Many Rohingya refugees in Bangladesh facing diminished income are supplementing their needs with work in the camps. Steve Sandford talks to a few young and old entrepreneurs who have set up new businesses in the refugee zones.
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Month: December 2017
Israel Regulator Seeks to Ban Bitcoin Firms From Stock Exchange
Israel’s markets regulator said on Monday he will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange (TASE).
Shmuel Hauser, the chairman of the Israel Securities Authority (ISA), told the Calcalist business conference he will bring the proposal to the ISA board next week. If approved, it would be subject to a public hearing and then the TASE bylaws would need to be amended.
“If we have a company that their main business is digital currencies we would not allow it. If already listed, its trading will be suspended,” Hauser said, adding the ISA must find the appropriate regulation for such companies.
Bitcoin plunged by 30 percent to below $12,000 on Friday as investors dumped the cryptocurrency after its sharp rise to nearly $20,000. It recouped some losses to trade above $14,000 on the Bitstamp platform, down 9 percent on the day.
“We feel that the prices of bitcoin behave like bubbles and we don’t want investors to be subject to that volatility and uncertainty,” Hauser said. “There is an importance to signal to the market where things are… Investors should know where we stand.”
Earlier this month, Hauser had said bitcoin-based companies would not be included in TASE indexes and that there was a need for a suitable regulatory framework for such instruments given that the global market value of all digital currencies grew in 2017 to $300 billion from $18 billion.
The proposal will likely be the last for Hauser, who will step down next month after 6-1/2 years as ISA chief.
“But once it’s on its way it will continue to be pursued,” said Hauser, who will be replaced by Anat Guetta.
He said he hopes she will promote easing capital gains taxes and focus on regulatory enforcement.
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Somalia Once Again to Host International Soccer Matches
The Somali Football Federation (SFF) has announced plans to host international games beginning next year because of improving security, the head of the body has announced.
President of the SFF, Abdiqani Said Arab, says the time has come for Somalia to organize home games in the country’s soccer stadiums in 2018.
“Due to the betterment of the security situation in Somalia we have decided to stage our home games at home,” Arab said in a statement.
“The Somali people have the right to watch their national team play at home and we have to make that happen now that the country is going ahead.”
Arab said his federation will first invite East African soccer national teams to play friendly matches with the Somali national team.
He said staging friendly matches will be followed by hosting regional soccer tournaments, such as the CECAFA (Council for East African and Central Africa Football). SFF has not released the dates and fixtures of international matches to be played at home for next year.
Somalia hosted its last international match in Mogadishu in 1988. Following the collapse of the state in 1991, the Somalia national soccer team was forced to play its home games abroad in a neutral country, mainly in the region, like Djibouti and Ethiopia, denying it the all-important home advantage that other teams enjoy against opponents.
The Confederation of African Football chief Ahmad Ahmad approved Somalia’s plan to host international soccer games when he visited Mogadishu in April.
Somalia soccer has made steady development over the years despite the country’s difficulties.
In April 2012, a suicide bomber killed both the head of the Somali Olympic Committee, Aden Yabarow Wiish, and the president of Somali Football Federation, Said Mohamed Nur. But in December that same year, the SFF completed installing an artificial turf at Mogadishu stadium. Two years later in December 2015, the soccer body had showed the first-ever live stream of a football game on TV.
And in August this year, it was a bright night for Mogadishu as the first soccer game was played at night in more than 30 years.
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With AIDS, 2017 Saw One Step Closer to the End
The year 2017 saw amazing advances in some areas of medicine and avoidable setbacks in others. VOA’s Carol Pearson has the highs and the lows in this report.
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Securing Your Data in Cloud Storage
Saving digital files in commercial memory banks called cloud storage is a cheap and convenient way for long-term storage of documents, photos, music and video. Private users as well as businesses can access them from anywhere and share them with whomever they give the password to. Providers, such as Dropbox, Google Drive or Amazon S3, claim almost absolute security. But computer scientists say the protection should be in the users’ hands. VOA’s George Putic has more.
