SoylentNews is people
SoylentNews
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]
(Score: 3, Informative) by Scruffy Beard 2 on Monday May 08 2017, @11:57PM (5 children)
The exchange of money is heavily regulated. You are barely allowed to hold 3 months' emergency cash without being suspected of a crime and having it seized.
(Score: 2) by kaszz on Tuesday May 09 2017, @03:54AM (3 children)
If it ain't got no server and ain't got no person to nail. Then they can crime it as much as they want.
I suspect this is the USA? the land of capitalism won't allow people to have massive amounts of cash on their bank account?
Values outside the bank system will as always be quite invisible.
(Score: 3, Informative) by archfeld on Tuesday May 09 2017, @04:43AM (1 child)
Actually these days it is the cash outside the banking system that is drawing the unwanted attention. The US has an ongoing issue with certain localities and civil forfeiture. Any large sum of cash that you can't provide documentation to can be seized as potential drug money and then you have to go to civil court to 'prove' you have the money from a source other than drugs or assumed illegal sources.
Papers please...
For the NSA : Explosives, guns, assassination, conspiracy, primers, detonators, initiators, main charge, nuclear charge
(Score: 2) by kaszz on Tuesday May 09 2017, @04:58AM
Salary checks?
Regardless, they can't have full control over what people do with assets not registered.
(Score: 1) by Scruffy Beard 2 on Tuesday May 09 2017, @03:07PM
And to be pedantic, concurrency does rely on servers. They are just distributed and redundant.
(Score: 2) by cafebabe on Wednesday May 10 2017, @08:05PM
In the kleptocracy former known as the United States, it works as follows:-
1702845791×2