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Good idea, but poor execution. They should be issuing colored coins.
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Except Bitcoin's biggest market isn't the currently banked population. It's the 6 billion people who lack access to modern banking, if the U.S. tries to block it then it just moves to where it is accepted. Bitcoin will be a boom for third-world countries. If it takes off in Africa then its game over, giving Africans access to transaction free money and all of them could already use it as cell phones are already common there and they could pay through mobile devices. This may be a roadblock, but Bitcoin, although currently adopted in first world countries, will see its biggest take-off in the third-world. It will continue to be traded like gold and silver in the first-world, but African governments can't stop it, and they won't try to. This really doesn't matter, it's the U.S. gov't that needs to learn to play nice with Bitcoin, or it and the U.S. will be burned.
I agree. There's a lot of room for growth in the USA, since it's near impossible to open a bank account with bad credit. I'd really like to see more bitcoin ATMs and all those Western Union agents/payday lender places start exchanging bitcoin. In fact, most "banked" people are deep in debt to them. The unbanked may prove more resourceful with bitcoin type financing. |
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This would help with Bitcoin adoption. It would end up as merely a stepping stone towards a more user friendly and secure wallet.
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This would help with adoption. It may end up only being a stepping stone toward better trustless wallets.
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What is stopping mainland China from having Bitcoin ATMs?
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I dunno. Seeing these same patterns time after time makes me a little giddy.  |
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They cannot print "In God We Trust" on bitcoins.
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They are increasing in frequency and amplitude.
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It's funny that he called out the FED to hypothetically embrace Bitcoin. It's almost like he's daring Chinese officials to take the initiative.
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The US government has swallowed the whole stock/derivative market technology and throw away good money after bad to save their too big to fail system. I don't care that they don't understand Bitcoin, because they can't regulate it. They should be embracing it and realize that they will never have to bail it out.
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Replace the word bitcoin with any other tangible asset other than a government-issued currency, and it's the same.
Replace the word unicorn with any other tangible asset and you are delusional, and it's the same. Bitcoin doesn't work that way. |
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When you buy bitcoins from an exchange or broker, you don't actually take possession until they are sent to your wallet. The exchange has them and therefor the price they were purchased at is irrelevant. By the time you take possession of them the price will have changed. This is similar to how a stock option works. The value of the bitcoins when you take possession of them is more important, but there is no guidance how this is to be done. You could use a monthly or yearly average for convenience sake.
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The problem with the IRS is that they still don't understand Bitcoin. They are using a double standard compared to gold. Is there a more organic way to set the price of bitcoin? What would happen if we just put a bitcoin price tool in the general client? If we voluntarily report a fiat value of bitcoin for purchases or trades to another decentralized network, that network can analyze the data and report a statistically reliable price. The network can verify via a second hash generated with the same key as the bitcoin, but will also have pricing data in various currencies. Bots will mess with the pricing, but not enough that can't be dealt with by the algorithm or as are any other network attacks. Any thoughts?
This would kill two birds with one stone. It would give Bitcoin a psychological fiat feel and a way to track Bitcoin price for apps that calculate capital gains. The price could be pulled off an API from a centralized service like BitcoinAverage. The IRS guidance never said how the price needs to be calculated. I would think a monthly or yearly average should suffice. |
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China still has 4x the volume of the other major exchanges. Please stop the FUD.
The fact that China still got that much more volume is some serious, justified FUD in itself. How do you figure? Increased volume is greater interest. You don't have sellers without buyers. So more selling means more buying. That's not FUD. If anything, it's Bitstamp users in the West that are panicking by having fewer buyers at the low prices. |
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Huobi still has 5x more volume than Bitstamp.
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China still has 4x the volume of the other major exchanges. Please stop the FUD.
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You manage to play devil's advocate in damn near every post, but you do it so respectfully that you can hardly be called a troll for it. It's like, you are so polite that I am not quite certain what your angle is. This could be one friggin' hilarious long-con troll.
So basically, you don't really go for maximum disruption and argument, but you do post material for maximum discussion. It's like productive trolling...
I thoroughly enjoy it.
I agree with your point of view you said there's a reason I also like it very much Phinn is a very active member of the Bitcoin community. He's not a technical developer, but a diehard enthusiast. Once you grok his vibe, he makes you think. |
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Buy more if/when you can afford to.
Actually bought at 520.  Sometimes you have to take one for the team. |
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if they drop USD. they have an oppertunity to change all their bureau de change so that 1 russian ruble is worth 1million dollars..
that way it stops US from trying to get lots of rubles. while at the same time devaluing the USD. keeping food and resources for russians at the same rate, but offering a better deal when purchasing dollars for the russians. and worse deal for americans purchasing dollars
imagine how epic that would be
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