Post
Topic
Board Speculation
Re: I am predicting a spike above $3
by
mjcmurfy
on 22/10/2011, 23:39:47 UTC
I have more hopes that Mt Gox' legal issues and the consequences of that will put a brake on wild speculation.

I hope this happens. But do you think that bitcoin could withstand the loss of MtGox, which has managed to establish itself as a crucial cog in the bitcoin economy? I think negative PR on that scale would trigger a massive outflow of goodwill and capital from the system. It may end up being a devastating blow.

Though, with no way of easily cashing out bitcoin for fiat, speculators would then be forced also to take as bullish an outlook for bitcoin as they are currently forcing bitcoin merchants to do. I don't know what the outcome of all that would be, but I think it probably would result in a much better economic environment for everyone involved.