So, from that point of view, the wisest thing to do is just hold and consider yourself lucky that you understood before the 99% did. Yep, prepared of course that it will all fail somehow and show us all its ugly butt, but the opportunity is too grand to miss. As for speculation, bitcoin is a mostly unregulated commodity trading - exactly like metals only even less protection against cornering - of course the price would jump all over the place, but since it's very limited in nature there's only so far that you can push the price down - even with a whole might of China behind you 
So don't try to predict small pump-and-dumps, play safe and increase your stack while it all unfolds and becomes mainstream and boring.
So don't try to predict small pump-and-dumps, play safe and increase your stack while it all unfolds and becomes mainstream and boring.Whilst metals prices are decided on the futures market, where metal that may or may not even exist is routinely traded as though it were real, the same thing could be going on in Bitcoin on the the exchanges were the Bitcoin price is determined. In fact, with MtGox, we now know for sure that this has been the case. And never mind 'even less protection against cornering'. Perhaps Bitcoin has been 100% fully cornered from it's very inception? Satoshi Nakamoto's 1.5 MBTC? Satoshi Nakamoto, a lone working liberal anarchist idealist? Really?
Exchanges running fake volume to ramp up price, cashing out customers 'real' Bitcoins at highs, using fake volume to crash market in order to buy 'borrowed' Bitcoin back at lows? Megawhales who may or may not be affiliated with western intelligence agencies? Bitcoin is a very risky asset in which literally anything could happen and for this reason, I prefer to trade than to hold. If it does become mainstream and boring, then I might hold.