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German Employers Use Music to Spur Workplace Harmony
Management experts are always coming up with innovative ideas to improve the work environment, inspire employees and raise productivity. Big companies in Germany, like Lufthansa, Siemens, Daimler, BMW and Volkswagen’s Audi, are bringing harmony to the workplace by having symphony orchestras and encouraging employees to play music together. Faiza Elmasry has the story. Faith Lapidus narrates.
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Alexa, Where’s Santa?
Amazon’s diligent, computerized know-it-all is the latest technology to enlist in NORAD Tracks Santa, the military-run program that fields phone calls and emails from children around the world eager to ask when Santa will arrive.
Now entering its 62nd year, NORAD Tracks Santa will go live Sunday, with about 1,500 volunteers answering calls and emails at Peterson Air Force Base in Colorado Springs, Colorado. Updates will be posted on social media and at www.noradsanta.org.
And if you have Amazon’s voice-activated Echo device, you can ask Alexa once you enable the function.
Technology has always been at the heart of NORAD Tracks Santa, which got its start in 1955 with an old-school glitch.
An advertisement in a Colorado Springs newspaper that year invited kids to call Santa, but it mistakenly listed the number for the hotline at the U.S. Continental Air Defense Command. CONAD, as it was called, had the job of monitoring a vast radar network from a combat operations center in Colorado Springs, searching the skies for any hint of a nuclear attack by the onetime Soviet Union.
Col. Harry Shoup, who was in charge of the operations center, took the first child’s call. Once he figured out what was happening, he played along, he said in a 1999 interview with The Associated Press.
“Here I am saying, ‘Ho, ho, ho, I am Santa,'” said Shoup, who died in 2009. “The crew was looking at me like I had lost it.”
He told his staff what was happening and told them to play along, too.
It’s not clear what day the first call came in, but by Friday, Dec. 23 of that first year, the AP reported that CONAD was tracking Santa.
“Note to the kiddies,” the story began, under a Colorado Springs dateline. “Santa Claus Friday was assured safe passage into the United States by the Continental Air Defense Command combat operations center here which began plotting his journey from the North Pole early this morning.”
Maybe hoping to soothe a jittery nation, the story added: ”CONAD, Army, Navy and Marine Air Forces will continue to track and guard Santa and his sleigh on his trip to and from the U.S. against possible attack from those who do not believe in Christmas.” That was likely a reference to the officially atheist Soviet Union.
The history of the program over the next few years isn’t well documented, said Preston Schlachter, a spokesman for the North American Aerospace Defense Command or NORAD, a U.S.-Canadian command that eventually succeeded CONAD.
But TV and radio stations began broadcasting Christmas Eve bulletins from CONAD and NORAD. And by the 1980s, NORAD was soliciting phone calls from children. (The number is now 877-Hi NORAD or 877-446-6723.)
NORAD added its Santa-tracking website in 1997. It went on Facebook, Twitter and YouTube in 2008. Mobile apps came in 2011, Instagram in 2016.
Last year, NORAD Tracks Santa got nearly 154,200 phone calls and drew 10.7 million unique visitors to its website. It snared 1.8 million Facebook followers, 382,000 YouTube views and 177,000 Twitter followers.
And this year, Alexa joins the party.
Technology and the Santa Claus story have a long but uneasy history together, said Gerry Bowler, a Canadian historian whose books include ”Santa Claus: A Biography” and ”Christmas in the Crosshairs: Two Thousand Years of Denouncing and Defending the World’s Most Celebrated Holiday.”
“Every new technology gets tried on Santa,” Bowler said. In the late 1800s, for example, he was depicted chatting with children on the telephone, then a new and wondrous invention.
But NORAD’s Santa tracker is one of the only technological upgrades the public has welcomed into the Santa story, Bowler said.
“I think that it will be ultimately incompatible with most technology,” Bowler said. “I’m sure of it, because he represents something timeless, and we don’t want him to become dated.
“We don’t want him using a fax machine or carrying around one of those 5-pound cellphones,” he said.
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China’s Xi Seen Taking More Risks at Home and Abroad in 2018
In 2017, China’s Xi Jinping rose to become the country’s most powerful leader in decades. And as he shoulders more responsibility, analysts say the government in Beijing is likely to take more risks in 2018 at home and overseas, even as it deals with economic challenges at home, a nuclear North Korea and the looming threat of trade tensions with the United States. VOA’s Bill Ide has this report.
