1 Bitcoin Almost Equals 1 Ounce of Gold, and 4 More Things to Know Today

Bitcoin IMG_3149
Here's a quick rundown from the world of business and economics this morning: the things you need to know, and some you'll just want to know.

• Some people who fear that money printed by governments will eventually prove worthless are big fans of gold. Other skeptics about so-called "fiat money" (as well as people who would prefer that governments not be able to track their spending) have been flocking to Bitcoin, the digital crypto-currency that exists almost entire online and is "mined" by computers solving complex problems. Funny thing: Gold bugs have seen the value of their hard assets drop by almost a third since last October. But Bitcoin values have exploded. This weekend, one Bitcoin hit a record high value of $1,242, within spitting distance of the price of an ounce of gold.

• Early figures from the National Retail Federation indicate a record 141 million people shopped in stores and online from Thanksgiving through Sunday, up from last year's 137 million. But total Thanksgiving weekend spending appears to have fallen for the first time since 2006, by an estimated 2.9 percent to $57.4 billion. Shoppers on average spent about $407 during the four days, down 3.9 percent from 2012.

• From one point of view, Cyber Monday really should have become less of a "thing" by now. After all, most people have Internet access from home or mobile devices that's just as good as they used to have only from their office computers. But instead, it just keeps growing, thanks to to the marketing power of retailers. So if you're planning to do a little shopping as soon as you're done checking out the business news on DailyFinance, you might want to check the list of best Cyber Monday deals from Barrons.

• The price tag for the gifts from the "The Twelve Days of Christmas," is up to $27,393.17 this year, a $1,192 or 7.7 percent increase over a year ago, the largest jump since 2010's 9.2 percent spike. The culprit was neither gold nor birds, nor even musicians: It was almost all about the folks with the fancy footwork. The cost of nine ladies dancing shot up 20 percent, and the 10 lords a-leaping leaped 10 percent, combining for a $1,736 increase over 2012. Mostly, those jumps were justified, as they made up for some very paltry pay raises in years past.

• And finally, the "water cooler" story we're all talking about today: Amazon (AMZN) CEO Jeff Bezos went on "60 Minutes" Sunday to let us know that within five years, he plans to be using flying robot drones to deliver Amazon packages to our doorsteps. Bezos said the octocopters could carry a 5 pound package to any point within 10 miles of an Amazon fulfillment center within 30 minutes. (Frankly, we're still waiting for flying cars to become mainstream, but flying robotic package delivery is sci-fi enough to satisfy us for now.)

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Those of you who completely dismiss Bitcoin do not have a solid understanding of the encryption techology and the built in security features of Bitcoin, which make the possibility of creating a counterfeit Bitcoin less likely than winning the megamillions lottery a dozen times in a row. This narrow minded way of thinking fails to recognize the potential of something just because the do not see the need for it in there own personal life. In the United States we are blessed with many things that we take for granted like very low inflation, safe and secure banking for all citizens, and as far as governments go we have the most transparent in resent human history. So yes, for us in the developed world Bitcoin does not fill a need. But for the trillions of other people on this planet maybe this is exactly what they need to be able to conduct business and control their finances without having to worry about corrupt banks, governments, inflation, and theives stealing all of the cash they have hidden in their home

December 04 2013 at 8:44 AM Report abuse rate up rate down Reply

Enough talk, Bitcoin is valuable because it will disrupt almost every financial services industry. Not hard to figure it out. On to next topic. Did you know there is a burgeoning alternative cryptocurrency market. They trade against Bitcoin and they are are starting to move upward at a very fast rate.

Come to www.crypto-coins.org to learn about them and how to procure them.

December 03 2013 at 9:28 PM Report abuse rate up rate down Reply

Worthless rag in God's sight?

December 03 2013 at 7:53 PM Report abuse rate up rate down Reply

Bitcoin will go the way EGold did a few years ago... Looted by Uncle Sam!

December 02 2013 at 10:48 PM Report abuse +2 rate up rate down Reply

I Buy Guns and Ammo , they never go down in value .

December 02 2013 at 6:39 PM Report abuse rate up rate down Reply

Bitcoin fraudster. PT Barnam salutes you. There really is a sucker born every minute.

December 02 2013 at 6:30 PM Report abuse +2 rate up rate down Reply

Are the same people flocking to bit coins the same people that lost 40% of their wealth investing in $1,700 an ounce gold?

December 02 2013 at 5:13 PM Report abuse +1 rate up rate down Reply

Money talks, bull **** walks. This is bull ****.

December 02 2013 at 3:23 PM Report abuse +2 rate up rate down Reply

What happens if some one pulls the plug on the internet?.

December 02 2013 at 3:11 PM Report abuse +4 rate up rate down Reply
2 replies to geoflying's comment

young people will go crazy..........the world will shut down.....


December 02 2013 at 8:02 PM Report abuse +1 rate up rate down Reply

It's gonna happen one day. Look upon on Jesus then you won't go insane.

December 03 2013 at 7:53 PM Report abuse rate up rate down Reply

Wow! An ounce of gold will always be an ounce of gold. A "bitcoin" will always be a box of smoke; good luck with that.

December 02 2013 at 2:03 PM Report abuse +4 rate up rate down Reply