Bitcoin Hits Its Highest Level in a Year (cnn.com) 40
"Bitcoin on Friday shot up to its highest level in about a year," reports CNN:
The cryptocurrency rose above $31,400 a coin on Friday, its highest level since 2022, before paring back its gains. Bitcoin, the world's largest cryptocurrency by market capitalization, earlier this week traded above $30,000 for the first time since April, when the collapses of Silicon Valley Bank and Signature Bank sent investors in search of safer places to hold their cash.
Bitcoin is up by about 87% this year. Its most recent gains come after a wave of interest in crypto from financial giants. BlackRock last week applied to register a bitcoin spot exchange-traded fund, according to a US Securities and Exchange Commission filing. Crypto exchange EDX Markets, backed by firms such as Charles Schwab, Fidelity Digital Assets and Citadel, also launched its digital asset trading platform this week...
Despite its surge this year, bitcoin remains well below its all-time highs of more than $60,000 in 2021.
Bitcoin is up by about 87% this year. Its most recent gains come after a wave of interest in crypto from financial giants. BlackRock last week applied to register a bitcoin spot exchange-traded fund, according to a US Securities and Exchange Commission filing. Crypto exchange EDX Markets, backed by firms such as Charles Schwab, Fidelity Digital Assets and Citadel, also launched its digital asset trading platform this week...
Despite its surge this year, bitcoin remains well below its all-time highs of more than $60,000 in 2021.
There should be a report button (Score:5, Insightful)
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https://slashdot.org/recent
This at least offers you a way to make your opinion known on possible upcoming news stories.
Re:There should be a report button (Score:5, Interesting)
Its most recent gains come after a wave of interest in crypto from financial giants. BlackRock last week applied to register a bitcoin spot exchange-traded fund, according to a US Securities and Exchange Commission filing.
Translation: The big fish figure there's now enough small fish out there to make the effort to grab their money.
Hasn't anybody seen the Wolf of Wall street?
Re: There should be a report button (Score:1)
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No one thinks they're the sucker
QFT.
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Oh they did and they all think they're Jordan Belfort.
They see it as an instruction manual, not a warning.
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Then the price would drop, and not rise.
Capital Flight? (Score:1)
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Now wouldn't the be something. The June Revolution being the dying gasp, the last spike of Bitcoin.
May you live in interesting...
Oh great (Score:5, Insightful)
Slashdot's back to promoting Ponzi/money laundering schemes again.
Shouldn't we be just a bit better than that?
Re:Oh great (Score:5, Informative)
Madoff ran his for 17 years. 10 years does not give it legitimacy - especially when they're benefitting from the flight from other collapsing scams.
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Higher interest rates reduce the amount of money desperately looking for somewhere to go, becuase you can get decent returns from buying bonds or putting it in a savings account.
It's when you can borrow money for free that you invest it in stupid things.
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Except bitcoin doesn't fit any legal definition of a ponzi scheme. Ponzi schemes are illegal in over 100 countries. Either there's a deep dark world government that is in agreement that no one is prosecuting bitcoin, or it's simply not a ponzi scheme. It's really not that hard.
Speculative investments are not a ponzi scheme.
That's fine. (Score:2)
Call it snake oil then. Irrelevant to me. I was only saying that you can't make assumptions about legitimacy on the basis of longevity.
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Overall, BTC has been the strongest wealth vehicle in human history and produced many billionaires. Hard to argue with facts and people with Lambos who still use it.
Where did that money come from? was it:
a) Magicked out of thin air
b) Transferred from the pockets of greater fools.
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Correct.
But is it sustainable in the long term? At some point the poor people will figure out that Bitcoin doesn't work and/or run out of money.
No, Bitcoin is not a part of world economy (Score:5, Interesting)
It also has too much of the world's economy riding on it to fail either.
Uh, no. Its still a highly speculative investment vehicle, nothing more. What convenience it has for transfers is easily replaced. What use it has in commerce is a facade, those providing goods/services for bitcoin overwhelmingly never touch a bitcoin. These merchants use a bitcoin payment processor to manage the payments, just like they use credit card processors. The merchant prices goods/services in fiat like US Dollar or Euro, the payment processor computes a bitcoin amount and gives the buyer a payment address. When the coins show up the processor sells the coins immediately for fiat currency and credits the seller's account the exact fiat amount they originally specified. There is negligible risk as the processor holds the coins so briefly. There is no risk for the seller, fiat specified, fiat received.
