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Bitcoins: bubble or breakthrough?

Bitcoins: bubble or breakthrough? | Business News & Finance | Scoop.it

Prices for bitcoins have soared in recent hours, building on gains during March that were fueled by the Cyprus crisis.

In recent activity on Mt. Gox, an online exchange that is home to much of the activity in bitcoins, the digital currency was quoted around $140, up from below $100 earlier this month, and below $50 in mid March.

For those just beginning to explore the concept of bitcoins, Nicholas Colas, chief market strategist, at ConvergEx,  offered a cogent definition in a recent note: “bitcoin is a very new, very complex online currency, managed by a decentralized group of computer experts and beholden to (and regulated by) no one.”

Colas noted that the value of bitcoins in circulation two weeks ago (which was then $800 million) had already exceed the GDPs of a dozen “World Bank recognized countries.”

Bitcoins are appealing for several reasons.

To depositors in places like Cyprus, or Spain, who are fearful of seeing their assets taxed, they can be viewed as an alternative store of value.

To speculators, they offer the prospect of rapid gains (and/or losses).

To ne’r-do-wells, they offer anonymity.

And to those who distrust central governments and central banks, they offer a vision of an economic future free from all the corrupting influences of politics and government.

They are, however, currently exhibiting many signs of a classic bubble, according to Societe Generale analyst Sebastien Galy. “From a trading point of view, we broke out of the upward trending channel in an exponential upswing typical of aggressive bubbles,” Galy wrote in a research note Wednesday.

– Tom Bemis

Follow The Tell blog on Twitter @thetellblog

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10 Vitamin-Rich Foods That Naturally Save Your Vision

10 Vitamin-Rich Foods That Naturally Save Your Vision | Business News & Finance | Scoop.it
foods that can reduce your risk of vision loss? Poor eyesight is often associated with aging and genetics, but experts suggest that eyesight damage
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Heal Your Gut to Heal Depression

Heal Your Gut to Heal Depression | Business News & Finance | Scoop.it
Research suggests that the health of your gut has a lot to do with the health of your brain.
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Buy Organic Food With Bitcoin At Yummy Yards - CCN: Financial Bitcoin News

Buy Organic Food With Bitcoin At Yummy Yards - CCN: Financial Bitcoin News | Business News & Finance | Scoop.it
ummy Yards grows a variety of organic produce and runs as cooperative, with generations of growers passing it from one to the next.
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Meet Facebook Africa Boss Woman Nunu Ntshingila-Njeke

Meet Facebook Africa Boss Woman Nunu Ntshingila-Njeke | Business News & Finance | Scoop.it
  This week Facebook announced the opening of its first office on the African continent and appointed Nunu Ntshingila-Njeke of Ogilvy & Mather SA as its boss. Ms.
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Sea turtle nests destroyed by couple in Florida

Sea turtle nests destroyed by couple in Florida | Business News & Finance | Scoop.it
A couple “severely damaged” wildlife on Anna Maria Island Saturday, People reports.
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130 new laws will take effect in Florida Wednesday

130 new laws will take effect in Florida Wednesday | Business News & Finance | Scoop.it
The state's record-setting budget goes into effect on Wednesday, along with 130 other new laws that were produced by the Legislature this year in the regular and special sessions and signed by Gov. Rick Scott.
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PayPal Spinoff Happens in Two Weeks: What Wall Street’s Saying

PayPal Spinoff Happens in Two Weeks: What Wall Street’s Saying | Business News & Finance | Scoop.it
eBay has announced it will complete its spinoff of PayPal by July 17.
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#HoldACokeWithYourBoobsChallenge women duped by Twitter hashtag

#HoldACokeWithYourBoobsChallenge women duped by Twitter hashtag | Business News & Finance | Scoop.it
The #HoldACokeWithYourBoobsChallenge was launched by a porn scout who encouraged women - and some men - to pose with a soft drinks can
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Make Sushi with Sriracha Instead of Seaweed for an Extra Flavor Kick

