Let me begin by saying, like most others, I wouldn't touch Bit Coins with a ten foot pole. People who buy are a bit like people who throw money at the lottery, hoping that lightening will strike in a bottle and they will get something for nothing. They could also easily get nothing for something. I don't gamble. It is not how I want to earn my money.
(In fairness, not everyone is trying to strike it rich. There are also Bit Coin buyers who like all things modernistic and are early adopters. There are also those who hate anything to do with the government and like a non-government currency. Then there are the drug dealers. Quite a mixed lot.)
That having been said, most of the recent news reports cite how Bit Coin has plunged from over a $1000 per coin to below $500 (almost in an instant). What they don't mention is that it is not that long ago that Bit Coins were valued at around $30. So, if someone had bought them, say a year and a half ago (that would not be me - see the opening paragraph), after this terrible recent crash in value (from over $1000 down to about $500), they would be weeping over the fact that after investing $30 per coin, all they are getting out of it is a mere $500 per coin (presuming that they did not have their coins in Mt. Gox and had them stolen). How awful!
