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December 18, 2013, 04:07:01 PM |
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I believe what we are seeing is panic buying in response to panic selling. It is not rational. It is based on the theory that Bitcoin will (in fact) be worth 5,000, 10,000 or 40,00, or a 100,000, or what not in the near future.
This may very well be true; but, at the present, what we are seeing is the birth of new speculation, this time by Westerners.
Panic buying, I fear, may not be enough to stop this down slide.
We still have the rest of this year and January to worry about.
And then we have to pray no new restrictions are placed on Bitcoin in the EU, US, Russia, South America, and the rest of Asia and Australia.
If the EU follows suit and announces similar measurements against Bitcoin exchanges, Bitstamp and Btc-e will collapse. And so will Bitcoin (though not completely)
Our beloved decentralized currency is so open to manipulation from the powers that be and greedy speculators.
Remember, let reason be your guide.
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