4um: Bitcoin smashes $10,000 landmark on South Korean exchange

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Title: Bitcoin smashes $10,000 landmark on South Korean exchange
Source: [None]
URL Source: https://www.rt.com/business/411106-bitcoin-record-10000-exchange/
Published: Nov 28, 2017
Author: Â© Michael Weber / Global Look Press
Post Date: 2017-11-28 02:32:46 by Tatarewicz
Keywords: None
Views: 707
Comments: 10

RT...The first decentralized peer-to-peer payment system, bitcoin, has broken through the $10,000 mark on South Korea’s Bithumb, one of world’s biggest exchanges for cryptocurrencies. The price of bitcoin this year has jumped more than 10-fold. The digital currency is still unrecognized or regarded as an asset by most central banks. It started the year at below $1,000.

Now, according to the PwC rating of the 100 largest companies, the turnover of all bitcoins is worth more than Citigroup or the economy of Qatar.
qBitcoin now $10,062 on the large Korean exchange Bithumb t.co/zCp2hz79ei
— Julian Assange 🔹 (@JulianAssange) November 27, 2017Q Bitcoin is now facing legal recognition, and Chicago Mercantile Exchange (CME) is interested in listing futures in the cryptocurrency. The legal acceptance of virtual money, however, may limit bitcoin's growth, warns Sergey Kostenko, an investment analyst at Global FX.
Read more Big-time investors see safe haven in bitcoin if traditional financial system collapses “This could lead to an outflow of funds to the futures market, which may cause a drop in its exchange value in the spot market. The sooner this happens, the sooner we see a turn in bitcoin price,” he told RT.
According to Kostenko, the future of bitcoin remains “murky.”
“The reasons for the price fluctuations are unclear and are not based on real support, as, for example, in shares of companies or economies, or currencies. Unlike bitcoin, price changes there are supported by an analysis of factors of a fundamental or technical nature, not by subjective opinion of players in the market,” he said.
November has been a volatile month for the world's most popular cryptocurrency. Two weeks ago, bitcoin saw it's price drop by 30 percent to $5,500. It has since nearly doubled to over $10,000.
Earlier, analysts told RT that as more institutional investors pour money into bitcoin, the more stable the price would get, as big-time investors hate volatility.
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#1. To: Tatarewicz, bitcoin enthusiasts, Lod (#0)
For me, having lived my life in an ocean of lies and scams, and having occasionally had to deal with internet/computer/ISP problems that are sometimes difficult to discern, not to mention hackers as a growing concern, I am unable to arrive at a decision to invest any real (well real fake money) [FRNs] money in Bitcoin. If the net goes black, if the bitcoins disappear, if the central bankers send their CIA goons to the door - well who knows where cyber space begins and ends ???
Lod, do you possess any bitcoins ? You do not have to answer this over-invasive query !
Ephesians 5:11King James Version (KJV)
11 "And have no fellowship with the unfruitful works of darkness, but rather reprove them. "
noone222 posted on 2017-11-28 4:10:34 ET Reply Trace Private Reply
#2. To: noone222, Tatz, 4 (#1)
For the several good reasons that you listed, and not understanding how made-up currencies can have value, I don't have any Bitcoins. The wide swings of BC values would prolly give me another round of bleeding ulcers which I really don't need at this stage of life's game.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
Lod posted on 2017-11-28 7:41:08 ET Reply Trace Private Reply
#3. To: Lod (#2)
The wide swings of BC values would prolly give me another round of bleeding ulcers which I really don't need at this stage of life's game.

Thanks Jim, I'm too old school for bitcoin myself ... (and at current "values" too broke !)
Ephesians 5:11King James Version (KJV)
11 "And have no fellowship with the unfruitful works of darkness, but rather reprove them. "
noone222 posted on 2017-11-28 13:03:18 ET Reply Trace Private Reply
#4. To: Tatarewicz (#0)
Earlier, analysts told RT that as more institutional investors pour money into bitcoin, the more stable the price would get, as big-time investors hate volatility.

