Quote from: hitchhiker on March 07, 2013, 06:24:35 AM

After watching the general panic selling tonight one thing seems really clear - we are vulnerable as hell to the influence of giants like G.S.

They can buy cheap, dump high, catch it back at the bottom.. and they're experienced, they know how to do this over and over.

They can cause enough volatility that none of us will feel safe, the newbies will panic, the prices will sway around, no stability will cause colossal reputation problems with this fledgling currency.

Am I wrong here? This is David vs Golliath, except David is a newborn baby in this story.

I don't know about you but I don't feel "safe" keeping my money in dollars and dollar-backed assets either. BTC, land, and gold are my go-tos. We are heading towards a dollar crisis very soon, especially if another bailout is needed while the Fed is in no position to render assistance and is basically insolvent. All it will take is a crisis where some country needs to sell dollars to get their own currency back. And when the dollar is no longer 60% of world reserves it will be a new playing field.

All markets are vulnerable to panic. And bots. And natural disasters. And egos. Etc. Traditional markets have rules and shut down to prevent runaway losses. We'll get there with BTC too. Smart investors don't put all their eggs in one basket. Panic selling of BTC is a buying opportunity IMO.