Stocks were wishy washy today trading both sides of the fence before the Dow closed up another 56 points to 24,386 on lighter trading volume.
The CBOE (Chicago Board Options Exchange) started trading bitcoin futures this weekend and the early indications look bright for the stealth currency known as “bitcoin”. What some are saying is that bitcoin is becoming a replacement for gold except that you cannot see it or hold it. Interest in bitcoin is coming from countries where confidence in the local currency is low since bitcoin is independent of gubment Oversight/corruption/manipulation. This is happening in places like Venezuela and several other countries in Asia, Africa and South America. One article pointed out that even people in North Korea are looking to get their hands on bitcoin. The CME (Chicago Mercantile Exchange) is planning on launching its own bitcoin futures in the coming days.
More people are asking what Bitcoin is. Some feel it is “fake gold for millennials” but bitcoin is essentially a global digital currency controlled by the collective horde of whoever wants to participate in it. Value and transactions in bitcoin are verified via an online accounting system called block chain (series of recent transactions) in which transactions are verified in a competitive arrangement. When a block chain is posted for verification several “miners” jump on it and the first one to verify it is compensated with bitcoin. The verified block chain is then placed into an incorruptible archive. While this new currency system is dependent on electricity and computers it is also independent of any government control or regulation which is an attractive feature to some who are unhappy with their leaders. Bitcoin is also decentralized in that it is a global network and not a centralized location.
The Boy Scout Christmas tree lot blew through our inventory this weekend and with only a few trees left we will be shutting the tree lot down in the next couple of days. Tree sales were hot this year even with higher prices. The lunkheads are funded for another year! Thanks to all who contributed.