit by hack attacks that led to a drop in the value of the virtual currency. Trading on the MTGox exchange, which handles most trades in Bitcoins, was sluggish yesterday as the site fought off an attack. The attack helped to force a swift fall in the price of Bitcoins. In addition, the Instawallet website - where people store Bitcoins - is offline indefinitely after an attack. Website bombarded The value of Bitcoins surged to a new high this week with each one worth about $142 (£94). Barely a week ago, each virtual coin was worth only $90. But Bitcoins ... (full story)

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Apr 4, 2013 8:55am — Edited

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The attacks could be the work of malicious hackers who were trying to "game" the exchange and manipulate the value of Bitcoins so they could cash in, MTGox said in an interview with ComputerWorld. Attackers are thought to be working to a cycle in which they sell Bitcoins when values are high, then mount an attack that forces prices to crash, buy up the cheaper coins and then let the value climb again.

An interesting trading method . . .

DanUK

Apr 4, 2013 1:40pm

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What the fuck is Bitcoin? I've tried to get it but it just seems like pure scam shit. If someone can explain to me in plain English where the value in a Bitcoin comes from and how that value is enforced I would really appreciate it.

All of my endeavours so far result in only one scenario... scam. Purely my opinion of course; if someone could put me right it would be great.

DanUK

Apr 4, 2013 1:57pm

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Oh dear globaljobber, I'm sorry my language offended you. You see I am shocked that people would believe in such bullshit.

Yes I know what a bitcoin is, I know what it is supposed to be... but in reality: what is it? Tell me, what country do you hail from... and can you pay taxes to it's Government using Bitcoins. Oh... because if you can't there is no way to legitimize the supposed value of this "currency" and yes it will all end in tears.