Bitcoin is taking a beating. Before the China hype it was less than $200. I bet it could go there again.
My sarcasm free response is this: I think the price will fall a little more, then rebound. And that this will happen a few more cycles until the 6 or 7 rich people who control the bitcoin market get tired of their silly game and move on to the next grift.
I hope the FBI can sell the coins it seized from Silk Road by the time the price spikes again. That would help them bring back Mulder and Scully. Oh, better yet: Convert them to Lindens in Second Life! You're right -- it's really hard not to be sarcastic about Bitcoin. The guy that bought a home in Oslo with his coinage was smart.
Wasn't that guy just a really early adopter though? I mean yeah, there's lots of technical savvy people who bought them when they were pennies on the dollar, and have made out like bandits, and even become "wealthy" as a result. But I count that more as luck than anything, it's uncharted waters and no one knew where this was going to go. But as bitcoins function on an exchange basis, other people have to pay more for them than the people cashing out bought them for to make money. For every success story, there's a handful of the horror stories I read on Reddit or other bitcoin forums where someone thought "they were only going up", and bought them on credit cards, and in many cases with tuition money or inheritance. Then panicked during one of the few major sell offs and lost their shirt. I have a real life friend who owned 50 BTC, bought them for $1.50~ a piece awhile ago. And he said, "if it ever hits a grand a piece, I'm out". He stayed true to his word and cashed out when it was $1060. He figures after gains taxes (he's an honest man) Hes gonna have a little over $40,000. Not bad for a $75 investment a couple years ago. He will not be buying anymore, though he said he'd be tempted if they ever get below $150 again.The guy that bought a home in Oslo with his coinage was smart.
dropped 50% last night. can folks borrow against bit coin?