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Bitcoin The Almighty Buck

Bloomberg's Trading Terminals Now Providing Bitcoin Pricing 119

Posted by Unknown Lamer
from the internet-people-taking-over-world dept.
New submitter Raystonn (1463901) writes "Bloomberg has announced the release of Bitcoin support in their trading terminals, used worldwide by over 320,000 trading professionals. The market makers of the world will now have instant access to immediate Bitcoin prices on an industry-standard trading platform. This places the virtual currency before the eyes of the movers and shakers of most of the world's money supply as they decide where to invest their USD holdings."
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Bloomberg's Trading Terminals Now Providing Bitcoin Pricing

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  • by Anonymous Coward

    Not Bitcoin.

  • Beginning of the End (Score:5, Interesting)

    by cusco (717999) <brian,bixby&gmail,com> on Wednesday April 30, 2014 @10:56AM (#46879057)

    Now the professional speculators will trash it for good. Get the amateurs out of the way, time for a REAL pump-and-dump cycle!
     

    • /Oblg. Life cycle of currency ...

      http://www.activemanagersresou... [activemana...source.com]

      • by cusco (717999)

        When George Soros and the other currency speculator scum get done with Bitcoin the holders of coins will end up owing money.

        • I don't see how that is possible. BitCoin isn't able to be controlled by a single entity.

          Governments/Politicians can try to outlaw the currency but they are powerless to stop an absolutely new paradigm [in currency].

          • by cusco (717999)

            Huh? The value of Bitcoin is driven exclusively by speculation, it has no intrinsic real-world value. The professional speculators like Soros and the slime at Goldman/Sachs have no interest in controlling the supply of rice, corn, tin, or Bitcoin, their stock in trade is running up the price of something, then crashing its value, buying up supplies at the new value, running up the value again and then selling as it peaks and then crashes again. They have hundreds of billions of dollars to play with and

  • I wonder (Score:4, Insightful)

    by Anonymous Coward on Wednesday April 30, 2014 @11:17AM (#46879435)

    I always wonder what the vitriol against BitCoin comes from. I mean, its completely optional. You don't need to be involved at all. However from a technical viewpoint it is a very very clever system. I really don't understand why people get so upset. Is it because people are making money off of it?

    • by Anonymous Coward
      Its because it was posted on Slashdot when it was it was less than 3 cents a pop, and now its a few hundred. It was a risky proposition then. I have more than a little resentment that I didn't buy in.
    • Re:I wonder (Score:4, Insightful)

      by ArcadeMan (2766669) on Wednesday April 30, 2014 @11:26AM (#46879607)

      Everybody who's against Bitcoin is mad because they didn't mine it in the early days.

      • Goddamn Bitcoins, worthless pieces of shit.

      • by Anonymous Coward

        Everybody who's against Bitcoin is mad because they didn't mine it in the early days.

        I didn't invest in google in the early days either, but I don't hate them.

        I hate bitcoin for a number of reason. The few that top the list:
        1) I hate the idea of having all of these computers working harder and harder, using more and more energy, and every day there being more miners setting up more computers, all of it in an unproductive pursuit of nothing but wealth. The energy wasted for no real societal gain makes it more socially useless than a marketing department for a law firm.

        2) The price varies so

        • You didn't have to "invest" anything in the early days of Bitcoins either. You just ran a program that used your CPU, then later your GPU, to mine Bitcoins. Yes it cost you more on your electric power bill, but that cost vs the value of Bitcoin today is negligible.
          • by perpenso (1613749)

            Yes it cost you more on your electric power bill, but that cost vs the value of Bitcoin today is negligible.

            If you are using CPU or GPU it is not negligible, you are losing money. Even with some specialized hardware (ASICs) the power may consume 30-50% of the value. YMMV depending on the specific ASICs.

        • 1) I hate the idea of having all of these computers working harder and harder, using more and more energy, and every day there being more miners setting up more computers, all of it in an unproductive pursuit of nothing but wealth. The energy wasted for no real societal gain makes it more socially useless than a marketing department for a law firm.

          A non-centralized, freely available to anyone with an Internet connection, digital currency is a huge gain for society. Miners insure the integrity of this system. It's not wasted energy if you value the idea behind it.

          2) The price varies so wildly, but it's all based off of nothing. At least with stocks, you have company metrics and financials you can at least try to use to figure out where it's going. At least with national currencies, you can look at what the country is doing politically and financially to try and guess where the currency is going. With bithcoin, it's like it's decided by a magic eight ball...there is nothing you can base decisions on other than a random guess.

          Bitcoin prices are driven by supply and demand. That's about as simple as economics gets. Just like gold or any other finite commodity, as long as it has value in the minds of people the price will go up in the long term because of the limited supply.

        • 1. See conventional finance.
          2. See conventional finance.

          There are some valid criticisms to make (The idea of a deflationary currency will have economists collapsed in the floor laughing at how stupid that is), but yours are not really good ones.

        • Everybody who's against Bitcoin is mad because they didn't mine it in the early days.

          I didn't invest in google in the early days either, but I don't hate them.

          I hate bitcoin for a number of reason. The few that top the list: 1) I hate the idea of having all of these computers working harder and harder, using more and more energy, and every day there being more miners setting up more computers, all of it in an unproductive pursuit of nothing but wealth. The energy wasted for no real societal gain makes it more socially useless than a marketing department for a law firm.

          2) The price varies so wildly, but it's all based off of nothing. At least with stocks, you have company metrics and financials you can at least try to use to figure out where it's going. At least with national currencies, you can look at what the country is doing politically and financially to try and guess where the currency is going. With bithcoin, it's like it's decided by a magic eight ball...there is nothing you can base decisions on other than a random guess.

