R-R-R-REBOUND! (23USD/BTC)

[tonto]

a few coordinated people could totally control the values, and make tons of money.
 
When it hit 30 I got nervous that it was gonna correct soon, and I was right.  But I was thinking that a couple people with high volume trades could totally control the value and move it up and down at their whim.
 
Sure, there are outliers and unknowns such as new people coming into the markets, but I have no doubt some people could (and probably are) making strategic sells and buys to move the value.

[Edward50]

I agree a few people could control the market, especially the ones holding 50K plus bitcoins who are earger to cash it out when it hits higher prices.

But I do not see the incentive to try and control the market, because I do not see how one could profit. For example, most sellers have in their mind a set price to sell at, if they try and dump bitcoins to force these sellers to sell lower, I still doubt they will sell and probably hold out.

They could maybe get some deals by trying to control the market, but it would not make up for the loss they took on trying to control it.

Come to think of it, the market is actually controlled. All the people who are holding bitcoins are in a way manipulating the market by making it scarce, so that the price will go up. They will never be able to use all that coin for anything, so they hold onto it. At any point they could dump.

[Oldminer]

I'm upset I didn't have enough liquid capital to dump at the $10-$11 valuation. I must say I'm surprised there was such an early rebound.

I'm not.

I think a lot of people see Bitcoin as 'futuristic'. The currency we use to support our everyday lives is supported in kind by a selfish financial banking system that is crumbling around us. It's a train wreck waiting to happen. A dying system based on paper.

In contrast, to many people, Bitcoin offers a new way of trading. Its secure, and is not subject to manipulation or corruption by a powerful few. The 'market' will set Bitcoin's value. Its all based on supply and demand.

I'm not surprised 1 x Bitcoin is worth 10 x $1 fiat notes, not at all. And I'd go as far as to say in my opinion its currently under-valued.

[Bit_Happy]

What a wild weekend! The market is heading up just a bit so far today, buy now before people get crazy!