Bitcoin Values Tank

Bitcoins are heading down along with the stockmarket. Which lends credence to the bitcoin supply currently involving a lot of speculation.

Something to note, though, is that the number of available bitcoins is still in flux while people are mining them. It doesn’t feel like it’s leveled one way or another on exchanges just yet.

Also, mining itself hasn’t tanked to nearly the extent that the price of bitcoins has.. which would lead one to believe that the mining portion of bitcoin creating isn’t driven entirely by speculation on the future value. Even when prices went from ~30$ to ~6$ the amount of mining going on increased slightly.

But we’ll see how that washes out in the coming weeks if values stay depressed.

Sources: http://mtgox.com http://virwox.com