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Scientists Experience Mars on Earth in Utah
For those interested in experiencing life on the Red Planet, the time has come. There are four operating stations in the world where the environment on Mars is replicated: in the U.S., Australia, Iceland and the Arctic. VOA’s Alex Yanevskyy was given exclusive access to the research station in the Utah dessert. Here’s his report.
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Bike Sharing Business Brings Competition from China
Silicon Valley has long inspired Chinese business and tech ventures. But now that a Chinese dockless bike share company has landed in the Valley, is the tide turning? VOA’s Calla Yu has more.
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Self-repairing Glass Could End Cracked Cellphones
There is an entire industry of add-ons that are designed to keep your cellphone screen from cracking. And yet broken screens are the main reason cellphones fail. But one Japanese researcher may have solved the problem. VOA’s Kevin Enochs reports.
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Khmer Rouge Survivors Create ‘Bangsokol’ to Offer Hope, Warning
Quietly, Bonna Neang Weinstein wept. Her husband, Howard Weinstein, sitting next to her, held her hand, comforting her.
“It reminded me of everything and myself,” she said of a December 15 performance of “Bangsokol: A Requiem for Cambodia” at the Next Wave Festival at the Brooklyn Academy of Music (BAM). The first major symphonic work to remember the deaths of an estimated 1.7 million Cambodians under the rule of the Khmer Rouge regime undid Weinstein, a survivor, who arrived in the U.S. in 1984.
“I could not believe that I lived through that,” she said, her eyes filling with tears.
The production is the first collaboration between composer Him Sophy and Oscar-nominated filmmaker Rithy Panh, who directed and designed the production.
Both artists survived the Khmer Rouge, which by some estimates killed 90 percent of Cambodia’s artists.
The two are in the forefront of Cambodia’s cultural renaissance, a movement to revive and preserve the ancient arts that were nearly excised, while educating new generations about their cultural heritage. Because of the Khmer Rouge genocide from 1975-1979, half of Cambodia’s population is younger than 25.
The production presented in New York is also aimed at the Cambodian diaspora. It has played on tour in Australia, where the Sydney Morning Herald described it as “light after utter darkness, a promise of resurgence…” and, after sold-out performances in Boston, it is headed to the Philharmonie de Paris next year before opening in Cambodia in 2019, the 40th anniversary of the end of the Khmer Rouge era.
Named after ceremony
“Bangsokol” is named after a ceremony performed at Cambodian funerals. A bangsokol is both the white cloth placed over the body of the deceased and the act of its removal, which signified the passage into the next life, where the spirits of the dead find rest. Bangsokol is also remembering the dead at a watt, the Buddhist temple, with prayer and offerings.
Each audience member found a bangsokol draped across their seat with a note: “We invite you to place this shroud around your shoulders for the duration of the performance.”
“Bangsokol” weaves Khmer traditional music enhanced by a Western orchestra and a Taiwanese chorus performing the libretto by Trent Walker.
Throughout the one-hour production, archival footage — the faces of Cambodian refugees and Khmer Rouge victims, black-clad Cambodians working in fields — flickered across three flat screens hung high behind the performers. Footage of aerial bombings was followed by a clip of then-U.S. President Richard Nixon saying, “Cambodia is the Nixon Doctrine in its purest form.”
“Whatever the film showed, it took me there,” Bonna Neang Weinstein said. “It has been more than 30 years, almost 40 years, but I still dream that I am in the Pol Pot regime.”
For many in the audience, the power of the past showed as quick swipes with damp tissues wiping away silent tears.
“If I’d know this was about the Khmer Rouge, I would not have come,” said a weeping To Voeun, 79, of Alexandria, Virginia. The Khmer Rouge killed her husband, leaving her to raise seven children alone, two of whom remain in Cambodia.
For Bonna Neang Weinstein, the owner of the Khmer Art Gallery in Philadelphia who attended “Bangsokol” with her husband and her three children, the Nixon clip hit home.
