Without actual products and services backing bitcoin up, it's going to be incredibly volatile due to the value being backed only by the confidence of speculators. Thus your assertion would render itself rather invalid. Bitcoin's only going to become stable if people start to attach the value of bitcoin to the value of things. That of course happens when people buy and sell stuff with BTC...
 

The crash was caused primarily by a huge flood of newbies into the market, who end up using mtgox. When the server lags due to the flood of new traffic, the newbies panic-sell because they aren't yet well-informed on how the system works, economics, etc. With the huge pile of volatility already present (from overspeculation; that is the currency value was artificially boosted by speculation and not backed by actual spending/movement of goods and services) all the traders manage to panic and we fall into a liquidity trap. Gox serves to exacerbate the people's fears by shutting down for a bit (so it can sell off its bitcoins and make a hefty profit) essentially destroying confidence in the name of greed. Thus I agree; we really need actual spending power to back up artificially high bitcoin prices.

It's rather bothersome how powerful mtgox is in affecting the Bitcoin economy—it shuts down its servers during the crashes so it could secure its own bitcoins and make profit speculating, and it's too big of a target for DDoSing. Hopefully with the price going back down to a realistic place where the exchange rate is closer to the real value, not the nominal one, we can see a more diverse choice of markets. MtGox is clunky and outdated, and hopefully after this Bitcoin is going to be more stable in price and less prone to media-hyped price crashes.