This is The Great Crash!
I WAS RIGHT!!!
Yep, crashed right back up to 1230+ LOL
Someone (or a few people) dumped over 1000 coins and we are almost back to where we started on GOX. That seems impressive to me. I don't know. I think in the past a dump like that would have caused more panic.
Absolutely. I think the market is starting to grow up.
I think it has serious implications for Bitcoin as a currency. The size of the market seems to be reducing volatility.
If it's large enough to demonstrate a resistance to manipulation and crashes, that makes big holders less likely to dump. That further stabilizes the currency.
At some point that positive feedback makes things stable enough that the general public feels good about sticking a couple toes in the water to try this thing out as a medium of exchange... and from there who knows where we go.
Ummm, I'm not sure but it seems like 100s if not 1000s of businesses are signing up daily to accept bitcoin. I think more than a few are braving more than a few toes.
Honestly it's mostly hype, Bitcoin isn't a serious transaction medium yet. I remember seeing an article proclaiming 6000 or 7000 sales through Bitpay on Bitcoin Black Friday as proof that we're a real ecosystem.
No, a couple sales per minute on a special day does NOT make a payment system worth $12-13B. That's like a fucking Girl Scout cookie stand.
We've passed Western Union at ~$9B market cap, and they process 28 transactions
per second,
every day.
Right now Bitcoin is a store of value. The value comes from Bitcoin's future
potential as a currency and payment system. Lots of businesses will sign up because it's free and it saves them money; the hard part is convincing people to buy and spend bitcoins if:
A) it's going up constantly and they'll have more money if they wait, and
B) if the currency is extremely volatile.
We know A) will eventually resolve itself if the system grows to maturity. There is a limit to all growth.
The doubt was about B), and my doubts are disappearing.
