Bitcoin Forum

One thing I can not figure out is where is the money going to come from to rally bitcoin?

What I see is most of the bitcoin community are people who own a lot of bitcoins for really cheap. They simply are not going to be buying them at these high prices, or at least not enough to make a difference.

China, which some people say is the reason why bitcoin rallied so high, looks to be out of the game in a big way.

With all the negative news, most new people are not going to invest any serious cash in what looks to be a big Ponzi scheme.

So I ask where is the money going to come from now? Everybody on here just magically wants to become rich but it is going to take money, and a lot of money to push the prices higher. I just can't figure out where this money will come from.

I still think the prices are way too high and unsustainable. I do not think the community is that much larger since bitcoin was at $12 dollars a year ago. Now you don't have the largest country in the world adapting it to pump up those prices.

I've said it before and I will say it again, Bitcoin at these high prices is a very bad investment. You are taking on so much risk right now for a limited reward. The times of buying at $10 with the possibility of it going to $100 or higher are over.
It will take substantial amount of money to get the reward you deserve for investing in such a risky asset.

You are far better off placing your money in the stock market and betting on a single stock. At least you know your money is safe.




 

my pocket

Those giant spikes up are caused by delusional dumb money (i.e. general public) during a media driven hype. Smart money buys low.
It wouldn't surprise me if bitcoin will be hyped up again after some kind of 2008-like financial crash, which is likely coming in the next year or two.

Yeah I guess that's the best way to put it. Smart money is not going to be buying right now. They buy in before any media attention, there has been plenty of media attention actually much more than I could have ever imagined.

Smart money puts their money in smart investments, and bitcoin just is not that. It is a highly risky investment and will require a lot of pumping, something which smart money will not gamble with.

I just do not see it as an investment. Where I went wrong was I planned on buying bitcoin when it had a long term stable price after the first bubble. That would have been when it was stable and rising from around $8-$12 dollars for over a year.

 That was the best time to put your money in and I did not because I was not even watching bitcoin at that time.

 Right now at $500 bucks, that is just crazy. Maybe it can go to $1000, but it simply is not worth the risk as it probably will not go that high.

Reading these forums will fool you because most people here bought in at really cheap prices and are just pumping what they own. These same people will not be spending their money on $500 bitcoin, they are not that stupid. Then you have a few new people who are trying to "get rich quick", you will always get those idiot gamblers.

Do you think Warren Buffet is going to tweet his status as he bank wires all his cash into BTCe to buy one billion dollars worth of bitcoin?

No, first he will have you believe that he doesn't want it, then he will buy all the bitcoins he can get his hands on at the very peak of disaster (NOW!) because people will just give them to him! no market moving necessary!

PS. I am using the example of Warren Buffet metaphorically.

where will the fiat come from? have you forgotten?

wall street, ebay, pay pal, hedge funds, US junk credit, Banks, and billions of dollars worth of speculators with their fingers on the trigger ready to front run all of them!

u just sold at the bottom again??

There is a little more than 5 Billion dollars in the world.

Think about what you are saying here,

The media attention has been negative. that means they sold before the media attention.

now they are buying before the next round of good media attention.

OP, sounds like you recently unload a large sum of bitcoin, do you understand that you were able to do that because you are dead wrong?

congarufuckinglation.

 :D nicely said

What are you talking about?

Smart money buys in before the media attention, then they sell at the peak of the media attention or the top of the bubble, way before all the negative media attention that you see now.  That is why there is negative media attention and the price has been falling because the smart money cashed out a long time ago and are not buying anymore.

It is highly doubtful that any smart investor is going to buy bitcoins for $500 dollars, that is the whole point of what I wrote. It is a bad investment at these prices. I have said this all the way down and for a long time now, even when it was at $1000 or $800.

I do not understand how you completely turned around what I wrote.

I guarantee you, no insiders bought before the China ban news came out! but they did buy at the bottom!

The news has NOT been positive!

Large investors buy when there is blood in the streets, they are buying now.

I would never invest in bitcoin at these ridiculously high prices. I bought some bitcoins around $700-$900 at that time to gamble with alt-coins which I made money on. I then sold everything I owned when bitcoins were $800 because it was obvious that this was all going to fall apart.

