Sunday, December 4, 2016 0 comments

Sunday Spectacle CCIII

Bitcoin You Say?


Still not sure what to think of Bitcoin (for those not familiar, it is the original and most popular cryptocurrency). It has the potential to change financial transactions as we know it. Numerous authorities are against it and have been trying to regulate it for years. Some private investors are bullish--most notable are the Winklevoss twins from Facebook lore who suggest it is the gold for the modern age. Wall Street and some Main Street banks have been trying to get into the action. Matt Levine of Bloomberg, one of the top business journalists I have come across (that is freely accessible), isn't sold on the idea yet. Whatever it is, you definitely need stronger, more secure, and more professional Bitcoin financial institutions before the public will get involved to any large degree (the $400M+ loss at Mt Gox a few years ago probably set back Bitcoin by years--who the hell would want to get involved in such an amateurish operation (and that was the top Bitcoin exchange too)).

Bitcoin in US$
(source: Bitcoincharts.com. Downloaded Dec 3 2016.)

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