She explained: “I cried because I am hurt that the U.S. government bombed my country,” an event that many believe gave rise to the Khmer Rouge.
‘I cannot let it go’
“The U.S. has not admitted anything and not even apologized to us,” said Weinstein, who lost eight family members to the Khmer Rouge. “It mentions at the end ‘Let it all go.’ But I cannot let it go because the perpetrators have not acknowledged their guilt and apologized.”
Sophy Him, who composed the rock opera Where Elephants Weep, told VOA Khmer that his requiem does more than commemorate those who died under the Khmer Rouge.
“We remember the deaths, but also wish and encourage people in the world to have hope and love each other,” said Sophy Him, who lost two older brothers to the regime.
“This performance is for all people in the world who have suffered from genocides and wars,” he said. “This performance is also a warning to the world about the impact of war and genocide.”
That warning was not lost on Jonathan Hulland, a senior program officer at the American Jewish World Service in New York City, who told VOA after the performance that by putting on the white shroud, he felt he was part of the performance.
Hulland, who has been to Cambodia four times, most recently in October, appreciated the warning implicit in the performance.
“I felt some shame and some guilt,” said Hulland, who was born in the United Kingdom and is now an American citizen. “I am an American now, and I do feel like this country has such a responsibility for what happened.”
Joseph Melillo, BAM’s executive producer, said, “BAM plays a very significant role, not only here in New York City, but in this country of introducing to our culture, the work of other cultures.”
Melillo, who has been to Cambodia twice, said he decided to bring “Bangsokol” to BAM because of Phloeun Prim, the executive director of Cambodian Living Arts (CLA), “who has a clear vision of what he wants for his country.”
The performance was commissioned by CLA, a nonprofit group that works to support the revival of traditional art forms.
Mary Read, who serves on the CLA board of directors, said, “Bangsokol” showed “that there is compassion.”
“Art comes to the heart,” said Read, an Australian known internationally for her Sydney fashion boutique and online store. “By healing the heart, you can heal the spirit of the country.”
The performance ends with Chhay Yam, a joy-filled Cambodian dance accompanied by singing. Two Cambodian-American children of the production’s volunteer helpers participated, learning the steps and how to play traditional musical instruments.
Hollywood luminary Angelina Jolie, who holds Cambodian citizenship and directed First They Killed My Father with Rithy Panh, recently saw the performance with her children Maddox Jolie-Pitt, whom she adopted as a baby in Cambodia, and Shiloh Jolie-Pitt. They all wore white shirts and black pants, traditional Khmer funeral dress.
Jolie told VOA after the performance, “I think this was a deeply moving performance. I think it is brilliantly done. I think it is very powerful. It put you into a meditation. It’s like an hourlong prayer to pay respect, to remember, and to help us think of Cambodia the past, the ancient past, the more recent past, the present, and take us forward into a more hopeful future.”
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Guinea-Bissau Writers Want to Help Country Turn a New Page
The Guinea-Bissau Writers Association gathers dozens of people from different backgrounds who share the same goal: to improve the literature of a small West African country with one of the world’s lowest literacy rates.
The authors and poets trickle in one by one, to the meeting of minds taking place at a plain-looking educational building. Among them is a dancer. Another is an officer in the country’s military.
Despite their differences, they are all here for the Guinea-Bissau Writers Association’s poetry gathering. At these regular meetings, the nearly 40 members come to share their thoughts and help one another hone their craft. Many hope this will, in turn, help develop their country.
But with only a 55 percent literacy rate, it is hard for authors to reach a large audience, say association members.
“The reading community is not that big, so we cannot expect to make money writing books, at least not for a living,” said Abdulai Sila, an author and the association’s president.
First step: Imagine it
Sila said that despite the challenges, the writers’ shared vision of improving their country and forging a national identity through literature keeps them going.
“For someone to be able to fight for something, first of all he needs to be able to imagine it,” he said. “One of the tasks of the writers association and the writer is to draw that image that then can be shared by the rest of the citizens. If you are able to imagine something, you can be able to fight for it.”
