In a bubble people will buy out of panic, there is not enough panic in the market yet--nothing close to what we had last time. People are still buying quite cautiously, and many are buying to spend, many are dumping, usually in huge amount, no single day long green candle yet, if this is a bubble, then perhaps all great long-term price rises should be classified as bubbles as well. I am not saying that the price would not go down, I just don't think it's a bubble-not yet.
You are right in the sense that the only panic buying of the latest, was from Gox Dollar accounts plus some additional 10-15% new cash.
However there are wallets out there with people that mined a little or much in 2009-2010, and they might feel it is worth while to register with Gox now and collect!
The sideways periods are a good detector for old coins going into circulation, so if we stay at around 20 for a week or three, I will consider your assumption right.
What you describe is a hype bubble, but all bubbles are, when they start to decline the asset was overvalued i.e. an unfunded hype.
I'm not saying that the price now is unsustainable or that we are going to see a crash soon, just that it will go down again. The cycle lows are usually a better indicator of support than the peaks.
I could agree with many of the things you said, but what I think we should really be aware of is that when the people on this forum talk about "Bubble", what they most likely have somewhere in their minds a specific phenomenon they have seen before, thus I think it is worth pointing out the difference between what we are seeing now and "that" phenomenon.
