Category Archives: Bitcoin

Bitcoin is 'noxious poison', says Warren Buffett investment chief

Billionaire vice-chair of Berkshire Hathaway calls for crackdown on ‘asinine’ cryptocurrency

Bitcoin is heading towards $10,000 again, despite comments from US billionaire Charles Munger who described the digital currency as “noxious poison”.

Munger, the vice-chairman of Warren Buffett’s investment firm Berkshire Hathaway, said he considered the bitcoin craze to be “totally asinine”.

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Source: gadt

Russians arrested for 'mining bitcoin' at nuclear facility

Employees at the national nuclear centre in the city of Sarov tried to use work computers to generate the cryptocurrency

Engineers at Russia’s top nuclear research facility have reportedly been detained after they attempted to mine bitcoin on its computers.

Several employees at Russia’s nuclear centre in the city of Sarov have been detained after making “an attempt to use the work computing facilities for personal ends, including for so-called mining”, a spokeswoman for the centre, Tatiana Zalesskaya, told Interfax news agency.

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Source: gad

Bitcoin: what have experts said about the cryptocurrency?

The most memorable comments on the cryptocurrency from senior figures in world finance

•ECB official backs bitcoin clampdown

Bitcoin’s gyrations have attracted a lot of attention over the past year. Here are some of the most memorable comments from senior figures in world finance.

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Source: gadt

ECB official backs bitcoin clampdown

Yves Mersch joins growing list of experts calling for restrictions on cryptocurrencies

• What the experts have said about bitcoin

A top European Central Bank policymaker has joined calls for a global clampdown on virtual currencies such as bitcoin because of their threat to financial stability.

Yves Mersch, a member of the ECB’s executive board, said the central bank shared the views voiced by Agustín Carstens, the head of the Bank for International Settlements, who on Monday condemned bitcoin as “a combination of a bubble, a Ponzi scheme and an environmental disaster”.

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Source: gadt

Bitcoin price falls below $6,000 as banker signals crackdown

BIS head says cryptocurrency is a ‘Ponzi scheme’ that poses a threat to financial stability

Stock market turmoil – live coverage

The price of bitcoin yo-yoed wildly again on Tuesday, falling 14% to $5,920 (£4,250) before bouncing back to $7,265 – up nearly 6% on the previous day. The latest gyrations came as a leading central banker described the cryptocurrency as “a bubble, a Ponzi scheme and an environmental disaster”.

The new head of the Bank for International Settlements, Agustín Carstens, also said bitcoin threatened to undermine public trust in central banks and posed a threat to financial stability, and he signalled a global clampdown.

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Source: gadt

Bitcoin biggest bubble in history, says economist who predicted 2008 crash

Nouriel Roubini calls cryptocurrency the ‘mother of all bubbles’ as it falls below $8,000

The economist credited with predicting the 2008 global financial crisis said a 12% fall in the value of bitcoin on Friday was the latest proof that the cryptocurrency was the biggest bubble in history and destined for a crash.

Nouriel Roubini, professor of economics at New York University, said bitcoin was “the mother of all bubbles” favoured by “charlatans and swindlers” as it fell below $8,000 (£5,600), marking a 30% drop since the beginning of the week as investors became increasingly twitchy about a clampdown on cryptocurrencies by regulators.

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Source: gadt

Bitcoin, titcoin, ponzicoin: jokes and scams fuel a cryptocurrency gold rush

As questionable currencies flourish alongside legitimate ones, investors are advised to think twice before jumping on the latest craze

Early last month, the San Francisco-based software developer Rishab Hegde launched a cryptocurrency he called ponzicoin. Its website described “the world’s first legitimate Ponzi scheme” and encouraged people to buy and then “shill this coin heavily to your family and friends like a fucking sociopath”.

The FAQs stated that ponzicoin was a joke and a scam with “Equifax-grade security”. But none of that stopped people from investing to the point where Hegde closed the cryptocurrency down, saying the joke had “gotten crazy out of hand”.

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Source: gadt

Bitcoin's January fall wipes off $44bn in value

US investigation into boom stokes fears of impending bust as cryptocurrency records steepest monthly slide in its history

Bitcoin plummeted in value by more than $44bn (£30.9bn) in January, marking the steepest monthly fall in its short history.

The slide extended further on Thursday after the Indian government said it would ban all cryptocurrency trading and Facebook announced a ban on digital currency adverts. Bitcoin fell by more than 10%, dropping below $9,000, marking a sharp reverse from its peak of almost $20,000 just before Christmas.

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Source: gadt

Blockchain is this year's buzzword – but can it outlive the hype?

The open-source ledger behind bitcoin is touted as revolutionary for everything from banking to health, but the jury is still out

The speculation around cryptocurrencies has obscured the fact that blockchain, the decentralised, open-source ledger that drives bitcoin, could radically change how ownership is verified.

While the value of the main cryptocurrencies fluctuates, “blockchain” remains a lucrative buzzword that companies have found is a magnet for funding. But cutting through the hype, could blockchain technology really revolutionise the way anything from banking to education is run?

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Source: gadt

Bitcoin and cryptocurrencies – what digital money really means for our future

Digital currencies such as bitcoin have caused a financial frenzy. Alex Hern explains what they are – and whether this is the end of ‘real’ money

What is a cryptocurrency? Is it like bitcoin?
In a word, yes. Bitcoin was the first cryptocurrency, and is still the biggest, but in the eight years since it was created pretenders to the throne have come along.

All of them have the same basic underpinnings: they use a “blockchain”, a shared public record of transactions, to create and track a new type of digital token – one that can only be made and shared according to the agreed-upon rules of the network, whatever they may be. But the flourishing ecosystem has provided a huge amount of variation on top of that.

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Source: gadt