Just wanted to say, I still think bitcoins can hit $1000. I am not trying to say it can't go up higher.

My point in saying is that the whole price is a house of cards. The only reason it can sustain these price levels and move higher is because so many bitcoin holders do not sell, they do not need to. However, if anything happened which caused just a small increase in bitcoin holders cashing out the whole thing would come collapsing down.

I already have stated that the reason why the price would go higher is simply that bitcoin holders are not selling just holding for a higher price. I never said that bitcoin was a good investment, it is a highly risky one and the potential returns you would get are not worth the risk of paying $700 for a bitcoin. Actually, you would have to be a insanely stupid investor to buy bitcoins to speculate with at the ridiculously price level it is at now.

The price level it is priced in now was based largely on huge growth in china that is not turning out very good.

I do not buy bitcoins to speculate with them, I buy them only to quickly buy other investments with the bitcoins. However, these investments are somewhat tied to the bitcoin price. This is only why I hope that the price at least holds or stabilizes as if that happened I would do very well. I have done well with my non-bitcoin investments even with the price drops that bitcoin has had. This is only because I choose the proper investments.

Thanks guys for not trying to refute my point or support it. Instead you try and attack my reputation. You are obviously bitcoin holders who know that your betting on a house of cards and the last thing you want is it to collapse.

However, I think there are many other who will see my point and understand that what I write makes lots of sense and I wait for someone to counter what I wrote here.

My whole point was not that bitcoin price would go lower or higher, it was simply that the risk to reward ratio does not make it a good investment. It actually makes it a very bad investment. One in which you take on a ridiculous amount of risk for a potential return that will not be very high. This was my point, not what I wrote yesterday saying we could reach $1000. With the low volume and people just sitting back and waiting we could hit $1000. But it would be insanely stupid to buy bitcoins to take this risk of it rising higher with all the downside risk that you may have.