About Bitcoin. Bitcoin price today is $23, USD with a hour trading volume of $45,,, USD. Bitcoin is up % in the last 24 hours. The current CoinMarketCap ranking is #1, with a market cap of $,,, USD. Just this week, a prominent South Korean exchange was forced to shut down after being raided by hackers. And longtime Bitcoin watchers can hardly forget the spectacular implosion of Mt. Gox, the. Sep 18, · Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms.
Bitcoin trading ceasedBitcoin falls to $6K as stocks crash - Asia Times
Our banker goes on to explain that the first Cancer-Pill bitcoin might initially see some great sales. Prices would rise, especially if supply was limited just as an artificial supply limit is built into the bitcoin algorithm. But since the formula is open and free, other companies quickly come out with their own cancer pills.
Anybody can make a pill, and it costs only a few cents per dose. This screenshot from coinmarketcap. Bitcoin AKA Cancer-Pills has become an investment bubble, with the complementary forces of human herd behavior, greed, fear of missing out, and a lack of understanding of past financial bubbles amplifying it. To better understand this mania, we need to look at why bitcoin was invented in the first place.
As the legend goes, in an anonymous developer published a white paper under the fake name Satoshi Nakamoto. The author was evidently a software and math person.
But the paper also has some in-built ideology: the assumption that giving national governments the ability to monitor flows of money in the financial system and use it as a form of law enforcement is wrong. This financial libertarian streak is at the core of bitcoin. Government-issued currencies have value because they represent human trust and cooperation. There is no wealth and no trade without these two things, so you might as well go all in and trust people.
Bitcoin has none of these things, and even safely storing it is difficult. Bitcoin exchanges such as Mt Gox in Japan, Bitfinex and various other wallets and exchanges have been hacked. The second point is crucial. Bitcoin is only valuable if it truly becomes a critical world currency. Right now, speculators are the only people driving up the price.
A speculative cult currency like bitcoin is only valuable when you cash it out to a real currency, like the US dollar, and use it to buy something useful like a nice house or a business. When the supply of foolish speculators dries up the value evaporates — often very quickly.
A currency should also not be artificially sparse. It needs to expand with the supply of goods and services in the world, otherwise we end up with deflation and hoarding. It helps to have the Federal Reserve system and other central banks guiding the system.
But, of course, none of these measures can save you if Bitcoin values suddenly plummet. Because even the most secure hardware isn't bubble-proof. Sign In. Become a Member. Remember Me. Not a member? Need further assistance? Please call Member Services at How Safe Is Bitcoin, Really? Sudden drops in price aren't all investors need to worry about. Bitcoin can also be lost or stolen.
By Nicholas Deleon. December 22, Sharing is Nice Yes, send me a copy of this email. Send We respect your privacy. Oops, we messed up. Try again later. When you shop through retailer links on our site, we may earn affiliate commissions. Learn more. The Threat of Online Hacking Hard-drive crashes aren't the only threat facing a Bitcoin investor—hacking can be a problem, too.
The case of Mt. Gox is currently being litigated in Japan, where the exchange was based. The Physical Wallet Nevertheless, some industry insiders say that, while exchanges are useful for buying and selling Bitcoin, they may not be a great place to store them.
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