My roommates name is on all the utility bills right now so that's the main reason I bought on coinbase. I figured I'll just hold my coins until I can live like a king in some futuristic sci-fi movie future.
The Caribbean, Turks & Caicos, Bahamas and several other countries have zero taxes on income and capital gains. If one were to start a business there funded by bitcoins then get paid a salary, if you live overseas, you can take in a salary of $100,000 per year tax free. You can also deduct any housing allowance your company pays you. You can drive the company car, ride in the company boat, etc. You just have to live outside the US 330 days out of the year. Or you just renounce your US citizenship and live in one of those countries and stop worrying about taxes altogether. |
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Markets do not work like the way you are wishing them to work.
Sure it would be nice to experience a nice gradual price rise, but markets are violent, and we cannot change that aspect of speculation in such a bitcoin market that has already been created (and allows for a lot of crazy speculation, in both directions, as you already indicated).
A mature currency should eventually become less violent. In all reality the price is a lot more steady. While previous swings would be 50% of the price when it was under $5 to swings of 20% in the $100s...today 2-3% is significant. I used to day trade when the price was jumping around from $3 to $7. I was definitely not an expert. I learned my lesson then. O.k. I understand and accept your point that bitcoin has seemed to become a bit more stable and the violent price swings have seemed to become less violent, but even you know that bitcoin is no where near becoming close to serving as some kind of stable currency... and that can be determined by it's mere small market cap of less than $13 billion. We may have gotten lucky to experience some fewer bouts of extreme volatility, but it seems to be just wishful thinking to expect that bitcoin is in such a state that it could evolve in a kind of peaceful upwards trajectory.. It is just not going to happen.. The chances of such peaceful transition are probably quite lower than 1%, so why attempt to project such an unlikely scenario? Sure any increase in bitcoin's market cap is going to bring some additional stability, but bitcoin would need to experience far in excess of 100x increase in it's market cap to become less susceptible to volatility (maybe even 1000x could be in the minimum range?) Of course, every significant percentage increase in market cap does help to lessen bitcoin's volatility, and probably the greater diversification of exchanges help too, but I continue to think that it is going to take a while to reach a less volatile state (such as a kind that you seem to be referring to) Agreed. It is wishful thinking on my part. A 1000x increase to become a stable currency is fine by me too  Make it so. |
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Markets do not work like the way you are wishing them to work.
Sure it would be nice to experience a nice gradual price rise, but markets are violent, and we cannot change that aspect of speculation in such a bitcoin market that has already been created (and allows for a lot of crazy speculation, in both directions, as you already indicated).
A mature currency should eventually become less violent. In all reality the price is a lot more steady. While previous swings would be 50% of the price when it was under $5 to swings of 20% in the $100s...today 2-3% is significant. I used to day trade when the price was jumping around from $3 to $7. I was definitely not an expert. I learned my lesson then. |
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$780 on Stamp.
Highest price in around 3 years.
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What part of buying gift cards with btc is hard.
Egifter is pretty state forward, tho your idea could work since most giftcard sites aren't physical cards.
In most cases people are buying online if they are buying giftcards with btc.4
But yeah i can see the idea working but i think you should try to find some data on it.
Currently it is a gift card site that happens to take bitcoins. That is a great first step, I use it quite a bit. I'm looking at it more as a bitcoin spending app that happens to use gift cards (as well as other means down the road). I have always said that the most likely hybrid solution for spending bitcoins at most places is by letting retailers keep/create their own proprietary payment solutions and finding a method for Bitcoin to talk to each solution. This allows retailers to have control over their funding options and allows bitcoiners to spend their money in more places without the need for the credit card companies, KYC and banks. We all want the final solution of being able to spend bitcoins directly at each retailer but for that to happen there has to be a large amount of people spending bitcoins in order to justify the transition for each retailer. Without a large amount of retailers accepting bitcoins there is not much justification in holding and spending bitcoins. The goal of this app would be to be able to spend bitcoins at any location that accepts gift cards, coupon codes, etc. Online and in person. |
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There has really been no big news (real or not) that would get people to enthusiastically rush to buy, thus causing a huge spike in price.
There is certainly upward pressure and optimism which is necessary for that but that is just one part.
I would say that the current upward momentum is due to the upward direction over the past year and the hopes that something big can push it higher. If the price were slowly falling over the past year there would not be this type of optimism. Even at this price.
Although I would love the price to jump to $3,000, I would rather have a solid price of $900-$1200 backed by adoption as opposed to short term speculation. If the price jumped to $3,000-$5,000 most people would be wanting to cash out into fiat at a huge profit. I would even consider doing so at such a high price. But then what do I have...a bunch of lousy fiat. I would rather have a solid decentralized cryptocurrency that I can spend in more places than being a fiat millionaire.
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Are you talking about an app like Gyft.co or e-gifter?
