Is Bitcoin in a Bubble - If so What kind?

image credit dailyforex.com

An excellent Bitcoin article by Adam Lemon in dailyforex.com

My short summary.

First the Hmm! could be ok, view

My assumption from the article is that provided Bitcoin survives in its present uncontrolled and fixed state, it will inevitably appreciate against all present fiat ( from the Latin fiat ("let it become", "it will become" - paper and metal have become.) currencies, with the only discounting arising from the question of whether it will become fully accepted as a convenient, usable legal tender.

A factor within this is whether other crypto-currencies could eventually usurp Bitcoin’s leading role: it is worth noting that the capitalization of other crypto-currencies has begun to exceed Bitcoin’s capitalization.

If you believe that Bitcoin will maintain its dominance over other individual crypto-currencies and eventually become widely accepted, then there is every reason to believe that a Bitcoin is worth at least $1,600 right now.

If this is true, then Bitcoin might be overbought and due a substantial correction, but it could not be said to be in a bubble comparable to Tulip Mania or the first British joint stock companies of the 17th century. This case also supports Bitcoin as an attractive medium to long-term investment.

On the Other Hand

Unfortunately, (Adam Lemon) sees a dangerous overreach in assuming that Bitcoin is going to be a freely convertible,fungible(exchangeable or replaceable)currency, i.e. that it will be available to everyone who wants it and will be generally acepted as payment.

This is far from assured, and with governments finding considerable value in maintaining present fiat currency systems which may be inflated to write off debt, why would they sit back and allow bitcoin to usurp national currencies as a medium of exchange?

If Bitcoin is going to remain the preserve of bohemian tech enthusiasts, much as it is today with less than 6 million individual users, then it is in a bubble and is enormously overvalued.

link to article in full -http://www.dailyforex.com/forex-articles/2017/06/is-bitcoin-in-a-bubble/80966


The best place to learn about the currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.
Visit – http://onlydrones.net

How long before you see the - Bitcoin Accepted Here - sign?

There are 2 Schools of thought about Bitcoin and the copycat Cryptocurrencies like Ethereum,Dash,Monero,and the one I have an account with - Steemit/Steem.

But as Bitcoin was the first and best known I will refer to it alone, but comments and opinions will relate to all Cryptos that use the   blockchain technology.

There are those with radical views who are ecstatic in the belief that the days of government and banks controlling their lives and activities are numbered.

They claim Bitcoin technology is untouchable. It is  a decentralized system operating on a Blockchain.(Video explaining Blockchain here - https://youtu.be/k53LUZxUF50) - It doesn't need the current central controlling agency of banks or government.

The revolutionaries subscribe to an outcome as predicted below -

Will the Bitcoin revolution bring Anarchy?

Anarchy, State, and Utopia is a 1974 book by the American political philosopher Robert Nozick.

Nozick argues in favor of a minimal state, "limited to the narrow functions of protection against force, theft, fraud, enforcement of contracts, and so on." When a state takes on more responsibilities than these, Nozick argues, rights will be violated. 

To support the idea of the minimal state, Nozick presents an argument that illustrates how the minimalist state arises naturally from anarchy and how any expansion of state power past this minimalist threshold is unjustified.

Many of the current radicals consider Bitcoin technology will eventually lead to anarchy and bring about the reduction of state power to that imagined by Robert Nozick in his book.

Bitcoin is making world headline news. It is established and accepted in many countries, but it’s full power and latent forces for disruption and anarchy are not fully understood

In short, Bitcoin could be the trigger for a coming digital rebellion – “a catalyst for change that creates a new and different world,” to quote Jeff Garzik, one of Bitcoin’s most prolific developers.

The Deniers

I said at the start that there are two sides to the story,but it is difficult to find very much counter information from threatened government and banks.

Either they are complacent,believe that it's a bubble that will soon burst,or confident they have a strategy to defeat it.

There are smatterings of news that some countries are cracking down by legislating against it's use, but I copy below in italics some of the views on sidestepping government interference.

Realistically, the chances of every government on Earth all outlawing bitcoin is pretty slim. It’s already been accepted and used by too many people. There’d be at least a minor uproar if the government came in with their guns and started kidnapping and extorting everyone involved in bitcoin.

