3,2,1 and PANIC Or do we?

[420]

Everyone was happy two weeks ago when it hit $9.00 now everyone is freaked out its $9.00. Its been doing good with it going up and somone always has to screw it up i.e. Pirate or the people that hit bitcoinica before, or when the bubble blew last year. Last year people were all bitching when the difficulty was 1.4million and bitcoin was at $15 each saying it was time to shut down. Its all about perspective, and xanax.

A little irrellevant but it has something to do with it. Think of a person who goes on the game show who wants to be a millionaire and they are going for the million dollars. Well they have just hit the million dollar question and turned down the $500,000, but they have already locked in the $64,000(which no matter what they get). They blow the million dollar question and only walk out with the $64,000 and its the worst day of their life because they just lost $436,000. But on the other hand if someone just walked up to you and handed you 64,000 dollars it would be the best day of your life.

pretty decent analogy

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[mobodick]

Everyone was happy two weeks ago when it hit $9.00 now everyone is freaked out its $9.00.

Hey, speculation is a relative hobby.
Absolutes are not realy part of the game.
People were happy with $9 because we came from a lower value.
Now people are bitching because we have come from $15, which is a devaluation of over 30%.
Or do you think that a value of $9 realy means something?

[hacknoid]

If you look at the overall trend, the valuation is still up quite nicely for the year.  I did a little projection a couple of months back, and we were looking at a nice target of about $8 by year end.  If you look at the all time chart (and hold your fingers to cover up the bubble from May-November last year), there is a reasonable growth indicated.  Even with this fallback BTC value is still looking good.

The astronomical rate of increase was looking like it wouldn't hold... at some point people were going to sell to reap their reasonable profit .  You see this in the stock market all the time when a stock gets on a nice run.  I think that's what happened here, whether it was pirate or someone else.  Maybe caused a little concern from other people to also prompt them to sell, but personally I think its good to shake out those people every now and again.  I am in it for the long term, and am happy to just ride out this bump.

Just need to not overreact...

[CubedRoot]

BFL unloading BTC to pay pills?

They had to accumulate a ton of Bitcoin with the pre-orders for their new ASIC modules, and they must have to liquidate some of their Bitcoin holdings in order to pay their suppliers. It will be interesting to see how often this happens over the coming months.

No, its not BFL "unloading" to pay some bills.  When I ordered my ASIC rig from them, they wanted me to pay my bitcoins through BitPay.  So, BFL is probably getting their payments as USD from bitpay instead of Bitcoins.