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''' *BITCOIN* -*WOW!-VOW*-
BANISTER* '''
CAN THE WORLD STUDENTS SOCIETY make, create and launch its own Legal Internet Currency? This question has plagued me over the entire last year?
!WOW!-VOW!, my thinking went, should be basically designed to give students their transition to be a Maker. To give them the sense of confidence that they could become a Maker: Rabo? Shahzaib? Dee? Salar? Haleema? Hazeem? Hussain? Eman? Bilal? Jordan? Vishnu? Toby? Reza?
Professor Nair would best put it as transiting from *Zero-Maker-Innovator-Entrepr
BITCOIN nears all time high, as the currency gets tipped to become new 'safe haven' for assets.
LONDON: Some of the biggest gains on record for China's Yuan sent currency markets spinning recently, driving the dollar broadly lower and threatening to quash one of the central bets of global investors for 2017.
A rise in overnight borrowing costs in Hong Kong to 96% helped the Yuan rack up the biggest two-day rise for the offshore version of its currency since its launch in 2010.
HONG KONG: Bitcoin neared its all-time high yesterday, with the surging *digital currency* tipped to become a new safe haven asset as the world grapples with growing economic uncertainity.
The unit broke the US$1,100 barrier on the Bitcoin Price Index [BPI], an average of major exchanges, to continue a dizzying rise that made it the best performing currency of 2016.
It has fluctuated wildly since it was created in 2009 and lost three quarters of its value when it plummeted from its previous BPI high of US$1,165, 89 in 2013.
And news of major bitcoin theft by hackers in August sent its price plunging by more than 20%.
But analysts say its volatility will ease as volumes grow and point to a strengthening US dollar and tightening currency and capital controls, as well as the rise of the digital economy, as major factors behind its appreciation.
In particular, the chaotic withdrawl of high value bills in India and restrictions in buying foreign currency in China as the yuan slides against the dollar have stoked demand, analysts say.
Exacerbating the rocketing demand is a tightening supply of fresh bitcoins.
The currency was always meant to be finite, and more than three-quarters of the planned 21 million bitcoins have already been ''mined''.
Encrypted digital coins are created by supercomputers and then traded online or exchanged for goods and services.
Vinny Lingham, a bitcoin expert and CEO of US digital identity protection startup Civic, told AFP the dwindling supply of new bitcoins, and regular currencies sliding against the US dollar as the Federal Reserve ratchets up interest rates, were pushing the unit's value.
''There are fewer bitcoins coming out and people are seeing the bitcoin as a good hedge against currency devaluation in their countries, and instead of buying US dollar, people are buying the bitcoins,'' he said.
Lingham highlighted the impact of wider geopolitical uncertainty, such as US President-elect Donald Trump's potential threat to emerging markets. He has predicted bitcoin will be worth about US$3,000 by the end of 2017.
With the above perspective on Bitcoin taking roots, that in turn triggered a broader round of profit taking on the dollar, sending it more than 1% lower against the yen and past US$1,05 per euro.
A year after tussle between Beijing and hedge funds betting against the currency, many asset managers and have called for the yuan to fall in 2017 and dealers said the moves had the potential squeeze many players out of those positions just five days into January.
In morning trade in Europe, the yuan was just under 1% higher on the day against the dollar at 6.8125, almost 3% above lows hit on last Tuesday.
''They have a kickstarted a move that has washed out short term speculative money,'' currency fund Millenium Global's co-head of portfolio management, Richard Benson, said.
''This isn't economics, China desperately doesn't want a repeat of what happened this time last year [and it seems] attack is the best part of defence.
Many banks and investors have also lined up bets on a broadly stronger dollar in the year ahead, trusting that a Donald Trump White House will raise public spending, spur inflation and encourage repatriation of corporate funds held abroad.
But the dollars failure to move closer to parity with the euro, Y120, since mid-December has fuelled doubts about its ability to gain further, at least before Trump's inauguration.
''The Trump bears kept quiet in December because there was no point in fighting the battle then. They seem to be emerging now,'' Benson said, ''It is not just against the yuan. It looks to me highly suspicious that dollars can't get below US$1,0375 per euro.
The dollar's index against a basket of six major currencies slipped to as low as 101.86, a three week low, just two days after it had hit a 14-year high of 103.84 on Tuesday last, when a strong reading from a US manufacturing survey boosted the greenback.
The euro rose as much as 0.7% in Asia to US$1,0563. It trimmed those gains to 0.3% early in European trading and was 0.8% weaker at 116,32 yen.
No wonder Bitcoin is all gleaming and soaring. And !WOW!-VOW!?
With respectful dedication to all the Students, Professors and Teachers of the world. See Ya all on !WOW! -the World Students Society and Twitter-!E-WOW! -the Ecosystem 2011:
''' The Maker '''
Good Night and God Bless
SAM Daily Times - the Voice of the Voiceless
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