The former Portuguese colony has been plagued by military coups and instability since its independence in 1974. Today it is ranked among the bottom 10 countries on the U.N. Human Development Index. Currently, the country’s president and ruling party are locked in a political battle that has left parliament out of session for more than two years and caused stagnation.
Of the 40 members of the group, at least half are poets — a style that meshes well with the region’s rich history of oral storytelling. The genre also provides a practical platform for shorter works for those authors who are busy with day jobs.
One of those poets is Manuel da Costa, a major in Guinea-Bissau’s army.
Da Costa began writing during the country’s fight for independence, and more recently he has also written about drug trafficking in the country. The military officer said the genre allows him to be subjective and leave things open to interpretation. When asked whether he thought that writing about trafficking conflicted with his day job as a member of the military — a branch often implicated in the country’s drug underbelly — he said he did not worry about getting into trouble because of poetry’s nature.
“Poetry language is subjective. When are you writing, it’s only you who knows what you are writing. Anyone who is reading it can have their own interpretation,” he said.
Language choice
Da Costa, as most other poets in the group haved done, chose to write in the country’s Portuguese-based Kriol language.
Association member and author Antonio Afonso Te has just published a book focused on how to write in Kriol. He said learning how to write in Kriol and integrating that into the national education program can help develop the country — and its literary scene.
IN PHOTOS: Writers Seek to Form National Identity Through Literature for Guinea-Bissau
“Kriol should be introduced for education in Guinea-Bissau, because most people speak Kriol. And another thing that is important is the teachers,” Te said, adding that they have more mastery of Kriol than the other languages that they use for teaching.
Whether it’s poetry or novels, in Kriol or Portuguese, the writers of this country say they hope they can use their craft to help Guinea-Bissau turn a new page toward improved development.
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Amid Political Tensions, Visiting Barcelona Bests Real Madrid
Spectators at the home stadium of Real Madrid saw its team’s hopes to keep La Liga title fade away Saturday as Barcelona rolled to a 3-0 El Clasico victory, opening a 14-point lead over the current champions.
Luis Suarez, Lionel Messi and Aleix Vidal each scored, while Real Madrid’s Cristiano Ronaldo and Karim Benzema missed first-half chances.
“They did really well in the second half. The first half was terrible, in my opinion. They [Barcelona] had very little possession [of the ball],” Joe Villanueva, a Barcelona fan, told VOA.
Barcelona’s win, however, went beyond the European soccer classic. The soccer match came two days after elections in Catalonia in which separatist parties claimed a majority of the votes. Barcelona is the capital of Catalonia and its largest city, while Madrid is Spain’s capital.
Saturday’s El Clasico was the first meeting between Madrid and Barca since the banned October referendum on Catalan independence.
Club allegiances do not necessarily dictate political opinions. Still, Villanueva thought they would play a bigger role in the match.
WATCH: A Barcelona Fan’s Take on the Game
“I thought the match would get ugly, especially after they were down 2-0 and they had a player down,” he said. “I thought it would get ugly, but they were composed. Both sides were composed. Usually Real Madrid gets pretty rowdy, especially when they’re losing, but they did well.”
‘An infinite stalemate’
After the political convulsions of the past three months, Catalonia and Spain are back to square one, said Xabier Barrena, a political columnist for the El Periodico newspaper.
“Catalonia is living in an infinite stalemate. There was a considerable increase in participation in the parliamentary elections this time, and despite this, the result is the same as in 2015. Both then and now, the solution must be a legitimate referendum,” Barrena said.
The most likely election outcome remains a coalition of the three pro-independence parties, but their options appear limited, Barrena said. “Any unilateral declaration [of independence] would elicit a violent response from the state,” he said. “So they will avoid that course.”
In the meantime, Barca coach Ernesto Valverde said a long stretch of the season remained.
“The league isn’t finished. We haven’t even completed the first half of the season,” Valverde said.
Madrid coach Zinedine Zidane acknowledged it was a defeat “that hurts.”
“Madrid never gives up, whatever happens,” he said. “It is a difficult moment because we’ve lost by three goals. I could say we don’t deserve it, but that is football.”
