The history of Bitcoin show the 3 distinct phases. Early on the jump from $0.006 to $0.25 was miraculous during the summer/fall of 2010. 4167% growth in something deemed impossible or highly unlikely, was what brought me to the fold. I joined Bitcoin as prices spiked again from $0.11 to $0.19, then $0.21, $0.25, $0.29!
Everyone was running around like the world was on fire. "This price is unsustainable!" "The market is too green and untested!" "We must build up to infrastructure!"
In the summer of 2011, the bubble formed that would define Bitcoin until present day. It began with some press in money market sites and key meetings, such as FBI, CIA/Langley, and day trading via MtGox et. al.
The magnificent Manipulator began his quest to shake the tree. Vomit Comet price walls on both sides of the isle shot prices 70% up and 80% down in rapid succession, nothing but amputated fingers all over the floor from everyone trying to catch the knife. We survived. We regrouped and refocused our energies into learning from mistakes. New subgroups formed to quickly overhaul weaknesses and build missing infrastructure.
We also had a huge influx of brutal trolling. It appears that professionals arrived to sway the timid and overrun the forums. We had moderators spoofed, profiles were appearing at the rate of 10-20 a minute and messing every thread with FUD and goading rants designed to intimidate the strongest among us. It seems nobody likes a winner;)
The Current bubble is an almost exact mimic of the last one with perigy appearing to be in the $400 range. Fallback would still place it in the $250-$300 with quick return to even higher evaluation.
The queue in MtGox verification says it all... many new strategic investors are days away from joining Bitcoin and you have that to look forward to.
FF
