Quote from: P4man on October 18, 2011, 06:03:11 AM

Because hardly anyone knows about bitcoin today. If that isnt going to change, a price drop to $1 or less is completely logical. The speculation was that bitcoin would gain more widespread use, it still hasnt happened. You rightly say miners joined this summer, expecting to make a killing by just running their computers, that bubble has burst. What will or wont drive longterm bitcoin price is its acceptance as a currency, something which hasnt progressed a lot since last year. Thats far more important than short term speculation which is driving prices currently.

+1

I've been talking about a recovery within 12 months but honestly, it could take years before Bitcoin really takes off. You can't build an economy in one day, it takes a lot of time.

These forums are just as ridiculous as an economy based on quarters. Everything is short term, mid term. If Bitcoin really takes off we're talking about work that requires years, everything else is just hype and speculation bubbles based on that hype.

But no worries, if we're going to have a new bubble it'll be more grounded and based less on pure hype and more on actual developments. There's a lot going on so maybe we'll start to see the fruits next year.