You seem to forget something. Paypal is a company, it can close. Bitcoin is not, therefore the answer is obvious: there will come a time when Paypal is no more, but Bitcoin will continue to exist.

I don't know if you would call that overtaking, i guess it is, simply because people will see less and less reason to use Paypal. The original purpose of Paypal is now gone, it fulfilled a niche while there was no electronic money replacement, but now that there is, as they are right now they are redundant. So unless they embrace the new reality, it will simply cease to exist.

Which is why i gave the earlier suggestion. While many money handling institutions are in the same position, Paypal is far more weak than a Bank.

Thankfully Elon sold the thing while it was worth it, at least we got Electric Cars, and private rockets going orbit from it...

That is what history tells us, but its not just metals (or crypto), but anything that is deemed to be valuable. After Germany was defeated in WWII, their money became worthless, and people were using cigarettes or bottles of liquor the occupation soldiers would gladly exchange for their foreign currency.

Just about anything that doesn't perish can be used, and perishable things too but with a very limited timespan. Of course bartering is also done, when possible and if convenient for both buyer and seller. Say flour for eggs or such, rather than go fetch a wheelbarrow full of banknotes that lose their value from the time you are told the price to the time you actually deliver it, and that is when you don't have a crisis getting the actual banknotes in the first place.

In this forsaken country, you can only withdraw a single banknote per day from a bank. They made 3 types this year, and the biggest one is equivalent to just 2.5 USD at current exchange rates.

The "socialist" government just rose the min wage, 7 TIMES. Wow, applauds the left, until you find out this means that, today, the wage went from 2 USD a month, to 15 USD a month, for a full time job. At the current inflation rate, it will become 2 USD again in a couple of months, give or take...

It is both. As with any deflationary coin, people will tend to save as much as possible, and only spend the absolute minimum. Of course, if people still have earnings in inflationary fiat, they would spend that first, and exchange the rest.

Loans are a bad idea, just live managing your current income. You have to learn to go from a debt mentality to a savings mentality, it is a big shock in the western hemisphere, especially in America where the school of Chicago reigns supreme.

If your income is in bitcoin, its even easier, if not exchange what you can save for long term into bitcoin is good.

But, do not think it will bring you "wealth over the next years". Those bitcoins are first preserving the purchasing value of your money, and only slightly possibly give you a bit of profit, unless you are trading, but that's another subject entirely. For "holders", the right mentality is to stay cool and wait the years to pass, use only what you must.

Think of gold, it if wasn't dangerous to store and handle your own gold, you would buy gold and keep it safe by yourself, only selling small amounts from time to time for daily use. Well Bitcoin is like gold, but much much safer, and you can probably remain hidden from criminals if you do things in moderation.

Yes diversification is always smart. Putting all your eggs in the same basket, is asking for trouble.

But in principle, if the amount is large enough, it could work. Even if it means that, sometimes, exchanging at low price would mean "losing" as opposed to having left that in fiat. However, in theory, this should average in times where price goes high.

By going deflationary, this person only needs to use what absolutely must for daily living expenses, and keep the rest as savings. I assume all income will be converted into bitcoin no matter what, and this needs discipline. In the long run, it does work, but slightly. As long as you have some steady source of income, and not expect to pull it out all from the bitcoin exchange difference.

But even if bitcoin does goes low for a long time, it will recover. But can you survive this period going minimum expending? It might be quick, it might be long. This is something you only consider if you live in a country with good strong fiat currency. If you live in my place, you don't have to think anything, everything to bitcoin is your only way from saving whatever you can (unless you have access to foreign currency, which is not exactly easy or safe).

Paypal would be smart if it became its own bitcoin payment processor, ie. another Bitpay. In an ideal world, were merchants take bitcoin directly, the likes of Paypal are redundant. Of course, credit/debit card for online purchases become redundant as well, bitcoin can already fill that role perfectly and cheaply.

You shouldn't expect bitcoin price to rise up significantly anymore, the more time passes, the less it will go up. Waiting for such huge jumps might be a thing of the past.

