If it reaches $1 we can consider bitcoin as good as done. It means that no one is willing to protect certain price levels.
yup and that the whole infrastructure is on the verge of collapse as $1 is practically where bitcoin came from
No, Bitcoin started out at something like 1000 Bitcoins for a dollar. The first big pump peaked at $2, then it crashed back to 50 cents each. There must have been people that dumped all their Bitcoins at $1 because they had made 1000x profit. Bitcoin will only be dead if it ever goes back to 1000 Bitcoins for a dollar for a significant length of time, and not before that.
Bitcoin briefly crashed down to $0.001 for about 15 minutes in June 2011 after Jed had his laptop hacked when he was at MtGox. It survived that and will survive other catastrophes.
don't forget Jed's laptop was the one that got hacked revealing the admin pwd leading to the mtgox plunge to $0.001 over a period of about 15 min back in June 2011.
i tried to scrape up the video of that plunge but no success. i remember being right there when it happened. one of the most dramatic things i've ever seen realtime.
i tried to scrape up the video of that plunge but no success. i remember being right there when it happened. one of the most dramatic things i've ever seen realtime.