every thread about bitcoin gets closed by management.. what a bunch of tools.

http://www.overclock.net/other-software/1007369-too-complex-average-joe.html

yes indeed!

im not a merchant, im a trader. I bought some BTCs, but I am now starting to question its valuation, and its viability as a currency.

its up over 400% in 2 weeks, and people are calling for $10 to $100 within weeks or months. im just questioning the valuation.

it seems that BTC is just a way to send cash over the internets anonymously, w/o fees, paypal, or govt intervention. can be used to donate to wiki-leaks, play poker, maybe buy drugs, etc...

but to be a real currency in itself, merchants and consumers would need to be thinking in BTCs and not constantly converting it to a local currency. this can only happen if merchants expenses are in BTCs and consumers costs-of-living are also paid in BTCs.  (Another major hurdle is paying taxes in BTCs)

OK.. love the idea and own a bunch (as a hedge against hyperinflation of fiat currencies)

but I am now questioning the viability of BTC as a currency.

Say I have a website that sells widgets, and ships anywhere in the US. I accept USD and BTC. How would I price the widget in BTC? The price in USD can be found in Amazon etc.. so I go to mtgox and price the widget USDPRICE / BTCUSD.  say widget priced at $10 as of today I would list it at 10/3.34 =  3 BTC

Now what happens if BTC goes to $10 tomorrow? I would have to lower my price to 1 BTC. why? because why would someone pay 3 BTC when they can convert the 3 BTC to $30 and just buy it for $10.

What if BTC drops to .50 usd? I cant leave my price at 3 BTC, because someone would buy my entire inventory and sell it on ebay below the market price of $10 for an easy profit.

So basically BTC becomes a proxy for USD, because one can easily arbitrage products priced in both currencies.

This is not the case for say EUR and USD because of the geographical location it is difficult and costly to arbitrage a widget from London to NewYork. This is why the price of ipads in EUR and the price of ipads in USD don't change even though EURUSD changes everyday.

so it seems that BTC is only really viable for services and not commodities. also only if this service is not available in any other currency.

am i missing something? I bet that anyone that has ever bought anything with BTC, makes a quick calculation to see if its worth it based on the current BTC to local currency rate.

of course BTC becomes viable during hyperinflation or US default.. but a stock market crash or the coming double dip recession should send BTCs back around .50 imo.

please enlighten me.

 

implementation detail... many ways around this.

back to the basic question.. assuming you have everyones ip.. will it work?

can we just generate a list of all funded registered IPs.. so we can at least trade until this ddos is figured out?

assuming you have list of all valid ips.. would this work and stop the ddos? if so.. why not do it?

can someone tell e what his grip is with mtgox? maybe the DOS is warranted?

whats the deal?

p.s. i just wired 2k to mtgox today, hope I can get it back.

"This thread has been closed pending an investigation from Upper management. Thank you."