Make Sushi with Sriracha Instead of Seaweed for an Extra Flavor Kick | Business News & Finance | Scoop.it
Here’s a way to switch up your homemade sushi: Forget the seaweed and roll your ingredients in a sheet of sriracha.
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Social Chats OpenHouse W Tonya and Sharon Chat W Rich Masterson abt SFL Luxury Realestate 61915

Social Chats Openhouse with Tonya Scholz and Sharon Gadbois chat w/ realtor, Rich Masterson about luxury real estate in South FL.
Live streamed Friday June 19, 2015 on SocialChats.net
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Phil Collins buys Miami Beach mansion for $33M - South Florida Business Journal

Phil Collins buys Miami Beach mansion for $33M - South Florida Business Journal | Business News & Finance | Scoop.it
Musician Phil Collins bought a 12,153-square-foot home in Miami Beach, right next to Bee Gees star Barry Gibb.
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Home prices up but slowdown looms for South Florida real estate

Home prices up but slowdown looms for South Florida real estate | Business News & Finance | Scoop.it
Brokers say high prices are holding back local housing market.
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What happens when tech workers come to town

What happens when tech workers come to town | Business News & Finance | Scoop.it
Technology workers are leaving Silicon Valley and moving to new cities—and it's affecting housing prices, a study found.
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Neurosurgeons slip on virtual reality headsets

Neurosurgeons slip on virtual reality headsets | Business News & Finance | Scoop.it
Put this on and you fly around inside the brain, moving past brain tissue, nerves and blood vessels by simply moving your head
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The New Jobs Numbers Are Weaker Than They Look

The New Jobs Numbers Are Weaker Than They Look | Business News & Finance | Scoop.it
Despite a solid increase in jobs, there is cause for worry in a shrinking labor force participation rate and stagnant wages.
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Things just got a lot worse over at McDonald’s

Things just got a lot worse over at McDonald’s | Business News & Finance | Scoop.it
McDonald's customer satisfaction ratings are getting worse, and it's dragging the rest of the fast food industry down with it.
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This grocer is donating 4th of July profits to wounded veterans | Malled!

This grocer is donating 4th of July profits to wounded veterans | Malled! | Business News & Finance | Scoop.it
Winn-Dixie plans to donate all of the profits generated at its grocery stores on the 4th of July to support the Wounded Warrior Project’s Independence Program.

The Independence Program is designed to help warriors who need to rely on their families and friends for support due to injuries they have suffered, such as brain injury, spinal-cord injury, or other neurological conditions. Individualized plans are created with goals to provide a...
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If You Knew What Juices to Drink Daily, You Will Never Have Gout Again! (Recipes Included)

If You Knew What Juices to Drink Daily, You Will Never Have Gout Again! (Recipes Included) | Business News & Finance | Scoop.it
Gout is a disorder that can occur throughout the body. It results from deposits of sodium urate crystals, which accumulate in joints because of high blood levels of uric acid (hyperuricemia).
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Tunie's, Locally-Owned, Affordable Natural Grocer, Plans South Florida Expansion

Tunie's, Locally-Owned, Affordable Natural Grocer, Plans South Florida Expansion | Business News & Finance | Scoop.it
At some point in recent history, it's probably happened to you. You experienced a Whole Paycheck moment, and it was at once shameful and glorious — that moment when you emerge from Whole Foods Market crying, not because the organic produce is so beautiful, not because that vegan vanilla cake...
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Have you tried the belly button challenge that's gone viral?

Have you tried the belly button challenge that's gone viral? | Business News & Finance | Scoop.it
Finally, a social media craze that won't risk your life or end in a trip to A&E
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The Health Benefits of Avocado

The Health Benefits of Avocado | Business News & Finance | Scoop.it
Despite the valuable advice to include plenty of vegetables and fruit in our diet, dieters have lon...
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6 U.S. Social Media Day events you should attend this year

6 U.S. Social Media Day events you should attend this year | Business News & Finance | Scoop.it
Find a U.S. Social Media Day event happening in a location near you.
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China spends most on US real estate, but Brazil dominates Miami | HomesGoFast.com

China spends most on US real estate, but Brazil dominates Miami | HomesGoFast.com | Business News & Finance | Scoop.it
Latest news on HomesGoFast.com: China spends most on US real estate, but Brazil dominates Miami
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