Bloomberg's Trading Terminals Now Providing Bitcoin Pricing 119
New submitter Raystonn (1463901) writes "Bloomberg has announced the release of Bitcoin support in their trading terminals, used worldwide by over 320,000 trading professionals. The market makers of the world will now have instant access to immediate Bitcoin prices on an industry-standard trading platform. This places the virtual currency before the eyes of the movers and shakers of most of the world's money supply as they decide where to invest their USD holdings."
Re:What's the point of this? (Score:4, Informative)
Drug dealers? Who do you think has been feeding the stock market rise for the last two decades? It's the best and easiest way to launder a billion dollars at a time. Why do you think Charles Grassley made a personal visit to the FARC in Colombia when he was CEO of the NYSE, and then retired with the most enormous bonus of any executive in the Exchange's history? Why do you think US Treasury Secretaries leave "public service" to go lead the money laundering, err, 'private banking' divisions of the mega-banks?
It's an enormous amount of money that needs washing every year, around half of it from drug sales, the entire worldwide Bitcoin pseudo-economy couldn't even begin to touch it. This is just to make it easier for the currency speculators to play with.
Re:"invest their holdings" (Score:5, Informative)
To "invest" is to put money where value is.
Bitcoin is a concept. It has no value. People can trade, arbitrage, wield, barter, or exchange for it.
It still has no value.
Best fortune to all those making money with Bitcoin. For every one of you someone has lost
an almost equal amount. (originally mined bitcoins loss value 0 but it grows exponentially).
And as for the holdback bitcoins created and untouched -- that's why bitcoin will NEVER be a currency.
"Oh we invented this so we kept some for ourselves." Yeah, do that. And doom the coin.
E
Nothing has value unless there is a general consensus about it being valuable.Dollars are only pieces of paper that are no longer even backed by gold and that are valuable simply because everybody agrees they are valuable. If that consensus changes dollars become worthless. The same goes for commodities, you can build a huge stockpile of gold worth $100 million that everybody agrees is valuable until one day there is a super volcano eruption, civilization collapses and alluvasudden the general consensus on value shifts to your neighbours $1.000.000 (pre apocalypse value) stockpile of guns, ammo and canned food being way more valuable than your pile of gold.