Let's just hope this news will become real, unlike the Greek adoption that I've been reading about for the last 6 months.
World finances are in a really bad shape and countries may eventually turn to Bitcoin, but I wouldn't get my hopes up just yet.
The Greek adoption that was talked about was by the government. That won't happen soon. People adopting bitcoin due to weak currencies is much more easier to happen. |
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Bitcoin isn’t the future of money — it’s either a Ponzi scheme or a pyramid schemehttp://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/08/bitcoin-isnt-the-future-of-money-its-either-a-ponzi-scheme-or-a-pyramid-scheme/
Sometimes it's hard to tell whether Bitcoin is more like Ponzi scheme or a pyramid scheme.
Whatever it is, though, it isn't a currency. It's a tech stock. Each Bitcoin is really a share in a system that seems to make it cheaper to transfer things online—money, stocks, bonds, even the deed to your house—by cutting out the middleman. Well, kind of. Bitcoin doesn't remove the middleman so much as replace him with middlemen who don't make you pay much, but make society as a whole do so instead. Is this progress?Yes, the P-word still hasn't gone away. 
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Abra is just as anonymous as cash. Other than a phone number, no data is collected. I see a lot of regulatory action coming up on this front. 
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MasterCard makes the case that it’s safer and faster than Bitcoinhttp://qz.com/423739/mastercard-makes-the-case-that-its-safer-and-faster-than-bitcoin/We would argue that, when compared to MasterCard’s network, the claims pertaining to the speed and safety of digital currencies does not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks.
Additionally, while digital currency transaction costs are currently lower, this is because providers of digital currency services do not currently bear any compliance costs, whereas providers of other forms of electronic payment bear the cost of complying with consumer protection laws and anti-money laundering laws.
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I never even heard of taringa before. I guess I am getting old lol. I doubt major sites like facebook and twitter will start accepting bitcoins any time soon, bit it would be really cool if they did.
It is a localized social network, favoured by people in Argentina. Its successful use of Bitcoin might force global companies like facebook and twitter to consider accepting it. |
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Making money out of thin air, probably, isn't going to solve their problem, they need euros to pay their debts, not magic beans...
Plus, such currency is going to exclude a substantial percentage of the population, older people has difficulty, or cannot do it at all, to deal with new technologies.
Yup, you are right. A digital currency by itself is not going to solve any problems. What you need is concrete action on the ground to tackle the debt problem.
For Garrick Hileman, an economic historian at the London School of Economics who specializes in alternative currencies, the problem with such a plan is that it does not deal with Greece's most basic problem: the need to reduce its debt burden. |
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Could a digi-drachma avert a Grexit?http://www.reuters.com/article/2015/06/05/us-digital-currency-greece-idUSKBN0OL0JR20150605Greek Finance Minister Yanis Varoufakis may have been joking when he tweeted about Greece adopting bitcoin, but some financial technology geeks say an asset-backed digital currency could be a solution to the country's cash crisis.
In order to avoid such a "Grexit" some reckon Greece could adopt a bitcoin-like parallel digital currency with which it could pay its pensioners and public-sector workers. It could be called the "digi-drachma", after Greece's pre-euro currency.
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Let us help him?
This probably will be a lesson to him on safe trading practices.
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Bitcoin: In Search Of Purposehttp://www.forbes.com/sites/jasonbloomberg/2015/06/05/bitcoin-in-search-of-purpose/
In fact, perhaps the greatest challenge for Bitcoin is divining the technology’s true purpose. Early innovators often espoused radical Libertarian goals for revolutionizing the banking system and with it, the world economy. By disintermediating third parties, Bitcoin promised to usher in a new world order of free market commerce.
Only the Bitcoin story didn’t work out that way. Bitcoin soon became a haven for criminals – not just Silk Road, but any number of money launderers and other shady types who gravitated toward an anonymous, relatively safe method for conducting financial transactions, in particular across national borders
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Is A Blockchain Without Bitcoin Possible Or Practical?http://www.nasdaq.com/article/is-a-blockchain-without-bitcoin-possible-or-practical-cm482964The question of whether or not bitcoin the currency can be separated from the blockchain is not a new one; it has pretty much been around since the inception of the digital currency. It has gained increasing relevance over the last few months, as major financial institutions have begun to recognize the potential of a distributed ledger system, which is what the blockchain is.
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India recently made headlines in terms of Bitcoin bans when the country’s first Bitcoin exchange – called BTCXIndia – was forced to shut down operations to their bank no longer willing to work with Bitcoin-related businesses. Unfortunately for BTCXIndia, this seems to be an issue affecting all of the banks in the country at this point.Nope, this ain't true. There are multiple exchanges functional at the moment, and they do have banking relationships. https://bitcointalk.org/index.php?topic=1054433.0
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I wonder what would happen to Bitcoin after the year 2140, while mining will end and the last block will be mined.
Are there will not remain Bitcoin ? Is the transaction will be possible ? or what ?
The block reward will stop; it definitely won't be the last block. Long before 2140, when the block reward trickles down to Satoshis, you will have your answer. Transaction fees will fuel the network. |
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As we all know, the banks only hold some database which is essentially some numbers, what if some insider hack into the central server of the banks and wipe out all those numbers? And then all the money will be gone?
FUD. Even third rate companies have Business Continuity Plans / Disaster Recovery Plans. The database is usually backed up in multiple places, across geographies. I don't see a bank failing to take care of this basic operational risk. The regulators are not going to sit idle if this happens. |
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I can't believe NY posted it.  Fiat would have been fake when Charles Ponzi created a big ponzi and many people smuggled. This is NY Post, not NY Times. I am not sure about the reputation about NY Post, but I haven't come across too many articles from it. |
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2) Will the price of BTC instead decrease because with low price and decreased block reward, the miners will sell more BTC instead to cover the mining cost ?
Any answers will be greatly appreciated.
Mining cost is fixed in terms of dollars (primarily). So depending upon the current price of BTC, miners will decide to sell a certain amount of bitcoins. So the number of bitcoins the miners sell to cover the cost is independent of the block reward (assuming it is lesser than the block reward). However, the number of bitcoins that miners decide to hold (after covering their costs) may be decided based on the outlook for Bitcoin, and that definitely will be impacted by the block reward halving. |
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Does this count as a crash ? Not that big. Maybe someone should bump that thread about how to forecast price by looking at your poo
Less than $10 drop, which translates to ~3%. This doesn't even count as a crash by equity market standards, leave alone Bitcoin standards. |
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Bitcoin struggles for legitimacyhttp://nypost.com/2015/05/31/bitcoin-struggles-for-legitimacy/Can bitcoin go straight?
The crypto-currency advertises itself as an easy way to do financial transactions online.
But it’s mostly been synonymous with crime.
On Friday afternoon, Silk Road founder Ross Ulbricht was sentenced to life in prison. Silk Road was a bitcoin-based online bazaar for drugs, weapons and other illicit wares.
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This is the only thing which sets apart European countries from others - the inability to print their own currency at will. If this happens, the Euro will have as much sanctity as the former Greek drachna. |
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Price not moving is actually a good thing. Bitcoin may be used more, if it weren't so volatile.
Volatility scares the shit out of people, which is why merchants prefer to convert their bitcoins immediately.
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