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Writers Seek to Form National Identity Through Literature for Guinea-Bissau
The Guinea-Bissau Writers Association gathers dozens of people from different backgrounds who share the same goal: to improve the literature of a small West African country with one of the world’s lowest literacy rates.
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US Holiday Travel Numbers Up
Americans are traveling in record numbers this season, according to the American Automobile Association’s (AAA) annual estimate, which forecasts more than 107 million will travel by road, rail or air between now and the start of 2018.
Despite higher gas prices, travel volume is expected to be 3.1 percent higher than last year’s holiday season, the association said.
AAA said this season marks the ninth consecutive year of rising year-end holiday travel in the United States. Since 2005, it said, holiday travel has grown by 21.6 million, an increase of 25 percent.
The majority of travelers, 97.4 million, will make their way to their destinations by road, while 6.4 million people are expected to fly to see family and friends or to take holiday vacations. Only 3.6 million are expected to take to trains, buses or cruise ships for the holiday.
Apparently, not all holiday travelers are making family visits.
AAA said, for the second year in a row, the top destinations for holiday travel are Orlando, Florida, and Anaheim, California – the homes of theme parks Walt Disney World and Disneyland.
Sunny destinations also make up the next seven entries on the top 10 destinations: Cancun, Mexico; Hawaii, Jamaica, Dominican Republic and several locations in Florida. The only non-beach destination on the list? No. 10, New York City.
your ads here!‘Doctor Who’ Gets a New Star
For millions of Britons, a traditional Christmas Day includes turkey, Brussels sprouts, Christmas pudding, and a special seasonal episode of “Doctor Who.”
The global success of the venerable sci-fi series means that fans around the world will also tune in Monday to watch Peter Capaldi’s final adventure as the space-hopping Time Lord known as the Doctor. (Americans can see it on BBC America at 9 p.m. Eastern).
The show has had a dozen Doctors over its 54-year history, and this is one of those bittersweet moments when one lead actor hands over to another. At episode’s end, viewers will see Capaldi transform, through a Time Lord process known as regeneration, into Jodie Whittaker, the first woman to play the part.
First, adventure
Before that comes a rollicking and poignant adventure that moves from the World War I trenches to the South Pole, features mysterious creatures made of glass and (of course) involves a jaunt in the Tardis, a time-and-space machine shaped like an old-fashioned British police phone box.
The episode loops back into the show’s own history, featuring an appearance by the very first Doctor, a white-haired gent who appeared on TV screens in 1963. He was played by William Hartnell, who died in 1975; David Bradley fills the role here.
Mark Gatiss, a regular writer for the show who guest stars in the episode as a British Army officer marooned in time, said there was “a valedictory feel” on the set of the finale.
“The sense of eras ending all over the place was very profound but at the same time it was actually a very happy experience,” Gatiss told The Associated Press in an interview.
Gatiss has loved “Doctor Who” since childhood and has written for it since 2005.
BBC hit
He’s better placed than almost anyone to explain the enduring allure of a show that survived early years of wobbly production values and a 16-year absence from screens between 1989 and 2005 to become a childhood touchstone, an emblem of British culture, and a money-making export for the BBC.
Partly, he says, it’s due to the Doctor, an eccentric and “slightly off-kilter” hero. Partly it’s “the randomness of the adventures,” which have sent the Doctor to ancient Rome and the Stone Age, distant galaxies and the end of time.
And partly it’s the show’s “slightly ramshackle Britishness, in the very idea of an amazing space-time machine which looks like a beaten up old box.”
“And somewhere deep down in its absolute essentials, something genuinely magical,” he added.
World-view changing
The episode is also the swansong of Steven Moffat, who has been the show’s executive producer and chief writer since 2009.
Moffat, who also co-created detective series “Sherlock” with Gatiss, has no doubt about the show’s place in television history. He told audience members at a recent preview screening that “Doctor Who” is “the greatest television show ever made.”
“People change their view of the world and what they are capable of because of a silly show about a man who travels around in time and space in a police box,” Moffat said.
“Count the scientists, the musicians, the scholars, the writers, the directors, the actors, who became what they are because of this show. Count, as you might say, the hearts that beat a little faster because of ‘Doctor Who.’ I don’t even know what is in second place, but without doubt and by that most important measure ‘Doctor Who’ is the greatest television series ever made.”
