Bitcoin Forum

There's a huge amount of support under the price of the currency now.

Seems people are being naturally cautious, but there's no good reason to sell now (especially if you took a loss)

So what do people think..

Gradual recovery?

Panic buying?

I think we'll get some panic buying suprts up past 100... then maybe a slower climb?

1 year or more.

Well, massivebitman, that's a good question.

Let's consider the fundamentals:

-Governments have cut back spending, and have eliminated all corruption
-The finance industry has stopped placing multi-quadrillion-dollar derivatives bets on the backs of taxpayers
-Canada, New Zealand, the US FDIC, and the EU have all reversed decisions to write bail-in provisions into legislation/formal strategy/budgets. This means the fiat we have in savings accounts are 100% safe.
-In recent days/weeks, bitcoin, gold, and silver have all taken huge hits, showing that the above policy changes have resulted in a diminishing demand for decentralized deflationary commodities/quasi-commodities that function as both stores of value and currencies.
-Demand for fiat is increasing, fiat is increasing in value, rampant inflation (official figures 2%, real figures 15-35%) has completely reversed itself.
-Ron Paul has started vocally supporting Ben Bernanke and the Fed's QE policies.
-MtGox's sign-up rate for new users has dropped from 20,000/day to 2/day, and their verification queue for $1,000+ deposits has shrunk from 16,000+ to 450+, nothing the hamsters can't handle.
-Merchants are now signing up for PayPal accounts in record numbers and dumping their BitPay accounts.
-Paypal, along with all major credit card companies, have reduced their merchant fees to 1%, and have eliminated their chargeback policy so that now, chargebacks for any reason are virtually impossible.

As you can see, the fundamentals have entirely changed and since soon, bitcoin will have such low value and liquidity so that it cannot be used for speculation OR currency/exchange of value, we will see prices in the single digits ($4-$6) and the only thing you'll be able to use it for is child porn or drugs on silk road. This is all set in stone, there's nothing you can do about it now. Sell your coins for fiat at a loss and watch them deflate by 95% or more in the next decade, or order enough meth from SR to overdose, and leave bitcoinity open on your computer so your family knows why you did it.

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