I have my past posts to document all this, and I told everybody I was going to do that and how bad of an investment bitcoin was at that time and still is even at $500.

lol then I guess your never going to buy bitcoin again because $437 was the bottom

That is all speculation on your part that they are buying. There is no proof to that. Volume is very very low, and only seems to go up when people are panic selling. After the panic selling is over the volume is ridiculously low. I watch it a lot on btc-e. Nobody is buying anything substantial.

The price tends to creep up higher on low volume only. But when it does this, it is a matter of time before it falls right back down for a new low.

Bitcoin got too ahead of itself and priced in major world expansion. This is all falling apart now and yet the price still remains high. It is unsustainable at the present time. You still have a lot of people holding, there is still a lot of optimism and delusion. I don't know how long that will continue. The selling pressure should increase with time as it is obvious that a rally is not going to happen.

You may be correct but highly unlikely, but I deem the risk/reward not worth investing in at $437. I can place my money elsewhere that I deem a better risk/reward than bitcoin.

Then you should; I happen to disagree with you because I feel differently.

!!! it goes up when people panic sell? !!!

get your theories straight!!

I have evidence that large investors are buying;
-Risto is buying
-while the ban is genuine, coins are leaving the chinese exchanges causing a huge arbitrage in prices - yet the markets have all rallied since the confirmation. the buying pressure is fighting the full force of the ban. that is immense pressure.

The volume is low because there are no panic sellers left to sell in this price range. the coins are under-valued. They all know there are offshore investors injecting fiat into bitcoin right now, and they are moving their coins to other exchanges - but the price tolerates the selling pressure an is rallying.

There is blood in the streets, and the big invesors are buying.

Thats why I do not think Bitcoin is going to go crazy this year. Sometimes next year it will take off again.

Answering the question about where the money is going to come from, I think the money is going to come from the transacting potentials that will continue to come from bitcoin. The fact that Square Market is partnering with Coinbase will act as a somewhat of a catalyst for the price of bitcoin in a similar fashion that Overstock did. I wouldn't be surprised if Square takes a similar approach and keeps a certain cut of the revenue they make and leaves it in the form of bitcoin. That, it seems, would help to provide some of the backing for the next rally.

[As a quick note, the prices were still "dropping" when Overstock came into the scene. But that's because the conversion rate was just way too artificially high. I think we're approaching that point where the overall floor has caught up and the next rally won't be as high, but it won't be as unsustainable at the same time.]

It's Edward mate. He is here since 2011 and I doubt there is more than 1 digit posts of his where he doesn't say bitcoin is overvalued, even when it was in single digits.

Guys you have to remember the >$1000 price was largely driven by chinese speculators. Bitcoin will have a value no matter what, the minimum of it would be how much it cost to create new bitcoins (through mining), anything higher is artificial/speculative. Of course  over time the price of Bitcoin would fundamentally rise due to its nature of limited supply and being increasingly difficult to mine, albeit slowly and perhaps boringly. Speculators just make Bitcoin the roller coaster ride that we're seeing now.

I think(and hope frankly) Bitcoin is stablizing. Those who bought at the current lows may be hoping to see it go up to $1000 again in a few months like how it was last year, but I don't think we're gonna see those kind of crazy rides anymore.  After the mania stage that was december last year, the bubble cycle is now complete.

This would be what you are doing?

Your wrong and this is what people said about the last bubbles. Its always the end and its always impossible to go for another ATH. The same people who sit around saying bitcoin is dead are the same people who will panic buy on the way back up. Buy high sell low innit...

100% with you.

I have only seen one complete cycle, and I always wondered, how do these people give up every time. here we are on the dip, where we all were gonna buy just 3 monhs ago. but this time, bitcoin is dead for good!

the market cap is tiny!

I think edward50 might go down in history as the man who watched bitcoin go from $2 to $5k and lost money

I will genuinely feel sorry for u if we'll see $5k this summer

You guys should be focus on getting the "money in" from people actually using bitcoin as a currency for commerce rather than from "investors"!

investors must come first to set up the infrastructure. It cant happen the other way around.

Even if this was true, it means investing into just that: infrastructure. It doesn't mean buying bitcoins.

I didnt say they would be buying the coins, and indeed they are setting up the infrastructure at an alarming rate. that IS the focus on getting the "money in"

Investors are none the less needed to take risks. Investors will cause the first wave.

It will be easy to get more investors and commerce to use bitcoins when this is complete.

To answer the original question, wall street or organized crime, though those may be indistinguishable.

