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Nmteaco - being an accountant myself, I completely understand your concerns regarding the extra accounting headaches that accepting Bitcoin creates. I think this is, and will continue to be for a long time yet, a major hurdle in the effort to get legitimate and already-existing businesses to accept Bitcoin directly.
Bit-pay is an awesome service, but doesn't really offer enough of a discount compared to credit cards to make a compelling reason to accept yet another payment method for most merchants. I know the pain of reconciling credit card deposits into a single bank account from multiple payment methods, and adding another isn't something I would want to do without good reason. So, even though they give you direct ACH deposits daily, which can be reconciled with sales just the same as payments made with credit cards, it's still one more thing to deal with.
That said, hopefully, we will continue to see improvements in integration with existing systems (shopping cart plugins, etc) that will make accounting and reconciliations much easier.
I think the biggest reason a merchant should accept Bitcoin NOW is not because of the lack of chargebacks, or the "lower" fees, but because in most cases, they will suddenly become the go-to merchant for a group of 10,000+ people who need that particular item. In this case, if anyone here wants to buy some tea, they are now more likely to order it from you than they were before. I don't know what your margin is, but bringing in extra sales is usually much more significant than saving half a percent of fees on a few transactions you would have already made. So then, don't think of it as saving extra on fees - think of it as bringing in extra sales with a little more work.
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It's plausible they will achieve perfect MHz, die scaling, and process shrinking improvements on a university research design (Published in March of this year no less)? That their identity-less VC backer will pony up the money to develop a full ASIC design on 45nm. We're talking R&D on 45nm, multiple wafer tests would be expected. Oh yeah this is plausible... 28nm theoretical Mh/W have been tossed around. Very rosy to think BFL has a VC source willing to pony up 10s of millions up front for that kind of chip development.
BFL's claims are plausible at 45nm, not 28nm. See post above. The university design is likely imperfect. I bet engineers with years of experience can make it happen with even greater efficiency. And yeah, you can bet your bottom that any VC with any sort of investment fortitude would be willing to put down whatever dollars are required to finish this after seeing BFL take in millions of dollars without even having a product to show for it yet. |
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HIII, I'd just like to pop in to post some theoretical numbers at your hind quarters.
The cost of a Single unit in early May was $633 shipped to US or Canada.
The Bitcoin average price for early May was some place belw $5.20.
The Bitcoin price of a single would have been ~121 BTC shipped.
121 BTC today is worth ~$1073.27 at MtGox 24h Avg of $8.87
This puts the value of your investment at a net loss of $440.27 if it arrives at your door today, ~10 weeks (70+ days) from purchase.
This same initial investment of 121 BTC if put into a 3% weekly investment for a period of 10 weeks, reinvesting the earnings,
Would now be worth the following;
1 : 124.68
2 : 128.47
3 : 132.38
4 : 136.4
5 : 140.55
6 : 144.83
7 : 149.23
8 : 153.77
9 : 158.45
10 : 163.27
The total value of your initial 121 BTC would now be 163.27 BTC or $1448.20
This puts the value of your invetment at a net gain of $815.20
Not using this method of investment and instead opting to purchase a single in May cost you an opportunity loss of $1255.47
enjoy
The price increase since submitting my order is something I accounted for the possibility of, but now, something I try not to think about. |
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The domain "bitcoin-forum.net" will be auctioned off to the highest bidder in this thread. The auction lasts until 9:00 PM PST on 7/30/2012.
Starting bid is 0.5 BTC. Bid increment minimum is 0.5 BTC. If a bid is made with a smaller increment, it is invalid, irrelevant, and skipped.
Payment will be received to firstbits address 18tkn.
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You keep bring up this moving the zero nonsense. It would change anything also it will NEVER (I don't mean unlikely I mean NEVER) happen as it is a hard fork on a unnecessary change.
Bitcoin can handle micro transactions just fine. The scenarios describe above are talking about years (maybe decades) down the line. Even if more advances services are built on top the platform is still open and that allows cross compatibility and open free markets for those "gardens". Hardly walled, more like picket fences.
It wouldn't require a hard fork. Just make the change on the client front-ends. 1 BTC = 10 BTC on the client-side display. No one would know the difference besides the programmers. |
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Just received this email from my wife:
"I have been trying to explain bit-coins to Caryn and I realized I have no real understanding of what they are."
Hah! My wife told me nearly the same thing when she tried to explain it to her mom. |
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Blah, BFL is talking about ~1750MH/Joule  Jalapeno, USB device 3.5GH/s @ 2W from USB And everyone is 100% sure they aren't going to have an external power supply? A small wall wart? USB 3 is 4.5 W I think you need to go the other way start at what a US based 20 AMP 120V power plug could supply and work backwards using the 1 THash box. 15 AMPs * 120V == 1800 watts, 80% eff would give 1,440 watts available. ~695MH / Watt Jalapeno is going to need a wall wart mystery solved? BFL confirmed (in a thread around here somewhere) that the Jalepeno would run off of the USB port as it's power source, and that it would not require USB 3.0. Of course, until it actually happens, I'd still call that speculation, but it is at least BFL's goal to have it run only on the USB power alone. |
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True, I was just thinking of the el cheapo motherboards where they might put a 1.5 amp fuse on it to look good on the outside, but it won't actually run that much. At least, I've seen similar things happen on other cheap electronics.
