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Bitcoin Surges 15% Overnight Because Nobody Learned Their Lesson After the Last Crash

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Photo: Getty ImagesBitcoin, the most popular cryptocurrency in the world, jumped to a four-month high overnight, briefly breaching $5,000 on the Bitstamp exchange. Bitcoin is up roughly 15% on the day and traders are excited because it really seems like nobody learned their lesson during the last cryptocurrency bubble.As CNBC notes, “The reason for the sudden price jump wasn’t immediately clear.” And it would all be pretty funny if it wasn’t so sad.Bitcoin hit a record high of $19,783.06 in December of 2017 after months of hype in the popular press. Plenty of people got in when the cryptocurrency was expensive, and smart people cashed out, leaving average folks with huge losses. By December of 2018, Bitcoin had bottomed out at about $3,400. But it looks like speculators might ride the rollercoaster again.Bitcoin’s surge in the past 24 hoursImage: CoindeskTo be clear, Bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills. Bitcoin is backed by nothing and requires tremendous amounts of energy to mine using computers. As it becomes more difficult to mine, it saps more and more energy, causing millions of tons of carbon dioxide to be pumped into the atmosphere and accelerating climate change. Bitcoin is little more than a speculator’s death cult at this point.Bitcoin is so rife with scam artists that Google and Facebook banned cryptocurrency advertisements on their platforms last year. Facebook said it had taken the action because cryptocurrencies were, “frequently associated with misleading or deceptive promotional practices.”There’s also the problem of protecting the money of people who buy into an exchange where the founder dies and $180 million just disappears into thin air. Or the problem of $224 million getting swiped because someone hacked your phone.But that hasn’t stopped people from buying heavily into the cryptocurrency scam, even as smaller cryptocurrencies have shriveled to nothing.“Bitcoin has been trading range bound for a while now and shaking off some of the negative sentiment that it accrued in 2018,” Charles Hayter of the digital currency comparison firm CryptoCompare, told CNBC today. And you can say that again. But perhaps some of that “negative sentiment” was well earned.Humans never learn, but I’m not here to tell you how to spend your money. Do whatever makes you happy. I’m sure this time will be different, right?[CNBC]
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Bitcoin surges, hitting $5,000 for the first time this year

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Bitcoin price is pumping, and no one is sure why.Image: Omar Marques/SOPA Images/LightRocket via Getty ImagesBy Stan Schroeder2019-04-02 07:49:58 UTC

Bitcoin has been in a lull in recent months. The largest cryptocurrency’s price kept declining throughout 2018, finally finding a bottom at roughly $3,200 last December. Since then, it’s been a slow and shaky climb upwards. 
On Tuesday, however, the price of Bitcoin surged more than 15% in less than an hour. The price briefly surpassed $5,000 on some exchanges, but is now slowly declining and currently sits at $4680, according to CoinMarketCap. 

Bitcoin’s price is known to be volatile, but this surge is notable as Bitcoin hasn’t come close to $5,000 since November 2018. Furthermore, the sudden rise brings back memories of 2017, when such enormous price increases were nothing out of the ordinary. 

Feels like 2017 all over again.The reasons behind the price increase, as is often the case with Bitcoin, are hard to discern. The entire cryptocurrency space has steadily been making progress throughout 2018 and 2019 despite the negative price movement, but there haven’t been any major new developments around Bitcoin that would prompt such a quick price jump. Notably, even Changpeng Zhao, the CEO of one of the largest cryptocurrency exchanges, Binance, appeared stumped by the price surge as well. 

anyone know any news? I have been asked “a few” times, but honestly clueless.
— CZ Binance (@cz_binance) April 2, 2019

In fact, recent news has been fairly negative. A recent report by crypto index fund Bitwise had found that 95 percent of Bitcoin trading volume is fake. The United States Securities and Exchange Commission (SEC) delayed a decision on two possible Bitcoin ETF listings last week. And crypto exchange Bithumb was hacked to the tune of $13 million just last week. 
The prices of other major cryptocurrencies, including Ethereum, XRP, EOS and Litecoin, all jumped considerably, though not as much as Bitcoin. The total market capitalization of all cryptocurrencies currently stands at $158 billion. 
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.

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Jack Dorsey is recruiting his own personal bitcoin posse

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Please be my friend.Image: Hindustan Times / gettyBy Jack Morse2019-03-21 00:18:58 UTC

If reporting directly to an eccentric billionaire and getting paid in bitcoin sounds like your cup of tea, then does Jack Dorsey have an offer for you. 
On March 20, the CEO of both Twitter and Square made use of the former to announce a new and very specific job opportunity in the land of cryptocurrency. Specifically, Dorsey wants you to join his personal super crypto posse — saving the bitcoin-maximalist world one open source contribution at a time. 

“Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem,” he wrote. “Work from anywhere, report directly to me, and we can even pay you in bitcoin!”

#BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in bitcoin! Introducing @SqCrypto. Why?
— jack (@jack) March 20, 2019

And while Dorsey only announced the new roles at Square today, he’s already giving out marching orders. Essentially, he wants his renegade crew to make cool open source stuff (and, again, report directly to him). 

This will be Square’s first open source initiative independent of our business objectives. These folks will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests. All resulting work will be open and free.
— jack (@jack) March 20, 2019

“These folks will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests,” Dorsey wrote. “All resulting work will be open and free.”

I love this technology and community. I’ve found it to be deeply principled, purpose-driven, edgy, and…really weird. Just like the early internet! I’m excited to get to learn more directly.
— jack (@jack) March 20, 2019

That the lasered-goat eating CEO wants cryptocurrency to succeed should not come as a surprise. The Square Cash App allows users to buy and sell bitcoin, and he has spoken in the past about the need for the internet to have its own currency — presumably one that isn’t FacebookCoin.
“The internet deserves a native currency; it will have a native currency,” he told a gathered crowd at the 2018 Consensus conference. “I don’t know if it will be bitcoin or not. I hope it will be. I am a huge fan.”
Now a lucky few have the chance to help make Dorsey’s BUIDL dream a reality, all the while working directly with the bearded wonder himself. The world of cryptocurrency truly is magical.  

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