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Bitcoin Hits Highest Levels In Almost Three Years (reuters.com)
Digital currency bitcoin hit its highest levels in almost three years on Friday, extending gains since India sparked a cash shortage by removing high-denomination bank notes from circulation a month ago. From a report on Reuters: Bitcoin was trading as high as $774 on the New York-based itBit exchange, up almost 1 percent on the day and the highest since February 2014, having climbed almost 9 percent in the past month. It has climbed around 80 percent so far this year, far exceeding its 35 percent rise in 2015.
Because this time it's different!
There are many well documented use cases. Just take the time to understand it. Your comment makes as much sense as saying "the Internet is only useful for criminals."
Except Trump doesn't matter because those banking regulations have been stripped away one by one since at least the past 20 years, specifically pointing to the Gramm–Leach–Bliley Act
Oh come on, you have to see that the blockchain cryptomancy technology here will lead to a deep AI machine big learning data revolution and finally give us the open cloud paradigm for internet of dark web things computing we've always dreamed of.
(Since Poe's Law is a thing, yes, this is in jest).
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All money is fake by definition. We all agree those paper bills cost something when in fact it's just worthless paper. What's more, there's hugely more electronic money and various forms of money derivatives (like shares, debts, obligations, etc. etc. etc. read this article https://en.wikipedia.org/wiki/... ) right now than real banknotes. I guess it's 100 to 1 nowadays if not more.
So real money is only 1% tangible while bitcoin is 0% tangible. Not a huge difference for me.
having climbed almost 9 percent in the past month. It has climbed around 80 percent so far this year, far exceeding its 35 percent rise in 2015.
Don't forget mentioning that it may actually make up all the losses from 2014.
I like the idea of Bitcoin. It's fantastic.
But in reality it's still trading more like a commodity than a currency. Sort of like how Susan B. Anthony dollar coins are more hoarded than used as actual currency.
Help! I'm a slashdot refugee.
Clearly you haven't seen the USD ten year chart.
Sorry, you're right, I forgot to add baseless ad hominem to the list. (you may need to look it up)
I like the idea of Bitcoin. It's fantastic.
Not if you actually understand finance and risk it isn't. Bitcoin is an interesting experiment in some ways but as a practical matter for real world use it's rather clumsy, risky and impractical. It's flawed in so many ways I barely know where to begin. The only thing about it that I really think might eventually prove valuable is the block chain technology which has applications far beyond bitcoin.
But in reality it's still trading more like a commodity than a currency.
Currencies ARE commodities. The term commodity is specifically used for an economic good or service when the demand for it has no qualitative differentiation across a market. A dollar is a dollar no matter where you trade it. Don't feel bad, a lot of people fail to understand this. Currencies in forex markets are traded very much like other commodities. They're just an abstract/intangible sort of commodity rather than bars of gold or barrels of oil. There is some nuance to the market just like every other commodity but they really are commodities all the same.
They're trying to find a way to hoard wealth that can't be taken away by the stroke of a pen (like what just happened).
The issue is people are working under the table and the government is trying to increase revenue by making it harder to dodge taxes.
Keeping money in cash where it can't be traced easily is how they were doing it.