Bitcoin , somehow , keep to die hard despite mounting evidence that it ’s not the best use of your money . The digital “ cryptocurrency ” hit a phonograph record high on Thursday , trading above $ 1,200 fit in to several exchanges .
fiscal expert have for the most part cast off aside the web - establish currency as a lawful investment , calling ittoo volatile , too risky , and in some cases , a cozenage . The Financial Times also reported in 2015 that bitcoin has all of the attribute of apyramid strategy . The cryptocurrency has long been sweep up in a account of fuck - ups and disceptation , include ahalf - a - billion - dollar heistfrom the world ’s largest bitcoin exchange in 2014 .
It does n’t help that the currentness ’s parentage story is mirky , too . Bitcoin was purportedly create by an unnamed programmer ( or group of programmers ) under the name Satoshi Nakamoto . Althoughseveralnewsoutletshave hear in the past to place Nakamoto , the Almighty still continue unnamed .
Invented in 2008 , bitcoin has continually dumbfound the betting odds as its note value has systematically risen despite intensify critique from riches expert . According to aCNBC study , bitcoin “ execute good than any other currency in every twelvemonth since 2010 apart from 2014 , when it was the worst - perform up-to-dateness . ” And , of course , it ’s already been declare deaddozens of times .
So what ’s been prop up bitcoin ’s value ?
The currency ’s price see a tart uptick this week due to an increased amount of speculation that thefirst bitcoin ETF , an investing stock traded on stock exchanges , is closing in on approval from US governor , grant to recentCNBCandBloombergreports .
But as theNew York Times reportedlast year , a small group of Formosan companies have effectively gained control of bitcoin , pass water it vulnerable to mart manipulation . add together that on top of the fact that bitcoin exchanges are prone to burst ( as they have in the past ) and you have a digital currency that is , harmonise to the Financial Times , essentially despicable . At least it ’s honest forentertainment .
Bitcoin
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