Many people buying bitcoins now actually have more faith than most current forum members. They dont care shit about price. Bitstamp was hitting $77 last thursday. If I had had money and the volume were there (both negative) I would have bought also. Who knows if the price will dip and how much it will dip, and if the lag allows to trade etc.? I would have never suspected a ->50 shakeout would happen, at the max I would have been able to buy at $65 average rate during the weekend. Who cares really. The outcomes are BTC>1000 and BTC<100 in a few years. The first is a success, the second is a fail. There is no middle ground.
So true. I would however add at least 2 zeroes to the first number.
Well, I fail to grasp what exatly makes people sell at $50 but I am sure they had their reasons. Margin call could be one.
There have been some gut-wrenching panics (fueled in good part by auto-liquidations on bitcoinica (people got zhou-tonged)) in late 2011. I bet a lot of people will never forget the feeling they experienced on these ever-accellerating drops and swore to themselves to next time just fucking panic earlier than the others. Well, some are left holding the bag when things rebound to sanity nowadays.
It's greed and feat that makes some poeple sell at $50.I'm hoping the "new money" that has coins now is less fearful and I have a feeling many of the large holders think more like you (long term. "it's high risk, high reward and I'm not going to be shaken out by some childish 10-hour-long dip fabricated by these kids on a regular basis")