So no, no one would be affected by bitcoin collapse other than highly speculative investors, bitcoin payment processors and bitcoin exchanges.
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It also has too much of the world's economy riding on it to fail either.
None of the world's economy is riding on Bitcoin. Bitcoins total market cap including lost and inaccessible orphaned assets which can't do anything anymore is barely 36 hours of global GDP. There are quite a few companies with market caps higher than the total value of all bitcoin... including inaccessible orphaned assets.
And quite critically, the overwhelming majority of bitcoin investment is private / speculative trading, meaning it backs little to no critical assets, unlike say bonds or bluechip stocks.
Wrong con, greater fool not ponzi (Score:4, Interesting)
Slashdot's back to promoting Ponzi/money laundering schemes again.
I think you have the wrong con there. With no interest or dividends the Ponzi doesn't fit. Ponzi pays old investors their dividends/interest with the deposits of new investors. It manages the appearance of success until there are not enough new investors to maintain the old.
The cryptocurrency model is more the "greater fool" scheme. The only value is the sale value, no interest, no dividend, just a belief it will go higher and you can sell for a profit. At least a Tulip had a salvage value, it looked and smelled nice.
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Nope it's a belief that the dollar (which is being printed to infinity) will devalue while bitcoin (which has a hard limit of 29 mill coins) will increase as the overspending govt beaurocrats will trash the dollar. The only greater fool are those that continue to hold dollars
Thank you for proving my point that it's the "greater fool" scheme that applies. :-)
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I think you have the wrong con there.
Of course it's the wrong con. The people who don't understand what Ponzi schemes are think it's a Ponzi scheme despite the fact that Ponzi schemes are illegal in over 100 countries. So that leaves you with one Occam's Razor style question:
a) Is there a secret dark world government pulling the strings behind most nations on the planet to create an agreement that no one will actually prosecute something that is illegal nearly everywhere?
b) Is it not actually a Ponzi scheme.
You don't need to understand what a
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Slashdot's back to promoting Ponzi/money laundering schemes again.
I think you have the wrong con there. With no interest or dividends the Ponzi doesn't fit. Ponzi pays old investors their dividends/interest with the deposits of new investors. It manages the appearance of success until there are not enough new investors to maintain the old.
Did you say success? Where can I invest??
The cryptocurrency model is more the "greater fool" scheme. The only value is the sale value, no interest, no dividend, just a belief it will go higher and you can sell for a profit. At least a Tulip had a salvage value, it looked and smelled nice.
Nevermind, I want to get in on this Tulip thing first.
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a belief thatf Btc will go higher is certainly true, and people expect it to go higher every year,because a minority group of people are very skeptic about the current financial structure with endless money printing,price has moved explosively the last 10 years https://bitcoinsaints.blogspot... [blogspot.com]
That's how "greater fool" works. Believing that the past will repeat itself.
Those prior exponential runs occurred when BTC had very different ownership. Nearly exclusively enthusiastic early adopters. Today we have had a lot of wall street and regular consumers buying. These newer groups may not react the same was the enthusiasts did when the 75% drops occur. Go look at the charts, after each of those exponential runs there was a 75-80% drops and lengthy plateaus before former highs are reached again. Wa
Don't get too excited ... (Score:2)
Bitcoin Hits Its Highest Level in a Year
Tomorrow is just around the corner -- when it will be at its lowest level ... then ...
I said it was a scam in 2011. (Score:2)
It has no intrinsic value, it's unknown who owns those giant slabs of early dark pools, and the originators are too ashamed or paranoid to put their real name(s) on it.
It's only uses are:
- Trading illegal shit
- Tax evasion
- Money smuggling proceeds of criminal enterprises
- Hiding wealth
- To be a hipster at a hipster store
It's unsuitable purposes are:
- Investment
- Bank account alternative
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How do you evade taxes with Bitcoins?
Bitcoin Still Exists? (Score:1)
Is that "$35000 USD"...? (Score:2)
I was under the impression that it's getting a lot more difficult to actually cash in any significant amount of bitcoin for actual...cash.