Bitcoin in/fiat out, or bitcoin in/bitcoin out?
By the looks of it, you put Bitcoin in and get credits. You spend the credits on the models and they get paid in fiat. They missed a great opportunity to disrupt the web camming. They could have had the bitcoins flow from my pocket to the models pocket without any middle man. Then charge the model to use their services based on her income. That is a good idea and I won't be very surprised it someone else comes along and tries to run with it. I mean more like a big fish in the game as I'm sure individuals have been doing this for a while. I hope someone runs with that idea  that is why I posted it. If someone does use it, just give me free tokens for life that would be cool. I recall another cam site already accepting Bitcoin and wasn't there a Bitcoin only site already? I think the problem is getting enough models to accept it as payment. |
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Could crash to as low as $100 in the next month or so... Why? I think that Bitcoin is the original and served to put crypto currencies on the map... But I don't think the gap in market cap between Bitcoin and it's rivals, some of them with better tech, is sustainable. A surge in bitcoin right now would destroy altcoins, a crash will make them relevant. Any infrastructure for Bitcoin can be easily re-purposed to another coin, and it's not supposed to be an investment.
Just curious, which of the alt coins do you see as having "better tech?" |
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 Vampires These needs to be updated as there is a new chairman now. |
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Topic says it all. I was trying to find out but failed. It is kinda a noob question but I need to know urgently. Thank you!  $5.01 although it depends on the exchange. Winkdex has a chart that's easy to use. http://winkdex.com/#/ |
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Our other main competition is Paypal.  Are you optimistic about the future? our other main competition is google, they are about to start pushing their send money by gmail bit of google wallet hard. They soft launched it some months ago and I hear more about it every week from people using it. Never used google wallet but I heard it's not available on certain phones (like Verizon). Was this ever addressed? What sort of fees to they take? |
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The Chinese control all forms of information that flows in/out of the country. What makes you believe that they don't already know that Bitcoin is being used to funnel money out? They have to know. The question is, why haven't they acted on it already?
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Bitcoins are for sale for less than 600.
It is truly amazing to me. Consider: While there are many unknowns and unforeseen eventualities, BTC is currently the only candidate for replacing the entire fiat monetary system. There is no fundamental reason why it cannot do so, the opportunity to do so remains open, and the eventual replacement of that system by a successor technology is essentially inevitable, be it bitcoin or a modification of bitcoin, or a revolutionary expansion built upon bitcoin technology -- which would probably be most accessible via bitcoin in its initial stages in any case. I will make what I consider to be pessimistic assumptions: (1) No growth in GDP globally, ever. (2) 5% chance of bitcoin evolving to replace fiat currency and gold. (3) 20 year horizon for the replacement. (4) 8% discounting rate, 5.5% USD inflation. In that case there is a 5% chance that the net present value of a bitcoin spent 20 years from today is some number north of 500k. On those assumptions, a fair present price for a single bitcoin would be at least 25k. Bitcoin appears to be undervalued by a factor on ther order of 100x. But, humans tend to discount the future rather more aggressively than is rational (Areily), and to discount low probability events rather more aggressively than is rational (Taleb). So it is not terribly surprising, in that case. Actually what Taleb says is that risk is near impossible to predict and therefore should be more or less discounted. Investments should be done via extremes or a "barbell" approach as he calls it, ultra-conservative and ultra-risky. Bitcoin should fall in the ultra-risky category but make sure you have the other side of the barbell covered too |
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In a scenario where dollar collapses to zero you would benefit more from owning a gun, ammo & food than bitcoins.
That's for sure. Are you a prepper? ^^ I think that's true if all fiat crashes. If it's 'just' the USD, then the people might use other fiat. If all fiat crashes, we're doomed. Move to the nearest farm and be sure you've got enough guns & ammo. And some protecting gear. Maybe landmines will be usefull then. I hope we won't experience such situation ever. There is no scenario where only the USD collapses. I don't understand why people (not you) think the dollar can collapse and everything will go on in an orderly fashion. A collapse of the dollar would have systemic impacts that would damage the entire global economy. |
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There is scams like this all the time around here so expecting multiple people to send you .2 bitcoin just so you can get some random idea of how much trust there is on the forum is well ridiculous. You should rethink this "deal" your offering because is seems likely this is another scam than it is a generous person wanting to test the level of trust on the forum.
This is the problem here ... lack of trust which causes people to suspect a first class scam here. I would say the only way to find out, is to try? But this is only doable with trust, isn't it?  And actually ... yes: I was just curious how high the trust is among bitcoin users. Obviously is it below 0 Why don't you put your money where your mouth is? Lets see how much YOU trust. I'm a hero member, been here for years, do you trust me? I don't see you sending any coins first. I would trust you, yes! But do you trust me? This is the question here? I am just trying to find out why people trust (or why the don't). If you trust me then why didn't you send the coins? Actions speak louder than words my friend. And for the record, no, I do not trust you. |
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Hello all,
I know there is a forum slightly below this listing US Bank as a non friendly BTC bank.
However, If anyone who has used Coinbase before, I have a question for you.
They advertise Specifically for USBank, and I have sold through them before and my account has not been closed(Yet)
Is it still safe to do this, any new information on this at all? I just find it odd that Coinbase specifically Names and mentions that this will only work with US bank accounts....I mean if I were coinbase, I wouldn't pick and advertise a bank that doesn't work with BTC at all..
Any info, thoughts?
I think most of the "unfriendly" lists had to do with arbitrage and large wires going in and out of accounts back when there were larger spreads between exchanges. That must have been great trading for people who afford to "really trade" the arb between exchanges. Of course, you had to stop in time before Gox got Goxed.... I recall those who had Japanese bank account could do it rather well as they were the only ones able to get fiat into Gox quickly. But you're correct, once the BTC withdrawals stopped the game was over and anyone with anything left on Gox is now holding the bag. |
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Seriously, I don't why so many bitbugs are anti bank.
