TRADITIONAL FINANCIAL INDUSTRY FUELED THE HYPE BITCOIN

Here, Bitcoins, the next big thing! Who has gone years ago, belongs to a new generation of millionaires. About a crazed market and the old power of greed.

From January Willmroth

Marie sitting in the lobby of an apartment complex on a hot day on the coast of Florida, as a man to expect. She has no idea who he is, she does not know how lucky he will bring her. You will understand until years later how this encounter changed her life forever. Marie is still young at that time, in 2011 , she began her high school with top marks behind while studying to work for a German company. Her first professional US Travel, the first bonus of her life, she deserves all right, a little play money, what the heck.

Marie has every reason not to trust the man. He claims to be one of the largest porn producers in the USA, he talks a lot. But in the end she embarks on a tip. He takes his tablet in his hand and showing her something that she has heard at some point: Here, Bitcoin , which is the next big thing! She is no fan of the digital currency Bitcoin, which at the time was something for criminals in the dark spheres of the Internet, or just for porn producers. But she has play money, calls her cousin, who also has some. Together they buy for 14,000 euros Bitcoins, the piece for less than a dollar.

Traditional financial industry fueled the hype Bitcoin

What was an issue for the digital avant-garde at the time, has become a global madness. The appreciation of the first and most famous digital currency is much in the shadow of what constituted the history of speculative bubbles date. A year ago, a Bitcoin still cost about 750 dollars, this earn over 1000$ a day week the price rose temporarily to more than 11 000 dollars, an increase of over 1,400 percent for one as “currency” has become known system whose legitimate value no one knows that as payment is hard to use and its price varies enormously.

Technology From Bitcoin for "Germany Chain"

Of Bitcoin for “Germany Chain”

The price of Bitcoin is increasing rapidly. IT Professor Roman Beck said in an interview the morning, the technology behind it – the block chain – should also interested in German politician. Christopher Behrensmore …

Now even the traditional financial industry fueled the hype. Banks put on products with which investors can invest in Bitcoins, exchange operators want to offer Bitcoin derivatives masse get savers in Asia, America and Europe to see aggressive promotion: invest now! Bitcoin has managed from a shady alcove on the front pages of the world financial press, celebrities such as Goldman Sachs CEO Lloyd Blankfein talk about warning central bankers, fund managers sensing big business. The Vampire price jumps even inexperienced savers rise and set their modest assets at risk. Welcome to the global crypto casino.

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Illustration: Stefan Dimitrov

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In this madness also the reason why Marie really different is, as here, why she wants to remain anonymous is. Almost no one around them knows their Bitcoins, not her friends, not her partner, until a few weeks not even her parents, which she maintains a very intimate relationship. The Bitcoins to remain her big secret that many millions in your account that have become out of the hot tip six years ago. “I had forgotten for a long time that I had ever invested,” she says. Until one day they publish reviews every day her cousin called and they had to first learn to understand that they with 7000 was gullible invested Euro millionaire.

“Bitcoin is the first real success story of the block chain.”

Trading Places stories like that of Marie provide access to the visions with which a group of unknown programmers developed the basics of crypto boom before nearly ten years. They created a self-regulating system whose central promise is an anarchist: Money transfers from user to user without intermediaries, without central bank, far away of any government money monopoly; a monetary system that exists only on the computers of users and the number of bitcoins automatically limited to 21 millions. This scarcity is used as an argument to compare Bitcoin with gold and to justify the increase in value of the virtual coins, of which Bitcoin is only the most expensive and best known. More than 1300Counterparts have since emerged. A haven for fraudsters.

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“Bitcoin is the first real success story of the block chain,” says Spiros Margaris, a former hedge fund manager from Switzerland, who has now invested money in financial technology start-ups and established himself as an expert in this field of expertise. “That’s the good thing about the boom: It brings the technology this week, it forces people to deal with these systems.” The technology called block chain, the heart of all digital currencies: You can combine individual transactions with encryption methods to data blocks lined up and stored tamper-proof computer on the Bitcoin network. Gradually, through the realization that this technology will change much in the functioning of the world today, if possible.

Behind the Bitcoin contains a whole technology

For their applications range widely. It is a central bank hardly find hardly any industry and certainly no financial group that is not dealing with the block chain. Philipp Sandner observed this development meticulous. Academic directs the block chain Center at the Frankfurt School of Finance and Management and says: “. The Internet is used today only for the transmission of information”

The block chain enables it now to also transmit values ​​electronically – without recourse to an intermediary. Behind the increase in value of crypto currencies therefore put much more than just a crazy price development, namely a technology that “way as payment and business processes run today can fundamentally change,” says Sandner.

TRADITIONAL FINANCIAL INDUSTRY FUELED THE HYPE BITCOIN