First of all, i thought i was trolling, but everytime i read a comment on speculation etc, it seems like 25-50% of the people on here try to cause panic etc.
Is this just people spreading fear, uncertainty and doubt so they can buy the panic sells or what?
Do people (on here) believe in bitcoin (and if so why are there many comments bashing it and saying its going to fail because of small bumps in the road)?
What are your thoughts on bitcoin?
At first the market should of acted more maturely, after the loss of Chinese market. China was lost after they declared in December, that they don't want to see any business activity regarding bitcoin. The market should have acted accordingly, to calculate the loss of demand in China and dropped the price down. But the market was full of reckless fools, and without acknowledgement on what just happened, they went into denial and acted like nothing had happened. They started to put more money into bitcoin themselves, and hoped that this will stimulate the market and others will join in to buy.
The attempt didn't come out very well.
At first they were already struggling to push the price up, but when MtGox hit, then real demand dropped so much, that they had trouble keeping the price from falling. MtGox wasn't just a loss of an market, but it broke any trust that the general public had towards the bitcoin market system. And trust is the most important thing, when offering a service to handle wealth.
More miners were starting to dump their coins that they were holding before for an brighter future. People were starting to cut their losses and leave, because the most annoying and unattractive kind of market, is the slow downwards market. Price has already fallen for several months, but a lot are still illusioned that BTC is holy, so an act of god will soon make their coins cost more.
All this mess.. and all these useless shenanigans are slowing down the process of financial evolution. People should stop worshiping bitcoin and start using their heads and everyone could earn more.
