[jasonkolb]

There is a lot of assumption going on in this article.

When you're talking about movements in currency crosses, as the article does in focusing on the BTC/USD rate, there are a bunch of different reasons that can move it. At the core though, there are two sides to a large drop in the value of a Bitcoin vs. the USD. You can have a large number of people wanting to dump BTC, OR you can have a large number of people wanting to acquire USD.

Note that the article itself talks about the turmoil in the US equity markets on the same day. This usually creates a demand for USD as people require it to meet margin calls or pay off debt which is denominated in USD. I'd bet on this being the primary cause. In fact, if you look at the USD vs. any other currency (EUR, JPY, etc) it rose in value against just about everything today.

The other reason, which I consider less likely, is that people decided to drop BTC en masse for some other reason which is as yet unknown. This appears to be much less likely, although it can't be completely counted out.

In short, the USD rose against just about everything today, and the BTC market seems to have been affected more than most--primarily, I'm assuming, due to the relative illiquidity of that specific market in general.

[adrianwaj]

I am inclined to think that the fundamentals of bitcoin are very good, it'll be interesting to see how the price rebounds after this correction, I tend to think with all the trolls happening in the forum that some big players want in big time.

[bonch]

Can't believe you're calling other people trolls after your comment to a previous Bitcoin post:

People that don't have the money to buy bitcoins and see them appreciate are jealous of the ones that do. They hide their insufficiency and jealousy by calling it a ponzi scheme or scam, so they can simultaneously feel superior to the bitcoiners whilst tricking themselves into thinking they wouldn't buy them anyway even if they had the money.

It'd also be a fear that one day they'd have to work on a bitcoin project, which would be rubbing salt in the wounds.

Fact is, there are tons of hackers that could contribute a lot to the bitcoin ecosystem, but they take the negative route instead: they don't want to give anyone a free ride (or they like their rut.)

I could go on, but there are some anti-Israel type tones in the anti-bitcoin brigade, that's my feeling when I write anything positive about bitcoin: I may as well write something positive about Israel.

For many, bitcoin.org is the startup, and buying the currency is the investment. People would upvote any story about their startup, and they'd upvote anything about bitcoin. It's a fair thing to do.

Bitcoin is an extremely hacker-ish thing. It is a hack on the money supply. It is as revolutionary to money (the concept, perhaps not the implementation as yet) as mp3 was to music, or blogs to writers. It has hugely positive implications, so people that hate it, will Really hate it.