Quote from: BitPirate on November 25, 2013, 10:00:21 AM

Quote from: MahaRamana on November 25, 2013, 09:54:10 AM

Quote from: Coinseeker on November 25, 2013, 09:41:56 AM

Quote from: MahaRamana on November 25, 2013, 09:31:57 AM

They said : "bitcoin went too high too fast, big bubble danger, stay away"

That's pretty bearish, especially if you believe China has been leading this huge rally to near $1k. Hmm...not going to say it's time to sell but this certainly isn't a good entry point.

Bitcoin is currently not sustained by people who are influenced by mainstream media. Even in China. So I don't see this as bearish, it only reflects where we are at right now. The media is right to warn people, but the intelligent person knows that the media more or less doesn't have a clue.

On one hand, I agree with you long-term. On the other, they are dead right. You only have to browse these forums on the vertical rise days and see the mania. The rise is driven 100% by speculation in China, and will fall hard if it continues -- only a matter of time. Damping the flames and triggering a recession now is absolutely the smart thing to do. I say this in the best interest of our future wealth -- a meltdown and ensuing over-reactionary regulation is not what we want.

Look, I completely understand your fear. But bitcoins success is going to be determined by the ability of the bitcoin ecosystem to develop innovations that allow the value of bitcoin to become accessible to society.

The open source code of bitcoin itself is way too slow to keep up with expectations that a rising price and media attention are bringing to bitcoin. So there really isn't a way for bitcoin not to look a fool for a while. Bitcoin is going to take some hits - exactly the kind of hits you want us to avoid.

But just like after April if we crash and burn again, it will be innovation and Eco-system companies that bring people around.

But I fully expect the media and public to sour on bitcoin due to rampant speculation. For a time. And there will be another bubble.