On Wednesday, the cryptographic money Bitcoin fell by about 10% to a value of $15,800 (Â£11,810).
“It has fallen,” a colleague. “We should us a story?”
Business journalists (or at least some of them) are discussing passionately whether something is, in fact, a jump, dive, or merely a fall, a jump, or a retreat. There are large companies makes us to parties.
And sure, a 10% movement would fall down usually in a dramatic descriptions.
But, to give it a perspective, Bitcoin dropping $15,800 on 20. December took him to the lowest level since, well, 11.December.
This means that we do not have the terminology, but whether or not we should report the blow-by-blow on how Bitcoin is performing at all. In Asia, the Bitcoin travel-delusion?What is Bitcoin?Bitcoin risky bubble or the future?
No one was to blame, the media ignore the Bitcoin and its rivals, at least recently.
The BBC-like many others, referred regularly to the skyrocketing prices in the past year, including almost a doubling of the value in the course of the last month or so.
And it seems almost daily there is a legitimate message: just this week, there were probes on insider trading,Bitcoin crime stories, and people ask for Bitcoin as a wedding gift. to select three at random from our website.
So there is little doubt cryptocurrencies into the mainstream consciousness and news agenda.
Both the currencies and the technology behind them, certainly seems to be more widely used in the global economy.
The possibilities opened up by this, as well as the risks, is certainly worth investigating.
Governments around the world weighs in with their opinions on the regulation. Some sizes have warned that Bitcoin is a bubble that carries a large risk for investors.
These seem to be reports sensible things, as well reflect the more optimistic view.
Meanwhile, the trade of Bitcoins is on a huge futures market, the Chicago Mercantile Exchange is also interesting and cover to invest, it marks a big step in the direction of the mainstream.Snobbery?
But should we be reporting, in particular, on the price, where the message is essentially: – price goes up, price goes down?
It is tempting, because Bitcoin stories are popular. And some people want to know clearly.
This list comprises the investors, of course, and all want to buy, sell, or just treat yourself to one of these “If only I’d invested five years/five months/five weeks ago” inner monologues.
If, you, have no fear. Many services can tell you what the price of Bitcoin, the second is not. The BBC tends to use Coindesk as its point of reference.
There were occasions, when we decided the price was worth that label – most recently, for example, when it crossed the $10,000 threshold.
But the choice is not to report what some see as a significant on-the-day price movements, a kind of crypto money-snobbery?
Well firstly, we have bought the currency market data pages with information from a third party, the BBC not to engage in, as a rule, in the nitty-gritty-reporting-daily currency market movements.
And when we do, write, or send, what the dollar, the pound sterling and the euro are, it is only when someone judges it is editorially significant.
Sometimes, it is when this movement is the result of some other current event (the sharp decline in the value of sterling after the Brexit referendum springs to mind).
And, of course, the value of the specified physical currencies has far more impact on the lives of people – be they operate a business, have savings and investments, go on vacation, or in fact to buy something that was made abroad.Volatility
So after a bit of a discussion in the BBC office in Singapore, here are a few of the reasons why we feel reluctant to stories based on the price movement in Bitcoin and other crypto-money:
It is extremely volatile – which means these swings are the norm.
Because it is so volatile, the figures we refer to are massively out of date within a matter of seconds. About the time it took to write this, the price increased from about $500 – if I have him holding a mince pie.
Despite the sudden growth in interest – the volume of Bitcoin traded is still extremely low.
While the amount of reporting on this industry is growing and the acquisition of more and more people choose to ‘buy-in’ as a result, the number of people in crypto have money is still very small. It is to calculate a difficult matter, but a University of Cambridge study in August put the number at about three million.
The reasons for this sharp price rises and falls, are often very unclear, as the reporting has to tell about the price really is everything, eh?
By the way, at the time of writing on Thursday, Bitcoin has recovered from this “jump” from yesterday to about $17,100. Greater than 24 hours.
So no. I don’t think that we have a history should do.