Bitcoin is Digital Gold

Timothy Lee, over at ArsTechnica, has a great article today, titled, “It’s time to admit Bitcoin is more than just a bubble.”

But here’s the thing: people have been predicting Bitcoin’s impending demise for years, and they’ve consistently been wrong. Even if Bitcoin were to lose 90 percent of its value in the coming weeks, it would still be worth around $800—a value many people dismissed as an absurd bubble four years ago. If it lost 99 percent of its value, it would be worth $80—a value that would have been considered absurdly high less than five years ago.

Blockchains are an important new technology, and cryptocurrencies are a fundamentally new asset class. Bitcoin, the most popular cryptocurrency, might be overvalued right now, but it might not be. Either way, it certainly isn’t going to suffer an Enron-style collapse.

Couldn’t have said it better myself.. — read the rest of the article over at ArsTechnica

 

 

Dubai becomes the first country to create “official” state CryptoCurrency

Fascinating news, for the first time, a country is creating a Cryptocurrency for official use.

A partnership has been set up to develop and implement emCash, an encrypted digital currency, which people can use to pay for various government and non-government services in Dubai.

According to state news agency WAM, Emcredit, a subsidiary of Dubai Economy, and the UK-based Object Tech Group Ltd will work together to establish contactless payments.

Based on the latest blockchain technology, emCash will be the digital currency in emPay wallet, launched by Emcredit to support contactless payments.

emPay will allow the UAE residents to make varied payments through the near field communication (NFC) option on their smartphones.

 

See the rest of the article here.

 

 

Fidelity is mining Bitcoin?

I guess it was inevitable, but to see it admitted publicly is a surprise to me! Big financial business mining Cryptocoins?

One of Fidelity’s projects is mining bitcoin and ethereum, which Johnson said was started for educational purposes, but now turns a tidy profit. “We set up a small bitcoin and ethereum mining operation…that miraculously now is actually making a lot of money,” she said.

 

Read more about it over at the Quartz Article

 

Bitcoin News from Finland!

Outstanding news for Bitcoin today, from Finland.

“Bitcoin is a monopoly run by a protocol, not by a managing organization. Familiar monopolies are run by managing organizations with discretion to determine and then change prices, offerings and rules. Monopolies are often regulated to prevent or at least mitigate their abuse of power”

 

Finland Central Bank Praises Bitcoin

It’s a jungle out there!

So, it may surprise some of you to know that there are other Crypto currencies other than Bitcoin. One of the most dominant is a coin called Ethereum, which has a feature allowing sub-coins/aka-tokens to be created by anyone. This, in turn has opened up the door to abuse. Take a few minutes to read the article below, and walk the brave new world of digital money with the same care you would your real money. Be safe!

 

The ICO world is full of pump-and-dump schemes — don’t be a victim

What would you do with 20,000 Bitcoin?

Here’s the story of an engineer who did what we all wish we had, bought 20,000 BTC when the price was low.. then sold when the price got high!

 

 

https://cointelegraph.com/news/software-engineer-buys-20000-btc-in-2010-quits-job-to-travel-around-globe

 

Bitcoin ruled as a commodity? What does it mean?

Last Thursday the United States Commodities Futures Trading Commission (CFTC) settled charges against a small and now-defunct operation in San Francisco called Coinflip, which marketed bitcoin derivatives. In the process, the CFTC asserted for the first time that bitcoin is a “commodity”.

What does that determination mean for the bitcoin ecosystem and what does this new kind of enforcement action mean for the future?

Read more over at Coindesk…

 

New York Stock Exchange #NYSE adds Bitcoin ticker!

This is big news! The NYSE is now tracking Bitcoin as an index! One more good reason to stop by our ATM, and buy some Bitcoins today!

 

From Coinbase:

“The New York Stock Exchange (NYSE) has today announced the launch of a bitcoin price index (NYXBT).

NYXBT will represent the daily US dollar value of one bitcoin at 4pm (BST) and will be published on the NYSE Global Index Feed (GIF).

For a limited period it will also be viewable on the NYSE’s website.

Thomas Farley, NYSE group president, said in a statement:

“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class.”