The IRS ruling has hurt bitcoin's ability to be used as a payment system.  If you sold out and are happy then good for you!  Right now, I'm holding in the expectation that a community innovative enough to develop bitcoin will be able to find a way around this latest issue.

^^ THIS ^^

if Bitcoin succeeds (if!) then it must be worth much more than today - this is due to the velocity of money

with $2 or $20 or $200 bitcoins, it is impossible to conduct a reasonable amount of trade

if Bitcoin does not succeed, or another blockchain is the winner, then Bitcoin can drop to zero. I don't believe that will happen, though.

mine too, I'm still buying

Google should be kicking in very soon with the launch of Glass, which incorporates BTC as a payment system

http://www.statista.com/statistics/259348/google-glass-annual-sales-forecast/

Bitcoin and Oculus Rift pre Facebook

http://www.reddit.com/r/Bitcoin/comments/1jrmsy/oculus_rift_founder_responds_to_my_request_for/

result:

Oculus Rift + Facebook + BTC


and these:

http://www.nasdaq.com/article/what-companies-accept-bitcoin-cm323438

and then the bitcoin giftcards that are popping up...

Bitcoin's not going anywhere...and the people are about to be coming in droves...*this* year

Where is the money going to come from to rally bitcoin?
>> People who understand BTC is down over 60%, and that VC money is pouring into Bitcoin companies.
>>> People who sold high and are ready to buy back at a huge profit.

http://www.businessinsider.com/google-glass-sales-projections-2013-11


this ^^ is one that talks about the market forecast for google glass. I'm sorry I keep posting on it but I keep finding more stuff :D Anyway, there will inevitably be the group, the google glass bears if you will, who will gloom and doom glass as an abject failure - even if glass shined shoes, washed dishes and shit gold dubloons - these sorts will still swear it's the antichrist so ignoring THEM - the social market that will investigate this product aside from the fanboys and tech nerds - these are still large numbers.

http://www.realareal.com/eaze-introduces-nod-pay-service-combining-google-glass-bitcoin

this ^^ is the app that consumers can get working. BTC set up means these people, the ones who have glass, will be buying btc, not just once but regularly...millions of people, millions of new people, being introduced to bitcoin...and bitcoin being legitimized through glass - Google might not be everyone's favorite but everyone knows Google and those who shell out money for Glass obviously trust Google, and its already given a nod to Eaze app as pretty much an endorsement of bitcoin...so people will inherently lean toward also trusting bitcoin.

Once they start using it, sending it, making payments the adoption will grow massively, and combined with the other stuff that's accommodating it.

Glass is being released in a very short time *from here* which means they'll be busting out their mega promotional campaign and indirectly promoting bitcoin as a "thing" that goes with Glass. People who don't know what bitcoin is will google it and wade through all the crap til they work it out and understand. Some of those will see the HUGE investment potential of this influx of new users adding value and buy btc also, right along with all the ones who will buy it to use it for various micro and regular purchases.

Even without any of the others, just that gateway through Google will be massive for bitcoin once the release happens. Add in the other launches of VR, games, and transhumanist tech - 2014 is the launch of a major upswing...seriously.

There is money being invested in to BTC infrastructure left, right and centre. Maybe no in to Bitcoin as a commodity/currency, but certainly to help it become more adopted.

Marc Andeerson has already put $25 million in to Coinbase, and said "Bitcoin will be a bigger technological revolution than the internet"


He also vowed to put hundreds of more millions in. When he does, others will follow.



If only Zuckerberg was that pissed at the winklevosses that he started his own billion dollar bitcoin project.

If we want bitcoin to take off in a sense that it's a recognised currency, or even just more widely used (the 10K we all hope it achieves) we need infrastructure through investment not just buying and 'hodling' everything.

 First of all, how much money actually came into bitcoin to cause the rally to $1200? The market cap increased from about 2 billion to 14 billion- this is a difference of 12 billion, but did 12 billion dollars really come into the bitcoin ecosystem?

   Right now a buyer with 10 million dollars could probably push the price up by about 100 dollars, if you look at the bid ask spreads, which are very shallow on the ask side. A 100 dollar increase in market value of bitcoin translates to a 1 billion increase in market cap.

    There truly is no such thing as bad publicity- the main barrier to bitcoin acceptance is people's ability to understand what bitcoin is, and this is different for every person. Some people might understand what it means to the global economy and buy, some people might simply understand it allows them to buy things they were unable to before, and some may only understand that it allows them to get a little publicity and attract more customers.

