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posted by cmn32480 on Sunday May 07 2017, @05:28PM   Printer-friendly
from the everybody-like-bubbles-until-they-pop dept.

Something odd is going on in finance this week. One unit of BitCoin briefly exceeded the value of a troy ounce of gold before it fell back. However, this occurred during Ethereum rallying to its current peak above US$100. Perhaps this is like comparing apples, oranges, and dog-biscuits but — as of this week — we now have a situation where Ethereum is well above the US$1 credibility threshold of most alternative digital currencies and, to a simpleton, BitCoin was more valuable than gold.

What changed? Nothing obvious. Banks have teams of shirking resume builders working on trendy projects and they've been working on digital currencies for years. Likewise, tranches of investments funds have been going into technology for decades. However, after puffing and bursting a housing bubble and educational bubble, is this the next place to jub other people's money? Is it Charles Stross' Accelerando coming to life? I don't know but I'll be very concerned if there is a financial wobble within the next month.

(External hyperlinks via Vinay Gupta, an Ethereum contributor, Ethereum evangelist and all-around great guy who helps the homeless.)


[Ed Note: Asking what is Ethereum? Me too. Additional information on the above topic can be found at the IB Times]

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  • (Score: 2) by archfeld on Sunday May 07 2017, @11:38PM (3 children)

    by archfeld (4650) <treboreel@live.com> on Sunday May 07 2017, @11:38PM (#506058) Journal

    Personally I agree, just because I pointed out that bitcoins are a perfect vehicle for money laundering doesn't mean I oppose it but that it and other crypto currencies are a very good place to do some money shuffling. The market is confusing and no one is sure of the impact this kind of 'new' market is having or could have on the economies of the world.

    https://soylentnews.org/article.pl?sid=17/05/07/1417231 [soylentnews.org]

    Not only does it effect the US economy but the world market as a whole, not sure if it is good or bad at this point but when it causes a noticeable blip on the world market, someone is getting rich off it. I just wish it was me :) At what point do you think that anything that happens in the economy DOESN'T effect you and yours ? If the government ends up paying out to cover the dirtbag banksters, or losing money by it 'we the people' will get to make up the difference in more unfair, unwanted taxes enacted by elected douchebags employed by the corporations. One way or another they will find a way to screw us.

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  • (Score: 1, Interesting) by Anonymous Coward on Monday May 08 2017, @12:35AM (2 children)

    by Anonymous Coward on Monday May 08 2017, @12:35AM (#506081)

    i wasn't really trying to give you a hard time with my reply. just cussing the bastards, not necessarily you. i hope everyone in the world abandons fiat currency. It has the potential to kill big government and the banks with their fractional reserve banking scam. We don't need them or their taxes. I know it affects me. that's why i'm divesting from the scam. feeding it won't satisfy it. it's a monster, it's proven that. no income tax and less and less fiat currency. it's beans, bullets, band-aids and bitcoin time. i'll pay my local sales tax for now, when i have to. eventually we should be able to work around that too. Eventually the whole house of cards will come crashing down. interlopers and thieves is all they are. fuck them all, consequences be damned.

    • (Score: 0) by Anonymous Coward on Monday May 08 2017, @06:50AM (1 child)

      by Anonymous Coward on Monday May 08 2017, @06:50AM (#506221)

      Since pre-Biblical days, its been the human condition that the masses were subject to one war-lord or another.

      We have our worker bees which produce everything, and we have our elite, many of which are nothing but pure parasites.

      I can't lop all elites in that group, as there are also many there who perform vital leadership and planning functions.

      Its like comparing Elon Musk to George Soros. Personally, I'd much rather Elon Musk keep every dollar he gets, as he does things with it, while I see nothing wrong with taxing every dollar Soros gets.