And, if there was even ONE country that didn’t, that country would all of a sudden find itself receiving billions of dollars of investment into the country and thousands of very intelligent people would be moving there.

Perhaps this is why Theresa May, Angela Merkel and globalist Donald Trump all want to make “global rules” for the internet!

And this is not to mention that the more governments try to outlaw bitcoin the more the demand for bitcoin will likely increase as anyone who can still buy it will be running to get it before it is too late.

And, not to mention, it’s not very easy to track who actually owns bitcoin. If you are smart it is impossible. And there is no way to confiscate it without your keys. This is probably why Morgan Stanley recently said they want the “master keys” to bitcoin!

And, furthermore, many other altcoins like Dash and Monero are built with extreme privacy in mind. If they really manage to hamstring bitcoin then watch cryptos like Dash and Monero skyrocket in value… and there will be nothing the globalists can do.

So, all those expecting that big government will put its boot down on cryptocurrency don’t understand cryptocurrencies. It’s just math. There’s nowhere for the government boot to smash.

And here's a lone voice for the status quo

The Government is light years ahead, I feel sorry for the guy who thinks they're smarter than the Government. And of course (government) they could destroy it, all they would have to do is put a $5,000 dollar penalty for using it. The price would go to $0.

To sum up

I am intrigued by this new currency and the claims made for it.One of the reasons I joined Steemit - which is the social media site of the crypto currency Steem - was to learn and ask questions.

I am no fan of government or politicians but they have the responsibility of providing public services,such as police,education, and health and social care,which are the foundations of stable civilisation.

I've asked on Steemit how will taxes to pay for public services be assessed and collected in this decentralized independant financial utopia,but not received a serious answer.

I can understand the euphoric atmosphere evident on the platform.Many have been on Steemit and in Steem since its beginning in July 2016 and will have made life changing gains in their accounts.Consequently they are in denial that it could end

I joined in January this year and am excited to see my $70 in Steem grow to over $1000  in a couple of months riding on the Bitcoin bandwagon.(See my Blogger post - How my Steemit account is benefiting from the price rise of Bitcoin)  at this link -

http://bit.ly/2tIzi2V


But country's have to be run and paid for,and how that is going to happen is the 64,000 Crypto question that needs answering.

The best place to learn about the currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.
Visit – http://onlydrones.net

Forbes advising Buy Bitcoin despite it's price being ....

My good friend John Duncan of Bit-Talk has tweeted -

Forbes advising Buy Bitcoin despite it's price being close to an all time high.This appears to me to be based on a contrarian approach.

Mainstream reporting of Bitcoin price surges and fallback have been around good or bad news involving Bitcoin.The price hit when it was associated with drug dealing and money laundering,then rising when citizens of Cyprus stashed capital into Bitcoin away from a Cypriot government confiscation austerity measure.

The article covers further events that had the currency see sawing,and explains its reasoning for a Buy now.

Article link here -

http://bit-talk.info/forbes-encourages-readers-to-buy-bitcoin-at-all-time-highs/

he best place to learn about the new currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.

Visit – http://onlydrones.net

Video - 'The Blockchain Massively Simplified'.

I enjoyed this Video - The speaker Richie Etwaru is accomplished and commands attention.

Demonstrating in an interesting way with slides and comparisons the basic idea of the Blockchain and how it will play a dominant role in the future.

Impacting more aspects of peoples lives than just money transactions.It doesn't mean that everyone will need to learn Blockchain. It is one of those things that we don't have to know how it works,just that it does and will.

The fact that the intermediaries or middlemen we are accustomed to today to verify trust in transactions (Principally Banks) will be redundant, is not glorified, or put forward as the reason for the search for an alternative way of verifying trust that saw the invention of the Blockchain. They will be just a casualty of progress.

The Video. Should be open. But you may have to click link.Sorry.

https://youtu.be/k53LUZxUF50

He is being polite, I think,not wishing to be controversial.Just happy that the invention exists and excited by it's potential.However,I think it is too much of a coincidence that it's first appearance in 2008 followed the banking crisis in 2007.

It also leaves many questions unanswered.He doesn't mention the miners using special hardware on their computes to mine for Bitcoin. Where do they fit in ?.I have subscribed to his channel so it will be for another time.