New Doctor, new mood
“Doctor Who” fans have become accustomed to changes of actor, and the shifts in mood that go with each new Doctor. The announcement that Whittaker (best known from detective series “Broadchurch”) would be the next occupant of the Tardis was front-page news in Britain. Many fans were delighted, though some grumbled at the idea of a Time Lady.
Gatiss, currently working with Moffat on a new adaptation of “Dracula,” thinks the naysayers come mostly from that never-satisfied subset of fans “who will definitely watch it 28 times just to make sure they hate it.”
“This is a series about an alien with two hearts who lives in a transcendental phone box, and yet somehow can’t change sex?” he said. “That is not an argument for 2017.”
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Bitcoin’s Roller-coaster Ride May Get Wilder
What’s a bitcoin worth? Lately nobody knows for sure, but after a wild ride Friday, it’s worth a good deal less than it was Thursday.
After losses over the last few days, the digital currency fell as much as 30 percent overnight in Asia, and the action became so frenzied that the website Coinbase suspended trading. It later made up much of that ground, and slumped 9.5 percent to $14,042 Friday, according to the tracking site CoinDesk.
Experts are warning that bitcoin is a bubble about to burst, but things might get crazier before it does: A lot of people have heard of bitcoin by now, but very few people own it.
“Bubbles burst when the last buyers are in,” said Brett Ewing, chief market strategist for First Franklin. “Who are the last buyers? The general public, unfortunately.”
1,000 people own 40 percent
Ewing said 40 percent of bitcoin belongs to just 1,000 people, and hedge funds and other major investors are going to start buying it soon. But those funds may buy bitcoin and also protect themselves by placing bets that it will fall. Retail investors may just buy it only to see it fall.
“I think investors should approach it with caution and I think many people will dive into it not understanding what it is,” he said.
As bitcoin skyrocketed this month, the volume of trading was unprecedented as investors hoping to catch a ride up piled in. Prices have risen so fast, the fall on Friday returned the price of bitcoin only to where it was trading two weeks ago.
From tea to blockchain overnight
The volatility has created a circuslike atmosphere. Some companies that have added the word “bitcoin” or related terms to their names to get in on the action. The craziest thing is, it’s worked.
Long Island Iced Tea Corp. until this week had been known for its peach-, raspberry-, guava-, lemon- and mango-flavored drinks. Then, on Thursday, the company announced a radical rebranding. It’s changing its name to Long Blockchain Corp., shifting its primary focus from iced tea to “the exploration of and investment in opportunities that leverage the benefits of blockchain technology.”
Blockchain is a ledger where transactions of digital currencies, like bitcoin, are recorded.
Shares in Long Island Iced Tea soared 200 percent in one day.
The Hicksville, New York, company did what investors are doing, hitching a ride on a currency that raced from less than $10,000 at the end of November to almost $20,000 on Sunday. And it cost less than $1,000 at the beginning of the year.
Crash every three months
The rise of price of bitcoin, which is still difficult to use if you actually want to buy something, has led to heated speculation about when the bubble might burst.
The currency has been, if nothing else, highly elastic, bouncing back every time it crashes, which occurs about once every quarter.
It fell 11.5 percent over two days in early December and 21.5 percent over five days in November.
Curiosity has now driven bitcoin to the futures market, where investors bet on which direction it will go.
Bitcoin futures started trading on two major exchanges, the Cboe and CME, this month. Those futures fell about 8 percent Friday.
Investor beware
If people get burned, it won’t be because they were not warned.
The Securities and Exchange Commission put out a statement last week warning investors to be careful with bitcoin and other digital currencies. The Commodities Futures Trading Commission has proposed regulating bitcoin like a commodity, similar to gold or oil.
Financial Industry Regulatory Authority, a financial watchdog, issued a similar warning recently.
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Rocket’s Arc Across California Sky Stops Traffic
A reused SpaceX rocket carried 10 satellites into orbit from California on Friday, leaving behind a trail of mystery and wonder as it soared into space.
