Bitcoin

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NDPP
Bitcoin

Bitcoin Breaks All-Time High, As Cryptocurrency Smashes $11,900

https://www.rt.com/business/411956-bitcoin-breaks-all-time-high/

"...Bitcoin's rise in value in 2017 is unprecedented. It started from below $1,000 on January 1 and is now up more than 12-fold for the year. The cryptocurrency has been growing at a dizzying pace over the past month, having almost doubled in price since November 1. Analysts' warnings of bitcoin being a 'dangerous bubble' have not stopped the rally.

Bitcoin's market capitalization is now over $199 billion, making it worth more than major US companies like Boeing and General Electric. Its market cap is also bigger than the gross domestic products (GDP) of Greece and New Zealand.

If bitcoin were a company, it would be the 50th richest nation in the world."

 

#bitcoin

https://twitter.com/hashtag/bitcoin

NDPP

Another Day, Another Record

https://on.rt.com/8u3g

"Bitcoin juggernaut smashes $18,000..."

Mr. Magoo Mr. Magoo's picture

Wow.  Rarely does currency speculation result in such a laudable outcome.  The new bitcoin millionaires certainly deserve this.

NDPP

Alternative Visions - 1500% For Them, 0.5% For Us: Bitcoin vs Wages (and podcast)

https://alternativevisions.podbean.com/e/alternative-visions-1500-for-th...

"Dr Rasmus goes in depth on the bitcoin mania and the bubble now at more than $ 15,000 a coin - a 1500% increase in speculative profits in 2017...and rising. What are the determinants and drivers of the Bitcoin mania, the 'digital tulips' bubble of today?"

progressive17 progressive17's picture

The good thing about the Bitcoin bubble is that this wild speculation might make other asset classes which are contained in our pensions less bubble-prone.

NDPP

Bitcoin's Mysterious Creator Could Become World's First Trillionaire

https://on.rt.com/8ung

"With the cryptocurrency's booming price, the fortune of Nakomoto who is reportedly sitting on $17 billion, could turn him into the world's first trillionaire. The price of the world's most valuable digital currency bitcoin is up 1,800 percent this year. Last week it rocketed above $19,000 for the first time."

voice of the damned

The government of the ROK, a nation seriously over-represented in cryptocurreny trading, is doing a bit of a strip-tease on whether or not to implement a ban. The original plan was for a blanket ban, but they've backtracked a bit since the Blue House website got spammed with protests. 

https://tinyurl.com/yct9mjvd

 

 

 

 

Mr. Magoo Mr. Magoo's picture

It's like the internet all over again.

Countries:  "This new open, decentralized, distributed, anonymized thing is awesome, and we can't wait to try to tame it, regulate it, and at the same time try to benefit from it!"

voice of the damned

South Korea’s financial watchdog on Tuesday unveiled a set of guidelines to employ a real-name transaction system for virtual coins encrypted on distributed ledger platforms like blockchain, starting Jan. 30.

Once the new real-name transaction system comes into effect, cryptocurrency traders will be able to resume the purchase of encrypted coins like bitcoin, ether or ripple in Korea.

Not sure how this differs from cryptocurreny regulations elsewhere, or what effect it will have on the overall markets.

https://tinyurl.com/y8xjy79r

voice of the damned

Mr. Magoo wrote:

It's like the internet all over again.

Countries:  "This new open, decentralized, distributed, anonymized thing is awesome, and we can't wait to try to tame it, regulate it, and at the same time try to benefit from it!"

Well, in fairness, there's no direct contradiction between regulating something, and benefitting from it. The government regulates cars, but also benefits from them in many ways, for example.

Though, of course, there are always people at the beginning who want regulation basically as a cover for  de facto criminalization(eg. placing prohibitive licensing fees on businesses they don't like). But they're not likely the same ones consciously trying to benefit from the thing.

Mr. Magoo Mr. Magoo's picture

Interesting backgrounder on Bitcoin:

There Is Nothing Virtual About Bitcoin’s Energy Appetite

Quote:
But the computer power needed to create each digital token consumes at least as much electricity as the average American household burns through in two years, according to figures from Morgan Stanley and Alex de Vries, an economist who tracks energy use in the industry.

I don't know what Americans pay for electricity, but I know that two years' worth of Ontario electricity for a single bitcoin would be a bad deal.  All the same, evidently mining farms really do chew through the watts.