The best place to learn about the new currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.

Visit – http://onlydrones.net

 http://bitcoin-in.net

The 2017 Drone Racing League Season is Here.

Fastest Drones. Greatest Courses. Best Pilots. One World Champ.
The 2017 #DroneRacingLeague season is here. Watch:… https://t.co/TtNYR4cjNc

Did you know that there's a Drone Racing League and
SKY Sports has invested millions and signed the rights
to air drone racing on their networks.

As drone racing becomes more popular as a sport (with
people racing mini drones around obstacle courses
at speeds up to 120mph), the number of crashes is
high

81,215 shares For this drone race Video  

Drone users can be divided into FOUR categories:
Beginners
Hobbyists
Advanced Users
Professionals

Not only are they fun to fly and observe but you
can use them to take great videos and photographs.
You can also use your drone when you want to take
photos of or record anything where it might not
be as safe for you to get closer to the event.

Something like this would be things like monitoring
a weather event such as a wildfire or a tornado.
Your drone can safely capture images from a distance.
You can also use a drone to experience wildlife up
close and personal without having to get so close
that you’re at risk.

To See a Wide Selection of Drones.Accessories.Books.Hardware.

Visit – http://onlydrones.net

Bitcoin is it a Money or Spaghetti Tree?

Bitcoin and Drones may not appear to sit well with each other on the same blog,but stay with it because they are going to feature big from here on in.

Both have the potential to transform the world as we know it,but will have to surmount much controversy and opposition to do so.

Drones,because of the concerns of them straying into passenger aircraft lanes,and invasion of citizens privacy in homes and gardens.

Cryptocurrency because of the threat to the established financial systems.

We can follow and be gripped by their bumpy but fascinating ride  to fulfilling their potential..

Money Doesn't Grow on Trees

Is another of mother's sayings that appears to be untrue according to some reports lately

Money Trees have been in the news recently,but what is a money tree ?. Is it another leg pull like the Spagetti Tree?

Image credit keywordpictures.com

No according to many of the Bitcoin radicals. it's  just like any other tree except instead of leaves there are bank notes.Allelulia.You don't have to go a bank when you want money.You just pop out into the garden and pick the denominations that you need.Simples!

These money trees are Cryptocurrencies according to the radicals.They are revolutionizing the world by decentralizing the creation of fiat money.(Fiat money is a currency established as money by government regulation or law.The term derives from the Latin fiat ("let it become", "it will become") Trust in paper and metal as money and it will become.As it has.

They go on to say - The recent rise of Steem and the record highs of Bitcoin is down-right thrilling!

Especially for those who’ve hedged their bets by buying and holding these crypto when they were at their lower ends. Huge dividends can now be collected for those who wish to cash out and convert their BTC’s,(Bitcoin) SBD’s (Steem Dollars) and Steem (Coin) to the official currencies of their country.

Learn and Earn with Steemit

I don't go along with the more extreme claims  above but I think cryptocurrency is now established and will have a part to play as a financial instrument. Whether it will enjoy the privacy and immunity from Central Control by government and banks as claimed, is a fascination to follow - Which is why I joined Steemit.

It is the facebook type social media arm of the crypto Steem (Coin) . A platform to exchange views on  this new financial system, and where they pay you for posting.The rewards are made according to the votes received for your content.

And like Facebook there are all the popular categories as well - travel,art,photography.Go here to see all the categories and browse a few posts on your interests - http://steemit.com

Above is a screen shot of my blog and the rewards and vote count.You can see that 'She Kissed What' earned $18.55 My earnings per post have been poor recently.It can be a lottery in getting your posts seen as so many posts are being published,but the icing on the cake is that earnings can be kept as Cryptocurrency Steem (SBD) and I've shown how that has grown my $70.

You won't be alone.People are joining in droves.Where else do you get paid to post?

I joined in January this year and at the beginning of April my account stood at about $70 earned from the posts I'd written.

But then a lot of publicity and excitement arose about Bitcoin which saw it rocket in value on the Crypto Exchange.Other cryptocurrencies like Steem Dollars (SBD) benefited so much that my $70 dollars has risen to over $1100 as I looked today.Tuesday 13th June 2017. Screenshot of my account -

Yes it does yo yo as with any investment,and it could disappear altogether,but it hasn't cost me anything except my labour in writing posts.