Volatility is relative to price.
If the price of Bitcoin was $100,000/coin, then a drop of $4000 would not be considered particularly volatile. So the volatility we are seeing with bitcoin could reflect it's true value as being around $100,000.
Unlike other commodities, bitcoin is making it's way into an untested marketplace, so actual demand has not been charted. Ergo, the value could be closer to $100,000 than $10,000.
Maybe.

Pinguinite posted on 2017-11-29 2:03:45 ET Reply Trace Private Reply
#5. To: Lod (#2)
For the several good reasons that you listed, and not understanding how made-up currencies can have value, I don't have any Bitcoins.

One could think of bitcoin as a form of solved puzzles. Every coin is one uniquely solved puzzle. (And that's really what it it is, though it's a puzzle only computers can solve through a process so exhaustive that doing them increases one's electricity bill.
And because of that, you could also think of bitcoin as monetized electricity. Usually we like to see gold and silver monetized into coin, and they have value in part because they require labor and effort to extract from the ground. Granted you can't convert bitcoin into a usable industrial resource, but except for that, the monetization of electricity into money is arguably similar in concept to monetized silver & gold.

Pinguinite posted on 2017-11-29 2:12:02 ET Reply Trace Private Reply
#6. To: Pinguinite (#5)
Thank you. Are there any digital currency funds that you would recommend? I don't have the time nor temperament to be a miner.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
Lod posted on 2017-11-29 12:22:27 ET Reply Trace Private Reply
#7. To: Lod (#6)
To mine coins requires a dedicated computer or 5, and some know-how to set them up. Miners buy high end graphics cards as they help speed things along.
There are literally thousands of cryptocurrencies out there besides bitcoin, though most are probably more science projects and experiments more than something intended for public consumption. The #2 crypto is Ethereum, currently trading at $493, which is what bitcoin was trading at about a year ago. I imagine it will stay in that 5% shadow of bitcoin more or less.
I don't know details on the qualitative difference between various cryptocurrencies that might cause bitcoin to be replaced, but there are some.
I guess I see bitcoin as the Microsoft of computer OS's in the early/mid 80's. There are many contenders but I would expect bitcoin to be the king for quite some time.

Pinguinite posted on 2017-11-29 13:45:40 ET Reply Trace Private Reply
#8. To: Pinguinite (#5)
the monetization of electricity into money is arguably similar in concept to monetized silver & gold.

Sounds a bit Rube Goldbergish butI guess that apart from gold and silver Bitcoin is the only thing of value you can own and use. You don't have that in your house, car or cash according to last night's C2C (interesting) guest Roger Tolces:
In the first half, private investigator specializing in electronic counter- measures, Roger Tolces, discussed the recent electronic harassment attacks on US embassy employees in Cuba, as well as the state of current electronic harassment weapons. 21 individuals at the embassy complained of widely differing symptoms that included things like hearing loss, concussions, nausea, headaches, as well as feeling vibrations, and hearing audible sounds in certain parts of the room. Rather than ultrasonic attacks on the employees, he suspects bio-coded directed energy was used on them, which would explain why their symptoms varied so much. This type of attack, he revealed, involves taking samples of a person's DNA and then integrating them into a unique algorithm, which can be transmitted from cell towers or satellites directly to the targeted person.
He contended that the military-industrial complex or Deep State was behind the attacks in Cuba, as they don't really want peaceful relations between the US and Cuba. Bio-coded attacks could be used against North Korea's leader Kim Jong- un if samples of his DNA could be obtained, he added. Tolces suggested that a satellite attack was used against attendees at Conspiracy Con in Northern California in 2009 (related video), and he also talked about problems with fiat currency in America.
---------------------------
In the latter half, researcher and author Dr. Joe Dispenza spoke about how to encourage a greater expression of one's creative abilities as well as access and tune in to frequencies beyond the material world in order to increase mental coherency. When people go into a meditative state, where they are not focused on their body, their environment, or even time itself, they enter into an inner world of pure consciousness, moving from the realm of matter to that of energy, he outlined. It is in this kind of altered state that various types of healings are possible, he added, citing several case studies in which people had sudden recoveries from ailments.
Acting and feeling the same way over years creates a kind of hard wiring in our brains-- this accounts for the finite patterns that become our identity, he stated. Yet, he continued, through meditative and breathing techniques we can become conscious of this, and begin to change by mentally rehearsing new ways of being. In addition, he reported that practicing the feeling of gratitude has been shown to help people's thinking become more coherent, and serve as an agent of positive emotional change.
News segment guests: Charles R. Smith, Mish Shedlock
Couldn't catch this episode of the show? Sign up for Coast Insider to listen at your leisure and never miss another program again!
Website(s): •bugsweeps.com •drjoedispenza.com Book(s): •You Are the Placebo: Making Your Mind Matter •Becoming Supernatural
www.coasttocoastam.com/sho w/2017/11/28
(If you're a Coast outsider then might be able to hear show from a vault of one of the 600+ stations carrying C2C).