They sell gift cards for Bitcoins.. Especially with Gyft, you can load them with Gyft points and eventually you can choose what gift card you want when the time comes.. However its in the US only (Gyft)
I use e-gifter and Gyft. They are a great first step. You find a restaurant (or shop) on there that you want to go to then you go to that place and buy a gift card for close to the amount you are going to spend. Then you make the purchase and usually have a few dollars left over. I was thinking of something that hides all of those steps for the user. You pull up a map, see all of the places nearby that accept Bitcoin (like coinmap) but it includes all of the included gift card places as well. You walk into the shop and the app detects your location. You get up to the cashier and just pull out your app, you click "Pay" and a barcode pops up. You pay and your bitcoin balance reflects the amount you spent. Example: e-gifter & Gyft now: I want to shop at Walmart. I check to see which one has a Walmart gift card. I see that Gyft provides that card (not e-gifter, and I have to purchase Gyft points to put toward Walmart's card). Say I have a $17 purchase. I pay for a $25 gift card. I send my bitcoins. I wait for the transaction to go through. I get a $25 gift card. I pull open my Wallet on the app and choose my Walmart gift card. I pay the cashier with the barcode. Hot Wallet app: I want to buy some food. I open the app's map and see that there's a Walmart nearby that accepts bitcoin (as well as Whole Foods and maybe a local shop). I have a $17 purchase. I go to the cashier and open my payment app. The app shows a bar code and the cashier scans it. $17 payment received by Walmart, $17 is deducted from my Hot Wallet bitcoin balance. If it was a local shop accepting bitcoin directly the step would just be scanning a QR code instead of popping up a bar code. |
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Just because you guessed at the price does not make it a conspiracy. Currently listed at $9,950,000 http://www.yachtworld.com/boats/2009/Floating-Boutique-Hotel-Barge--2860786/Tampa/FL/United-StatesI'm not one to go back and forth on every detail and argue on the Internet as we quote every statement beating our chests to prove who wins the Internet. If you would like to see the business plan PM me. Like you said, we have been discussing this for almost 3 years. We have been focused solely on this, it's not like we haven't thought about everything having to do with making this successful. I leave for another stint in Afghanistan in two weeks so I can build up the final bit of money to stop work and focus solely on getting something up and running. I've left loved ones behind and sacrificed a life of leisure so I can make this happen. And it will happen. |
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As someone who spends bitcoins often, mainly via gift cards, I am finding the process a bit non-user friendly.
I was wondering if anyone would be interested in an app where you just fill a wallet with some bitcoin spending money, then you can see on a map in your area where you can spend those bitcoins (including gift card accepting locations), you go to one of the sites and when you reach the checkout you just pull up the barcode for the cashier and pay. The conversion to gift card happens behind the scenes and you don't have to worry about buying gift cards or figuring out which card you need (location, store location, automatically does it for you).
Not ideal but you would have a lot of options for spending your bitcoins with the focus being on simplicity.
Would people use this?
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Maybe you could be more specific for people who do not know. WHAT specific skills can earn you bitcoin. Web design, code, advertisement?
Systems Architect IT Manager Integrated Circuit Design Engineer Software Architect Strategy Manager Pharmacy Manager Software Development Manager Research & Development Manager Lawyer Physician |
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I read an article that was downplaying Bitcoin by saying that their survey showed that bitcoin is used for only about 1% of e-commerce.
Considering world e-commerce is currently at $2 trillion with a projection of $4 trillion in 2020.
1% of $2 trillion is $20 billion. A $20 trillion billion market cap for bitcoin would be $1,300 per bitcoin. In 2020 e-commerce alone could account for $2,500 per bitcoin and there are many other uses for Bitcoin.
are you taking into account the coins that will be mined until 2020? That's why I rounded to $2,500 instead of $2,666. But yes, 1% is a high number. The article I read was putting Bitcoin down because their survey found "only" 1% of the participants used bitcoin for ecommerce. Can't find the article now though  |
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I read an article that was downplaying Bitcoin by saying that their survey showed that bitcoin is used for only about 1% of e-commerce.
Considering world e-commerce is currently at $2 trillion with a projection of $4 trillion in 2020.
1% of $2 trillion is $20 billion. A $20 trillion market cap for bitcoin would be $1,300 per bitcoin. In 2020 e-commerce alone could account for $2,500 per bitcoin and there are many other uses for Bitcoin.
"A $20 trillion market cap for bitcoin would be $1,300 per bitcoin."That makes no sense. Yep, meant billion. |
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I read an article that was downplaying Bitcoin by saying that their survey showed that bitcoin is used for only about 1% of e-commerce.
Considering world e-commerce is currently at $2 trillion with a projection of $4 trillion in 2020.
1% of $2 trillion is $20 billion. A $20 trillion billion market cap for bitcoin would be $1,300 per bitcoin. In 2020 e-commerce alone could account for $2,500 per bitcoin and there are many other uses for Bitcoin.
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coinify.com is already working on it
Excellent. Thanks for the input. |
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It's a good idea, but for a company as huge and international as McDonald's this could also be interpreted as a political statement of sorts. True. Perhaps a smaller company that uses the same machines would be a good target. |
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