Topic: Please someone with a rational mind tell me what happened when. (Read 1024 times)

Yea really big coaster ride.. I have only been watching for the last 2 weeks. WOW what an experiance.  

I'll wait till tomorrow and see where the price is at.  I plan to buy in when it hits the bottom which I believe is $30-$50.  If it has another insane run up I'll stay away.  I'll let the gamblers roll their dice until enough of them lose their shirts and have nothing but tears left.

and after all the drama and QQ , bitcoin is still twice the value it was a month ago.
I'm happy, keeping all my coins and buying more if i can.

So first over time speculators bought Bitcoin and drove it up to $50 (someone who buys to buy and sell rather than buy and use as currency).  Next March 17th Cyprus screwed up and their economy collapsed.  Since they use the EU they can't print money and said they would tax savings.  This is because they are a tax haven for money launders etc.  Everyone freaked out and many bought Bitcoin.  People in Spain which has similar economic issues followed.  This drove the price from $50-$266 in a very short amount of time.  This then got a lot of media attention which drew an ever increasing amount of new speculators.

As the price got closer to $266 the leading exchange Mt. Gox which does 80% of trades had too many people using the site and couldn't handle traffic.  Mostly because they are amateur newbs at dealing with that amount of traffic, although at first they blamed DDOS.  Oddly last night they posted it wasn't DDOS attacks (maybe owning up to it?).  As trading lagged and the price increased on speculation and not adoption of Bitcoin as a currency people started cashing in to take home profit.  As it hit the top the volatility started getting wild and the prices staggering as more and more were selling off.  Ultimately the amount of sellers was greater than buyers and the bubble burst exactly as expected.

I sold Tuesday night around $230 for 1600% profit and mostly sat around eating popcorn while laughing at the posts for weeks which thought it was going to $1000/BTC in another week.

LOL!

honestly.. it was almost sort of like a digital run on the banks. instead of a physical bank bursting at the brim with to many people to serve, their websites became overloaded. prices started freaking out, more people started selling.. and then today people started sayign "ok.. enough is enough.. lets stop things here for awhile"

now mtgox, fastcash4bitcoins etc are not in operation currently and the price is hovering at 70-80 usd.

Yesterday the exchanges were met with the perfect combination of market manipulation, over burdened and poorly scaled servers, and DDoS attacks.  The market got really, really scared, and this happened:



And now nobody really knows what's going on or what to expect.

Please someone with a rational mind tell me what happened when.
I'm tottally confused on what has happened.
This is crazy.