You know what was big? Going from 400 to 2000 (5x) May 2016 to May 2017. 10k to 20k? That's like going from 400 to 800 (2x). See what i mean? Yes, bitcoin price will keep climbing, but not as dramatic as before, so stop getting in expecting to become rich overnight. Get in, knowing that you will preserve value overtime, as opposed to lose it overtime if you keep it in fiat.

So today is 8k if it "doubles", that would be 16k. It is "nice", but not as outstanding as 2016/17, or the years before.

School of Chicago dogma (and lies). No, it is the opposite. The money you refer as "creating", does not exist anywhere. It is from the legalized Ponzi scheme known as fractional reserve banking. This is what produces bubbles, which inevitably pop later.

With deflation, people save money, and only use what they need to use. This means the time they want to invest, it is backed with real money, not thin vapor. It is "slower", but compared to your vapor based economy, it never pops up.

If you don't get it, compare the purchasing power of 1oz of gold.

Deflation is the blessing, inflation is the curse (and time bomb), it is what causes bubbles, such as the 2008 housing bubble. Until you get the Austrian School of economy, you will always live in the dark, spreading the only thing you learned, the dogma from the currently dominating school of economy.

Once you get how a deflationary economy works, you will stop spreading this nonsense. The good thing is, no matter what you think, you cannot stop Bitcoin.

Start reading: https://mises.org/

No, i don't agree with this analogy. If anything, Bitcoin would be perhaps a natural drink. Pepsi and Coca Cola is like comparing 2 fiats together, say, $ or €, they are almost the same thing, carbonated, sugar based, a bit of caffeine, etc. While Bitcoin is more like Gold.

FYI In the 80ies my country had higher Pepsi sales than Coca Cola (and Betamax ruled over VHS), then the local owners of Pepsi got into an agreement with Coca Cola and jumped ship (and Sony gave up in 1992). When that happened the flavor (of both) changed dramatically and suddenly Coca Cola had the higher sales. They are closer than you think.

The words "Coca" and "Cola" refer to a couple of ingredients no longer present in the current soda version, which is incredibly ironic. But the most prevalent one is sugar anyway (or one of those ugly artificial sweeteners, or a combination of).

Just remember, when you mean the coins you don't use capital letter at the beginning of the word. If you say Bitcoin, you mean the whole thing, technology, network, etc, while bitcoin is the coin only. Same thing happens to satoshi, but in this case Satoshi is a person, while satoshi is a coin.

Unfortunately if the word is the first one starting a paragraph (such as this thread tittle), it always use the capital letter leading to confusion.

So the news is actually that satoshi, rather than Satoshi, got into the dictionary.

To avoid this confusion, OP should rephrase the thread title. Something like:

Word satoshi in Oxford English Dictionary

If you want to refer to the coin, which is the case here. Oh and notice how the dictionary entry correctly used small capitalization: "a satoshi", NOT a Satoshi.

Tell you something, people here have yet to trash fiat for crypto. Everyday you see more people using USD instead. Ironic isn't? There is some news here and there about some shop accepting crypto, or even a new ATM installed in the same shop, but its very rare and not what you would expect.

I think there is simply not enough knowledge about Bitcoin here.

Bitcoin is a deflationary coin, of course you can use it to prevent your money from losing value, and many people are using localbitcoins to buy (or sell), but for actual purchasing we still revert back to fiat, which is a shame.

If it is so hard HERE for the "switch", i can't imagine how it is in countries with such "perfect" fiat that barely lose 2% yearly. People seem more worried about the natural fluctuations (which are a sign of freedom, a strength rather than weakness) than the prospect of having preserved or even increased (because of fiat inflation) their purchasing power overtime.

It is funny/tragic, we do all ended in poverty here, and yet, there is no "mass" acceptance of crypto. One thing does not lead to the other, something else is needed. Maybe if the entire world economy collapsed (if only 10% of all the money is simultaneously withdrawn from the banks, it would trigger it). But by then it would be too late as all fiats would lose value simultaneously and people would simply not have time to move into crypto.

Sadly only those who have moved or at least diversified a part of their savings into Bitcoin, would survive such a collapse. No matter how much you would want everyone to get a clue, there are some (too many) that would fall behind. This is not Bitcoin fault.

