I am forex speculator and I just about know how much bitcoin will fall.
Take these factors into consideration first:
Bad News on Bitcoin Exchange and Users (Security Breach, etc..)
No Market Value (you can only buy drugs and web services (maybe socks too?), you can't buy house, car, land, or food)
Druggies don't have money due to bad economy
Hackers and Scammers are failing with their schemes due to more awareness and protection
Lack of Speculators (like myself, who are willing to invest in bitcoins)
NO CENTRAL BANK (which is needed to stabilize the value of bitcoins that is why you see mega big jumps and mega big lows)
Taking into account the risk involved in ANONYMITY (you can't trace or retrieve stolen coins) and all the factors listed above, the Bitcoins will fall as low as FOUR dollars. At the WORST, this currency will dissapear because people can simply lose faith and stop trading the currency. However, seeing that there are many senior and loyal bitcoin miners in this forum, and as long as Silver Road website stay up (which government is working to shut it down), I doubt for now, that Bitcoins will become obsolete. In the Long Run, Bitcoins will go away or stay at REALLY LOW price until there are new ways to spend the coins in purchasing tangible asset.
MY ADVICE TO NEWBIES:
STAY AWAY
Take these factors into consideration first:
Bad News on Bitcoin Exchange and Users (Security Breach, etc..)
No Market Value (you can only buy drugs and web services (maybe socks too?), you can't buy house, car, land, or food)
Druggies don't have money due to bad economy
Hackers and Scammers are failing with their schemes due to more awareness and protection
Lack of Speculators (like myself, who are willing to invest in bitcoins)
NO CENTRAL BANK (which is needed to stabilize the value of bitcoins that is why you see mega big jumps and mega big lows)
Taking into account the risk involved in ANONYMITY (you can't trace or retrieve stolen coins) and all the factors listed above, the Bitcoins will fall as low as FOUR dollars. At the WORST, this currency will dissapear because people can simply lose faith and stop trading the currency. However, seeing that there are many senior and loyal bitcoin miners in this forum, and as long as Silver Road website stay up (which government is working to shut it down), I doubt for now, that Bitcoins will become obsolete. In the Long Run, Bitcoins will go away or stay at REALLY LOW price until there are new ways to spend the coins in purchasing tangible asset.
MY ADVICE TO NEWBIES:
STAY AWAY
Cool story.