We show that the motion of a laser-driven Bose-Einstein condensate in a high-finesse optical cavity realizes the spin-boson Dicke model. The quantum phase transition of the Dicke model from the normal to the superradiant phase corresponds to the self-organization of atoms from the homogeneous into a periodically patterned distribution above a critical driving strength. The fragility of the ground state due to photon measurement induced backaction is calculated.