Slashdot Mirror
Bloomberg's Trading Terminals Now Providing Bitcoin Pricing
New submitter Raystonn (1463901) writes "Bloomberg has announced the release of Bitcoin support in their trading terminals, used worldwide by over 320,000 trading professionals. The market makers of the world will now have instant access to immediate Bitcoin prices on an industry-standard trading platform. This places the virtual currency before the eyes of the movers and shakers of most of the world's money supply as they decide where to invest their USD holdings."
Not Bitcoin.
Now the professional speculators will trash it for good. Get the amateurs out of the way, time for a REAL pump-and-dump cycle!
"Think about how stupid the average person is. Now, realise that half of them are dumber than that." - George Carlin
Indeed, I find the mere association offensive. Drug addicts and dealers are respectable people.
My first program:
Hell Segmentation fault
The stock traders do not care about any people. You can make money from it, that is enough motivation.
If you can think of a better way to buy hookers and blow you can probably get rich selling it to them.
Not just BitCoin, but he spend a sizable chunk of his own money to clean up the streets in the US of guns, so schools are safe again. Wish more billionaires were like him.
I always wonder what the vitriol against BitCoin comes from. I mean, its completely optional. You don't need to be involved at all. However from a technical viewpoint it is a very very clever system. I really don't understand why people get so upset. Is it because people are making money off of it?
Drug dealers? Who do you think has been feeding the stock market rise for the last two decades? It's the best and easiest way to launder a billion dollars at a time. Why do you think Charles Grassley made a personal visit to the FARC in Colombia when he was CEO of the NYSE, and then retired with the most enormous bonus of any executive in the Exchange's history? Why do you think US Treasury Secretaries leave "public service" to go lead the money laundering, err, 'private banking' divisions of the mega-banks?
It's an enormous amount of money that needs washing every year, around half of it from drug sales, the entire worldwide Bitcoin pseudo-economy couldn't even begin to touch it. This is just to make it easier for the currency speculators to play with.
"Think about how stupid the average person is. Now, realise that half of them are dumber than that." - George Carlin
i'm sad that tool Weev is out of prison. what a shame
I seem to remember that the Silk Road 2 had Bitcoins stolen after some cracker visit and were putting on a plan for getting able to reimburse their customers.
That seems more respectable and responsible than the "we will not be able to continue paying top bonuses to our mismanagers unless the public bails us out" regular banks. The banks are acting like modern-day robber barons.
To "invest" is to put money where value is.
Bitcoin is a concept. It has no value. People can trade, arbitrage, wield, barter, or exchange for it.
It still has no value.
Best fortune to all those making money with Bitcoin. For every one of you someone has lost
an almost equal amount. (originally mined bitcoins loss value 0 but it grows exponentially).
And as for the holdback bitcoins created and untouched -- that's why bitcoin will NEVER be a currency.
"Oh we invented this so we kept some for ourselves." Yeah, do that. And doom the coin.
E
Nothing has value unless there is a general consensus about it being valuable.Dollars are only pieces of paper that are no longer even backed by gold and that are valuable simply because everybody agrees they are valuable. If that consensus changes dollars become worthless. The same goes for commodities, you can build a huge stockpile of gold worth $100 million that everybody agrees is valuable until one day there is a super volcano eruption, civilization collapses and alluvasudden the general consensus on value shifts to your neighbours $1.000.000 (pre apocalypse value) stockpile of guns, ammo and canned food being way more valuable than your pile of gold.
Only to idiots, are orders laws.
-- Henning von Tresckow
If you can think of a better way to buy hookers and blow you can probably get rich selling it to them.
Hookers love cash. I doubt they're really into bitcoins...
Neither does any fiat currency. Its only useful because certain people will trade with it. USD is arguably better because the US trades in that. But there are some groups who trade in alternate made-up currencies (the Euro) that you can't pay taxes in, and as long as you can make the trade and both parties are happy you are good.
320,000 Bloomberg terminals at $1500 USD each per month. That's 480 million USD - per *month*. Forget bitcoin, I want in on that action!
