Over the last couple of weeks, everybody has been weighing in about Bitcoin, the digital currency that might be the money of the future, or a bubble bursting right in front of us. After being worth only $30 in March, on Wednesday, Bitcoin reached an all time high of $266, then plummeting to just over $100 in a few hours, and now stabilizing around $120. When Bitcoin’s price started to increase unexpectedly, it became the one thing everybody in Silicon Valley was talking about. (For those who don’t know what Bitcoin is, this video explains it perfectly in 3 minutes).
12/18: The Heartland Poker Tour’s newest commentator, Pro Player Maria Ho is our guest in the first half of the show. In the second half Bernard will be answering the many questions submitted by listeners of his show. [Visit Website] [Download MP3].
Yesterday, while a number of banks were closed, Bitcoin Paper Wallet decided to break another major psychological barrier, and is now trading at above $100 USD per coin. At the moment, Bitcoin is trading at $118 USD/BTC. There is very little resistance to further price increases, so expect the price of bitcoin to rise very rapidly over the next few weeks. These are also record highs for the currency. You can watch the price of bitcoin rise and fall here, as well as see what the record books for asks and bids are, which will help you determine how easily it would be to move the price to a certain point.
Rising bond yields forced Argentina to turn to other lenders for funding support. Earlier I mentioned how the IMF stepped in. Argentina then broadened its request to the World Bank and the U.S. Treasury. In the U.S., we have already mentioned support by the Fed. Despite all this support and QE action, bond yields in the U.S. are on the rise, predictably.
Both charge a fee for the service but if you’re hungry and don’t want Bitcoin Paper Wallet to wait the three to five days for your PayPal money to hit your checking account they’ll get you your pizza tonight.
But, when you let that good old Edison light bulb flash in the head for just a moment, bingo, you will realize that we already are using a replacement for paper dough. Voila…Plastic money is already here…Eternal bliss of electronic wizardry to the rescue of the final frontiers of human development. Wired digital magic you may choose to label it.
A run on Argentine bank deposits occurred in 2001. The natives were understandably restless with the continued failure of their government’s economic policies. People wanted to flee the Argentine peso for the refuge of the USD. As you might expect, the government froze bank accounts for up to a year and limited customer withdrawals. Recently we had something similar occur in Cyprus when rumors began swirling about deposit confiscation in order to deal with the poor financial state of banks in that country. In similar fashion, the government of that country took measures to limit withdrawals and the rumors became fact. Depositors did lose money though the term used was the more euphemistic “tax”.
Want more poker? Click here for more articles and subscribe to receive Tulsa poker news and strategy direct to your inbox. Share this on Facebook and remember to “Like” this above.