From experience i tell you, once your fiat crashes, only then the "masses" get that they need to change their worthless money into something else, but then its too late and can't do nothing with their now worthless money. Its sad, but those that need it less, have higher chances to get into it than those that desperately need it more.

Unfortunately back when i didn't "need it", i didn't buy. Now i need it, but my worthless money can't buy but a few satoshis a month. Catch 22.

You are mistaken. Those interest rates are yearly interest rates against bitcoin, not against fiat. The idea is if you lent someone 100 BTC in Jan, by the end of Dec you would end with 102~104 BTC.

But of course there is no State protection, you are risking your coins when you lent it to others. If you do it in an exchange you just hope that exchange doesn't go bankrupt.

What you say implies exchange into fiat, and there you have all the traditional methods and there is no point comparing.

Indeed something like 10% yearly for bitcoin is way too high, i find it highly suspicious to say the least. Its not impossible to briefly see this when margin traders go crazy sometimes, but its not like you lent them for a whole year, two months is the maximum i have seen but you most likely end with a 2 day thing at best. And then 2 days later the interest goes down to like 2%, on average it goes around 4ish like the gambling sites offer.

Indeed any positive interest rate against a deflationary coin is quite high, and usually risky. Collateral helps, i suppose.

The nukes to provoke a nuclear winter and then a greenhouse effect is a very old theory that seems to be dismissed by the current scientific community (as terraforming method). Besides, no one is going to give him the nukes.

The railroad thing was mentioned by himself in one of his conferences, i don't think he wants to get involved in the actual building of colonies or terraforming Mars, beyond "giving ideas" for others to try, just like Hyperloop.

No you don't. What you need is Tor, and configure your browser to use it. Anything with .onion needs it, it is a resource not in the normal internet, it only exists in the Tor network.

There seems to be some misconceptions here. Communication satellites are launched and operated by different companies/organizations, they let you rent "space" in them. The people running the Bitcoin thing, are simply paying for use of a small bandwidth data stream in various satellites. No one is launching anything here, unless you are Elon Musk...

And as i said earlier, if a catastrophic event occurs, keeping the Bitcoin network alive would be the lesser problem. So what if the "meteor" misses the satellite?, who will remain down to receive the signal?, and, who will keep sending signals to it? No, the satellite is not a running node, the actual node is on Earth beaming it up. You can in theory make a true node inside a satellite, but such thing doesn't exist, and it would need to be fed nonetheless with data from other nodes, meaning, an Earth uplink.

The moon is actually a (natural) satellite, but its not geostationary, like Sputnik was or the imaging satellites that keep doing circles instead of staying parked in a position in sync with Earth surface. It is actually cheaper to put a satellite in orbit than anything on the moon, and much much less laggy (closer).

The distance from ground to orbit is actually much smaller than from surface to the planet's core, i know it was a joke, but not a good one. There is such thing as ultra low frequency communications meant to do exactly that, and its not very quick. I believe submarines still use that. There is also the much simpler and old fashioned "short wave" band, signals that simply bounce of the ionosphere. It lets you pick up radio signals from the opposite side of the planet, without satellites.

Yes its possible. There are some web sites for bitcoin lending, also in this very forum, and some exchanges like Poloniex and Bitfinex, but only if you are not American. The percentage varies constantly, this is money you lend for margin traders to use. Their system is "supposed" to force close them in time for you to always recover your money back with the interest, but the lending usually lasts like 2 days, it requires a lot of manual work or the use of a bot (Free open source exists).

Since its changing all the time, sometimes its poor like 2%, sometimes is high like 10%, its not constant, but you'd get an average. Remember, funds in an exchange could disappear overnight, as always with any online wallet, you never know; so don't think this is just "free" money, you are risking it.

Also some gambling sites do the same, they let you invest in their bankroll, but their yearly percentage tends to be lower, and it takes more time to see the benefits (as in months, where you can't move your funds).

It doesn't matter. Any attempts of manipulating the price, will be short lived, it will return to its natural position (correction) sooner or later. For traders they can make profit (or lose, depending), but holders in the long run will keep their value.

