I don't understand what would be the point of testing 50
again, and I think traders realize that. That being said, I wouldn't mind a retest of 50
Bad news and infrastructure failures = bear market but how bad was the news really (a big shitty company sued another big shitty company, some guy quit his job at an ATMcorp that's doomed to failure b/c regulation, big drug site down causing dumps of coins, etc) that's not enough to justify the doomsday collapse prediction that some are making. None of that is a crippling blow to the protocol.
These are all war wounds. People will realize that governments are NOT going to make it easy to own and trade bitcoins. They will realize that relying on "big evil companies" to operate exchanges honestly - NOT GONNA HAPPEN. Buy BTC from your friend Joe. At some point in the future, OTC will be the easiest way to get them, and in some areas, this is already the case. Governments/corporations are NOT going to meet Bitcoin on its own terms, but Bitcoin meeting TPTB on *their* own terms would require Bitcoin to be completely stripped of everything that makes it what it is.
There is a "third way" and it involves consumers making smart decisions and realizing that
governments and big companies are NOT going to be there for them to make their decision to use Bitcoin an easy one. This isn't like iPods and iPads and cell phones and SUVs this is revolutionary shit. Bitcoin threatens the status quo in an insanely dangerous way, and the decision to use it is one that will meet increasing resistance to individual and businesses. Yet, people are "sick and tired of being sick and tired" and will not bow down to Fiat, this is why stupid shit like BoA neutering Bitfloor, corp1 suing corp2, polish + canadian banks closing exchange accounts, etc - will make people panic sell at first but once they realize this is the norm, the way things are going to be for years, they will gladly accept these concessions in convenience and "government + corporation support" in return for (a) decentralized currency protocol, power to transmit value globally without a central authority (b) deflationary store of value (c) way to overthrow the central banksters and help put an end to power derived from manipulation of fiat, a.k.a. financial tyranny.
If you are of the opinion that Bitcoin will not succeed unless it is regulated, accepted by large corporations and governments, and ingrained into every facet of modern culture like cell phones and color TVs - sell all your coins now and get out, because let's get real here, that's NEVER going to happen. In the same way that we saw traders become much less likely to panic sell @ market price during the first hint of GoxLag (you know, fool me twice, etc?) we will see traders become desensitized to news like "X Bank shuts down Y Exchange's account in Z country." "X Deal fails due to regulatory requirements." Panic selling on news like that is letting the [financial] terrorists win
The "protocol"/reference implementation is revolutionary and people trading on bad news or panic selling because of some interference that's only going to increase with time - isn't going to change that. The argument "Bitcoin has to be completely ingrained into every service, every government has to approve of it, regulation has to be introduced, the gas station down the street has to accept it, before it will become feasible and stable" is bullshit because that will NEVER happen, not in our wildest dreams, at least not before some massive upheaval involving the corrupt financial rulers, the bankster cartels. Bitcoin has to succeed as is, and it will, EASILY, given the current financial/political climate and the fact that things are only getting worse.
There was, is, and will always be a demand for freedom.
