I actually like the Bitcoin movement but I've never purchased BTC before and I never would. All my BTC was mined back in the good old days when the block reward was 50 BTC, the difficulty was around 1M and you could mine with a graphics card. I'm a nerd and the whole Bitcoin mining thing was great fun.
The crash is under way, if 25% drop can be called crash (with 15% bounces). The last time it crashed something like 70% I think, so this 25% is just a little volatility. I think the idea behind bitcoin is ridiculous. Although it has some interesting and useful features, the success of the project depends on people's acceptance of it. Now that thing can be very tricky, from indifference to the fad of the month followed by disappointment. It is a very interesting experience in business, technology and mass psychology. Now that the price is yo-yoing again, users who BELIEVE are glued to their monitors and experience the emotional rollercoaster ride, what we traders know so well... The end is probably going to be lots of crying.... ----------------------------------------------------- News: "On the 18th November, which is a bit over a week from now, members of the Bitcoin community will be testifying in front of the US Senate in two committee hearings: 1) Senate Homeland Security & Governmental Affairs (HSGAC) committee 2) Senate Banking committee The hearings have been called so US representatives can learn about Bitcoin and in particular, about its impact on law enforcement and banking. The HSGAC hearing will have two panels. The first one consists of members of US LE agencies. The second is the industry panel and will have, amongst other people, Patrick Murck of the Bitcoin Foundation on it."
Since I didn't sell it, I am selling it now with a 200%+ gain....Gox is $411 right now. I am going to buy something nice virtual with my virtual profits...
Price is over $500. My guesstimate is that we will go over 600 the next week and crash from there back to the 450 area, and then the same keeps continuing...
$500 We are all paper millionaires!! Just saw craigslist ad... stock777 selling his body for bitcoins.
For the historical records, bitcoin's wild night, a 5 mins chart: In 30 minutes, it dropped 30%... Otherwise known as Monday....
If you look at the USD/BTC quotes on bitcoinaverage.com, localbitcoins really stands out as charging the highest premium. That tells me that face-to-face transactions are surging as more people want to get involved and buy BTC. On a side not I found the slashdot article interesting: US Government Embraces Bitcoin in Hearing on Virtual Currency The best way for the gubmint to destroy BTC is to disarm the libertarians and anarcho-capitalists by "embracing" BTC.