Typically the bottom occurs on a day of high volume. The 24 hour volume now on Bitstamp is 24K.

Mt Vesivous has erupted.

Looks like breaking 500 caused it to go to 550.

They'll be back as soon there is some green on the daily, shouting "CCMF".

Bitcoin going down is not bad, it is good. The consolidation is necessary for it to form a strong base for commerce, gain new investors, redistribute all of the coins, and get ready for launch again. Bitcoin was going NOWHERE when it was 800-1000. It was just floating up there with no demand/volume, thin books, and millions of coins silently waiting to be sold.

I will admit that some of the ways people present themselves here sound harsh and aggressive like you said. However, the way I read this is that bears are rubbing in the bulls face that they were right after the bulls had insistently bet with the bears that prices were going up. Previously the bulls were on the offensive against bears and insulting bears, and now bears are turning that around back onto the bulls and throwing it in their face. It is a game. I don't think anyone actually wishes anyone any harm.

FUD is anything not equal to CCMF.

Should I remove the remaining 2% of my funds from btce? I keep feeling like I shouldn't take off EVERYTHING (it was once 50%) and I might need it for some mysterious reason in the future. Like an altcoin will flashcrash to .00001.

You lost me there...

But how do you control the means of distribution and what the public sees? I can imagine some type of zero-day attack such as where the wrong version of the code gets pushed out on mobile devices and steals everyone's private keys.

Not everyone who uses bitcoin is a developer or is going to audit the entire code source every time they download it. We are talking about mass adoption here. We are talking about every day people and businesses using bitcoin. Bitcoin is not just a hobbyist thing used by developers anymore.

I think that fact that we have and rely on a development team is element of centralization and a weakness which somewhat defeats the purpose of a decentralized currency. Who is coordinating the efforts of the developers? How do you become a bitcoin developer? Who decides what versions of the code to release? Who reviews the code? I know it is open source but who is actually making sure that the code is reviewed and how do they go about approving and denying code? Who pushes the releases? Who controls the website where the majority of people download the releases and who controls what shows up in the app store of mobile devices? How do you trust anyone in this chain of people and how do you know that any one of them isn't going to become malicious? How do you know a government or some powerful powerful people aren't going to secretly blackmail, bribe, or capture these people and gain control of the system by having something malicious inserted into the code or by having the team unable to solve problems?

I know you, the bitcoin community, trust all of these people, and knows that somehow everything is going to work. But try to think from the perspective of a business looking to adopt bitcoin. They don't know any of these people. They don't trust any of these people. They didn't hire any of these people. How can I trust my business to a group of people that I don't know? Wait why am I trusting people when the whole purpose of this was supposed to be decentralization?

What happens at gox when it breaks 500?

At every new level down, I add about 5% of my funds to my hodl allocation in codl storage and cryptsy, in case that is the bottom, and I don't touch it. I am up to 25% now. Does this count as hodling?

How is it going to crash with all that support on Bitstamp now? It's up to $18.5M now. It can't get even get past $630 on 5K dump and then even those bids quickly generate. FUD isn't enough - because the buyers have set up their algos on autopilot and probably aren't even reading the news. We need something else. An ARMY of bitcoins to dump. I'm enlisting an army of 200K coins to dump. Send to.. [wallet address to follow]

I know they're pump and dumps - I still make massive profits. Most of the time I'm in the trade for 10 minutes and then I'm hodling btc again.

It's time for a devcoin pump.

Hi rpietila. When you made you estimate of the bottom, did you factor in potential bad news such as exchanges all screwing up, protocol exploits, and government bans, or will it go lower now? Does it make a difference?

I digress. What if it actually comes out weaker because merchants get turned off and decide not to adopt it.

actually its probably just the inclusion and exclusion of orders from bitstamp.  i really miss a month ago when it was two separate order books, the orders were labeled with the exchange, and you could even choose how to route your order.

There may be some loose relationship like 5% of the reason for the price has something to do with mining but nothing significant enough to cause a huge correlation like the chart suggests. Prices have much more to do with adoption and market sentiment.