The Falcon 9 booster lifted off from coastal Vandenberg Air Force Base, carrying the latest batch of satellites for Iridium Communications.
The launch in the setting sun created a shining, billowing streak that was widely seen throughout Southern California and as far away as Phoenix.
Calls came in to TV stations as far afield as San Diego, more than 200 miles south of the launch site.
Cars stopped on freeways in Los Angeles so drivers and passengers could take pictures and video.
The Los Angeles Fire Department issued an advisory that the “mysterious light in the sky” was from the rocket launch.
Jimmy Golen, a sports writer for The Associated Press in Boston who was in Southern California for the holidays, said he and other tourists saw the long, glowing contrail while touring Warner Bros. studio in the Los Angeles suburb of Burbank.
“People were wondering if it had something to do with movies, or TV or a UFO,” he said. “It was very cool.”
The same rocket carried Iridium satellites into orbit in June. That time, the first stage landed on a floating platform in the Pacific Ocean. This time, the rocket was allowed to plunge into the sea.
It was the 18th and final launch of 2017 for SpaceX, which has contracted to replace Iridium’s system with 75 updated satellites. SpaceX has made four launches and expects to make several more to complete the job by mid-2018.
The satellites also carry payloads for global real-time aircraft tracking and a ship-tracking service.
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Tribe Will Move From Shrinking Island to Louisiana Farm
Louisiana officials have chosen a sugar cane farm as the next home for residents of a tiny, shrinking island, a move funded with a 2016 federal grant awarded to help relocate communities fleeing the effects of climate change.
Dozens of Isle de Jean Charles residents are to be relocated about 40 miles (64 kilometers) to the northwest, in Terrebonne Parish, Nola.com|The Times-Picayune and The New Orleans Advocate report.
The state is negotiating to purchase the 515-acre (208-hectare) tract, which is closer to stores, schools and health care — and which is less flood-prone than the island, which has been battered by hurricanes and tropical storms.
Louisiana’s Office of Community Development expects to finalize the purchase in the coming weeks.
“Everybody seems to think it’ll be a pretty quick property negotiation,” said Mathew Sanders, the community development office’s resilience program manager.
Construction on the new settlement could begin in late 2018 or early 2019, meaning island residents most likely will have to endure at least one more hurricane season before moving.
Last year, Isle de Jean Charles became the first community in the U.S. to receive federal assistance for a large-scale retreat from the effects of climate change. About $48 million was allotted to purchase land, build homes and move the island’s approximately 80 full-time residents.
Tribe’s area mostly gone
Isle de Jean Charles is home to members of the Biloxi-Chitimacha-Choctaw tribe. It has lost 98 percent of its area since 1955. Causes include erosion, sinking of coastal land, and Mississippi River levees that block replenishing river sediment.
Climate change-triggered sea-level rise is expected eventually to drown the island.
Owned by Acadia Agricultural Holdings, the sugar farm is valued at $19.1 million, but the actual purchase price may be about half that, Sanders said.
Albert Naquin, the tribe’s chief, said he looked at the site two years ago and it was immediately his favorite.
“It’s in the best part of the parish; it’s the highest area,” he said. “I pushed for that one.”
A master plan for the new development being created by the consulting firm CSRS will include not just houses but also community spaces and maybe even features such as crawfish ponds.
“We want to move the people on the island in such a way that the community can sustain itself,” Sanders said. To that end, officials may try to attract some businesses, including retail.
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Bell Ringers Collect Money for the Needy at Christmas
The sounds of the holidays have a familiar ring in cities across the United States, and in cities in South Korea, Japan, Chile and many European countries. In November and December, bell ringers stand next to Red Kettles belonging to the Protestant Salvation Army organization. VOA’s Deborah Block takes us to Alexandria, Virginia, outside Washington, where bell ringers were collecting donations that will be put into local communities to help the needy.
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Indonesian Health Officials Launch Diphtheria Vaccination Campaign
In the face of a diphtheria outbreak in parts of Indonesia, authorities have embarked on an immunization drive to slow the advance of the dangerous respiratory disease. VOA’s Kevin Enochs reports. Faith Lapidus narrates.
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