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Bitcoin

Ether Soars Above $1,000 As Bitcoin Sets Another Record (arstechnica.com) 42

Posted by BeauHD from the record-setting dept.
An anonymous reader quotes a report from Ars Technica: Ether, the native currency of the Ethereum network and the second most valuable cryptocurrency, has soared above $1,000 for the first time since 2018. The rise is part of a broad cryptocurrency boom inspired by the continued rise in bitcoin's price. Last month, bitcoin rose above $20,000, smashing its previous all-time record of around $19,500. Since then, it has continued to rise, breaking above $30,000 in recent days. As I write this, one bitcoin is worth around $31,000.

Cryptocurrencies tend to rise and fall together. So it's not surprising that other virtual currencies are also on the rise. Ether has seen dramatic gains over the last year. At the start of 2020, one ether was worth around $140. The price rose to around $600 in late November, the same month bitcoin started flirting with a new record. In the last few days, ether has been on a tear, rising from $600 on Christmas Day to more than $1,000 today. It isn't just ether. Litecoin, one of the oldest "altcoins," has seen its value triple over the last three months to $150. Bitcoin Cash, a variant of bitcoin that's optimized for high transaction volumes, has nearly doubled over the same period and is now worth $400. Polkadot and Tether have also seen continued growth in recent months.

The one exception is XRP, the currency of the Ripple network. "Just before Christmas, the Securities and Exchange Commission charged two Ripple executives with selling unregistered securities," reports Ars. "The announcement has caused some US cryptocurrency exchanges to stop offering trades in XRP. XRP has lost two-thirds of its value since a November peak." Coinbase, the largest cryptocurrency exchange in the U.S., also suspended trading in XRP.
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Ether Soars Above $1,000 As Bitcoin Sets Another Record More

Ether Soars Above $1,000 As Bitcoin Sets Another Record

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  • In other news... (Score:3, Interesting)

    by RyanFenton ( 230700 ) on Monday January 04, 2021 @05:00PM (#60896570)

    Trading cards from the 1960's baseball season are also constantly at record levels. Same with vintage comics.

    Enthusiast investment markets function to raise values of mostly-fixed quantity sets of items.

    "Mining" is a cool gimmick for these coin systems - but it is all literally manufactured scarcity to me.

    Then again - all currency is largely managed agreements between people - I'm just saying that these 'currencies' aren't really traded among a fully representative sample of human beings.

    Fascinating as a traded thing with value - but perhaps a much too large part of technology news for what it is, compared to what other technologies do over time.

    Ryan Fenton

    • Re: (Score:2, Flamebait)

      by Adeptus_Luminati ( 634274 )

      The amount of stupid on slashdot is amazing. Crypto has been around for 12 years. TWELVE YEARS. Near 0 downtime for BTC and ETH. ETH has gone from 25 cents to $1400. Yes it's current at $1000 but will likely go way beyond $7K during this bull cycle.

      Do you idiots think you're funny trolling crypto? It's weeks away from being a TRILLION DOLLAR MARKET. You know who's an idiot? Those who choose to remain ignorant about crypto.

      Enjoy staying poor.

      • Re: (Score:2)

        by brxndxn ( 461473 )

        I agree completely... You have a ton of people acting like you can somehow lose $100k by investing $1000 in crypto.. And you have a financial industry heavily invested in basically 'anything but crypto' acting like rules and regulations prohibit the investment in crypto. Then you have the haters that are just mad they ignored it so long..

        Crypto is amazing technology.. and each 'coin' is a new protocol that introduces new features in that technology.. And, no 'one coin to rule them all' even needs to exist..

      • Comment removed based on user account deletion

  • Another day, another cryptocurrency push/story (Score:4, Informative)

    by Sebby ( 238625 ) on Monday January 04, 2021 @05:08PM (#60896606)

    Next to badly formatted unicode text, this seems to be becoming a permanent fixture on Slashdot now.