Tatarewicz posted on 2017-11-29 22:37:34 ET Reply Trace Private Reply
#9. To: Tatarewicz (#8)
Sounds a bit Rube Goldbergish butI guess that apart from gold and silver Bitcoin is the only thing of value you can own and use. You don't have that in your house, car or cash according to last night's C2C (interesting) guest Roger Tolces:

Bitcoin has a superior advantage to other money forms in transferability and secrecy. Payment can be made between parties regardless of country, distance and political/government sanctions and at only a tiny cost. Of course the secrecy is an attraction for unethical uses, but so can many other things in life like cars and guns.
And bitcoin also poses a potential threat the establishment's tax revenues, and central bank control of currency value. I think it can potentially do to banking what the internet did to the retail movie rental business.
My opinion is that popular demand will make blockchain based, decentralized cryptocurrency a dominant worldwide currency in the future. Political/legal efforts to stop it will simply not work.

Pinguinite posted on 2017-11-29 23:59:48 ET Reply Trace Private Reply
#10. To: Pinguinite (#9) (Edited)
The large amounts of money going into cryptos is indicative of the overwhelming ability of wealth producers to turn resources into peoples' needs; so much so that gimmicks like FRNs and other currencies are no longer needed, best to be totally abandoned in favor of a meritocracy wherein geeks determine needs and allocate resources, machines and personnel accordingly since fewer and fewer people will have an opportunity to earn money:

•Robots and automation will put a huge proportion of the global population out of a job by 2030 — and the problem will be worse in developed nations. •Jobs that involve repetitive tasks, data, and fewer skills will be the most impacted. •Wealthier nations with more to spend on robots will be hit hardest. •The good news is that there'll be enough jobs for workers who are willing or able to retrain in jobs such as care for old people.
--------------------------------------------------------------------------------

Robots and automation will cause a major economic shift over the next 13 years, putting up to 800 million people out of a job by 2030, according to a new report from McKinsey.
The UN estimates that the global population will have reached about 8.5 billion by 2030, meaning robots displace about 10% of the future population from their occupations.
The McKinsey study covered 46 countries and 800 occupations, and found the extent of the impact really depends on where you are.
Wealthier nations like Japan, South Korea, the US, and the UK have more money to spend on automation, and therefore their workers will be most impacted. Poorer nations like India won't have the money to spend on automation, therefore jobs for humans will actually grow.
The type of job affected also varies — automation won't just affect low-paid, low-skill jobs. If the work involves repetitive tasks and data, it's vulnerable to automation too — as evidenced by artificial intelligence taking over some of the tasks traditionally done by junior lawyers.

Specialised, low-wage jobs will still require humans too.
Here are the jobs that will be most affected by automation in developed countries:
•Machine and building equipment operators •Dish washers in restaurants •Food preparation workers •Office staff like payroll managers and clerical workers •Waiters Here are the jobs that will be least affected in developed economies:
•Health workers, such as doctors, nurses, and childcare staff •Computer engineers •Construction workers •School teachers The good news is, McKinsey predicts there'll still be enough jobs to go around. Anyone displaced by robots though will have to quickly learn new skills. Somewhere like Japan, for example, there'll be higher demand for care workers to look after its rapidly aging population.
According to the report, one third of the US workforce in 2030 will need to find a new job, and about half the workforce in Japan.
About 20% of UK jobs will be "displaced" by automated technologies.
www.businessinsider.com/robots-replace-up-to-800-million-people-job-by- 2030-2017-11

Tatarewicz posted on 2017-11-30 23:42:21 ET Reply Trace Private Reply
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