This was the equivalent of your local supermarket running out of beer on a Saturday evening, because somebody threw a huge party and bought up the entire stock. That doesn't mean there won't be any beer on Monday or that you can't find beer in the neighbouring town's supermarket (for the normal market price).
If bitcoin traders are too stupid to grasp this then quite frankly I've lost faith in humanity and think that humanity doesn't deserve bitcoin.
If bitcoin traders are too stupid to grasp this then quite frankly I've lost faith in humanity and think that humanity doesn't deserve bitcoin.
Fiat currencies have value because they can be used to buy things, pay debt, and be used as a long term store of value. Bitcoin doesn't really do the last two things well yet, so its value relies mostly on the fact that people can use it to purchase things in Internet commerce.
If mainstream merchants are ever to be encouraged to take Bitcoin, its volatility needs to be constrained. Otherwise, it will forever remain a currency that can only be used to purchase niche items like Funny Socks and Alpaca Cigarettes.
The EFF bailing the minute Bitcoin got a little unfavorable publicity is nothing compared to the distance vanilla merchants will put between themselves and Bitcoin if some order can't be introduced into the market.
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