Post
Topic
Board Speculation
Re: Will the Bitcoin price ever drop back down to $500?
by
deisik
on 17/12/2016, 11:53:24 UTC
Let's leave MtGox alone

But we still should not forget the dramatic consequences that its collapse led to. History never repeats itself, so, as you say, we can hardly see the replay of what had happened in 2013. But that doesn't itself mean that we are completely insured from the events that would be as serious or even more serious in their consequences that those that the fall of MtGox caused. On the other hand, the hack (or scam) at Bitfinex this summer drastically affected the prices, so can the events similar to what happened to MtGox in 2013 not really happen again?

To see another mt gox situation in 2016/17 is not impossible but it becomes more unlikely every day that goes by...

I have set aside a big pile of cash this time in case it happens and I am sure not the only one who wishes to buy a shitload MOAR Bitcoinz...... But I think the support is too strong and no matter what gets hacked any dip will get picked up almost  immediately.....

If the current price were to drop by 50% people would sell their homes  to buy in and some already are taking loans to buy at the current price so I just don't see it happening....

And this is really dangerous

Since it may be just about time to cash out. People selling their homes and taking loans to buy bitcoins strongly remind me of the events happening just prior to the onset of the Great Depression, when folks had been doing basically the same buying stocks in violent frenzy. There was some rich guy back in those days, Joe Kennedy (farther of John Kennedy), who allegedly dropped his stocks after a shoeshine boy gave him advice what stocks to buy. He correctly figured that the market had become too popular to be sustainable. Although this whole story might have been invented (by the man himself), there is still substance behind it