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.

Comments

Re:Just when I think things are getting better...

[TodPunk]

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).

Re:I guess there is demand

[Artem S. Tashkinov]

Fake money? Who wants it?

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.

Pump and Dump

[MMC Monster]

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.