Nobody cares about merchant adoption anymore. That's all priced in. The general public is now thinking, "so why exactly do I need to buy bitcoin?" These are the same people who don't mind that the NSA is spying on them, because "as long as you're not doing anything bad you have nothing to worry about."

They've been watching the price tank all year, so there's no compelling reason for them to invest. Now, all we have is "old money" trading hands. Things are looking bad, guys.