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The electronic currency known as Bitcoin is once again “on fire,” having nearly doubled its price versus the US dollar over the last month, International Business Times reports.  The US government is even set to cash out some US $22 million worth of them on Thursday.

November 5th, 2015 -

Bitcoin is in the midst of a spectacular surge. Over the last month the digital currency’s price against the dollar has nearly doubled. On Wednesday, bitcoin climbed above $500 before settling back to $456 at 1:30 p.m., an increase of 14 percent for the day. Analysts and brokers see a tangle of factors at play, from…


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  • zzzzz

    BitCoin is complete BS garbage and you will get burned if you think it is an investment of any kind.

    People are mesmerized by a gold fever like misfiring of their neurons.

    It had nearly completely died and was revived by a couple of speculators.

    It might as well have been organized crime.

    All they have to do is buy up some Bitcoins drive the price up and sell into it.

    Bitcoin has no underlying value or promise of payment other than what someone will pay or exchange for it.
    And that is not how our currencies work!

    BitCoins are made by running complex algorithms (apparently on university computers at night) and after a long long time, supposedly generates a unique code that makes it ironclad legit.

    What if there was a shortcut?

    What if the mob was running it?

    Don’t do it, don’t do it

  • Ken Morris

    Excuse the ignorance, but is bitcoin essentially a fiat currency issued by private interests and backed by no government, sort of like a global company script or anything else (gold, beaver pelts, etc.) people might use instead of money?

    • http://insidecostarica.com/ Timothy Williams

      A very good assessment, Ken. To answer in one word, YES. Like Tulip bulbs in the late 1600′s. Their mere (in this case, mathematical) scarcity supposedly makes them “valuable” in and of themselves. Only part that you got wrong was (perhaps) about the “issuance.” Bitcoin is not “issued” by anyone or any central authority. They are literally “mined” (that is the term used) out of thin air by raw computing power (anyone with an extra computer, anywhere in the world, can actually try to “mine” them) able to chomp huge equations to create a new bitcoin, basically.

      My explanation here is over-simplified of course, I encourage you to read up on it just out of its pure interest factor.

      However, I would never “invest” in bitcoin personally, as a commodity or Forex, unless I was prepared to lose my investment. For those with the balls though, have fun :)

      • Ken Morris

        What does it mean to “mine” a britcoin? I have a computer I paid $85 for that with all the viruses and ICR comments might be worth $30 now. (Wait, the ICR comments should increase its value!) How do I use it to “mine” money? PS. The computer doesn’t have a shovel attachment.

        • Alexey Tereshchenko

          You may put your computer to job verifying bitcoin or other cryptocurrency transactions. It will generate some money for you. The problem is that if you don’t have a specialized mining computer, the amount of money it generates for you might be smaller than the additional electricity fees.

          • zzzzz

            and why not just use gold instead

          • duke ster

            That seems like the best bet, after all Silver and gold have been used for a long time and should have value of some kind for a while longer. Who wouldn’t want to have some nice gold jewelry and I don’t think bitcoin is an actual physical property. However as I say those words, that will probably be what the future holds for all mankind, a virtual currency which can be tracked and controlled by the implanted computer chip which they still have on the drawing board as our future
            “controlled currency”, one which they can simply shut off if we don’t comply. These are the words of David Rockefeller. Please read/watch:
            Minute 1:50 starts the words ”
            they can cut off the implanted chips”
            https://youtu.be/FuinaIm-kd4

          • zzzzz

            they can seize all your goods now even without the implanted chip. you have to stop listening to these people, Duke, they are messing with your mind

      • zzzzz

        “distributed mathematical equation of invented value,”

        Now that’s my kind of poetry

    • zzzzz

      Originally there was an attraction because transacting in Bitcoins was inexpensive compared to any other means than cash. Then, it was anonymous so great for crime as denoted in the article. Then in countries like China it became a way to circumvent capital controls and funnel money out of the country. Most countries had outlawed bitcoin and i was very surprised this article showed that in china they are using it. Last i saw Russia, others like Sweden not sure but a bunch of countries forbade it. So why it still exists when you have other payment methods like ApplePay and other cheaper electronic transfer methods coming, is beyond me

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