Quote from: Stephen Gornick on July 17, 2012, 11:43:44 PM

Everyone can see that this rise in price is boosted by speculation.

They can? How can they see that?

Quote from: Stephen Gornick on July 17, 2012, 11:43:44 PM

There are a lot of technical traders thinking there is room to go up to $12 though.

A lot of people have theories as to what they think will happen and have reasons behind their theories, but it isn't really possible to reliably predict what is going to happen. Excitement could push it WAY up, or disappointment could bring it crashing down. Some early adopters could decide they need fiat and need to convert their hundreds of thousands of bitcoin sending the price crashing down and instilling fear. A news article could go viral and catch the fancy of millions of people in the general public driving them all to "try this thing out" and driving the price way up. Anyone who tells you they know what the price is going to do in the next few days or weeks is just guessing. They might guess right, but that doesn't mean their predictive skills are reliable.

Quote from: Stephen Gornick on July 17, 2012, 11:43:44 PM

That being said, we're still down nearly 75% from 2011's high.

And up nearly 3,000% from 2011's low?