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by SODaniel 4847 days ago
For a 'currency' that has gone up from $4 to $45+ in the last 10 months and the last 50% in a month, a 20% drop isn't really that unexpected.
1 comments

Yeup.

Volatile thing continues to be volatile hardly seems to be news.

It's interesting how 'Bitcoin falls $10!!' is news, while the fact that it's gone up 50%+ in less than a month, and over 1000% in 1 year somehow is not.
Of course its gain has been news.

http://news.ycombinator.com/item?id=5262120 (when it broke $30)

http://news.ycombinator.com/item?id=5144181 (when it broke $20)

etc, plus the many stories about ability to pay for things like Reddit Gold, domain names, and more with Bitcoin.

1) You may hold Bitcoin, and talk from detractors is always frustrating.

2) Many Bitcoin advocates (I've mined and held Bitcoin, so I'll count myself in this crowd) tend to extoll Bitcoin's virtues, while downplaying or explaining away downturns

3) Even if it were true that the drop were news while the gain wasn't, that's how things work around here. Much has been made of Apple's stock drops, but in every case, Apple was actually up year-over-year, and it's 3 and 5 year price was way up.

We just saw an article yesterday.

"Bitcoin rises from $14 to $40 in two months" http://news.ycombinator.com/item?id=5323867 83 votes

Also, keep in mind this is nothing new. When it fell from $30 down to about $3, I heard the same complaints. Lot of people made a lot of money then; a lot have made $ now. Conversely, many lost huge then, and who knows what will happen now. It became so bad it cost more to mine than the resulting coins were worth, and I turned off my rigs. (Eventually sold them)

Bitcoin is a volatile, fun place to be. It's easy to convince yourself when it shoots up that you're a freaking genius for getting in it. When it goes down, the detractors think they're the ones with the clue. I think both groups suffer from confirmation bias, and this thing has several years before true stability.