Bitcoin Jumps Another 10% in 24 Hours, Sets New Record at $19,000 (arstechnica.com)

An anonymous reader quotes Ars Technica: Bitcoin's price set a new record on Saturday as the virtual currency rose above $19,000 for the first time on the Bitstamp exchange. The gains came just hours after the currency crossed the $18,000 mark. Bitcoin's value has doubled over the last three weeks, and it's up more than 20-fold over the last year.

Bitcoin's value keeps rising despite a growing chorus of experts who say the currency value is an unsustainable bubble. One CNBC survey this week found that 80 percent of Wall Street economists and market strategists saw bitcoin's rise as a bubble, compared to just two percent who said the currency's value was justified. Another survey reported by The Wall Street Journal this week found that 51 out of 53 economists surveyed thought bitcoin's price was an unsustainable bubble.
Less than a month ago, Bitcoin was selling for $8,000.

Comments

Bitcoin Mania

[Bruce Perens]

Bitcoin mania: people confuse creation of money with creation of value. Value is food, materials, information, useful work. Dollars/bitcoins are unreliable media for exchange of value, not the value itself. Creation of $300B in bitcoin won't help the world to feed one more mouth.

Re:I have an idea.

[Rei]

This whole situation reminds me of the old Onion article, AOL Acquires Time-Warner In Largest-Ever Expenditure Of Pretend Internet Money. The AOL-Time Warner merger was the peak in the Dot Com boom insanity, en route to it transitioning to a bust. Now: Bitcoin Plunge Reveals Possible Vulnerabilities In Crazy Imaginary Internet Money

The amount of money people are dumping into coins is just absurd. I was just checking, and Dogecoin now has a market cap of $754 - more than the combined GDPs of Tualu, Kiribati, the Marshall Islands and Palau. For a joke.