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 Originally Posted by rong
I don't think we're anywhere near despair.
Agreed. The start of the Despair stage will be at $200. Bottom out around $100, or less as Eug mentioned.
Despite the price drop, I still wouldn't touch bitcoin (or any other digital "currency") with a 10 foot pole. With flash in the pan price increases, there will be even harsher drops. There are no fundamentals with a completely new, untested, no intrinsic value product like bitcoin. It is almost 100% driven by market psychology.
If one really wanted to try to make some money on bitcoin right now, it would be in shorting it. I wouldn't advise that though unless you are extremely risk tolerant.
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