In late 2011, I thought we'd never see prices below $4. But we did.

I see single digits as a very real possibility in the next few months, although bottoming between $10 and $30 is more likely.

I'm not taking rpietila's offer because I think I'm comfortable as is, without needing to leverage. I have about 80 dollars on MtGox per every BTC I have (including everything I have in cold storage). If the price goes up, my Bitcoins rise in value. If the price goes down, I have an opportunity to purchase more bitcoins at a reduced price.

The reason rpietila is not on my ignore is that I think he might be a great contrarian indicator. When he loses all hope in BTC it's time to buy.

$1M this year is clearly impossible. There are limits to the growth rate. The bitcoin network can grow tenfold without hitting the scalability limits, but after that the technology to scale up does not yet exist. For any new technology, however provably possible, there are lead times before it can be implemented and introduced into production.

The lead times do not go away regardless of how much we increase the effort. Just as even though one woman can make one baby in 9 months, it does not mean 9 women can make one baby in one month.

Bitcoin is not in violation of any laws in most countries. That is, as far as I know, it is perfectly legal to own, buy and sell Bitcoins in most of the world. Many things that can be, and are being, done with Bitcoins ARE in violation of laws, though.

If $124 is cheap for you, you'll have them all right.

Even $132 wouldn't actually reverse the ultrashort term down trend.

Yes, but if it's going to be illegal, or even semi-illegal in the US, it will be much less attractive as an investment.

There's real, actual demand for BTC, namely drug trade and gambling. They represent less than ten percent of the total demand, everything else is speculative investment.