Political Wrinkles  

Go Back   Political Wrinkles > Political Forums > Economics
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

Economics Discuss Bitcoin more valuable than gold at the Political Forums; Bitcoin now more valuable than gold... Bitcoin value tops gold for first time Fri, 03 Mar 2017 - Demand for ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 03-02-2017, 11:58 PM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,146
Thanks: 1,583
Thanked 586 Times in 499 Posts
Cool Bitcoin more valuable than gold

Bitcoin now more valuable than gold...

Bitcoin value tops gold for first time
Fri, 03 Mar 2017 - Demand for the digital cryptocurrency has soared since the beginning of the year.
Quote:
A unit of the digital cryptocurrency Bitcoin has exceeded the value of an ounce of gold for the first time. It closed at $1,268 on Thursday while a troy ounce of gold stood at $1,233. The current high is being attributed to surging demand in China, where authorities warn it is used to channel money out of the country. The past months' surge is a major reversal for Bitcoin, which plummeted in value in 2014 after the largest exchange collapsed.


Bitcoins

The value of Bitcoin has been volatile since it was first launched in 2009, and many experts have questioned whether the crypto-currency will last. Earlier this year, Chinese authorities cracked down on Bitcoin trading in an attempt to stop money flowing out of the country illegally. But the closer scrutiny from Beijing only briefly sent the currency lower. After it had soared to record highs in January, it has since picked its steady rise in value.

How Bitcoin works

Bitcoin is often referred to as a new kind of currency. Yet like all currencies its value is determined by how much people are willing to exchange it for. To process Bitcoin transactions, a procedure called "mining" must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution. For each problem solved, one block of Bitcoins is processed. In addition the miner is rewarded with new Bitcoins. To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.


Verifying bitcoin transactions takes a lot of computer power

There are currently about 15 million Bitcoins in existence. To receive a Bitcoin, a user must have a Bitcoin address - a string of 27-34 letters and numbers - which acts as a kind of virtual post-box to and from which the Bitcoins are sent. Since there is no register of these addresses, people can use them to protect their anonymity when making a transaction. These addresses are in turn stored in Bitcoin wallets, which are used to manage savings.

Bitcoin value tops gold for first time - BBC News
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
  #2 (permalink)  
Old 03-03-2017, 12:10 AM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 72,902
Thanks: 52,742
Thanked 25,160 Times in 17,839 Posts
Send a message via Yahoo to saltwn
Default Re: Bitcoin more valuable than gold

I didn't believe it when it began, what people were saying about a back up, black market currency. I do now-
-cuz the revolution.
__________________
Hillary Clinton is like prune juice; might leave a bad taste in your mouth but if you don't take it you'll have to put up with a load of crap for a long time.
~ Larry David as Bernie Sanders
Reply With Quote
The Following User Says Thank You to saltwn For This Useful Post:
  #3 (permalink)  
Old 04-07-2017, 01:20 AM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,146
Thanks: 1,583
Thanked 586 Times in 499 Posts
Red face Re: Bitcoin more valuable than gold

Uncle Ferd wonderin' if we can make some money postin' posts?...

Kim Dotcom Announces New Bitcoin Venture for Content Uploaders to Earn Money
April 05, 2017 - Controversial New Zealand-based internet mogul Kim Dotcom plans to launch a Bitcoin payments system for users to sell files and video streaming as he fights extradition to the United States for criminal copyright charges.
Quote:
The German-born entrepreneur, who is wanted by U.S. law enforcement on copyright and money laundering allegations related to his now-defunct streaming site Megaupload, announced his new venture called 'Bitcontent' in a video posted on Youtube this week. "You can create a payment for any content that you put on the internet...you can share that with your customers, with the interest community and, boom, you are basically in business and can sell your content," Dotcom said in the video.

He added that Bitcontent would eventually allow businesses, such as news organizations, to earn money from their entire websites. He did not provide a launch date. Dotcom did not provide details on how Bitcontent would differ from existing Bitcoin operations or how it would help news organizations make money beyond existing subscription payment options.


Kim Dotcom, the founder of the file-sharing website Megaupload, comments after he was granted bail and released in Auckland, New Zealand

Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government. The currency's anonymity has however made it popular with drug dealers, money launderers and organized crime groups, meaning governments and the financial establishment have been slow to embrace it since the first trade in 2009. The currency's value hit record levels in 2017, trading at $1,145 on Wednesday, a fivefold increase in a year, amid growing interest globally.