    • Re: (Score:1)

      by Shaitan ( 22585 )

      It becomes a thing whenever there is major news. usually record highs or lows. There are record highs so there are stories about it. It is the biggest thing going on in the world right now. And yes, since entire (small) nations are turning to cryptocurrency as well as repressed segments in many high controlled countries (China, US, etc) I do mean the world.

  • I now buy my Monopoly money (Score:3)

    by Rosco P. Coltrane ( 209368 ) on Monday January 04, 2021 @05:09PM (#60896610)

    by buying actual Monopoly game box sets, taking out the money and throwing the box away. It's cheaper than buying cryptocurrency.

  • "Cryptocurrencies tend to rise and fall together" (Score:3)

    by Sebby ( 238625 ) on Monday January 04, 2021 @05:12PM (#60896626)

    Cryptocurrencies tend to rise and fall together

    Can't wait to see them crash together.

  • Boogie down (Score:3)

    by PopeRatzo ( 965947 ) on Monday January 04, 2021 @05:35PM (#60896772) Journal

    I've been pretty careful about ignoring my crypto portfolio. I put some bucks in early on and then again last year on my daughter's advice, and I almost never look at Coinbase to see where it's at. I just assume it's all going to disappear in a puff of smoke. But I just looked today and immediately transferred a couple thousand bucks to my bank so I can go buy myself a gold-top Les Paul Deluxe Player Plus edition (which I have long wanted), and that barely makes a dent in how much the portfolio has increased just since yesterday.

    Sincere thanks to all you crazy crypto-bros who've been pumping up the price. Today is my real Christmas, thanks to you. I take back all the times I made fun of you.

  • The government keeps printing more money and that money has to go somewhere. The stock market is already at record highs, housing prices going up in the middle of a recession, etc.

    People say the bubble will pop, if that is the case then where is all of this money going to go?

  • You know, there's a nasty little "rock thrower" out there that makes pretty nasty webcomics that are extremely popular with racists, fascists and other assorted scum.

    But I really can't find fault with this comic. [imgur.com]

    It's like my father used to say about real estate?

    It goes up, and sometimes goes down, but unless it's got a toxic waste dump on it, it never goes lower than when you first bought it.

    • Re: (Score:3)

      by ceoyoyo ( 59147 )

      Your father neglected to correct for inflation, as most people do, hey?

    • Wow. That's not very thoughtful thinking: You may have bought real estate in a moment where it was in a kind of a bubble (like it was around 10 years ago here in Spain).
      Lots of properties now are worth much less than in that particular moment.
      This is not to say that real estate is a bad investment it's just the particular statement that "it never goes lower than when you first bought it".

  • What happens when it's no longer cost effective to process transactions for whatever flavor of crypto you're into?

    I'm not 100% hip to the way it works, but my limited understanding is:

    Mining is processing transactions on the blockchain, and results in an eventual "reward" which is in theory supposed to offset the real cost of processing said transactions. (is this right?)

    Eventually, the transaction processing will no longer be subsidized by the miners, as the cost to reward ratio will go all out of whack..

    • There are now companies that issue debit cards that you top up with crypto from an app. You transfer bitcoin (or whatever) to your account and pay the transaction fee for the transfer (probably about ten to twenty bucks) and then when you want to buy something, you convert part of your bitcoin to the card balance for no fee. Useful if you want to use crypto for day-to-day purchases and not pay the blockchain fees each time. crypto.com has been around a while and offer these cards with some of the usual card

    • Re: (Score:2)

      by gweihir ( 88907 )

      Transaction fees go through the roof and serve as a crash-accelerator.

  • That is the asking price some. Whether you can actually sell at this price and how horrendous a transaction fee you will have to pay is what matters.

  • Bitcoin was once touted as enabling anonymous transactions. As anyone technical knows, this is not really true. Meanwhile, two side notes to the current bull market:

    - Coins that provide some degree of privacy (like Monero) were recently delisted from at least one of the cryptocurrency exchanges, apparently under pressure from governments.

    - There is talk of exchanges only accepted "untainted" Bitcoins, and having to prove that your coins are "untainted".

    Both of which make one think that governmental regulato

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