I'm sure cryptocurrencies have a part to play as a  financial tool,but there is much contradiction surrounding them.Generally the view expressed on Steemit is that because the Blockchain on which the currencies are created or (Mined is the term) enables private, what they call Peer to Peer, financial or other transactions,then it is decentralized. Centralized Control, (Meaning loss of privacy to government or bank), is therefore avoided.

Perhaps I am too brain washed by the 'Money doesn't grow on Trees' belief,but I can't see governments or banks threatened with the loss of what they've enjoyed for hundreds of years just shrugging their shoulders and accepting it.

Governments either aren't aware of the privacy shielding technology of Cryptocurrencies, or complacent ,or think that they can legislate  to easily maintain control.The belief of the cryptocurrency  radicals is that the internet enables transactions  to be made in countries without controls and that there will always be countries competing for that business.

You also earn from commenting. I wrote the following on Steemit to the Money Tree post -

'I like your money tree story,and I can see what you mean about money growing as if on a tree from the investment view,because my rewards from the $70 earned from my Steemit posts since joining in January this year,now stand at over $1000 this morning, thanks to the investment surge.That can wither on the tree overnight in a frost of bad news.

More difficult to understand is the confusion around the day to day use of crypto currency. I read one minute that it is Peer to Peer transacting.Individual to individual or company.No bank,government or other interference or control.

But then I read the transaction charges for Bitcoin are steadily increasing,because demand is slowing the process of mining the transactions.Miners on their computers are choosing to prioritize transactions that pay more for speedier attention.

Supply and Demand governs prices. Nothing changes then ? So we think we've found a way to keep government and bank snouts out of our trough,but the new middlemen will be the miners, mining on their computers The old saying is true isn't it - The more things change, the more they stay as they are.

The best place to learn about the new currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.Clothing.
Visit – http://onlydrones.net

Drones The Beginning of A New Industrial Revolution – Bitcoin and Cryptocurrency the beginning of a financial one.

Bitcoin and Drones.Strange bedfellows you may think,but in their separate ways they are predicted to bring about the biggest change in finance and commerce in the coming years.

Many business observers think we’re on the cusp of the “Next Industrial Revolution” with drones and robots says Toronto-based technology expert Avery Swartz.

From Lady Gaga’s Super Bowl Half Time Show to ‘Doughnut Deliveries by Drone in Denver’, it’s hard to deny the recent boost in the popularity of drones. Drone technology is advancing at a rapid pace, driving down production costs and adding ease of use, which is making drones increasingly accessible to ordinary people.

Intel used 500 drones to power a portion of Lady Gaga’s Super Bowl LI halftime show. They programmed their drones to sync up and arrange themselves in various patterns according to the music, and, of course, to display the Intel trademark across the night sky when they had everyone’s full attention.

Intel Video  - Lady Gaga Light Show - How Intel did it.

https://youtu.be/aOd4-T_p5fA

Many of the drones seen at parks and beaches are flown by hobbyists delighting in their new found ability to capture quality aerial photographs and videos.

Drones are evolving in the marketing world as well. In fact, drone technology is at the point where drones are a work tool rather than a toy.

New uses are being reported regularly. At the present rate of claims it will soon be easier to find tasks where the thought – Can a drone do it - hasn’t arisen, or been tried. Such is the impact on costs the invention has.

If you think size and weight will be the limiter it is reported that China’s biggest retailer, JD.com, has announced plans to develop drones that can carry up to a ton of payload.

 Image credit www.startup36.com

The company says the drones will deliver consumer goods to remote areas and farm produce to cities.

Google parent company Alphabet, Amazon and Walmart are all investing in drone development, too.

Enterprise's are already capitalizing on the fact that many people simply like to watch drones fly around. Many have seen the Amazon Prime Air commercials in which Amazon playfully characterizes delivery by drone as the future of package delivery.

Drones are planting trees, helping paramedics in crises, and herding cattle, all while the world’s biggest retailers are racing to develop air traffic control systems that will satisfy regulators.

For instance, Seattle-based DroneSeed is working with forestry companies to plant trees in deforested areas of the Pacific northwest. There are more than 300 million acres of deforestation in U.S. and, at current planting prices, it would cost about US $100 billion to replant them.

