The top was not obvious until it was passed. I was hoping to see a return to the $800 level before I sold the remainder, but the Mt.Gox fiasco has motivated me to sell earlier.
Fair enough. Thank you for the explanation.
I was interested because I actually view the MtGox fiasco as medium and long term bullish (especially if the missing coins were stollen in 2011 and long ago sold into the market). I see this event as the impetus needed to create real exchanges in the US, as well as a supply shock reducing the bitcoins currently available for purchase.
Alright, alright, bad math acknowledged. However, I stand by the point I was trying to make.
Thanks for acknowledging the mistake. But your point that it would likely take an order of magnitude more fiat is still valid. My counter argument is that more than an order of magnitude more people now know about bitcoin and may be considering purchasing some.
Only time will tell....