All it takes is a rumour on twitter or one fake article to drop another 100 bucks. But no amount of good news will make it go up. So guess which way we will be going.
This basically sums up my sentiment. The general public has nothing but bitcoin bad taste in their mouth.
A lot of time has to pass for some amnesia to set in and start to bring in new blood.
While I do not equate bitcoin to a ponzi scheme in any technical way, I do think it likely follows typical trends for MLM and networking companies in general. You have waves of people that buy in, then periods of retraction until a new wave of buyers follows. I think we are in retraction now, eventually we will turn up again but not yet, we are still headed down.
The great difference between MLMs, ponzis, and bitcoin is that bitcoin is eternal and free flowing in its membership. If you lose your belief system, then you can get out at any time you want. Bitcoins will still be around in a year and in 10 years, they are not going to disappear (at least not all of them). We are seeing people lose faith and leave the blockchain, this will continue down, down, down, until the speculative opportunity is much higher than the risk of holding them. I pick the absolute bottom at around Gox's bottom. I am picking the bottom I will be able to identify and buy during a regular business day around 250.
