On the other hand, there is no reason for Bitcoin to go down right now, besides speculation.

Actually, almost any act of trading, or hoarding anything, can be labeled as "speculation". You're selling bitcoins? Speculator! Buying bitcoins? Speculator! Holding bitcoins? Speculator (you are probably hoping the price would go up). Buying gold? Speculator! Selling bonds? Speculator! Holding dollars? Speculator (by holding dollars, you are betting against gold, Bitcoin, and Chilean peso).

The only real way to avoid being called a speculator, is to spend all of your savings right away, and go into debt to buy a new house, or a yacht, or a Ferrari. Now, all of a sudden, you become an honest hard-working person, struggling to repay the debt. Not like all those speculators.

net-net, like in "valuing a company based on tangible assets"? Well, you are definitely betting that those tangible assets are not going down, and you probably want to profit from that buy, do you? Speculator.

The value to whom? At which point in time? Who measures the value? To me, investing is like speculation in slo' motion. Like, when you are investing, you actually think before you buy stuff, while day trading is a different kind of speculation, where you don't think much, it's more like you feel the mood of the market.

I happened to live in a country where any kind of retail business was called "speculation", too. You buy wholesale, you sell it item-wise for more - speculator! Sounds ridiculous, but, if you think of it, even the word "speculator" is a bit ridiculous. It doesn't add any understanding of the situation whatsoever.

But then, if you don't need the asset, you're a speculator that just lost his money, and if you do need the asset, you are a consumer, not an investor.

Following that logic, investing US dollars into anything at all is a huge mistake. Why won't people just keep them, and don't waste their time trading?
_{(Hint: QE)}

You seem certain the current purchasing power of US dollar would, more or less, survive for 5 more years... I am not sure what this assumption is based upon.

OK, I suppose so. Bitcoin is not a functional currency yet, and US dollar is not a functional store of value already. Now, my original statement was this:

there is no reason for Bitcoin to go down right now, besides speculation

Some of what you are saying is valid, I just don't see how it relates to that statement. At the moment, there doesn't seem to be anything at all, that is usable both as a store of value, and as a currency, at the same time. Cryptocurrencies is probably the only thing that has the potential to fill that vacuum. But, like you said, Bitcoin has not matured to perfection, yet. There is no particular reason for Bitcoin to go up. There is no particular reason for Bitcoin to go down. Both up- and downward rallies are mass psychoses, sort of. A bitcoin is currently worth $76. Is that too much, or is it too little? I've no idea. Pretty much depends on what mood the Bitcoin crowd would wake up in tomorrow. Someone panics, the panic spreads - I would know the current price was too high. Someone gets optimistic, and buys up that wall at $80 - I would learn that today's price was too low. Any attempts to put TA on top, like trends and such, are mostly in the area of group psychoanalysis, they have very little to do with Bitcoin itself.

Sorry, what is that that?

Ah, this that. This is lasting a bit longer than those, so I would hope this is not that. But who knows, who knows.

The dollar bubble popping?

We might have passed the "return to normal" phase somewhere in late April, when it jumped back to about 150. The "despair" is probably early July, and, according to Adam's chart, we are back at the mean.

Might make some sense: http://www.marketwatch.com/story/syria-intervention-fears-hit-global-markets-2013-08-27

Stocks drop, maybe due to some Syria news, maybe not, maybe people are using some Syria news to rationalize their irrational behavior. Anyway, there's a selloff on the stock market, where does the money go? Might as well go our way.

Thou shalt not underestimate the combined power of all the retarded people, and their influence on the price of Bitcoin.

Pardon me? We would still be living under the Roman Empire if they could. The only question is when the collapse is going to happen. It might happen next year. It might happen in 10 years. If anyone here thinks it won't happen in our lifetime, I can understand that, even though I don't think so. But expecting it to last forever fits Einstein's definition of insanity - "doing the same thing over and over again, and expecting different results".

https://www.youtube.com/watch?v=EdSq5H7awi8

There's also this one, with live commentary: http://www.youtube.com/watch?v=AhzjIu4Qnto . It may, or may not, be more fun to watch.

Would it go to negatives after this? The suspense is killing me.

Google can. It says, "My helicopter full of eels"   

I think the data says, there are no good days for selling, and all days are good for hodling, on average.

While I'm not going to sell bitcoins just because of this, I do think this is terrible news. A person has just been put in jail, on bogus "trading with some people, who might have been trading with some other people, who might have been selling plants to people" charges. Seeing certain individuals in Bitcoin community dump the guy, just because he's "not an asset" or something, is making me sad and angry. I would guess you and me are sort of "not an asset" types either, even more so than Charlie. So what, does it mean we deserve to be locked up?

Even if they have the proof, the charges boil down to him buying a piece of vegetation, and maybe trading with people who trade with people who sell pieces of vegetation. It's not a valid reason to put a person into a cage. He's not accused of murder, or theft, or rape. He's accused of trading with the wrong people. Meanwhile, some of the banks are known to have been involved in the same activities, at a larger scale, and all it ended up was a fine (they essentially took some of their bailout money back). The charges are both unjust in and of itself, and biased/disproportional, compared to other such cases.

It's not true. Russian government "warns the businesses that getting involved with virtual currencies may be in violation of certain AML laws or something".

Something being illegal and something being immoral are two distinct things. If you agree that something is not immoral, I would expect that you disapprove locking people up for not doing anything wrong. It's almost like, "That woman committed adultery, so she should have expected to be stoned to death. I don't really support stoning people to death, but she should have tried to change the Law of God first, start a new religion, or something. She didn't, so as it stands, anyone who tries to save her, is against the one true God, and is a dangerous heretic."

It's kind of impossible, right? You can only sell your coins if someone is buying them. Some people are panicking, some people are using the opportunity to buy more coins.

Can't say anything for Greeks, but Russians are buying USD, because RUB is being inflated much faster than USD, so the majority of the people don't notice any USD inflation.