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December 17, 2013, 02:27:56 PM
Last edit: December 17, 2013, 02:38:46 PM by EuroTrash |
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Let's be honest. Collapse started before bad China news.
(insert picture of "bubble" from btcchina last two months here)
The market simply does not believe that bitcoins are worth that much. YET. Period.
Average Joe doesn't give a shit about paying for stuff in bitcoins rather than using his credit card, or sticking it to the Man, or the fact that we have the first working example of real cross-border currency and global transaction ledger. He's too shortsighted to understand the scale and meaning of the bitcoin revolution.
Average Joe is playing Speculation 101: sees the price increase, thinks he got lucky; next all he cares about is that he needs to guess the right time to pull out from the bitcoin blackjack table.
Most self-appointed traders are trying to profit from the loss by dumping and hoping to buy back lower. Most of them are like lottery winners who aren't prepared to manage their new found wealth and hence will lose all of their "wins" in a few weeks.
The crash is revolving and homegrown. The fall will slow down, then come to a grinding halt not before a few bumps. When the dust will settle, a new generation of Joes market makers will replace the current ones.
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