A good human tree planter – a common summer job for many young Canadians – can plant about two acres or 800 trees in a day. But one person handling 15 drones can plant 800 seeds an hour.

There is a project underway in Atlantic Canada with more than 120 paramedics and paramedics in training, using drones to survey simulated mass casualty situations and to deploy human help faster and more efficiently.

Other research is underway in Canada to use drones to herd cows and to improve the yield of potato crops in New Brunswick.

“There a lot of really interesting, useful applications for drones.”

But the largest commercial push for drones is to reduce the high cost and inefficiency of the so-called “last mile” of delivery to a consumer’s door. That’s especially applicable in countries with a widely distributed population and huge tracts of remote areas, says technology expert Avery Swartz..

It’s unclear exactly what the impact will be on jobs, although many economists and analysts predict drones will transform jobs, rather than replace them outright.

A Creativity Brainstorm for Display Advertising

Advertising and Marketing companies use drones as aerial mobile cameras that can record from perspectives that used to require a lot of time, effort, and expensive cranes and helicopters to record from aerial viewpoints.

Whether you’re a real estate agent taking pictures of a large property or an architect taking videos of skyscrapers, drones are the ideal way for marketers to obtain breath-taking aerial shots for relatively little cost.

Drones can travel almost anywhere, which makes them an ideal advertising platform. Traditionally, marketing consisted of print ads, TV commercials, billboards, and Internet ads, but drone mobility and agility provide new opportunities that marketers are taking advantage of.

Whereas advertising platforms such as signs and billboards are stationary and passive, drones can take a company’s message to people directly and aggressively. For instance, some restaurants and other advertisers are using drones to fly menus around cities and hold banners and posters above people at large events.

The slogan’ Limited only by Your Imagination’ is certainly coming true with Drones

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For a Social Media Site with Bitcoin and Cryptocurrency Categories and all general and popular interest categories Steemit is brilliant.People are joining in droves.

Steemit is excellent also for keeping informed about the developments and exchanging views about this exciting but mysterious financial newcomer Bitcoin and it's like. It cost nothing to join or post.On the contrary you get paid to post ! Have a look round here - http://steemit.com You can also read my latest post on Steemit here

https://steemit.com/life/@ijavee/what-future-for-the-wheel-now

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

To See a Wide Selection of Drones.Accessories.Books.Hardware.

Visit – http://onlydrones.net

Is Bitcoin about to Self Destruct ?

The bitcoin price has more than doubled to about $2,900 over the last three months.This despite evidence of a dispute of how to improve the network to handle the growing demand

The power struggle — over the seemingly simple question of how to upgrade the network to handle more transactions — is pushing fees so much higher that, for certain types of transactions, bitcoin is nearly unusable. Transactions that should take 10 minutes are taking days or not going through at all, and the average fee costs $4.75 — a negative for a network whose proponents once touted the fact that it was cheaper than Visa.

To understand what has escalated the two-and-a-half-year-long controversy into all-out war, one first needs a little background in the game theory of bitcoin, which was outlined in a previous article. As was written then, “The magic of bitcoin has been the ability for various players with opposing interests to engage in a system that has so far led to an optimal outcome for all of them.”

 As one would expect, however, when groups with opposing interests have to interact with each other, tensions arise. While, in previous open source projects, parties with opposite aims could part ways, in bitcoin, neither wants to leave what has so far been a highly lucrative game for each of them.

 (Hear two long-time bitcoin players explain this in my podcast.) While bitcoin has many constituencies, one of the most important are the developers, who are like the designers of the game. Another crucial group are the entities that run the bitcoin network on their computers (called miners) who are sort of the operators of the game.

For a full and more detailed explanation of the row and how it is likely to affect the future of Bitcoin you must read the brilliant and comprehensive article by Laura Shin of Forbes.The link is at the end of this article

Another suggestion is to join Steemit as I have done.- http://steemit.com - It is both a cryptocurrency called Steem and a SocialMedia site named Steemit - http://steemit.com

You get paid for posting on Steemit and if you leave your earnings in your account it benefits from the rise in all cryptocurrency prices' I joined in January this year and written 19 posts for which I've earned $70.Not a lot compared to some who are getting up to $1000 a post.

