105 was the LOW???

[Wuji]

There is some strange magic in numbers for people even though mathematically it means little.  $100 is probably a false bottom in a lot of people's minds right now.  If it hits $99 tomorrow then that will change and it may drop to $50 in an hour.  None of this matters when there is a high of $266 and low of $105 in one day.  If this doesn't show you speculation and an unstable currency well I'm not sure how you read the forums with a blindfold on.  Currency should never fluctuate like that in a day.  I have no idea how anyone was able to buy or sell anything using BTC today.  It needs to establish itself and maintain a steady price increasing or decreasing very slowly before anyone will take it seriously.  If it wasn't risky and speculation and was meant to be worth $1000 it would be, end of story.  No one could manipulate the price.  Now that the bubble popped and the price looks like someone on a bungie cord I hope we can get real and people will stop posting from LA-LA land.

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[Crypt_Current]

There is some strange magic in numbers for people even though mathematically it means little.  $100 is probably a false bottom in a lot of people's minds right now.  If it hits $99 tomorrow then that will change and it may drop to $50 in an hour.  None of this matters when there is a high of $266 and low of $105 in one day.  If this doesn't show you speculation and an unstable currency well I'm not sure how you read the forums with a blindfold on.  Currency should never fluctuate like that in a day.  I have no idea how anyone was able to buy or sell anything using BTC today.  It needs to establish itself and maintain a steady price increasing or decreasing very slowly before anyone will take it seriously.  If it wasn't risky and speculation and was meant to be worth $1000 it would be, end of story.  No one could manipulate the price.  Now that the bubble popped and the price looks like someone on a bungie cord I hope we can get real and people will stop posting from LA-LA land.

It's more a commodity than a currency right now, while there's still a block reward.  When transaction fees start paying for mining, my theory is that this will be the same time period where the store of value becomes less emphasized and the utility of the good more so.

[mp420]

It will go lower, if this was the top. And while I can't be sure it certainly seems that we peaked yesterday and we'll see a long downtrend now.

I sold part of my BTC at $192. Might buy back some, but then again I now have an amount of liquid fiat that I've very seldom had in my hands.

[bitcoinBull]

There is some strange magic in numbers for people even though mathematically it means little.  $100 is probably a false bottom in a lot of people's minds right now.  If it hits $99 tomorrow then that will change and it may drop to $50 in an hour.  None of this matters when there is a high of $266 and low of $105 in one day.  If this doesn't show you speculation and an unstable currency well I'm not sure how you read the forums with a blindfold on.  Currency should never fluctuate like that in a day.  I have no idea how anyone was able to buy or sell anything using BTC today.  It needs to establish itself and maintain a steady price increasing or decreasing very slowly before anyone will take it seriously.  If it wasn't risky and speculation and was meant to be worth $1000 it would be, end of story.  No one could manipulate the price.  Now that the bubble popped and the price looks like someone on a bungie cord I hope we can get real and people will stop posting from LA-LA land.

Look, just because it can be compared to a "currency", doesn't mean that it should never fluctuate. Maybe fluctuating is exactly what its supposed to do. Look at price history, it speaks for itself. Bitcoin price will probably never be stable. But that's exactly how I like it, because I know the long-term trend is up.

Its more like silver or gold. A precious peer-to-peer electronic asset/commodity. Its the speculative vehicle of the future. Not your grandma's e-currency.

[bitcoinBull]

Currency should never fluctuate like that in a day. It needs to establish itself and maintain a steady price increasing or decreasing very slowly before anyone will take it seriously.  If it wasn't risky and speculation and was meant to be worth $1000 it would be, end of story.  No one could manipulate the price.

Bitcoin has no barrier to entry. Nothing stops the fiat rich from playing Bitcoin like a fiddle. I'm sure what we've recently experienced is just a few millionaires having fun, we haven't even seen the real whales yet.

Do not expect stability in the Bitcoin exchange rate for years. In fact, these people can pretty much play with anything they want, housing markets, economies of entire countries, et cetera.

When you say "currency should never fluctuate like that in a day" how do you propose we design a voluntary currency with no barriers to entry in order to prevent the insanely rich from playing with it like a cat with a mouse?

+1. There is no asset safe from the greedy tentacles of global finance, from the madness of crowds. We will have corrections and we will have crashes. You can design the protocol for the blockchain, but look around at the state of global economics. There are no experts who can engineer efficient price price discovery, in any market. It is what is it, love it or hate it.

I have learned to love it. Be patient, don't panic (not to buy or to sell), and you will be rewarded.

[Francesco]

Currency should never fluctuate like that in a day. It needs to establish itself and maintain a steady price increasing or decreasing very slowly before anyone will take it seriously.  If it wasn't risky and speculation and was meant to be worth $1000 it would be, end of story.  No one could manipulate the price.

Bitcoin has no barrier to entry. Nothing stops the fiat rich from playing Bitcoin like a fiddle. I'm sure what we've recently experienced is just a few millionaires having fun, we haven't even seen the real whales yet.

Do not expect stability in the Bitcoin exchange rate for years. In fact, these people can pretty much play with anything they want, housing markets, economies of entire countries, et cetera.

When you say "currency should never fluctuate like that in a day" how do you propose we design a voluntary currency with no barriers to entry in order to prevent the insanely rich from playing with it like a cat with a mouse?

+1. There is no asset safe from the greedy tentacles of global finance, from the madness of crowds. We will have corrections and we will have crashes. You can design the protocol for the blockchain, but look around at the state of global economics. There are no experts who can engineer efficient price price discovery, in any market. It is what is it, love it or hate it.

I have learned to love it. Be patient, don't panic (not to buy or to sell), and you will be rewarded.

The safety lays in reality. If they toyed with some financial asset, like shares or bonds, they really couldn't make them double -not in such a short time, at least. Same with currencies. Of course they play with currencies, bonds, shares. But no one will buy a company double the price it was next month -it has foundamentals which prevent it from being vaued too high (or too low). Same with a nation's currency. Bitcoin is one of the few things in the world that is purely speculative -and thus vulnerable. It won't be any more only as soon as real world trades will gratly overpower speculators -not only the big ones, but the crowd they manipulate as well.