[OPLIN 4cast] OPLIN 4Cast #571: Bitcoin levels up...but will it make my son rich? (Probably not.)

Wed Dec 6 10:30:14 EST 2017

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OPLIN 4Cast #571: Bitcoin levels up...but will it make my son rich?
(Probably not.)
December 8th, 2017

[image: crypto currency] This past week, my 13-year-old son came home and
asked me a question. "Mom, what's a BitCoin?"

I immediately became "Sherlock Holmes Mom." "Where did you hear about *that*?
And, why do you need know?"

"I'm mining them on my Chromebook," he replied.

The geek part of me was a little bit proud, but the rest of me was doing
this*:

via GIPHY <https://giphy.com/gifs/oprah-E7pgTuBMTfDd6>

If you, like my son, have no clue what Bitcoin actually is, here's a
really quick
primer
<https://arstechnica.com/tech-policy/2017/12/bitcoin-a-beginners-guide/>.
And, you probably will also want to know even more about it, since this
cryptocurrency is becoming accepted even at major retailers like Subway and
Overstock. com
<https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/>.
It's been in tech news for some time, but this past week marked a major
milestone, where the value of Bitcoin skyrocked. Get ready: the
cryptocurrency is coming.

   -
   - 2017 is the year cryptocurrency joined the global financial system
   <https://www.theverge.com/2017/11/29/16711304/bitcoin-price-10000-cryptocurrency-regulation-finance>
   [The Verge] "This week, the value of a single bitcoin officially cleared
   $10,000, a new high point that’s over an order of magnitude greater than
   its price at the start of this year. Bitcoin has defied market expectations
   before, but in 2017, it didn’t just become more valuable. Bitcoin and other
   cryptocurrencies have become an acknowledged part of the financial system —
   albeit a nebulous one."
   - Ladies and gentlemen, one bitcoin is now worth $10,000
   <http://mashable.com/2017/11/28/bitcoin-10000/#TIkC4VywHiqK> [Mashable]
   "And it's not only Bitcoin that's growing. The market cap of all
   cryptocurrencies combined crossed the $300 billion threshold on Monday,
   with all 10 largest cryptocurrencies rising in value significantly. "
   - Bitcoin is hitting new highs—here’s why it might not be a bubble
   <https://arstechnica.com/tech-policy/2017/11/its-time-to-admit-bitcoin-is-more-than-just-a-bubble/>
   [Ars Technica] "Bitcoin's recoveries haven't been very surprising to
   long-time Bitcoin watchers. Over and over again, Bitcoin's value has seen
   spectacular plunges only to recover the lost ground and rise to new
   heights. Bitcoin has seen at least three major Bitcoin "bubbles" over its
   seven-year life."
   - Square Cash is letting some users buy and sell Bitcoin
   <https://techcrunch.com/2017/11/14/square-cash-is-letting-some-users-buy-and-sell-bitcoin/?ncid=rss>
   [TechCrunch] "The trial, which seems to only be available right now to a
   small number of users, lets you buy and sell bitcoin directly in the app."

*From the Ohio Web Library <http://ohioweblibrary.org>:*

   - In Search of the Elusive Bitcoin Billionaire
   <http://search.ebscohost.com/login.aspx?direct=true&db=pwh&AN=126324517&site=pov-live>
   (Doherty, B. (2018). IN SEARCH OF THE ELUSIVE BITCOIN BILLIONAIRE.
   *Reason*, *49*(8), 28.)
   - Bitcoin and Currency Alternatives: Overview
   <http://search.ebscohost.com/login.aspx?direct=true&db=pwh&AN=97663683&site=pov-live>
   (DiLascio, T. M. (2017). Bitcoin and Currency Alternatives:
Overview. *Points
   Of View: Bitcoin & Currency Alternatives*, 1.)
   - 'Water Token' Cleans the Environment With the Bitcoin
   <http://proxy.ohiolink.edu:9099/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bwh&AN=201710151900PR.NEWS.USPR.NY15970&site=ehost-live>
   (PR, N. (2017, October 15). 'Water Token' Cleans the Environment With the
   Bitcoin Oct. 19, 2017. *PR Newswire US*.)

*I'm still wondering if I should do anything. He only earns them at a rate
of something ridiculous, like .0000000001 bitcoin a month. Maybe this is a
lesson in patience?
------------------------------
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