11 Apr '13, 1pm

Bitcoin Crash Spurs Race to Create New Exchanges

The rush to build a more reliable exchange for the virtual currency bitcoin is under way after another price crash on Wednesday disgruntled customers who directed their anger against the alternative currency's major exchange. Bitcoin proved once again that it's not for the faint hearted as it lost 60 percent of its value on Wednesday with the biggest exchange Mt.Gox citing increased demand leading to a slowdown with its systems. This follows a 20 percent crash last Thursday which Mt.Gox blamed on a type of hacking attack called a distributed denial-of-service attack (DDoS) - which slows down the website - delaying orders and panicking sellers. Another DDoS was again reported by the exchange on Thursday morning, coinciding with another price drop. "People started to panic, started to sell bitcoin in mass, resulting in an increase of trade that ultimately froze the trade eng...

Full article: http://www.cnbc.com/id/100633793

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