I just looked at Bitcoin Monitor, which shows all the different activity on the Bitcoin network, and it shows that the amount of trading is continuing to ramp up, while Mt Gox shows that those trades are sales whose ask price is decreasing further and further as people trying to sell are lowering their ask in order to get them sold first before price drops more. Price has already dipped below $20.
With selling building up by the minute (literally), I'm willing to bet the price will drop all the way to $10.
We may have just seen the shortest economic bubble of all time
Another candidate for the "require 0.01btc payment for registration on the forums" to deter trolls.
I'm willing to bet you signed up just to post this.
Really, even if you're just trying to push the price down just so you can buy it cheap, you're doing a pretty awful job at it. The market will correct itself.
Then again, I do hope it goes well below $20 temporarily.
I'm not trolling, and the bubble comment was tongue in cheek. I actually have no intention to buy BTC, and only casually mine them. My day job however is that of a Forex intraday trader, so I find the bitcoin economy interesting and I've been following along with it pretty closely. As I said in my second post, I don't think the value will drop to nothing, and I know this is just a correction that will reverse if people actually start using bitcoins instead of simply speculating on them. I made this thread to warn people of the retrace and possibly help people realize that it was a good idea to sell *some* of their bitcoins at that time to recoup their initial mining setup costs. I'm sure the people who took my advice 12 hours ago are glad they did. I do not however think people should sell off all their bitcoins since we'll see a slow and steady rise back up as coins are actually put to use (when The Silk Road reopens its doors, most likely
)