This is the modern day Tulip Bulb craze that occurred in the 1600's.
Bitcoin bursts: Hacker currency gets wild ride
http://news.yahoo.com/bitcoin-bursts...--finance.html
LONDON (AP) — It's a promising form of electronic cash free from central bankers and beloved by hackers. It — Bitcoin — may also be in trouble, registering catastrophic losses that have sent speculators scrambling.
Although the cybercurrency has existed for years as a kind of Internet oddity, a perfect storm of developments have brought it to the cusp of mainstream use.
As currency crises in Europe piqued investors' interest, a growing number of businesses announced they were accepting bitcoins for an ever-wider range of goods and services. The value of a single bitcoin began racing upward amid growing media attention, smashing past the $100 mark last week before more than doubling again in just a few days.
Then came the crash.
The price of Bitcoin has imploded, falling from around $266 on Wednesday to just above $40 on Thursday, according to bitcoincharts.com, which tracks trades across the Internet. The best-known exchange, Tokyo-based Mt. Gox, has suspended trading for what it described as a 12-hour "market cooldown." By late Thursday, the currency was back up to just more than $100.
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