If GOOG was appreciating as much as Bitcoin every year and you could buy things with it, why would you hold fiat?
If you convert every paycheck to bitcoins then that money appreciates before you spend it.
If you do not convert every paycheck then that fiat just loses value until you spend it.
Precisely...by this line of reasoning then, is this perhaps why people seem to be hoarding, rather than spending BTC? Once fiat is converted to BTC the value of your money appreciates, so why would you spend it? Why do you currently spend your paycheck of anything instead of converting it all to appreciating assets? I convert a portion of my paycheck into bitcoin and then I spend a portion of that when the merchant accepts Bitcoins. If I didn't then I would need to convert less of my paycheck into Bitcoin so I had enough "cash" to pay the merchant. The advantage is that the time between when I receive pay and I spend it (even for the portion I spend) I benefit from appreciation instead of purchasing power depreciation. I have also found I makes me take a closer look at the purchase. Spending Bitcoin seems a lot more "real" then entering a CC number. So the flip side of your question would be why do people have "cash" for more than immediate spending needs? There are trillions of dollars in "cash" (both physical and demand accounts) just seeing their purchasing power decline. This is helpful. Very much agreed on how "real" it feels to spend BTC relative to $...and I'd say part of the reason for this is BTC appreciative nature. The idea of increased purchasing power has obvious merit, despite the significant increased and inherent current market risks (short-term BTC price decline relative to widely accepted fiat vendor benchmarks). Immediate spending needs however (like groceries), would still lend themselves to using depreciating fiat then...unless inflation became unbearable. It would seem that for now at least, fiat should be used for more routine purchases and BTC should be held? The ecosystem seems to be dictating this, despite the recent MIT report regarding NEW Bitcoins being more likely spent than hoarded, the transaction charts seem to be painting a very different picture regarding existing BTC. |
|
|
|
If GOOG was appreciating as much as Bitcoin every year and you could buy things with it, why would you hold fiat?
If you convert every paycheck to bitcoins then that money appreciates before you spend it.
If you do not convert every paycheck then that fiat just loses value until you spend it.
Precisely...by this line of reasoning then, is this perhaps why people seem to be hoarding, rather than spending BTC? Once fiat is converted to BTC the value of your money appreciates, so why would you spend it? |
|
|
|
|
Eventually, planet Earth...but starting small, and I may have missed it here, but is it possible that no one mentioned San Francisco...?! Silicon Valley makes up 46% of all VC going into Bitcoin infrastructure at the moment...rest of the world 54%.
|
|
|
|
So I see this great thread today for Live Pura and it gets me thinking again about something that I've been deliberating for some time. I visit the site, add items to my cart...then have the recurring realization that spending BTC for groceries online, is the equivalent of paying the clerk at my local Publix or Costco with Class-A shares of Google stock!Tell me again why it makes sense to risk unlimited upside long-term potential, for the purchase of short-term consumables? I know this has been a running discussion for several years now...I've studied countless topic threads and online research on the issue, but have yet to hear enough of a well-reasoned argument to justify using BTC as every-day currency, for what could amount to an endless chain of my very own Multi-Million-Dollar BTC Pizza stories years down the road. There is no doubt that the ecosystem is growing. Bitcoin Venture Capital is soaring at rates not seen since the Internet Angel boom in 1994. Bitcoin adoption rate is skyrocketing, but transaction volume remains mostly flat at around 60,000 transactions per day, and may even decline (especially on a per user basis). Perhaps not yet fair, but for the sake of comparison, Visa processes about 66 million transactions per day, and Paypal about 9.3 million per day. Trending BTC user hoarding behavior isn't really much of a surprise...where is the incentive to spend something that has virtually unlimited upside? Whereas spending BTC could have devastating unknown opportunity costs. Despite what the IRS thinks, Bitcoin has endless well-documented benefits for use as a currency: be your own bank, global nature, speed, low-cost, no chargebacks, identify theft resistance, no government dependency, lack of inflation, etc. But while Bitcoin certainly fulfills the functions of money, the majority of users don't seem to be treating it as such. Things are evolving quickly...and I'm wondering what the community thinks about where we are and where we're headed? Is Bitcoin ultimately destined to be treated as an investment or a currency...or could it really be both (and if so, how would this manifest)? Spending Fiat is easy...no one expects that the Dollar or Euro they spend today might be worth orders of magnitude more down the road. So the next time you visit Dell, Overstock, NewEgg or Expedia looking to spend your BTC...might as well ask them if they'll take GOOG instead  Here's more info and a great read on the topic: Bitcoin's Failed Coup of Wall Street |
|
|
|
|
Truly healthy options are becoming more available and higher quality all the time...finally. Bitcoin acceptance and proponency is wonderful and welcomed further market evolution.
|
|
|
|
Contrarian positions are essential. A skeptical eye is understandable...necessary even. But trying to reconcile why so many members of the media insist on presenting positions based on nothing more than personal opinion for ratings-grab. It feels more and more like the monumental responsibility that comes with global media influence...means absolutely nothing. Take any position you want...but provide facts, something, anything...to back it up. If someone posted something this devoid of evidence here...they'd be torn apart... http://nypost.com/2014/07/26/dear-john-once-again-bitcoin-is-a-joke/ |
|
|
|
|
Have two reasonable offers on the table...
TODAY ONLY: Willing to sell for .4BTC shipped USPS Priority Mail in the US, or .5BTC shipping FedEx insured/tracked worldwide. Phone sells today one way or the other. PM or post asap if interested...
|
|
|
|
Oh boy, it's this discussion again. This point holds for any limited resource.
