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RichardKennaway comments on Open Thread February 25 - March 3 - Less Wrong
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So, MtGox has declared bankruptcy. Does that make this a good time, or a bad time to invest in Bitcoins? And if a good time, where is the best place to buy them?
As for the second question, I use coinbase. As to the first, never try to time these things. You will be beaten by people with more information. Instead just slowly trickle in and have pre-defined rules about when you will sell rather than trying to time an exit. Though I admit I broke my own advice and did an impulse-buy the other night when everyone was panicking over Gox and the price was $100 less than a day before and a day after.
And now Flexcoin goes under, and I see that two other exchanges, Poloniex and Inputs.io, recently suffered substantial thefts. Is the lesson to learn from this, "don't get into Bitcoin", or merely "keep your Bitcoins in your own wallet and only expose them online for the minimum time to make a transaction"?
The lesson is "Make sure people you trust with your money are competent or at least have excellent liability insurance".
It depends on if you're planning on selling soon or if you think bitcoins will gain value in the long term. If it's a longterm purchase, the difference in price between now and a few weeks ago is a lot less big than either of those prices will be from the theoretical heights bitcoin can reach.