A New Zealand court ruled in February that Dotcom could be extradited to the United States to face charges relating to his Megaupload website, which was shutdown in 2012 following an FBI-ordered raid on his Auckland mansion, a decision he was appealing. Dotcom, who has New Zealand residency, became well known for his lavish lifestyle as much as his computer skills. He used to post photographs of himself with cars having vanity plates such as "GOD" and "GUILTY", shooting an assault rifle and flying around the world in his private jet.

Kim Dotcom Announces New Bitcoin Venture for Content Uploaders to Earn Money
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
  #4 (permalink)  
Old 07-20-2017, 11:38 AM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,146
Thanks: 1,583
Thanked 586 Times in 499 Posts
Question Re: Bitcoin more valuable than gold

Why Bitcoin risks becoming a victim of its own success...

Bitcoin swings as civil war looms
Thu, 20 Jul 2017 - The Bitcoin community must agree how to tackle a slowdown in transaction times to avoid a schism.
Quote:
The value of the virtual currency Bitcoin has always been volatile. Even so, there has been particular turbulence in recent days as fears of a "civil war" among its adherents first grew and then subsided, although they have not gone away altogether. On Sunday, the value of one bitcoin dropped to about $1,863 (1,430) before bouncing back to $2,402 on Wednesday, according to data from the news site CoinDesk - still some way off a June high of $3,019.

What's at stake?

Bitcoin risks becoming a victim of its success. The popularity of the financial technology has caused transactions to be processed slower, with some users complaining of having to wait three days or more for confirmation of trades when the backlog was at its worst, in May. Moreover, fees have also risen, hitting a high of $5 per transaction at the start of June. That makes it too costly to justify its use for some purchases, such as buying a pint of lager in a Bitcoin-accepting pub.


There are ways around the problem, but the cryptocurrency's community has been split over which solution to adopt. The risk is that Bitcoin could effectively split in two, with one type becoming incompatible with another, ultimately undermining confidence in the project altogether. Mining, by the way, has become a big business in its own right, with some companies investing in huge "farms" of computers dedicated to the activity. Several of the biggest are based in China.

In simple terms, why does this problem exist?

The issue is that Bitcoin's underlying technology has an in-built constraint: the ledger of past transactions, known as the blockchain, can have only 1MB of data added to it every 10 minutes. To understand why, it's helpful to first understand how Bitcoin works. To authenticate Bitcoin transactions, a procedure called "mining" takes place, which involves volunteers' computers racing to solve difficult mathematical problems. For each problem solved, one block of bitcoins is processed. As a reward, the successful miners are given newly generated bitcoins.


Buying bitcoins has become expensive in itself

An updated copy of the blockchain database is then copied to all the computers involved in the validation process, which are referred to as "nodes". Bitcoin originally did not have the 1MB/10min blockchain limit, but the feature was added to help defend the technology against denial of service (DoS) attacks, which might overwhelm the blockchain by flooding it with tiny transactions.

So, why not just raise the limit?
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
  #5 (permalink)  
Old 08-14-2017, 03:05 PM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,146
Thanks: 1,583
Thanked 586 Times in 499 Posts
Cool Re: Bitcoin more valuable than gold

Uncle Ferd says dat's higher n' an ounce o' gold...

Bitcoin value crosses $4,000 threshold
Aug. 14, 2017 -- The digital currency bitcoin passed the $4,000 threshold for the first time ever on Monday, driven by weekend demand in Japan, analysts said.
Quote:
The Internet-traded currency, unattached to any national bank's regulators and with a supply capped at 21 million, hit $4,251.02 on Monday afternoon, an 18 percent gain over Friday.

Strong demand from Japan, prompted by international tensions involving North Korea, China and the United States, increased Bitcoin's market capitalization by $15 billion in the past week, CNBC reported on Monday.


Driven by demand from Japan, the value of a bitcoin hit a record $4,251.01

Japanese yen has accounted for 42 percent of bitcoin purchases, CNBC said, adding that Japan retailers began accepting bitcoin as legal tender earlier this year. Bitcoin value is up 320 percent since the start of the year.

Another factor in bitcoin's rapid appreciation was the introduction last week of SegWit2x, an upgraded trading protocol. After controversy within the bitcoin community of traders, transaction size capable on the blockchain, the technology used for bitcoin trading, was increased, Bloomberg News reported Monday.

https://www.upi.com/Top_News/World-N...l&utm_medium=6
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
  #6 (permalink)  
Old 09-30-2017, 03:11 AM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,146
Thanks: 1,583
Thanked 586 Times in 499 Posts
Cool Re: Bitcoin more valuable than gold

Don't count bitcoin out...

