The crash is under way, if 25% drop can be called crash (with 15% bounces). The last time it crashed something like 70% I think, so this 25% is just a little volatility.
I think the idea behind bitcoin is ridiculous. Although it has some interesting and useful features, the success of the project depends on people's acceptance of it. Now that thing can be very tricky, from indifference to the fad of the month followed by disappointment.
It is a very interesting experience in business, technology and mass psychology. Now that the price is yo-yoing again, users who BELIEVE are glued to their monitors and experience the emotional rollercoaster ride, what we traders know so well...
The end is probably going to be lots of crying....
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News:
"On the 18th November, which is a bit over a week from now, members of the Bitcoin community will be testifying in front of the US Senate in two committee hearings:
1) Senate Homeland Security & Governmental Affairs (HSGAC) committee
2) Senate Banking committee
The hearings have been called so US representatives can learn about Bitcoin and in particular, about its impact on law enforcement and banking. The HSGAC hearing will have two panels. The first one consists of members of US LE agencies. The second is the industry panel and will have, amongst other people, Patrick Murck of the Bitcoin Foundation on it."
