I think that if more people had "hoarded" yesterday, the price would not have dropped so much. 
This is the nature of a market change where you have a lot of new people buying, you're going to get days like this and I think long-term it will strength bitcoin to have weaknesses exposed to be fixed. e.g. MtGox not being robust enough to handle a large volume.
This is the nature of a market change where you have a lot of new people buying, you're going to get days like this and I think long-term it will strength bitcoin to have weaknesses exposed to be fixed. e.g. MtGox not being robust enough to handle a large volume.
All of this speculation and hoarding is making Bitcoin too unstable for merchants. Wasn't the point of Bitcoin to create an alternative currency meant for commerce? But with its current volatility, I personally would not accept Bitcoin in my trade of business.
The irony of Bitcoin is that most people are hoarding it so that they might trade it back for fiat currency in the future... That is what really saddens me.
The irony of Bitcoin is that most people are hoarding it so that they might trade it back for fiat currency in the future... That is what really saddens me.