   Buyers in Cyprus didn't cause the rally to 200, and buyers in China didn't cause the rally to 1200- people's reaction to the goings on in China and Cyprus worldwide cause the rallies. Everyone knew that people in China were sick of capital controls and worried about the dollar, which caused a lot of people to buy in.

   So the real question to answer before the question "Where is the money for the next rally going to come from?" is "How much money caused the last rally?"

   This is hard to answer, but I think it is safe to say that the last rally was caused by less than $100 million in "new" money, and that the next rally will have to be caused by more than $200 million in "new" money, new to the bitcoin ecosystem, that is.

   The Fed's quantitative easing is injecting about $118,000,000 an hour into the US financial system. I have heard some on this forum saying the stock market, which you suggest as a safer alternative to bitcoin, has soaked up some of this money, leading to the recent rally in stock prices.  The biggest mutual fund recently lost $41 billion (http://www.businessweek.com/articles/2013-09-05/the-worlds-biggest-mutual-fund-takes-a-41-billion-hit) just based on the Fed suggesting that they might ease up on QE, which they didn't.

      The amount of money needed to cause another rally in bitcoin is really miniscule, considering numbers like these. Cracks are really starting to appear in the dollar, and I think time will tell that no one and nothing in this world is too big to fail. When flight out of the dollar starts to happen, look out, because you will see not millions, but billions flowing into bitcoin. I think this will happen very fast when it does and without much warning. This is why a lot of speculators who think themselves so clever with their fancy strategies for making hundreds and thousands buying and selling will wake up one morning and realize they would have done better if they'd just bought and held...

      So in short, an increasing number of people are poised to buy, but are just waiting to see if the price is going to go down. If you look at google trend, worldwide searches on bitcoin are down- but in Brazil and many other countries, interest is up. There are probably close to 1 billion people with enough access to and knowledge of computers to buy and use bitcoin. There is currently one smartphone for very five people in the world. There are 1 million coinbase accounts, so I would say right now there are between 2 and 5 million people who can and do use bitcoin. This is less than 1 out of 100. I would say with certainty that 1 out of 100 people would be interested in using bitcoin. I wouldn't be surprised if it were 5 out 100. Let's just be REALLY conservative and say that eventually 1 out of 100 bitcoin users, or a total of 10 million people buy and use bitcoin. If each person only had an average of 100 dollars in bitcoin, since they are so conservative and think bitcoin is risky, this would be 500 million new dollars coming into bitcoin- which could easily raise the price by 300+ dollars.

   These numbers are just to illustrate the point that that to double the current market cap from 5 billion to 10 billion (doubling the market value of bitcoin) would require far less than 5 billion dollars. I am saying it could even be done with 200 million dollars or less. This is because everyone holds, because people who understand bitcoin know it is going to increase in value relative to fiat.

   People are dying all the time and leaving their money to their tech savvy kids. More and more people are learning about bitcoin every day, and more and more people are getting smart phones and learning to use the internet every day. So bitcoin reaching 1% of the internet population and those people buying $100 worth at any price would probably be enough to increase the value at least 5 fold. And this estimate is really conservative- as smartphone bitcoin wallets and mobile internet becomes faster and more widespread, this absolutely has the potential to go seriously viral.


  And need I state it again? A ponzi scheme offers no utility- all it does is promise returns to people, and then delivers those returns based solely on more people investing in the ponzi scheme. This means that as soon as people realize they are ponzi schemes, they collapse.

  Bitcoin offers the utility of solving the problem of double spends and fraud, solving the problem of inflationary fiat currency, solving the problem of capital controls that benefit specific groups at the expense of everyone else, solving the problem of high transaction fees and delays for international transfers, solving the problem of the difficulty of dividing gold into precise denominations, and enables some level of anonymity, which enables safer transactions for black martketeers- the black market being estimated at 1.8 trillion- if bitcoin even captured 1% of that, which would be incredibly profitable to those engaged in the black market trade, that would account for enough to take bitcoin into a major rally.

    All of these factors converging make for a potent combination- but let's suppose you're right- let's suppose bitcoin is too difficult to use and fiat is working fine, (which they're not) and bitcoin has maxed out right now. No one else is going to join the economy, the million or so bitcoin users right now are as big as it's ever going to get... aside from this sounding utterly insane, the fact is, if no one else and no new money ever joins the bitcoin ecosystem again, it will still hold its value- whereas with a ponzi scheme, as soon as people stop buying into it, it stops paying out and dies.


