Please realize that the last bubble was pure and simple manipulation, MTgox together with some serious hedgefunds (read capital) exploded the price.
Don't get me wrong, I do think bitcoin should be worth alot more than this dump price, yet I'm not so optimistic about the timeframe. I sure hope so, but I dont think its likely that we'll see a double bubble, 300/400 woould be more realistic I think
Don't get me wrong, I do think bitcoin should be worth alot more than this dump price, yet I'm not so optimistic about the timeframe. I sure hope so, but I dont think its likely that we'll see a double bubble, 300/400 woould be more realistic I think
Wasn't the willy bot pretty much responsible for the spike in prices? It was on Gox but have they been able to figure out who was responsible getting it on there? Seems like it had to be an inside job.
Japanese authorities are probably so happy grilling karpales about the hookers they could care less about a willy bot.
It sure played a huge role in the rise, but it was also maintained by buyers who supported the bot. Without people mass buying, the bot would've been dumped to the ground. This shows what effect a price rise can have on people with no clear sell goals. They start thinking to the moon and beyond and keep holding, thus supporting the crazy price increase.
The bot may be partially responsible, but peoples greediness and unwillingness to part at 2x profit was the major reason for it actually going as high as it did.