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AndDuffy (OP)
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January 27, 2012, 03:38:26 AM
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Explain this to a relative newb. I'm not much of a techie, although I do understand a fair amount of economics and I know how bitcoin works.

What's up with the value of bitcoin dive bombing? Don't you think that bitcoins are too big at this point to entirely crash? Aren't they still projected to rise, as we're still pretty much in the beginning phases? I mean, we haven't even gotten near the first mining reward cut.

So anywho, give me your opinions on these questions.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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payb.tc
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January 27, 2012, 04:04:54 AM
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it's dive bombing because the road to up is paved with bits of down.
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January 27, 2012, 04:05:48 AM
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Too high too fast:
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January 27, 2012, 04:08:31 AM
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Nothing out of the ordinary. It's called market correction.  Wink
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January 28, 2012, 03:13:52 AM
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Yes, I agree it looks like profit taking after a 100%+ increase. Looks like it might consolidate in the 4.75-5.25 USD range before this puppy goes to the moon!  Cheesy
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