  In short, the answer to your question "Where will the money come from?" is, everywhere.

BTCUSD manias have come regularly, despite a severely constrained channel for flow of funds.

When ETPs start trading, that straw becomes a firehose.

If there is no bubble before then, I am becoming increasingly convinced that the next will be a superbubble.

OP seems to think that money (he means fiat) must go into bitcoin. This is a fallacy. It is the value that has to come into bitcoin.

The value is in the minds of the actors. First they value something, then they change and value something else.

And where does it come from? Maybe from fiat money, maybe from other things that functions as value stores, like houses.

You don't need new money to rally, you just need people to stop selling and all the previous seller to want back in, pretty simple really.

That will only cause a recovery somewhere into the previous trading range. That isn't actually going to push it to rally into new highs without any new money coming in, though it could lead to the new money coming in.

Agree but OP is asking wheres the money going to come from to rally BTC not create ATH. If you loaded up around $400 and it rallys back to just under ATH lets say $1000 then your going to be pretty darn happy, no ?

They go hand in hand, the more fiat in BTC - the more the masses deem it with a certain value.


The more 'Value' in Bitcoin, in terms of adoption of currency like features, the more fiat currencies go in to bit coin.



It's a two way street.

OP: http://newsbtc.com/2014/03/24/secondmarket-ceo-barry-silbert-meeting-institutional-investors-regarding-bitcoin/

Quality investment dollars that will grow the technology = gradual rise back up.

In fact, that's "old" news.  Consider a couple billion of that money already sent.

So...

"Bitcoin isnt a ponzi!"

but...

"We need people to throw more money in to make it more valuable"

?

   A Ponzi offers no added value, and collapses when people stop putting more money in. Furthermore, it requires increasing amounts of money to be put in just to sustain it.

  Bitcoin offers real value and utility, and could sustain itself indefinitely without any money coming in.

 A ponzi is based on deception.

 Bitcoin is completely transparent.

  Do I really have to go on?

Bitcoin is NOT literally a Ponzi, but...
It does have several amazing similarities.
Some people are really uncomfortable when that fact gets pointed out. 

correct. Especially the red.
Bitcoin is more like a pyramid scheme. All money is.

OPs question was asked so many times it's getting boring to answer. Just sit and watch. Time will tell..

Money is coming from me...

I bought 2 coins... to the moon (or the qwiki mart next door) lol

With a little more time for regulations and government policies to solidify in term of bitcoin, we can definitely envision main financial players and wall st. types jumping in.

That's where the money will come from.

There is no need for Wall Street to come in. Please, no Wall street. Keep those assholes out of this. Bitcoin != bitcoin price.

Price is irrelevant.

The money will come pouring in as soon as the BTC media coverage turns positive.
This cycle has already repeated several times, just pay attention.

This.

After a few months of stability and slightly rising prices - the first sign of a rally will cause the return of funds from those who cashed out the last rally, plus the inflow of funds from those who held off last time because they were too late. By the time we reach a new all time high the mass media will be more than ready to headline the rally - at which point 10x new investors enter the market.

This phenomenon happened back in January-April 2013 and again in September-November 2013. I believe that the circumstances will be similar enough this summer to produce the same dramatic result.  See Summer 2014 Bitcoin Bubble - First Projection (https://bitcointalk.org/index.php?topic=366214.msg6027236#msg6027236).

This time everything seems to be "taking too long", but in reality we are still adjusting to the amazing excitement of last year.
Bitcoins are a store of value - hold them.  :)

There was an incredible expansion of retailers and services accepting bitcoins as payments.
This have outstripped the increase of users.
This have caused a lot of users to have a lot of ways to spend their bitcoins and they spent some of them.
The reduction of the price have pushed a lot of miners to sell much more of the coins they mined to pay back power/HW/etc.
This have provided pressures from the sell side to sell and there was not enough demand from the buy side.

But, as the prices go down,
1) miners start to switch off the rigs or power them down to save power and be more efficient.
2) Users start to spend less because their purchasing power decrease so they are incentivized to save

This is taking away pressure from the sell side rebalancing the equilibrium between buy and sell at a lower level.