The banks are acting like modern-day robber barons.
They aren't "acting like" anything. They are the modern day robber barons.
If you have a bullet press, you can always cast your gold into bullets.
OP's comment was specifically on "investing" in Bitcoins. He specifically pointed out that, like you said, it is useable for arbitrage. However, you cannot invest, merely speculate, in bitcoin. Gold, however, does have a real value, in that it does have a use beyond the arbitrage. It is used in several manufacturing processes. Yes, like all things it is subject to supply and demand, and is more fucked up from a economic theory perspective than most commodities, but you reinforced his point while failing to understand that there is a difference between investing and speculating.
The banks are acting like modern-day robber barons. They aren't "like" modern day robber barons. They ARE robber barons.
All points of time and space are connected.
The sole use of Bitcoins are for drug addicts and drug dealers. Why would stock traders care about these people?
Maybe its the one chance they get to be on the moral high ground.
No, dollars are backed by a stable government and the GDP of the USA. Bitcoin is backed by nothing.
Wow, 2 pointless syntactical corrections to the same comment whose intended meaning was obvious.
Drug dealers prey on people so they can be exploited and taken advantage of. How can you find any good in that?
Why do silver bullets always get all the love? Gold bullets would be awesome.
That's old hat. Virtual currency is getting widespread adoption. You can buy almost anything with it at this point if you know what your doing.
Whoops, yeah, that's right. Had to go back and look it up, memory is going.
"I invite members of the FARC to visit the New York Stock Exchange so that they can get to know the market personally." . . . Grasso told reporters that he was bringing "a message of cooperation from U.S. financial services."
"Think about how stupid the average person is. Now, realise that half of them are dumber than that." - George Carlin
The sole use of Bitcoins are for drug addicts and drug dealers. Why would stock traders care about these people?
Because historically the traders have been some of the dealers best customers?
Nothing has value unless there is a general consensus about it being valuable. As per your quote, millions of people think bitcoin has value as well as about $6billion dollars of market cap. That's not including the massive push by venture capitalist.
If china is banning it and Big traders and investors are getting interested, it should tell you something. Just take a few minutes to learn how the protocol works before claiming it's worthless technology. It's worth the small effort, we're all tech savvy people here.
Wow, 2 pointless syntactical corrections to the same comment whose intended meaning was obvious.
I would suggest, "Wow, two pointless...", or is it four now?
Why do silver bullets always get all the love? Gold bullets would be awesome.
In case you really don't know the reason, it's 'cause only silver has the ethereal purity to stop vampires. Heck, gold barely stops the Dane, and not for very long.
https://app.box.com/WitthoftResume Code: https://github.com/cellocgw
Why do silver bullets always get all the love? Gold bullets would be awesome.
One of the James Bond films, The Man with the Golden Gun, may have them.
Some people are alcoholics, and some people are not alcoholics. The liquor store will sell to anyone who is willing to buy.
You can get the price of every crap pink sheet stock on a Bloomberg terminal. It's not an endorsement of an investment.
WHOOSH! The joke was that stock traders are so much worse.
In reality, we know that stock traders are drug addicts and have close connections with dealers.
The 60,000+ merchants who accept bitcoin today would disagree. In fact, data from the Silk Road indictment and the bitcoin Block Chain show drugs were never more than 4% of total transactions. It was way more than 4% of *news stories*, because a drug marketplace grabs more eyeballs than paying for socks and sheets, or web hosting, but that's the mainstream media for you.
You are confusing a data entry in a ledger (bitcoin transactions in the Block Chain), and the Bitcoin Network, which enables efficient delivery of money from one place to another. The latter has value for the service it provides, and from the software, hardware, and user base it includes. Those don't need backing by anything else.
Everybody who's against Bitcoin is mad because they didn't mine it in the early days.
I didn't invest in beenie-babies or Miami real estate or any number of other tulip crazes and I don't regret missing them either. My life will happily go on without ever hearing another word about bitcoin. It serves no purpose that I care about. Spend your life worrying about opportunities missed and you'll live a very unhappy life.