IMF Chief tells Central Bankers to not Dismiss Bitcoin
September 29, 2017 Christine Lagarde, the head of the International Monetary Fund, has a message for the world's central bankers: Don't be Luddites.
Quote:
Addressing a conference in London on Friday, Lagarde said virtual currencies, which are created and exchanged without the involvement of banks or government, could in time be embraced by countries with unstable currencies or weak domestic institutions. "In many ways, virtual currencies might just give existing currencies and monetary policy a run for their money," she said. "The best response by central bankers is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve."

The most high-profile of these digital currencies is bitcoin, which like others can be converted to cash when deposited into accounts at prices set in online trading. Its price has been volatile, soaring over recent years but falling sharply earlier this month on reports that China will order all bitcoin exchanges to close and one of the world's most high-profile investment bankers said bitcoin was a fraud. For now, Lagarde said, digital currencies are unlikely to replace traditional ones, as they are "too volatile, too risky, too energy intensive and because the underlying technologies are not yet scalable."


Managing Director of the International Monetary Fund, Christine Lagarde, speaks at the Bank of England conference 'Independence 20 Years On' at the Fishmonger's Hall in London, Britain

High-profile hacks have also not helped, she noted. One notable failure was that of the Mt. Gox exchange in Japan in February 2014, in which about 850,000 bitcoins were lost, possibly to hackers. Following that, Japan enacted new laws to regulate bitcoins and other cryptocurrencies. But in time, she argued, technological innovations could address some of the issues that have kept a lid on the appeal of digital currencies. "Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays, so I think it may not be wise to dismiss virtual currencies," Lagarde said.

Lagarde's comments appear at odds with the views of JPMorgan Chase CEO Jamie Dimon, who this month described bitcoin as a fraud and said he'd fire any of his traders if they caught dealing in the digital currency. In a speech laying out the potential changes wrought by financial innovations, Lagarde also said that over the next generation, "machines will almost certainly play a larger role" in helping policymakers, offering real-time forecasts, spotting bubbles, and uncovering complex financial linkages. "As one of your fellow Londoners - Mary Poppins - might have said: bring along a pinch of imagination!"

https://www.voanews.com/a/imf-chief-...n/4049971.html
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
  #7 (permalink)  
Old 11-14-2017, 12:20 AM
Scholar
 
Join Date: Dec 2011
Location: Okolona
Gender: Male
Posts: 2,146
Thanks: 1,583
Thanked 586 Times in 499 Posts
Cool Re: Bitcoin more valuable than gold

Bitcoin more valuable than gold...

Bitcoin's value rises after big selloff
Nov. 13,`17 (UPI) -- Digital currency bitcoin has gone on a roller coaster-type ride the past few days.
Quote:
Last week, bitcoin hit a record $7,879.06, according to industry website Coindesk, on CME Group announcing plans to offer bitcoin futures contracts, and some favorable regulation in countries, including Japan. Over the weekend, it sold off as investors reacted to developers' decision to delay upgrading the bitcoin network for transactions and spit the currency. It dropped as low as $5,617,29 Sunday as hedge funds cashed in some profits. On Monday, it began trading at $5,857.32 and climbed to a session-high $6,770,37, according to data from CoinDesk. It then dropped to $6,459.61 Monday, a rise of 10.28 percent

The total value of all the coins in circulation rose $10 billion on Monday, according to industry website Coinmarketcap.com. "Crypto trading is not for the novice investor," John Spallanzani, chief macro strategist at GFI Securities LLC in New York, said to Bloomberg.


Bitcoin's price has traded widely over the past week, as high as $7,879.06 and as low as $5,617,29. On Monday afternoon it was trading at $6,459.61.

Those favoring the technology upgrade have been switching to Bitcoin cash, an offshoot of bitcoin that has become more popular because of its bigger block size. It increased last week but plunged from an all-time high of $2,477.65 on Sunday to $1,277.29 on Monday, according to Coinmarketcap.com. "We have seen similar steep falls in bitcoin throughout the year -- specifically in June and September -- but every time a considerable decline occurs, new investors jump in to experience the new asset class," Hussein Sayed, chief market strategist at ForexTime Ltd., a currency broker that uses the brand FXTM, wrote in a note obtained by Bloomberg.

Bitcoin has a market value of about $110 billion after dropping to a low of $38 billion on Nov. 8. The currency has gained nearly 600 percent this year. "One of the main problems with bitcoin is that it does not scale up properly as more and more users adopt it," said Daniele Bianchi, assistant professor of finance at Warwick Business School, said to CNN.

https://www.upi.com/Top_News/World-N...l&utm_medium=6
__________________
The water's always turbulent where two great rivers meet.
Reply With Quote
Reply

Tags
bitcoin, gold, more, than, valuable

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 02:42 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0