via Zero Hedge – Another dip to be bought as the weekend’s pump’n’dump in Bitcoin has led to yet another new record high this morning at $11,850.
Bitcoin’s market cap is now $200 billion…
This resurgence comes after a week of considerably more active propagandizing from the establishment.
As we noted previously, this week has seen a new group of establishmentarians jump on to the offensive against anti-decentralization, de-control, pro-freedom cryptocurrencies – urging bans, crackdowns, fatwas, taxation, creating their own cryptocurrencies, demanding citizens sell, and outright confiscation (this group includes governments world wide and their mainstream media mouthpieces)…
Hyperinflation has driven thousands to seek out unorthodox currency.
From The Atlantic.com – Rene Chun In Venezuela, home to some of the worst hyperinflation since the Weimar Republic, a Big Mac costs about half a month’s wages. Or rather, it did, until a bread shortage forced the burger off the menu. The annual inflation rate is expected to hit 1,600 percent. Life resembles an old newsreel: long lines, empty shelves, cashiers weighing stacks of bills.
To survive, thousands of Venezuelans have taken to minería bitcoin—mining bitcoin, the cryptocurrency. Lend computer processing power to the blockchain (the bitcoin network’s immense, decentralized ledger) and you will be rewarded with bitcoin. To contribute more data-crunching power, and earn more bitcoin, people operate racks of specialized computers known as “miners.” Whether a mining operation is profitable hinges on two main factors: bitcoin’s market value—which has hit record highs this year—and the price of electricity, needed to run the powerful hardware.
Question #1) Apple produces iPhones. Amazon produces fulfillment services for millions of products. What does Bitcoin produce?
Digital Assets produce a functioning alternative to UNLIMITED RE-HYPOTHECATION of DEBT; that is called “The Federal Reserve” and “Debt as Money Ponzi scheme.” The value is in its processes, and the ability to be TRUSTLESS.
Question #2) Bitcoin’s “value” has increased by 350% in the last 12 months. What has Bitcoin introduced in that time period that would justify a 350% increase in its value?