It's not an endorsement but it is a recognition. Which is exactly what Bitcoin needs to increase adoption.
They "recognize" penny stocks too but that doesn't make them a sane place to put your money.
I can only imagine how many FORTRAN shared memory fields were abused to make this happen.
Sounds to me like you're just playing a game of word masturbation here.
Sure, you can claim that the word "invest" is only supposed to indicate spending money on a tangible good of intrinsic value. But every day, millions of people use the term differently.
One could just as easily say that putting money anyplace where there's a relatively good chance of that money increasing is "investing". My retirement fund, for example, is based on holding a bunch of mutual funds -- assets which are no more tangible than Bitcoin.
When it comes right down to it, almost nothing you can think of has a long-term guaranteed, stable value. Historically, precious metals have been considered among the most stable -- yet in a catastrophic "collapse of civilization as we know it" scenario, it quickly gets called into question as having ANY real worth anymore.
A basic necessity like food? Sure, as long as humans need to eat, it would be hard to envision it becoming worthless. But it's not a great investment idea either, in the sense that most food perishes after a certain length of time -- and it would be exceedingly unlikely that your food items would suddenly surge in value enough to justify your costs of storing it.
Silver was for werewolves, not vampires. At least until Hollyweird got hold of it, now sunlight make vampires sparkle and most of the monsters are good guys.
"Think about how stupid the average person is. Now, realise that half of them are dumber than that." - George Carlin
A way for fatcat bankers to put all the world's money into deflationary virtual tokens.
Actually this could be fun to watch...lulz ho!
"When information is power, privacy is freedom" - Jah-Wren Ryel
Bitcoin is backed by science. Which do you trust more?
Reputation also can have a quantifiable value. For example, if Mallory's exchange has a reputation of $25,000 and Alice/Bob want to do a $30,000 exchange, it might be worth it for Mallory to destroy the reputation of his exchange for the $5000 gained by seizing the transaction.
Part of the reason is that instead of regulation (the "trust us, we are a bank and guaranteed"), reputation is critical to their business. So when SR2 had BitCoins stolen, it was cheaper to replace the lost currency than to lose the reputation they are working on.
Like Scientology?
"Think about how stupid the average person is. Now, realise that half of them are dumber than that." - George Carlin
Just because the word scientology shares the first four letters of the word does not mean it is or ever was based on science. Regardless that's a troll argument since Scientology is a closed and secret system where as everything related to Bitcoin is publicly available for you to review if you are so inclined (or paranoid).
a governement that is spending about 1.7 Trillion above income is not stable, it's in freefall, it just hasn't hid the ground yet
There is a simple way to identify something as an investment or speculation. If something has a cash flow (or a yield) it is a investment. If it doesn’t it’s speculation.
If I purchase 1 BitCoin and 1 ounce of gold today, I will have 1 BitCoin and 1 ounce of gold 1 year from now. That’s speculation – you are hoping that the price will change.
If I buy a bond it has a yield. If I buy some stock I am going to get a slice of the company’s earnings. If I buy property I will get rent. If I buy some forest my trees will grow – this is my non-cash example. These are investments.
Actually the vast majority of dealers are just addicts who started selling to people they knew to support their own habbit. That instantly makes them better than the majority of salesmen in the world since they are not only selling only to people who seek them out looking for their product, but sell a product that they themselves actually use.
In fact, if not for abusive prices that are the result of pieces of shit who think they can solve every solcial problem by banning the things they don't like and sticking their heads in the sand, the majority of them wouldn't even be dealers.
"I opened my eyes, and everything went dark again"
Of course it's a troll argument, sometimes they're just too obvious to resist :-)
What in the world is scientific about Bitcoin though? Just because something is documented doesn't make it science. Just because it uses mathematics doesn't make it science. I suppose one could make the argument that it might be a sociology experiment created by a guy who worked on classified military programs, but that's kind of dubious.
"Think about how stupid the average person is. Now, realise that half of them are dumber than that." - George Carlin
Nothing has value unless there is a general consensus about it being valuable.Dollars are only pieces of paper that are no longer even backed by gold and that are valuable simply because everybody agrees they are valuable. If that consensus changes dollars become worthless.