          Here's where we disagree. I don't believe fundamentals influence, in any way, exchange rates. What influences exchange rates is only expectations of future exchange rates. These are regularly very different from past experience. I speak from intense personal experience in Indonesia in 1999, when the rate of the local currency dropped from 2,500 to the dollar to more than 15,000 in a little more than a month.

          Stock prices yes, exchange rates no -- they are solely based on subjective impressions of futur

      • Amen. I wish I would haven't missed the boat. It sounded stupid to me until I understood it. Then it all made sense. It's a shame people are so afraid of what they don't know, instead of just trying to learn something they can't grasp.
      • by sjbe (173966)

        Everybody who's against Bitcoin is mad because they didn't mine it in the early days.

        I didn't invest in beenie-babies or Miami real estate or any number of other tulip crazes and I don't regret missing them either. My life will happily go on without ever hearing another word about bitcoin. It serves no purpose that I care about. Spend your life worrying about opportunities missed and you'll live a very unhappy life.

      • by BitZtream (692029)

        That, or they have a clue. Hey, who am I to inject logic into your silly little reality.

        The only people who think BitCoin is something useful are those who want its value to rise so they don't lose money. The only difference between it and any other generic commodity is that BitCoin actually has no usefulness beyond speculators wet dreams.

    • For me, like every other truly annoying thing, it's the fans.

    • by Misagon (1135)

      I think it is because it is perceived as being money for nothing.

      • by Richy_T (111409)

        It is not money for nothing. I did a little mining once upon a time but now it is too expensive and risky for my blood. That's hardly nothing.

    • Re:I wonder (Score:4, Insightful)

      by medv4380 (1604309) on Wednesday April 30, 2014 @11:48AM (#46879867)
      You say that it's "optional", but it's not. If you view it as a scam investment like Tulip Bulbs that can bankrupt people you warn people away from it in some vain attempt to save them before they are ruined by it. It's not optional because when friends and family are dupt into it, and loose their shirt it's going to hurt you even if you didn't personally invest one penny in it.
      • Re: (Score:2, Insightful)

        by Anonymous Coward

        It's not optional because when friends and family are dupt into it, and loose their shirt it's going to hurt you even if you didn't personally invest one penny in it.

        By that reasoning NOTHING is optional. Skiing "isn't optional" because a family member could break a leg and place their burdens on you.

    • One reason is fear. People who depend on a paycheck denominated in today's currency are afraid their pay and all their assets will be devalued if bitcoin replaces that currency. It's an irrational fear. There will be just as many opportunities to earn bitcoin as the alternatives it replaces. Things that have value (like houses) will still have value in a bitcoin economy.

      The other thing is resistance to change. Lots of people don't like change.

      • by Kalriath (849904)

        Uh, no, I can guarantee that zero people don't like Bitcoin because they are "afraid of it replacing currency". Because that won't happen.

        People don't like Bitcoin because:

        • It has more annoying fans than Justin Beiber
        • The environmental cost of "mining" "cryptocurrency" is significantly higher than any benefits, making it a net loss
        • and yes, the obvious, value being defined by the outcome of Math.random()
    • It's pretty simple. It has nothing to do with not being involved, or energy efficiency, or anything like that.

      It's the fact that the logic behind it, the whole "it's kinda like a gold standard" type BS, is wrong, and there is nothing, nothing, more likely to upset a geek than someone on the Internet being wrong. [xkcd.com]

    • by AdamHaun (43173)

      I mean, its completely optional.

      Not if you're a Slashdot reader it's not. Unless you know of a way to block all the stupid Bitcoin stories? If so, please share.

      I always wonder what the vitriol against BitCoin comes from ... from a technical viewpoint it is a very very clever system. I really don't understand why people get so upset.

      I get that it's a clever system, but that's not why it gets a story a day here. Bitcoin is billed as a world-changing grass-roots utopian revolution to create a new economy based around a "hard" currency. As a revolution, it's bad economics and worse politics. As a social movement, it's driven by for-profit right-wing propaganda originally designed to scare people into driving up t

    • by labnet (457441)

      We are against it because it can't grow or shink with the econmoic value it represents.
      There will only ever be about double the bitcoins available as there are now. If the world switched to bit coins now, their value would have to hyperinflate creating economic carnage. Those of us that can see that want to warn the rest not to participate.
      Bit coins are technologically clever but economically dumb.

  • If china is banning it and Big traders and investors are getting interested, it should tell you something. Just take a few minutes to learn how the protocol works before claiming it's worthless technology. It's worth the small effort, we're all tech savvy people here.
  • You can get the price of every crap pink sheet stock on a Bloomberg terminal. It's not an endorsement of an investment.

    • by Richy_T (111409)

      It's not an endorsement but it is a recognition. Which is exactly what Bitcoin needs to increase adoption.

      • It's not an endorsement but it is a recognition. Which is exactly what Bitcoin needs to increase adoption.

        They "recognize" penny stocks too but that doesn't make them a sane place to put your money.

      • Exactly.

        Bloomberg "legitimizes" BitCoin is the take away here.

        That is how all currencies start. An obscure commodity used by the minority. Momentum (popularity) builds until it is used by the Majority.

  • I can only imagine how many FORTRAN shared memory fields were abused to make this happen.
  • A way for fatcat bankers to put all the world's money into deflationary virtual tokens.

    Actually this could be fun to watch...lulz ho!

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