Slashdot Mirror
This Is the Week Wall Street Went Nuts Over Cryptocurrencies (bloomberg.com)
Wall Street banks that weren't already on the bitcoin bandwagon appear to be piling on, or least eyeing seats, after the cryptocurrency surged to all-time highs this week on the way to $6,000. From a report: Analysts are working to keep up with demand from clients for information. UBS and Citigroup published extensive explainers on blockchain technology, while senior executives at JPMorgan Chase warmed to the cryptocurrency during the bank's third-quarter earnings call. The digital currency has risen more than fivefold after trading at less than $1,000 as recently as December, breaking the $5,000 mark this week and already targeting the next thousand-dollar level. Throughout its rise, the cryptocurrency shrugged off tighter regulations, feuding factions and warnings from the likes of JPMorgan's Jamie Dimon of fraud and an eventual price collapse.
What is a 'Bubble'
A bubble is an economic cycle characterized by rapid escalation of asset prices followed by a contraction. It is created by a surge in asset prices unwarranted by the fundamentals of the asset M and driven by exuberant market behavior.
BUY! BUY! BUY!
it's only valuable because it's backended by a ton of illegal activity (money laundering, gambling, drugs, ransomware). Nobody's buying much of anything legitimate with this stuff because it's not backed by governments, no will it be. Sooner or later the government will crack down and it'll all collapse.
Wall Street has always been a combination shell game and method for the ruling class to skim 50-60% off the economy without doing any real work, but this is just ridiculous. Come to think of it that's the only way I could see Crypto currency get a kind of legitimacy. I could see the ruling class forcing us to use it to buy stuff so they can skim even more off us working stiff's wages. Like credit cards but without the convenience and buyer protections.
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“I’m so proud of the $5.2 trillion dollars of increase in the stock market,” Trump said, referring to the bull market that began as the economy pulled out of the Great Recession during the months after President Obama took office.
“Now, if you look at the stock market, that’s one element, but then we have many other elements. The country — we took it over, it owed $20 trillion, as you know, the last eight years they borrowed more than it did in the whole history of our country, so they borrowed more than $10 trillion — and yet, we picked up $5.2 trillion in the stock market, possibly picked up the whole things in terms of the first nine months in terms of value.”
This fucking moron is our sitting President, in charge of things. Yes.
Looks like somebody bought their way into an unregulated market manipulation! Now guess what they are going to do while you suckers buy?
So in a functioning market, investors should be able to go long or short on an asset -- that is, it should be possible to assert that it will rise and to assert that it will fall (or if you're clever, buying options that assert the price will remain right where it is).
As far as I can see, a hypothetical person that wanted to bet that bitcoin would fall doesn't really have a vehicle by which to take that position.
...ITS WORKING!!!
-Lo Pan
The stock market has nothing to do with government finances.
That's like saying since you got a raise this year I can buy a bigger house. It makes no sense and isn't related.
Then again that is common currently idiots looking unrelated topics together and basing decisions off of that. Like autism and vaccines 100% false yet still.beloeved
i thought once I was found, but it was only a dream.
And he's supposed to be a Wharton-educated businessman. Jesus effin Christ.
Never a speculative bubble it didn't like.
That this place is still filled with arm-chair economists heee-hawing about the demise of Bitcoin since 30 cents.
Back in 2011, Slashdot had a post about bitcoin. I thought it sounded interesting. So, I mined some and sent some money via dwolla to tradehill to mt.gox or something crazy like that and bought some. That $300 is now worth over $250k. I don't remember there being that many hater on the thread back then. If there were, I'm glad I didn't listen to them.
The stock market has nothing to do with government finances.
Corporate earnings, capital gains, and high-networth margin top tax bracket income is hugely impacted by what stock market is doing - hence the taxes levied on those sectors is hugely impacted by the stock market.
This is amply demonstrated with California's fiscal situation at state government level. Very progressive tax setup there that depends more than national average on pool of high net worth individuals, and when stock market tanks the state is on brink of bankruptcy and when the bubble blows its good times (or at least solvent times) in Sacramento.
shorting should be outlawed? I get the concept but it's pretty much gambling of the worst sort. Plus if you're a big investor with lots of power you've suddenly got incentive to make a company fail. Heck, in a crypto currency market you could probably do all sorts of stuff to tank the price after you shorted it.
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You can't short stocks unless you have a boatload of cash in your account. Naked short selling is frowned upon these days. The requirement isn't that out of the ordinary, especially for a completely new market.
It's not like Bitcoins are diamonds or U.S. currency!
Not for trying to get into bitcoin but having such poor googling abilities that they need to ask financial advisors how to invest in bitcoins
"characterized by rapid escalation of asset prices"
Bitcoin has been 8 years in the making. Like a century in Internet Years. It's a fundamentally better way to transact value and those that still hate on it need to stop dragging their knuckles.