It's been pretty obvious now since about when bitcoin was at $600 that the price was going to go down. Smart investors make money shorting the price of bitcoin at bitfinex.com.
I made my money starting last November when the price was at $300. Eventually it went up to $1200 something and has gone down since. I converted most of my bitcoin into alternate coins or altcoins. Those coins typically have a boom-and-bust cycle just like bitcoin did except that it happens over and over again with each new altcoin.
I got lucky last November and invested big in quark coin. Immediately after that it skyrocketed. I wasn't smart enough to get out at the top but I did make enough profit to pay the down payment on my house.
Who knows how far down bitcoin will go? It went down to around $300 last April. It could go lower too but eventually it will bounce back. It's not that much different than the stock market except the highs and lows are a little more extreme.
Actually it's completely different than the stock market. The stock market is a market of equity portions of (for the most part) real companies providing real goods and services. Bitcoin is backed by,…nothing, other than a loose herd belief that Bitcoin has some kind of value. Even tulip bulbs looked pretty when planted, BTC is just a concept and nothing more.
You can't eat a bitcoin
It's value is as a money transfer service just like WU, MG, Visa, MasterCard, PP, etc. There is value in being able to do that. It's just that there is no central company making a profit off your transfer. When more companies realize they don't have to pay money-transfer companies the fees to transfer money using their service they will adopt bitcoin even more which will cause the price to go up eventually.
