What do you think? I think this is significantly different from april because there are many exchanges and all of them still have fiat still flowing in exponentially. So it might be more like 2012, or even be just a correction.
I can't vote.
I bought in a little just there at twice the value that I sold my previous stash of Bitcoins at.
Aside from the odd spot of panic (stupidity really cos I wasn't panicking, just thought some profit would be nice), I have been bullish on Bitcoins since last September which is when I entered the market for first time as an intentional speculator (beforehand all Btc went to SR). On the eve of the crash, I turned very bearish (yes before the event, check my posts if you will), but the fact that Bitcoin went to the moon, crashed, yet is right back up on the moon again with 2 days, defies all logic.
Right now, we should be facing volatile fluctuations in downward trend but no, the coin seems to be shooting right back up, albeit at much lower volumes. I guess that the logic now points at higher prices to come in the near future.
However, the price is being held higher essentially by hoarding. Most of the Bitcoins in existence will have been procured for peanuts compared to the present market value. The creator of Bitcoin is believed to hold 12% of all Bitcoins in existence. Ignoring all the other mass stashes of Bitcoins procured for relative pennies, 'Satoshi' could wake up one day and decide that his scheme has earned him enough to buy him his luxury Carribbean island and yacht to live out his days on, and decide to dump his 12% on the market. If someone like that decided to cash out, it is likely that he would not 'dump' his coins in such a way that initiated panic and crash, thus financially wounding himself. However more worrying, is that a cabal of establishment financial institutions may have control of a large share of Btc's with the intention to one day smash the market in to such oblivion, that the whole Bitcoin and alternative decentralised crypto-currency phenomena is killed off.
Bitcoin is like a great big hot air-balloon, with enough propane to reach unimagineable heights, but made from canvas so fine that the slightest bit of friction could tear it apart sending the whole aparatus crashing back down to earth.
This is what new entrants into the market are buying into.
Although I have been interested in Bitcoins intellectually since way back, have used them to make SR purchases since sub $10 days, and have even made a little profit speculating in Bitcoin just recently, since up until 30 minutes ago I owned no Bitcoins, I must class myself as a new entrant and be aware of exactly what I am buying into.
Poll
