Quote from: HappyFunnyFoo on April 28, 2014, 10:15:10 PM

The fad phase of the past three years is over and bitcoin's price should unwind to nearly $0.

1. Intrinsic value is worth next to nothing, possibly not even pennies. Buffett's right - Bitcoin is no more than a decentralized money order with the added drawback of long-term capital gains tax on any price fluctuation.
2. Price is supported 99.9% by speculation, 0.01% by intrinsic value. People using bitcoin for its intended purpose are in the minority.
3. Most speculators are still long coins and haven't capitulated yet. There's MASSIVE bearish downside potential from all of the longs who haven't seen a really big bear market yet.
4. Price catalysts are exhausted. Virtually all potential early adopters with capital have put their money in already. There's not a constant flow of fresh capital to sustain a bubble doubling every 6 months, so some sort of unwinding down to intrinsic value ($0.01 per coin) is more likely to occur than not.
5. Downtrend has sustained momentum for 5 months. The current bear market has beaten all previous price collapses, which rallied after 3 months and showed decreased momentum after 1-2 months and a sudden, sharp rally at the 3rd month. In more general terms, "this time IS different." In percentage terms, the current collapse is accelerating.
6. Media attention rallied the price after all of the other bear markets due to drawing in more early adopters, but this time it's generally causing longs to lose interest and sell since the early-adopter well has dried up and the mainstream definitely isn't going to use bitcoin.

Disclosure: I don't own bitcoin! Just saying it like it is!!

Why are you toe raggs even here Huh

Seriously ChatRoulette is the place for you guys... Cool