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April 10, 2013, 05:54:01 PM |
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I doubt this is the end of bitcoin, but this is likely to turn in a catastrophic market event, similar to, but probably worse than, 2011. Worse, because this will end up turning off significantly more people than the 2011 crash, and as a result this crash and the subsequent long slow slide will take much, much longer to recover from.
The bright side is that it will give developers more time (we're talking at least a couple years, I think) to strengthen the protocol and infrastructure. Bitcoin isn't ready for double digit figures, let alone triple digits.
In any event, we've finally seen the top of the bubble, and I think we're unlikely to see prices at that level again anytime before the next block reward halving. It's unfortunate things got so out of control, but there's just not much anyone can do about it.
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