The point is by leaving my $70 in Steemit it has grown to $1042 as it stands today.It is volatile,but the point is I've not put any money in. All cryptocurrencies are benefiting from the publicity around Bitcoin.

The blockchain technology is sound, the unknown is what world governments will do about the threat to their control of money and their ability to find the earnings and financial transactions of businesses and individuals via the traditional banks.

The Cryptocurrency Revolutionaires argue that governments will attempt to legislate and implement controls over the new electronic currency,but that it will be futile because the internet is worldwide.Transactions will move from countries that attempt control and will operate via the internet with countries that don't. And there will always be Nations that welcome taking business from another.

Steemit is excellent also for keeping informed about the developments and exchanging views about this exciting but mysterious financial newcomer. It cost nothing to join or post.On the contrary you get paid. Have a look round here - http://steemit.com You can also read my latest post on Steemit here

https://steemit.com/life/@ijavee/what-future-for-the-wheel-now

The full Laura Shin Forbes article is here -

https://www.forbes.com/sites/laurashin/2017/06/07/bitcoin-is-at-an-all-time-high-but-is-it-about-to-
self-destruct

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

Also visit  www.steemit.com  The Social Media Site where you get paid to post.Free to join.Many categories to post in and browse including cryptocurrency

It's Bitcoin That Glitters Now.

Interest in Bitcoin and similar Cryptocurrencies using Blockchain Technology such as Ethereum.Doge,Ripple.Steem is particulary strong in Asia and the Far East.

Unawareness seems more noticeable in Europe.Is it caution around something new or fear of the unknown. The article below appeared in the Economic Times of India. - Note - 1 Bitcoin is now worth 225,000 Rupees,and in US Dollars today 1 Bitcoin is trading at $2,545. Those who got in big at the beginning  in 2009 - 2012  will be wondering whether to stay or run with predictions that 1 Bitcoin could hit $10,000 within 5 years.

Economic Times of India - All that glitters is bitcoin now The once non-descript bitcoin, a crypto currency, has returned more than 10 times since 2015, with the price of the digital instrument hitting a record Rs 225,000 a unit in the domestic spot market last week. Trading in bitcoins is gaining traction

“The increasing awareness of bitcoins worldwide, particularly about its revolutionary technology, has triggered a rally in the bitcoin market,” said Sandeep Goenka, cofounder and chief operating officer at Zebpay, an app-based bitcoin exchange. “Japan has now added itself to the list of countries that have regulations for bitcoins. Due to these positive factors, bitcoin prices have been showing tremendous strength.”

With an expert committee in India now seeking to regulate domestic trading of bitcoins, prices are expected to leapfrog in the next one year. Since April, Japan's legalization of the digital currency has contributed to the rally in bitcoins. After Tokyo’s move, many vendors have started accepting the virtual currency: Peach Aviation, for instance, is going be the first Japanese airline to accept bitcoins as payment for plane tickets.

Like any other investment, bitcoins are not risk-free. Sharp price swings are routine. After touching the record high of Rs 225,000 a unit, the price plunged to about 160,000 a unit within an hour or two.

"I've held on to my bitcoin portfolio as I am a long-term investor. I expect bitcoin prices to strengthen over a longer time-frame. If more countries legalise crypto currencies, bitcoin prices may appreciate much more than the current (price) levels," said Madhur Todi, who owns seven Bitcoins now  ..
...and --- read more here -

http://economictimes.indiatimes.com/markets/stocks/news/all-that-glitters-is-bitcoin-now/articleshow/58994754.cms

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

Also visit  www.steemit.com  The Social Media Site where you get paid to post.Free to join.Many categories to post in and browse including cryptocurrency.

Government Starting To Act On Bitcoin.

The claims that Crypto currency is the future and out of reach of government, divides. Good to give our rulers a wake up call, but we need strong elected government for stability and control of a country and whatever money system there is. The only alternative to that is anarchy.

Much as taxation is unfair in some areas, what other way is there to fund public services? Where are the predictions of how life in a digital currency utopia will be?

Are those in power confident they have the answers to threats to the status quo, or just complacent? Are there any politicians or financial journalists prepared to give a view on how governments can/will respond?