This is the key: "keep value", as opposed to lose it slowly when using fiat (unless you live here, where you lose it quickly). Bitcoin isn't going to be a money making milk cow anymore, the more time that passes, the less difference in price it will have. So don't think buying bitcoin is going to double your money overnight, like it used to do years ago. Buy bitcoin, thinking that you are going to preserve the value of your money, as if you were buying gold.

This also means you don't need banks, and you will fare batter when the next bubble pops. Because as long as the world keeps following the School of Chicago dogma in economy, bubbles will form and pop, 2008 won't be the last...

Only the Austrian school of economy has the answer, to prevent bubbles to form in the first place, get rid of fractional reserve banking, and embrace deflation.

This would be like banning freedom of speech, and it wouldn't go very well... Forcing open source to go underground? Be my guest, they couldn't even get rid of The Pirate Bay, imagine making enemies of the whole FOSS community...

Some State institutions (including your always favorite 3 letter agency) have developed and supported their own FOSS projects, sharing them as they should. Crypto is a community based on transparency, no algorithm sufficiently reviewed and challenged openly can be considered secure, therefore this would be the same as banning security from the country. Ie. You can't have secure crypto algorithms without widespread peer review, so it would deny themselves the technology.

I seriously doubt this is real though.

In 5 years i don't think so. Perhaps you mean the first humans ever stepping on Mars, and perhaps they could set up a small base, but that is still far away from the plan of moving a million...

How would humans develop and adapt to the lower gravity for long periods? Also living indoors, possibly underground years and decades, rarely ever going out in full space like suits? And what kind of people would want to live there and even pay for the ticket themselves? How would they earn their living there?

No its not impossible, but i don't think it will be that big. Living on Mars won't be too different than living in a space station. And if a serious terraforming project ever starts, it would take centuries to develop.

Remember, Elon's intention is only to provide the transport service, he expects the people that goes there to solve the rest. He is thinking the Railroad conquest of the west era, he wants to build the railroad and operate the trains and stations, nothing more. He doesn't even want to go there himself.

Having the capacity to move a million, is possible, but i doubt the demand would come. What could possibly drive that many humans to move there? Oh and 40 minutes lag, you are not going to like the internet much...

But perhaps that business will finance SpaceX to then build a (proper) Space Station (with artificial gravity, such as O'neil tube or such).

This is in fact how they see it, it is pointless to try to discuss this with communists. Any profit you make, is the result of "exploitation of the masses", therefore, you are a thief, and its only "natural" for the "proletariat" to seize it back, by force. Yes, its an ideology of violence, its called "class struggle" by them, something about Marx citing Hegels, blah, blah.

The Soviet Union is no more, but you can still try live in my country. See if 2 USD a month for a full time job is good to live, the "Socialist dream" here, where everything is free, but nothing works (healthcare, education, police, services, etc).

Funny thing is they seized "the means of production" from the "corrupt capitalists", and were "assigned" to the even more corrupt bureaucrats, who made all those companies go bankrupt. And now that the exploiter is the State, you cannot say a word or else you are an imperialist lackey and thrown to prison.

Now we have the highest inflation, and the highest emigration or the world...

You can format that computer and your wallet remains safe as long as you keep those seed words safe. Thats how safe Electrum is. In fact, it is much safer than the actual privatekey, which is a practice long abandoned due to higher risks.

The seed words serve to recover the private key anywhere. They are the most vital thing to protect, you can forget the wallet password and it doesn't matter, but this does. In fact you don't even need a backup, as long as you keep these words safe.

There is a method to obtain the privatekey, but it is intentionally hidden away, you should not be touching the privatekey directly ever. And, it would be wise to always handle wallets using a secure OS, such as Linux. If you are paranoid, you can boot a Live DVD/usbstick from a computer without internet (or hard drive) to handle the wallet creation.

Several forums use BBcode, and each have their different dialect. This is a Simple Machines Forum so you need to check the Simple Machine Forums BBcode dialect, as certain subtle things change.

But for posting images, the [IMG][/IMG] tag works fine across them all (if you are allowed to post images to begin with). Do however expect forum moderation to size down the images, don't be alarmed when this happens, they usually like them 200px wide or so, sometimes less.