The price of Bitcoin has dropped to $260. This is quite a significant low, but history suggests that they soon recover their value. Has anybody just bought any because of the drop? I'd be interested to know what other people think - is it worth the risk? Are we right to assume that the price will automatically recover?
This is something that I personally don't fool with. I'd say that this is something that is highly speculative that you should only dabble in lightly, if at all. Like maybe if you've got a million and you've set aside $50-100k for more speculative stuff, maybe have a grand or two of that $50-100k that you'd perhaps use to play with for such a thing. Maybe $5-10k of that if you're really aggressive. But the thing to remember is that if enough of those risky ideas come along and you dabble in them even just a little, the losses do add up over time. Be careful.
You have to remember that bitcoin is worth much more than it was 2 years ago, so investors from back then can still cash out at with a huge profit. Bitcoin is a new market and potentially it can be a good investment in the long term, but you never know what will happen.
Sometimes I think these risks are best left to someone with a truly disposable income - then the devil on my shoulder starts telling me to take a risk. Although I was sorely tempted to purchase this morning, I decided against it in the end. I don't feel as though I have quite enough experience yet. For now, I'm going to keep a closer eye on the market and try and advance my knowledge a little.
Pretty much as I think as well, I mean, it's totally unpredictable, it can drop anytime and raise anytime, but there is really no way we can predict that is there?
Bitcoin is no different than buying penny stocks. There is just no justification for any price change, it is totally controlled by speculators. People just do not realize all the checks and balances that are in place for real currencies, how small of a percentage is actually floating and how many trillions of dollars counter-react to every small price change. And just to correct the OP about his ´history suggests´ comment. There is no history, the entire virtual currency market is very new.
