At some point it will be back up to $30 again, but it'll take at least a year.

You can pull it out in bitcoins for about $350.  You can pull it out in cash for $1000 or about 300 bitcoins equivalent.  So you can pull more out in cash.  Gox should let people pull more out in bitcoins so the money stays in bitcoins.

Do you think gox will keep it 100 BC daily withdraw limit as the value of bitcoins plumets to $2?  Only $200 in coins can be withdrawn daily.

Usually once it raises a mere 20 cents, someone dumps all their bitcoins going "Well at least I made a small profit" and this makes the price crash.  Hopefully it won't happen this time.

The price is set in the most ridiculous manner.  MtGox which is like 1% or 10% or something of all bitcoin trading sets the price for the other 99% or 90%.

I think it's a good time to buy right now.  I doubt it will be this cheap again!

I think after Columbus Day, it'll reach $5 again.

Rally!

Yes we have.  Now is the time to buy!

And if bitcoin7 had not mentioned the hack, then the price would've remained about $5.

I know people have said the person running bitcoin7 was shady.  But he had very little buy and sell orders on his site so he probably didn't have much money and coins to take.

I think Gox was hacked mid-June, but other than that it's always been hacks that occur at the start of the month when the price typically drops by several dollars.  Pretty weird.  The hackers go, "The price drops several bucks at the start of each month so let's only do our hacking right before then so there's a pattern."

Bitcoin7 though had hardly any userbase at the time it was hacked.  I guess the site owner had a fat wallet from all his transaction fees.  Kind of stupid to leave all your wallets accessible online.  Your backups should be manual.

L Ron Hubbard said Mohammed invented Islam merely to bring new trade to his city.

Yahweh does not believe he has a creator, therefore he is an atheist.

Trolls, the bitcoin price did crash a day later.

Bitcoin7's userbase has been dwindling for months.  I'm glad I stopped using them.

It won't happen exactly.  No, people speculate so it will happen a month beforehand.  Then when it takes place the price will hardly change at all.

I revised my theory.  Bitcoins just simply always does something bad.

Typically:
1) Stagnates.  Bad for investors.
2) Slowly drops.
3) Jumps a huge amount when you're not expecting it screwing over everyone who sold.  Then it sits there a long time before it crashes back down.
4) Drops and then when you wait for it to go back up, it sits there forever.
5) Rallies big but once it goes up 20 cents, then some a-hole sells 20K coins to force it back down

So yesterday I thought, I bet Steve Jobs's death will collapse the price of Apple stock and maybe even the price of bitcoins.

Apple is down 3.70 (0.98%)

Bitcoins have just collapsed.  There's no sizeable buywall until 4.48.  Lows are 4.50 today.  I didn't think it really would collapse bitcoins that much.

5 * 0.15 = 0.75
The most wild of the swings were 5.13 and 4.78.  5.13-4.78 = 0.35

However, you cannot count the wild swings because they last moments and half the time Gox doesn't fill out people's orders and so you can only count on what the price been most of the time, which has been from 4.86 through 4.96.  That's about 1% movement a day

If this is too technical, look at http://mtgoxlive.com/orders?volumeon
Does it look like a tornado going all the way up?
In the last 96 hours it has been basically around 4.90 and not moving except one attempt at a rally that the manipulator crushed so he could buy cheap coins.  (4.90ish is a good low price to buy them the way things are going).

Basically the price has stagnated.  This is bad for speculators because if it swung from 5.00 to 6.00 every day and back and forth it would be far more stable than jumping somewhere and stagnating.  You could be all "Oh it will be back to X amount in a day so no worries, I can price my products based on this."

Instead it jumps, then it stagnates for days, then it jumps and stagnates.