Is a fuse for a USB port typically only for one port or two?
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On a typical motherboard, a USB port is fused with a 1.5 Amp fuse.
Plenty of headroom.
Are the thin little circuit traces on the motherboard also capable of delivery that 1.5 amps though? You could burn out a trace going that far beyond spec if the manufacturer didn't account for it. |
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Any guesses or rough estimates for the "dark/unstated" orders to match these, based on the order numbers? 1:1? 1:2?
based on the order number, its at least 1:10 Then again, how many of those order numbers were for processing payments from other websites? How many remain unpaid after generation? Etc? |
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The fee can be changed. It was already changed from 0.01 BTC to 0.0005 BTC in 2011, it can be changed again.
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One may claim that I'm rehashing the ole what-is-Bitcoin elevator pitch, but I beg to differ. The following quote is of the last paragraph found here: http://www.forbes.com/sites/carminegallo/2012/07/17/how-to-pitch-anything-in-15-seconds/I cannot emphasize enough how well this works. And I’ve seen it work for extremely complicated products and concepts. In fact the more complex your idea, the more important it is to create a Message Map. You need to pitch your story simply, clearly, and concisely. The message map is your winning ticket. The linked article is a relatively quick read, and would need to be read in its entirety to fully appreciate its approach and participate in this thread. Its author, Carmine Gallo, a Forbes contributor, espouses how to pitch anything in 15 seconds using a Message Map. An accompanying video is also available, basically outlining everything mention in the penned article. The goal of this thread is to create such a 15 second pitch for Bitcoin via message mapping, crowdsourcing this endeavor with members herein. ~Bruno~ Is it wrong that I find it hilarious that it takes the guy 4 minutes and 35 seconds to explain why a 15 second pitch is valuable?  |
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Laszlo will go down in history just like Ronald Wayne. |
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*sigh* Let's kill this block!
Edit: Thanks SgtSpike!
Haha, I seriously killed a block with my measly 380 MH/s? Awesome! |
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What mt. gox screw-up?...
Open clarkmoody lol  I don't understand... I don't see anything odd at clarkmoody. |
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You draw a lot of the negative feedback yourself (at least from me) with comments like the "rich get rich, poor get poorer" garbage.
Exactly this. You can't expect to make the same amount as a guy who invests $30,000. That would be completely asinine. The poor only get poorer if they make poor decisions. Which, most of them do, which is why they are poor. I hate it when people state cliches like that. If you want to be rich, then work at it, and become rich! There isn't anything stopping you but yourself. |
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You should really keep the funds for when the intersango guys try to sue you:(
This is not your fault.
They can't sue him - he is a child. And how do you know it's not his fault? He had more inside knowledge than anyone and it would have been easy for him to hack in and steal the coins and destroy the database. The police were never called for some reason... intersango never called the police for some reason... Hmm... This, to me, is the most damning evidence. Why would statists like the InterSango guys, who have made so much noise about being "registered" and "regulated" never call the police who are supposed to protect them from exactly this kind of fraud? Forget the scammer tag...how about a "felon" tag? Scammer tag is red Xs. What would a felon tag be? Black Xs? Na, black I's. Think, jail cell themed. |
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I ordered a single from BFL just the other day. Just received the wire/bank transfer instructions. After reading on here it really makes me hesitant to follow through with the payment because I really have no idea on what kind of daily return this thing could get. Is there anyone out there that could take a guess on what the approximate daily BTC payout the new single would get? If i'm only going to get a few dollars then this "hobby" i wanted to try may not be worth it at all. Seems like the same story, you have to have big money to begin with to make big money. Only the real large rigs will ever make money and not let the little guy have a piece. Rich getting richer, poorer getting poorer. 1TH/s costs $30,000 40GH/s costs $1,300 $30,000 / 1TH/s = $30/GH/s $1,300 / 40GH/s = $32.5/GH/s It's NOT a big difference on ROI comparing the large machines to the little ones. |
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cheque was in the mail today. looks okay, but I probabyl wouldn't accept one for larger sums. the check itself seems still too easy to fake, the sticker can be bought by everyone, and I don't see the "artificial watermark" on the back. The only thing (besides the second sticker) that could be meant by it are some white letters on a grey background.
final verdict: would accept one for up to 20 fiat from a normal looking stranger.
from here https://bitcointalk.org/index.php?topic=89723.0So the question is, How do I distinguish/protect against counterfeits... You can't, which is why Bitcoin checks should only be used between trusting parties, just like regular checks. Stores won't accept a regular check without seeing your driver's license (most of the time), and I imagine it would be a similar requirement for Bitcoin checks, if they were to ever accept them. |
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