Market depth relevance

[cbeast]

So on Mt Gox there are about 58K BTC with sell orders out of 8.3M out there. That's about a half a percent and the other 99.4% are being horded. Shouldn't that have any relevance to the current price? On a previous poll* around 75% of 123 voters think that a Bitcoin buyout should be valued at least $300 each Bitcoin. So why is the price <$5, and is there anything we can do to the market depth to convince people to stop selling them so cheap?

*https://bitcointalk.org/index.php?topic=63763.msg747045#msg747045

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[qxzn]

is there anything we can do to the market depth to convince people to stop selling them so cheap?

buy buy buy! 

[paulzag]

So why is the price <$5, and is there anything we can do to the market depth to convince people to stop selling them so cheap?

If you think <$5 is too cheap, then there is a really easy fix, buy them yourself.

At current returns on mining, you can work in fast food and buy BTC quicker than mining them. Temporary aberration in the market?

It's not like the BTC are being destroyed by trading them.

supply and demand means that BTC are worth more than the equivalent fiat for the buyer, and sellers would marginally prefer the cash.