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Inside Bitcoin

Inside Bitcoin (Dec 6th, 2017)

$BTC (2:39 PM EST): $13,258.60 (11.35%)

90-day high: $12,918.50 // 90-day low: $3,260.70 // More


$BCH (2:40 PM EST): $1,465.59 (-5.00%)

90-day high: $2,050.08// 90-day low: $275.90 // More


$ETH (2:42 PM EST): $436.87 (-6.04%)

90-day high: $516.85// 90-day low: $198.72 // More


$LTC (2:42 PM EST): $101.80 (-1.12%)

90-day high: $103.48// 90-day low: $37.87 // More

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Bitcoin’s price exceeded $13,000 per coin Wednesday afternoon, less than 24 hours after the cryptocurrency surpassed $12,000 per coin. The price of bitcoin has increased more than 11 percent on Wednesday alone, in the latest spike for the cryptocurrency. Bitcoin just surpassed $12,000 per coin late Tuesday night. The value of bitcoin has risen more than 20 percent over the past week. The growth comes just days before the opening of futures contracts from CME Group and Cboe. Both JPMorgan and NASDAQ have announced plans to begin offering futures options as well. Bitcoin has now risen more than 1,600 percent in the last year; it traded at $764 per coin one year ago today. -COINDESK

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Jutta Steiner, the CEO of Parity Technologies, believes the $150 million in frozen ethereum will not be lost forever. Steiner, speaking alongside Parity co-founder Gavin Wood, said a fix may happen when the next ethereum scheduled update goes live in four to six months. Steiner retraced the story of what happened to freeze the funds. “A library that governs the logic of the wallets that people use had a bug, which was due to a delicate refactoring at the time when the tools weren’t yet that developed,” Steiner said, arguing it’s a symptom of the technology still being young at the time. “We hadn’t figured out how to deal with bugs.” The bug had been previously reported but was not identified as a critical security flaw. “It sounded like a nice-to-have update,” she said. -TECHCRUNCH

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Bitcoin mining has slowed the effort to achieve a rapid transition away from fossil fuels. Each bitcoin transactions requires the same amount of energy used to power nine homes in the United States for one day, but that amount will only continue to grow. Computers used to mine bitcoin must solve ever-increasing math problems to mine new coins, which require faster and faster computers. Already, the aggregate computing power of the bitcoin network is nearly 100,000 times larger than the world’s 500 fastest supercomputers combined. “That sort of electricity use is pulling energy from grids all over the world, where it could be charging electric vehicles and powering homes, to bitcoin-mining farms,” writes Eric Holthaus. -WIRED

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Former Federal Reserve Chairman Alan Greenspan said bitcoin reminds him of the Continental currency issued during America’s colonial past. That currency was first used in 1775, including by patriots like George Washington to buy supplies, but was worthless by 1782. The Continental Congress declared it legal tender. The currency derived its value from the total number of paper notes available and the demand for them, as opposed to the backing of a commodity such as gold or silver. "A significant share of it was creating real goods and services," Greenspan said, although the currency had no real value. -CNBC

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The Reserve Bank of India issued a strong warning to citizens on Tuesday about the risks of investing in cryptocurrencies and ICOs. The bank issued a similar warning in 2013 and again this past February. Bitcoin trading remains legal in the country and the digital currency’s soaring value has led to a buying frenzy on Indian exchanges. A number of Asian countries have begun to pull back from bitcoin, including Indonesia and Bangladesh that have banned the currency as a payment tool and South Korea, which banned ICOs. -VICE

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Correction: In yesterday's issue we mistakenly wrote a British man lost a hard drive that held $80 billion in bitcoin. The hard drive holds $80 million in bitcoin.

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