With those facts in mind, I'm going to go ahead and call the bottom.
Bitcoin has faced some serious adversity since the June high. We are now in another quiet accumulation phase, and poised to steadily move to the upside in the coming months.
The media has called the death of Bitcoin, so there's really nothing more for them to do but leave us alone to develop Bitcoin's infrastructure. It's almost a relief to be out of the spotlight.
Word!
ReplyDeleteAgreed. Back up the truck.
ReplyDeleteAs the eye of Mordor casts its beam elsewhere, the Bitcoin services that will emerge seemingly spontaneously will surprise everyone with their breath, depth and ability to facility to move money and goods.
ReplyDeleteI think that 0.5USD/BTC by mid-february is far more likely.
ReplyDeleteThe bureaucrats at government financial agencys are lazy and slow moving but they are starting to pay attention.
Expect changing between BTC and fiat to become much less convenient.
@Anon -
ReplyDeleteProps for Tolkien.
The developers (one can never say that word without a flashback to the dancing microsquash monkeyboy...) of our Palantiri are on the fast track. Before you know it, BTC will be everywhere.
Bitcoin was designed to be government-resistant: I don't think they'll have much success at shutting it down - although yes, ajp5; it could be made much less convenient. I wouldn't mind having a few exchanges pop up on Tor, *.bit, and P2P - just to keep things interesting.
The bottom line is this, I think: we need a bank. A real one. Anywhere. Just one. It wouldn't even require buying a whole bank for the Bitcoin community (they're expensive...) - just a big enough piece of one to have effective control over the decision to do business with the exchanges.