Wrong. Dollars have value because the government, charged with the creation and enforcement of laws, says they do. If the consensus changes, it doesn't matter, they're still worth what the government says they are worth. That's what makes a dollar stable, as opposed to say a Bitcoin, which is worth whatever a consensus of people say it's worth (down to and including zero).
For a site about things like basic rights, Slashdot users sure do like to censor "dissent".
ya...good luck keeping greedy people from jumping in on huge speculative bubbles.
If they can look at the chart for a particular product that's gone hyperbolic, and they still think it's a good idea, nothing will stop them.
People want to believe, if you try to stop them they will say thank you while thinking "fool".
As for 1, this is a sore spot with many people in the bitcoin world as well, and there is a rising tide of support building for a 'post mining' securitization system that is much less wasteful of resources (on the order of 100 times less or more) and doesn't depend on solely dedicated and costly mining farms and the increasing consolidation of control that comes with them.
A couple of the current contenders for this are Proof of Stake system and Proof of Transaction (not competitors, they can be used together and work best that way), both of which tackle the mining (which is really securitization and maintenance of the protocol; the 'mined coins' are just a form of payment for performing this service) in a way that only uses resources that are needed for the transaction confirmation and network upkeep process, and does away with the arms race of pointless busywork that Bitcoin has fallen into.
Whether or not Bitcoin as a community can accommodate these ideas without imploding or fracturing is a very difficult question to answer.
Maybe they should increase taxes. Rather than cut taxes and hope that somehow it all magically works out.
conveniently leave out where most of the transactions *do* come from, why don't you. Bitcoin's dirtiest little secret isn't SR, it's Just-Dice and friends. Bitcoin is a way for nerds to gamble at the craps table while telling themselves they are really investing.
Where'd you get that number from? I've heard that drugs were about 83% of bitcoin purchases.
That ... and silver is actually hard enough to use as a bullet, where as gold would probably mushroom out, jam in the barrel and cause an explosion.
Persistent Volume manager for Kubernetes - https://github.com/dwimsey/openshift-pvmanager
No, dollars are backed by a stable government and the GDP of the USA. Bitcoin is backed by nothing.
Yes, funny: but the true value of a currency is it is the only currency the taxation office takes.
46137
Is the software, hardware and efficient delivery of money service worth tens of billions of dollars in total? Not, in my opinion. But in an age where an SMS mobile app is worth $18 billion, my valuation may be wrong.
As an aside, since the ledger entry is intrinsic to bitcoins and ledger entries depend on previous transactions of a user, doesn't bitcoins seem terribly big brotherish since the ledger tracks every single transaction you make using bitcoins?
How many of the Dollars that you personally use are actually printed on paper (well, cloth or plastic in most places)? Most of the Dollars in circulation exist in bank ledgers, created by depositing the money from loans that banks have issued. Backed by the asset value of the banks balance sheet.
With the price of houses falling in the US, and the FED panicking and buying so many bank assets at face value...
09F91102 no, 455FE104 nope, F190A1E8 uh-uh, 7A5F8A09 that's not it, C87294CE no. Ah! 452F6E403CDF10714E41DFAA257D313F.
Dollars have value because the government, charged with the creation and enforcement of laws, says they do. If the consensus changes, it doesn't matter, they're still worth what the government says they are worth.
That will be really helpful when you go to the market and find that a gallon of milk costs $100. "What the government says they're worth" is meaningful only as long as the government has the goods you want to buy. Even if they tried to impose a price ceiling, the long-term result would simply be that no one would be willing to sell the goods at the mandated price. You can't legislate away the law of supply and demand.
You don't have to look far to see examples of government currencies which were devalued "down to zero", with said governments powerless to prevent it: Examples of Hyperinflation. In general these devaluations are due to massive increases in the money supply, which won't be an issue with Bitcoin.
"The state is that great fiction by which everyone tries to live at the expense of everyone else." - Bastiat