Banks perform an important function in economies. They take risk to provide liquidity. Bottom line, If you take risk you get paid for it. Banks are liquidity dealers & market makers
Even if bitcoins go mainstream there still needs financial services. People need mortgages, credit, etc.. Banks aren't going to go away cause some anarchist geeks don't understand banking
I agree w futbol that its more likely that banks will make a type of "bitcoin" if the consumers really demand it.
That would be nice if it were true but in reality banks get paid for risk and when that risk doesn't turn out, they get bailed out. Socialize losses and privatize profits is what we have right now. |
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Hello all,
I know there is a forum slightly below this listing US Bank as a non friendly BTC bank.
However, If anyone who has used Coinbase before, I have a question for you.
They advertise Specifically for USBank, and I have sold through them before and my account has not been closed(Yet)
Is it still safe to do this, any new information on this at all? I just find it odd that Coinbase specifically Names and mentions that this will only work with US bank accounts....I mean if I were coinbase, I wouldn't pick and advertise a bank that doesn't work with BTC at all..
Any info, thoughts?
I think most of the "unfriendly" lists had to do with arbitrage and large wires going in and out of accounts back when there were larger spreads between exchanges. |
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Russia is not offloading US debt in the sense that they're selling, they're moving them to offshore accounts in order to try and avoid their assets from getting frozen from sanctions. And they own something like 1% of treasuries anyway so they're not really significant. As for China, it's a symbiotic relationship, it's not like China can just dump treasures and come away unscathed.
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All I'm thankful for is I didn't preorder those 1TH+ miners... with the difficulty this high and now daily mining being taxable as ordinary income (and not when btc are sold/exchanged) and with cost of hardware and power, there's no ROI left. IRS has essentially gifted mining to the Chinese.
One word: Corporations. Watch for my offerings in that regard, coming soon to an internet forum near you. My $.02. So basically you mine as income and offset it with expenses such as hardware, utilities, depreciation, etc.? |
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Best time to buy is when people are panicking.
Not sure when that is? That is when you start questioning whether Bitcoin will survive <insert major story here>.
This is pretty good advice although you have to be quick. Sometimes even buying on the rumor of a major event is enough. As they say, buy on the rumor, sell on the news. Of course if you're holding long term you don't have to sell. |
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Just been reading up on Fractional reserve banking and how banks effectively create new money into the currency system, very interesting. New money is effectively created, albeit theoretically balanced by physical assets such as property. The events leading up to the financial crisis of the last few years clearly showed that banks lent far to much money as loans that could not readily be repaid, that assets acting as colateral for these loans (e.g. property) were significantly overvalued.
In contrast to Fiat currency, BTC in circulation cannot be created faster than the natural mining process allows.
Whilst Bitcoin is perfectly designed to be used by anyone, anywhere, on any device, anywhere in the world, its very possible that, in time, some 'crypto banks' will exist that will hold Bitcoin for those people who want to negate the risk of losing their money from home PCs, laptops, e.g through loss/damage or hacking. (kind of the equivalent of choosing to put your dollars in a bank rather than risk keeping it under the mattress).
But could these new banks give out credit? If they could, I guess credit giving would need to be a lot more cautious and stringent, as new coin
cannot be physically created out of thin air, i.e crypto banks would indeed lend out a certain safe percentage of depositors reserves, but this would need to be on the proven medium/long term trend that there are 'Bitcoin users' who trust the crypto banks and leave certain amounts of their BTC with these banks without it being transferred or withdrawn for long periods.
would be interested in any thoughts or opinions on credit/loans with BTC?
There's an entire section of the forums devoted to providing credit. |
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I don't know that malleability is really a big factor now that we are in the digital age. I think we live in a world that deals with a lot more intangible objects than thousands of years ago when gold, silver, etc. were used as a form of money.
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My arbitrage:
1) Buy large quantity and hold in paper wallet.
2) Buy smaller amount and hold in hot wallet.
3) Spend smaller amount.
4) Replenish smaller amount.
Repeat.
Guaranteed earnings. Promise.
-B-
Heh, that is really cunning plan. But I am really interested in experiences of people who have been actually doing arbitrage. With this constant 2% spread on average between exchanges, there must be some people who profit on this. Am I the only one making money on BTC arbitrage? Hope you don't mind me asking, but are you in the US? The only reason I ask is because I know a while back a bunch of people had their accounts frozen when they were conducting high volume Bitcoin transactions. Just something to be aware of. |
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almost no fundamental invention is not used by the human race once discovered
fire
wheel
writing
maths
printing press
barter
gold
paper money
train
car
plane
rocket
ship
agriculture
electricity
IC
tcip
moder medicine
bitcoin protocol
so no. BTC protocol / crptos are here to stay
I'd go so far as to say the BTC protocol is one of the most significant inventions in human history, it offers self determination back to the individual away from the "group, gov, tribe, king etc, (always not you)"
essentially its elision of sovereignty back to the individual and a lot more.
While this is true, just to play a little devil's advocate, many of those technologies were improved upon. Someone built a better mousetrap if you will. I think crypto-currency or whatever you want to call it will be here to stay, the essence of Bitcoin. Whether Bitcoin will be the penultimate or just the beginning of something bigger, who knows. |
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Well I bought 8 BTC when it was at $850 lol so I'm thinking about buying now, it will hit 700 again in a few days right?
Do you always take investment advice from random unknown people on the internet? Not trying to be snarky but best to due your own due diligence. |
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