Quote from: Derek86 on February 22, 2018, 02:58:32 AM

I just want to know how much faith do you guys have in bitcoin...

If bitcoin drops bellow $1000, do you think it will still recover someday?

There are a lot of factors to consider first on why its price dropped significantly in the market. If the reason is due to a world-wide prohibition to most hegemonic countries, then expect people to lose their faith and shift to a new cryptocurrency. But if the reason is due to a high-supply, low-demand kind then accumulating more bitcoins would be the approach as it may skyrocket once again. It really depends on the situation in the market and it also depends on the current state of bitcoin when it comes to the view of the government on it.

Quote from: btc_angela on February 27, 2018, 06:17:21 AM

Quote from: nelsledma on February 27, 2018, 05:39:18 AM

Quote from: mjglqw on February 22, 2018, 03:03:49 AM

It completely depends on the reason of why it crashed. If it's just plain 'ol market volatility, then sure, chances are it will rebound back up in the future. But if it's something like the developers abandoning the project(which is very very unlikely in my opinion) then it might not recover if no one is going to continue to work on the project.

The chances for it rebounding is even huge than it not unless bitcoin has been totally subdues by the government and the press that everyone is just scared of buying into btc but we all know how impossible that can be as bitcoin has gotten past the little man stage to a growing man right now. You have said, it is unlikely, but even if it happens, that would just be a chance for some of us who are believers but came into the show late.

Yeah, I totally agree with you. Governments and banks and social media are factors that can really drove the price to its knees, but for short term effect only. Bitcoin has shown resiliency in the past and will continue to march towards another all-time-highs that's for sure.

But somewhere the long road, there are challenges like I mentioned, we need to brace ourselves and stay calm along the way.

Like you guys said, the decision on acquiring bitcoins primarily lies on the situation happening in the world. If the government of each country prohibits the use of the said cryptocurrency, then expect people to sell their coins thus making its value obsolete.