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December 21, 2017
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A NEW KIND OF CASH Grade level assistant Andrew Carroll (left) and Jack Sharkey ’18 (right) check the current value of their investments in bitcoin and other crypto-assets. The exchange rate for cryptocurrency is constantly fluctuating.
Photos by Daniel Harizman ’19
Bitcoin offers revolutionary alternative to global trade
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Alexander Massoud ’20 & Adam Wenkoff ’18
itcoin, a cryptocurrency and global electronic payment system, has received worldwide attention for its upward trend in value, reaching a market capitalization of nearly $280 billion on Dec. 14. The intangible digital currency, released in January of 2009 by Satoshi Nakamoto, an unknown individual who has been credited with the creation of Bitcoin, significantly altered the basis of global trade. Individuals using Bitcoin can reference an electronic ledger, which tracks all transactions made between parties, through the blockchain technology the currency offers. “Bitcoin is benefiting greatly right now from all the press it’s getting,” Jack Sharkey ’18 says. “As the cryptocurrency market continues to grow, more and more people hear about it. And the first thing anyone knows or hears about cryptocurrency is Bitcoin.” The main appeal of Bitcoin is that it is completely decentralized from any government or bank. Bitcoin’s value is not affected by the volatility of the world’s economies, and as a result, has become an item in which many wish to invest their assets.
However, Rohan Goswami ’18 be- currency was valued at $120 per coin. They lieves that this complete dependency now own over $1 billion worth of Bitcoin. on consumer demand is going to neg“If Bitcoin is a better gold or seen as a atively impact Bitcoin in the long-run. type of gold-like asset, then it could be “The reality is that Bitcoin is a remark- in the trillions on a market cap. [Camably volatile commodity that ultimately eron and I] do feel those are very real depends on how much people want it,” possibilities,” Tyler told CNN Money. Goswami said. “Ultimately what you’re Math teacher Robert Papp agrees going to see in the next three to four with this notion that the Bitcoin indusyears is a sharp depreciation in Bitcoin’s try could see a tremendous increase in value as the market comes value in the future. to the understanding that “I definitely think “As the cryptocurrency it’s remarkably overvalued.” [the market capimarket continues to grow, Financial experts are strugmore and more people hear talization] could go gling to figure out how to valinto the trillions,” about it. And the first thing Papp said. “Currenue a Bitcoin. In 2009, the value anyone knows or hears of one Bitcoin was just under cies serve two main one cent. As of Dec. 14, 2017 purposes: a meabout cryptocurrency is the value hovered around dium of exchange Bitcoin.” $17 thousand, fluctuating by and store of value.” -Jack Sharkey ’18 as much as 5 percent daily. Papp also comNevertheless, there are those who mented on gold being the “traditional store have already profited greatly from of value” behind currencies. According to investing in the cryptocurrency. Papp, the remarkable difference in marCameron Winklevoss and Tyler Winkle- ket capitalization, that is approximately voss, sons of Saugatuck Rowing Club own- $6.25 trillion, is no reason Bitcoin can’t “rier Howard Winklevoss, became the world’s val gold, and even become the next gold.” first official Bitcoin billionaires on Dec. 4. However, there are people like GoswaWhen they invested $11 million of their mi who are hesitant to invest in Bitcoin. $65 million Facebook payout in Bitcoin, the “My father works for an investment
bank in Zurich, and has always told me to be wary of bubbles and trendy investments. Bitcoin is both of those,” Goswami said. Stephen Roach, Yale University senior fellow and former Morgan Stanley Chief Economist, is also skeptical about Bitcoin, citing how Bitcoin’s success is likely to bust. “This is a dangerous speculative bubble by any shadow or stretch of the imagination,” Roach told CNBC. “I’ve never seen a chart of a security where the price really has a vertical pattern to it. And Bitcoin is the most vertical of any pattern I’ve ever seen in my career.” Regardless of these doubts about longevity and volatile nature of Bitcoin, its prolific growth in recent years has been unprecedented. Bitcoin is the most valuable cryptocurrency ever. Millions of people today are investing their money into Bitcoin, and Sharkey believes that it is blazing the trail for other cryptocurrencies to take off, too. “There are other coins (altcoins) that are younger and in the earlier development stage that have better technology,” Sharkey said. “They learned from Bitcoin’s past mistakes and have the potential to outperform them in the next three to 10 years. However, Bitcoin is currently the front-runner by a mile and won’t lose its lead for a long time.”
Survivors, advocates protest sexual assault Lili Romann ’19 Seven female students congregated in the Staples lobby during Communication Time on Friday, Dec. 1 to protest sexual assault and harassment with, what they referred to as a “walk” down the Staples halls. “We want there to be more awareness at Staples and in Westport about the re-
sources that the school has and show that [sexual assault] really does happen here and it is a real thing that we need to address,” Monique Østbye ’18, a participant of the walk, said. “By pushing it under the rug, we are only creating a bigger problem.” Students who were unable to attend or were unaware of its existence had some Photo by Ellie Kravetz ’18
*Continued on page 2
INSIDE THE ISSUE
page 12 An open letter to Louis C.K.
page 15 Celebrity home buyers
A former fan addresses the comedian Famous figures such as Anne accused of sexual assault. Hathaway live in Westport.
70 North Ave., Westport, Connecticut, 06880
page 23 Guide to sentimental gifts
Last-minute gifts don’t need to lack sentimental value.
page 25 Co-ed cheerleading
The cheerleading team discredits a common gender sterotype.
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