I would say zoom out a little bit, think about months/years not days, and you will see that we could very well still be at A. This is still very early adopter stage, as we are talking about a global techology with possibly huge adoption potential.
Just compare this with apple and the iOS tsunami for example. Are we at the stage where everyone and their mother has BTC, everyone talks about it to death, all hedge funds invest in it and guarantee unlimited growth (we're past this for AAPL and price has now crashed)? Or are we still at a stage where people discover this, journalists still scrambling to understand it, most of your friends don't know about it, and very few mothers own BTC? If you think about all the money in circulation globally, and a 'market share' for BTC, I am guessing we are well under 1%, probably a few decimals from that? Certainly a lot less that when apple market share when stock was trading at $15.
yea I would say that we indeed WERE in the stage were everybody were talking about it! It was in Bloomberg as well as the local news on a daily basis! All sorts of meetups, daily bitcoin shows, ATMs, exchanges and such. Just few hours before it crashed my boss and his boss came to me to ask if it's really true that I am a millionarie, etc - On my way down the elevator I thought about the 1930 crash and how Joseph Patrick "Joe" Kennedy got his tip to sell when the shoe shine boy started tipping me which stock should be bought. But of course I was deluded too to believe that it shall continue to 500$ before the first blow.
Also - unfortunately this bubble was too high, too fast - way more than the silver price action in 1980 - so indeed... really - maybe - just because of this - this technology is gonna be burned. I am quoting here Satoshi Nakamoto when he was asked by Wikileaks if they can adopt Bitcoin :
"The project needs to grow gradually so the software can be strengthened along the
way. I make this appeal to Wikileaks not to try to use Bitcoin. Bitcoin is a small beta
community in its infancy. You would not stand to get more than pocket change, and the
heat you would bring would likely destroy us at this stage."
I think things went out of hand, it became parabolic!! maybe without it - it could have lasted for years to come! Greed destoyed it even before it was adopted.
The cheering crowds in this forum are cheering because the price is going up again - but let me tell you bubbles are an evil thing - this suckers rally is gonna continue as long as it can suck suckers in - until the point where I, myself will not be so sure that the price is going down to the teens, and then it shall be all over. In a bull market it takes weeks to months for the bubble to find the low - that's in bull markets - but this one here - I am not sure at all if the bull shall resume - not at all!!
GotBitCoins.
