Bitcoin Mania

Mt. Gox Temporarily Halts Bitcoin Trading to Allow the Market to Calm the Hell Down

Mt. Gox is a victim "of our own success!"
But, you know, Bitcoin market. (Photo: Common American Journal)

But, you know, Bitcoin market. (Photo: Common American Journal)

Bitcoin day traders are at loose ends again today, as the major exchange Mt. Gox just announced they’ve shut down trading, in order to “allow the market to cooldown following the drop in price.”

The press release is, we are very sorry to report, not terribly reassuring:

“First of all we would like to reassure you but no we were not last night victim of a DDoS but instead victim of our own success!”

Oh really?

“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!”

Aren’t you reassured by all those exclamation marks?!

The post goes on to boast that the number of trades executed has tripled in the last 24 hours, and there are around 20,000 new accounts created every day. Mt. Gox also promises that its working to improve the site to meet the demand. Also: “please note that we may have to close the exchange for two hours in the next 12 to 24hrs to add several new servers to our system.”

Yeah, that sounds like a stable replacement for old-fashioned currency. Sure.

Follow Kelly Faircloth on Twitter or via RSS. kfaircloth@observer.com

Comments

  1. nast13 says:

    Reblogged this on World Of Bitcoins and commented:
    Loving the picture…Thanks Betabeat