Bitcoin Forum

Maybe its time to lower the 50 BTC donation level  ;)

I would love to donate but that converts to $3800 in today's market

LOL :P please, you paper bugs need to realise that's inflation at work, I'm thinking I'm just going to price everything purely in Bitcoin now and wait for the crash, it's only the USD that's really going up, Bitcoin is staying exactly where it is but that's also part of why it's so valuable now.

US$ inflation is bad but not that bad... yet. :)

The rising bitcoin price is clearly driven by demand for bitcoin. Fiat may well collapse Zimbabwe-style but the moment for that is not right now but sometime in the future. Could be next week, but it is more likely some years away yet.

As for the donator/VIP prices, I'm pretty sure theymos said "no reductions, ever". Suck on that. ;D I agree that BTC10/50 is a bit steep but these features are meant to be expen$ive due to their exclusivity. You're free to donate less if you're poor, as I have done, via the DONATE button in the forum menu bar, but you won't get the special goodies.

I looked at the donation kitty on the blockchain some while ago and it contained a fairly healthy BTC5200. This is no fortune but it is a useful little pile of money.

This is delusional at best. "it's only the USD that's really going up, Bitcoin is staying exactly where it is"?

I think Bitcoin has some potential, but you're crossing a line into religious willful ignorance.

Considering the BTC price increase I am starting to regret I did not take advantage of the situation when BTC fell to $2 in autumn 2011. Could've created 100 accounts and bought VIP membership for them for $100 each..........

Okay then, explain to me where the actual supply of Bitcoin is getting inflated and is a bubble like people are regularly ranting about on these forums? Oh wait, it can't be, because it's on a fixed volume of 21 Million >_> it's not Bitcoin itself that's expensive, it's paying for Bitcoin in USD that's expensive.

Correct, but bitcoin, just like gold, has a near-fixed supply so its price (in a real market) is determined by demand. Bitcoin price is rising due to rising demand for bitcoin, not the hyperinflation of the US$ directly, though there is some degree of linkage between the two. IOW while Helicopter Ben is desperately trying to "do a Zimbabwe", the US$ hasn't actually lost 80%+ of its purchasing power in recent months or years!

If I were offered 1 million USD right now I wouldn't turn my nose up at it: I'd probably enjoy myself with it and convert the bulk to hard assets (gold, bitcoin, real estate...) ASAP. :)

True, USD is still worth something, same with the pound but I wouldn't bet on their purchasing power in the next year or so you see :P

Mark Carney has made it patently clear that, in common with Helicopter Ben, "Gideon Gono is his hero" ;D so unless he's bluffing, only PMs and cryptocurrency could now be called anything like sound money.

I think UK real inflation (not the media-massaged CPI) will stay under 20% for the foreseeable future, however.

Oh they'll find some way to fuck it up, don't you worry, this is Britain :P

I would add that the bitcoin foundation should reduce its membership fees too. They were introduced when bitcoin was, what, maybe $7, meaning membership was about $18 per year, or $180 lifetime. Now it's $180 per year or $1800 lifetime (gasp!).

See this post by theymos (https://bitcointalk.org/index.php?topic=38071.msg1673380#msg1673380).

While I'm totally on board with this line of thinking that the actual numbers are arbitrary (though realizing that it's not just paper inflating it's also bitcoin deflating), $3800 will get me a really good computer. I was also thinking of donating but when I saw the rates I was like "fuck it, move along now..."

You're free to donate as little as you wish. It's just that if you donate less than BTC10 you don't qualify for the special status. (And you have to contact theymos first for a different payment address if you do want donator/VIP).

Well that's the thing about inflation, it's a temporary thing, you can cash out while the currency is still strong but eventually it will weaken and instead of a really good computer costing $3800 it the prices will be forced up to something ridiculous like $10800 instead. I actually had a talk with my parents and I was staggered when I learned how much they paid for their house, while it was a lot of money, because of how seriously inflated the housing prices are in Britain currently a house like this would cost easily triple the amount back in the day.

The best way to measure inflation is not only look at simple stuff like Gold or Silver but also the stuff that's pretty pricey because when inflation hits those prices make a noticeable change, I even remember myself back when games were all £9.99 or £20 at most and now they've gone up to stupid amounts like £30 - £40.

The explosive rise in British house prices is due to many factors along with inflation. The proof of this is that house prices have tripled (at least) against gold in the past 30-odd years!

and at least the UK house price fell alot 10% +

unlike Australia where it fell 1% or stayed the same or goes up still!

in Australia property is the religion

Australia's practically the most expen$ive country on earth now (outside Japan, Monaco and a few others), especially Sydney and Perth - it's unbelievable. (OT) I'd still like one of your women, though, whether or not you're still wont to refer to them as "sheilas" in this day and age. ;D

Definitely. In most good suburbs, houses are 800k ~ 1.1 mil..

Cost living is also high, but so is wages

This, for circa 1 mill ~ will get u sorta ok house, but not close in to city sydney (eg 15 Km out, or a shoe box nearer). Also the interest rates are relatively so high its the same as double or triple the repayment of the UK, eg you could spend 2 million quid (even allowing for exchange rate) and have lower lower repayments

and the market goes up 5% still a year in syd at least