As people sell their bitcoin to someone else, it is obvious the people buying value their new BTC more than what they value their $.
So they will not sell at a lower prices and will continue to buy the cheaper BTC on the market.
And when the cheap BTC are sold, what will be available will be BTC at an higher price.

If my BTC are unavailable before the price is 1M $, they can not be traded.
If someone else BTC are unavailable before 100K $, they can not be bought.
Buyers buy first what is sold by the lowest seller.

There are about 2 M BTC be used in the market for short term use (as a payment system).
To move the other 8 M BTC the buyers must go higher than now. A lot higher. (a couple of millions are probably lost/forever unavailable).

I agree with this sentiment. There are strong downward pressures on the market which forces some to sell and some to buy-in at a lower price. This and the two points that you've made inherently balances the point of equilibrium. I still think that there is a strong amount of support that is on the horizon and bitcoins change from a speculative tool to a tool with further and further enhanced utility. Once the monetary balances shift in the favor of utility rather than speculation we will see an upward trend in the price of bitcoin. This shift in paradigm will be what rallies bitcoin to the future.

I am hearing more and more Wall Street these days. WTF!! You want these scumbags in the first place, then why cry against banks? Are they different establishments?

Wall Street don't play poker. They want Balance Sheets, Income Statements, Statement of Cash Flows. Not a pyramid scheme where you buy coins at a fiat level and ask newcomers to pay more for the same thing all of which is virtual.

Maybe Obama and FEDs need to come out with a bailout plan?  ::) ::) Where have we heard this before?

It is the job of the $1200 coin guys to stop posting moon FUDs and bring awareness to masses. But we all know that is not happening. They will scout for fresh fish to come and play poker with them.

...yet bitcoin even with it's flaws is far less flawed than the centrally controlled(and inflated) fiat we're all forced at gunpoint to use. This is the engine that drives bitcoin adoption.

Re Value debate on last page...

Try it this way - as of this post, the following thread has 5957 pages. If each page is worth 1 BTC, then that thread is worth $5957 BTC.

https://bitcointalk.org/index.php?topic=178336.0


Is the thread valuable because it's worth $5957 BTC quantity or is it valuable because of the WEALTH of information it contains that solves problems, entertains, and enlightens, in spite of the violently volatile swings and topics?


Is that thread doomed just because it tends to fill up with dozens of pages talking about crap?

It can be doomed if the owners of the forum delete it, or they shut the forum down and then it's gone for everyone. Even if they locked the thread though, and even without that being done, half a dozen spin off threads have sprung up, same difference. One has 120 something pages (each worth 1 BTC) and there are wild swings in the idiocy and silliness and off topic tangents, but overall, even those threads solve problems and hold great value to people who visit the forum.

Then there are trolls and scammers...they cause problems, but the overall belief value of BTC is protected by the community itself, so one troll isn't capable of destroying the inherent value of the BTC no matter how many pages it might delete.


That is the Way of BTC

The astrology thread...not so much.  ;D

What's $5957 BTC?

It´s called delusional dreams.

The forum thread with 5957 pages each page representing 1 btc.

To make the point since there are two aspects of value. Even when the day comes no more posts will be able to be made, the value of the BTCs in the network remains strong.

It was an illustration, read :)

I wish people would stop saying vendors are accepting BTC...because they aren't. They're using Coinbase and immediately converting it to fiat, not holding BTC. There is a difference. They don't want Bitcoin, they want fiat hence the immediate conversion.

BTC is up today:
Where is the money coming from?  :D

It's a promising start that would've gotten you laughed out of this forum had it been proposed a couple of years ago.

  I am accepting bticoin for premium quality, fresh roast Colombian coffee. This coffee was grown by small lot famrers in a beautiful mountainous region of southern Colombia using organic methods- the farmers were paid a fair price for the coffee. I can offer it green if you want to home roast it yourself, or professionally hand roasted.

Prices for fresh roast organic coffee

    $7 a pound or $30 for five pounds plus shipping. Ships from continental US.


Bitcoin will not be converted to dollars upon receipt- it will go into my wallet and go to buying things like plane tickets, tools, and so forth.


    I am a vendor and I accept bitcoin. I am not alone.
   

Fair point. I'll rephrase, basically a large majority of businesses accepting BTC now are immediately converting to fiat. Tigerdirect, Coinbase, etc.

What else do you sell from Columbia  ;D
jk ;)

For so many years sitting on bitcoin related forum and constantly criticize bitcoin.

Weird or brilliant ;)