I think that either DannyHamilton or DeathAndTaxes gave a pretty reasonable explanation into this whole economic edge to the limited supply dwindling, though there's no way that I'm likely to find it.
Good explanation from DannyHamilton responding to this thread: https://bitcointalk.org/index.php?topic=647618.0So to the point...how does a capped financial system, which at some point will only be able to diminish in total quantity (and will do so continuously) manage to escape eventual extinction (regardless of divisibility), or at the very least dramatically reduced availability to the point of compromising the very economies it creates...?
Regardless of divisibility? What do you mean by "regardless of divisibility"? Divisibility is exactly the reason that this isn't a concern. As bitcoins are lost, the available supply is reduced. Economic effects result in the remaining bitcoins being worth more. This means that instead of spending 10 mBTC for a sandwich, you are eventually spending 10 µBTC (see how divisibility makes that possible?). As a result, the remaining bitcoins are spread thinner. This means that each individual with the same wealth has less bitcoins than they would have had in the past. If any of these individuals lose their bitcoins, the supply is diminished, and the value of the remaining bitcoins increases. Eventually (a few centuries from now) instead of spending 10 µBTC for a sandwich, you'll be spending 10 nBTC. As a result, the remaining bitcoins are spread thinner. This means that each individual with the same wealth has less bitcoins than they would have had in the past. If any of these individuals lose their bitcoins, the supply is diminished, and the value of the remaining bitcoins increases. Eventually (a few millennia from now) instead of spending 10 nBTC for a sandwich, you'll be spending 10 pBTC. As a result, the remaining bitcoins are spread thinner. This means that each individual with the same wealth has less bitcoins than they would have had in the past. And so on, and so on. Eventually there is only 1 pBTC (0.000000000001 BTC) remaining in existence. But because of divisibility, it is broken into 1,000,000,000,000 yBTC pieces spread throughout the economy. This process can repeat as many times as you like. |
|
|
|
|
Updated on 7/21...feel free to post or PM an offer.
|
|
|
|
SOLD AS OF 7/27/14 SELLING MY ORIGINAL APPLE IPHONE FIRST GENERATION--WORKS PERFECTLY. DETAILS: 1ST GEN 2G 8GB MODEL. UNLOCKED FOR USE ANYWHERE IN THE WORLD PURCHASED ON SATURDAY, JUNE 30, 2007 FOR $637.94...DAY AFTER ORIGINAL RELEASE DATE OF JUNE 29, 2007. FIRST GENERATION 12 ICON BOX--VERY RARE--LATER VERSIONS HAD 13 ICONS. COMES WITH ORIGINAL LAUNCH BAG, BOX, MANUALS, STICKERS, DOCKING STATION CHARGER, USB CABLE, SIM CARD, NEW ORIGINAL CLEANING CLOTH, NEW NEVER USED HEADPHONES. Extremely rare FIRST Generation iPhone 2G 8GB in first issue 12-icon box. I am the original owner of this phone and purchased it in person the day after the iPhone launch...June 30, 2007...Didn't want to wait in those 4 hours lines on day 1  Only the first issue release iPhones have 12 icons on the box. All other iPhone boxes, which aren't nearly as rare, have 13 icons. This iPhone is unlocked for worldwide use. Battery holds its charge well. INCLUDES: First Generation iPhone 8GB; Original Launch Bag; First Issue 12-Icon Box; All Manuals; Apple Decals; Docking Station Charger; USB Charging Cord; SIM card; Original and New Cleaning Cloth; New never used Headphones Still Wrapped. A rare collector's item indeed! CONDITION: Phone functions perfectly, but is not new. The display is completely scratch free...not a mark on it. There is however, a thin gray line across the very top of the LCD, which can be seen in the pictures. The phone has always been in a protective Incase and never dropped, but the back of the phone has several scrapes caused by the protective rubber case which held it...dust and grit would get between the case and the phone and it caused scratches to the back aluminum...these can also be seen in the images. All accessories, including rare launch bag and 12 icon box are basically the same as the day they were purchased. Welcome any questions you may have. |
|
|
|
|
Willing to consider trades as well...
|
|
|
|
SOLD AS OF 7/26/14 Thank you for taking a look at my listing. The Formula One coin Firstbits: 1F1hLxjv Thinking about selling this incredibly rare and stunning MS66 2011 Casascius 1 BTC S1 Error coin. I've included several Hi-Res images below...as you can see, the coin is absolutely flawless. Hologram is perfectly centered with great color...coin has fabulous luster and appeal. Given the inherent subjectivity in grading, obviously not all MS66 are created equal. MS66 is the second-highest known grade ever given to this original coin series, with highest prices paid being 15 BTC for an MS66 and 50 BTC for the one first-day MS67 sold according to Chainsaw's Casascius monitoring thread: https://bitcointalk.org/index.php?topic=214589.0The last couple of MS66 versions of this coin have sold for 7 BTC recently: https://bitcointalk.org/index.php?topic=668502.40[EDIT on 7/21] Feel free to post or PM an offer if interested. Balance on the F1 coin can be verified Great chance to secure one of the most sought after Casascius coins in existence...these don't come up too often. Any transaction will be conducted using reputable escrow. DannyHamilton is a great option. Thanks again and feel free to post or PM any inquiries or offers... |
|
|
|
It would seem that this 2011 S1 brass Casascius 1 BTC coin was funded on 7/26/2012...? Very odd late funding for an S1 Holo... http://casascius.uberbills.com/?address=1EKjTxmjQucLVqinrhBidPfBpNSPGELi7qDoes seller have any idea on the history of this coin? Realizing that you are just trying to help a brother quickly convert an asset, it still might assist seller, buyer and price to have a bit of back story here if possible... |
|
|
|
|
Show Posts