There seems to be very little comment expressed by governments or financial observers, to counter the many statements that the coming digital currency revolution will mean the end of government control and regulation of money.

There was a quote from the bit-talk website  which said  -“In October 2010 The US Financial Task Force warns of the dangers of an unchecked, de-centralised, computer based currency”

Then this morning Thursday June 1^st 2017 this appeared in Bitcoin News  –

Peer-to-peer Bitcoin Exchanges face new legal challenges in America.

Traditionally Governments use financial institutions such as banks to control the flow of wealth. With the growth of trading, buying and selling with crypto currencies, governments are using existing legislation covering money transmitting

Two types of Bitcoin exchanges operate at present. The ones that serve as an arm of government called ‘Trusted Third Party’ Exchanges for Bitcoin, where privacy is removed from users, and the movement of wealth monitored.

The second type ‘Peer to Peer’ Exchanges seek to sidestep the Third Party Digital exchanges, but are slowly being criminalized.

The ‘Sal Mansy Case’ may be a foretaste of the future

Mansy had been trading bitcoin for years. At first, the purchase of bitcoin was apparently conducted through digital currency exchanges Coinbase and Bitstamp, with the sale occurring on Localbitcoins.

Profit & Loss was then channeled through the business bank accounts of his corporation.

Coinbase closed Mansy’s account in 2014 partly because he had not registered with the US Financial Crimes Enforcement Network (FinCEN) as a money transmitter.

Unfortunately for him, Mansy sold bitcoin to undercover agents who may have been alerted to his activity by the digital exchanges, his bank or both.

His residence was raided and three bank accounts were seized Mansy could receive a sentence of five years as well as a $250,000 fine. A tax investigation has not been mentioned but one seems likely to occur.

Localbitcoins is coming under attack because it is an immensely popular alternative to ‘Third Party Digital Exchanges’ for users who wish to retain both privacy and control of their wealth.

The company describes itself as a Peer-to-Peer Exchange “where users can buy and sell Bitcoins to and from each other.” Traders advertise at the online site “with the price and the payment method they want to offer.” As in Craigslist, buyers and sellers in the same area can find each through published ads.

Some of the comments to the above received so far

I bet you nobody would ever believe that because nothing of such has ever been seen or heard of in the history of humanity, I’m not just a programmer, I am a futurist too, i can safely predict that in the next five year bitcoin and altcoin are going to transform our lives

Though in the short term a cryptographic system could work well, in the long run government will force folks to either give cryptographic keys or be shut down totally. Government will not allow free competition to its financial dominion. Make no mistake. Governments will kill freedom lovers rather than allow this to continue.

Were they able to kill the internet ?

One of the reasons initiatives like ‘Internet of Coins’ are slowly gaining a following. Decentralized, Peer2Peer open source exchanges, freely distributed with standard protocols (like bittorrent did) are the only logical next step to ensure personal freedom. Built-in anonymization support is another, and not just in cryptocurrencies.

The irony of the whole thing is that most of the problems we see in cryptocurencies today already have solid solutions but politics is holding so many things back, but then you cant hold a dam for too long at a point you have to let go

I *do* get almost testy with people who dismiss any dangers by appealing to the ultimate utopia of bitcoin. because, compared to what's the norm right now, that's what bitcoin promises.) I still get testy, however, because that utopia will mean nothing to people who are unlucky or imprudent enough to become victims of the state and perish in prison, have their savings confiscated, etc. I have no doubt that bitcoin will prevail. I have no doubt that good people will be casualties of the state's crusade to remain in control. One of the things bitcoin users had going for us is that the government didn't have a clue of what it was. Those days may be ending.

From a practical point of view, the exchange is where people go to get bitcoins and other alt coins. It's the central choke point where everything will be reported. After all, tax collection is the most important aspect of a free society

Surely elected government has to be in control to provide order and normality in a civilised society.The taxes collected by government run the public services of health,education,police, the essentials which are the bedrock of peace and stability.One comment given to the tax collection question is that governments will depend on citizens declaring their income.That  ‘Self Assessment’ is already in use.But it is backed by government having the power to access bank accounts, which apparently is not the case with Peer to Peer Bitcoin Exchanges.

This could get interesting ! 

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