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It's Total Madness in Bitcoin Land
• https://fee.org, by Jeffrey A. Tucker"To the moon," goes one popular slogan in Bitcoin circles.
"No, I will not set up your Bitcoin wallet," says another.
Couple those and you get a sense of the attitude in the Bitcoin community right now. For eight years now, establishment financial and monetary experts have been putting it down. With prices now at dizzying heights, defying the expectations of even its biggest fans, Bitcoin has entered a new era.
Will it suddenly crash again like it did last month? Probably. But no one knows when. And what happens then is the big issue. The whole history of this magic Internet money has been about crashes, except that those who held on throughout have made themselves rich indeed.
The runup right now is conventionally attributed to the future's market adoption by the Chicago Mercantile Exchange. Maybe. Or maybe last month's correction just needed to happen to prepare the way for a new frenzy.
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1 Comments in Response to It's Total Madness in Bitcoin Land
As of this writing, the price of Bitcoin is more than $7,000 per bitcoin. Several hours ago, the price touched close to or above $7,500 on the Bitstamp exchange. Because of these reasonably high prices, and the volatility, few common people have the easy money to purchase even one bitcoin. Because of this, names of Bitcoin fractions need to be developed and advertised, so that folks can buy Bitcoin fractions with understanding. A penny is a hundredth of a dollar. What is a hundredth part of a bitcoin called, or a thousandth? The smallest unit of a bitcoin is called a satoshi - one hundred millionth of a single bitcoin (0.00000001 BTC): https://en.bitcoin.it/wiki/Satoshi_(unit) - and is worth a tiny fraction of a penny. We need common names for the various in-between 10% incremental parts of a bitcoin, to make it easier for people to know what they are purchasing when they are obtaining only part of a bitcoin.