My job is about letting people exchange bitcoins, what else can I say?  Yeah, but you just bought and let it sit there  When do we get MtGox 2.0? |
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How can I teach my dad that it is okay. He doesn't under stand the mining part. He says if they are using your computer that it must be for something bad. (I wonder what would happen if I told him about folding@home) I am currently just mining without his permision, but I want to explain to him why the gpu is better than cpu and etc. I think he realizes that I am mining but I think he realizes he cant do anything about it because he wouldn't be able to prove it.
Uh... The electric bill will prove it, be warned. On the original question, I think BitBills as gifts for birthdays or whatever would be a good introduction. Once they have something physical they hopefully won't throw it away. Especially if you periodically remind them of the worth. I think Bitbills is cool, but not a good introduction. It looks like they have an issuer and confuses the point even more for people who aren't 'getting it'. |
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Bitcoin might save the people, but it won't save the corrupt system. The first to let that system go will be the winners. I hope it's the common people. I hope the elites persist in denial.
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It would be dealt with just like any sale for something besides cash. It happens all the time, however tax authorities would have a hard time evaluating it. Its possible that they may treat the transaction as a gift rather than sale because arguably bitcoins aren't anything. In legal parlance, bitcoins may not be "consideration" http://en.wikipedia.org/wiki/Consideration. In which case the seller would have large tax debt as gifts are taxed at a high rate in the US. Another possibility is that it maybe treated as an exchange for securities such as stocks or bonds, however bitcoins don't quite qualify as securities in the traditional sense so it will just have to be hashed out (excuse the pun) once somebody tries it. There was a legal review done by a yale law student about bitcoin not too long ago, he would be the best to ask. Do you mean buyer? I know they are all kinds of f'd up, but would they really try to get taxes out of someone in a year that they gave everything away? I would assume they'd just try to take their bite out of the receiver. |
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All this aside, what is the maximum potential value of a BTC? (Let's say the debt ceiling stays at where it is for the US).
I've heard 650k for one BTC. Is that true?
In the Bitcoin-kills-governments scenario I think it's 1 or 2 orders higher. I would expect people to choose to hold a higher % of their wealth in cash (bitcoins) when it wasn't being debased and to be wealthier in general. If Bitcoin kills governments, fiat money will be worthless, so its value should rather not be measured in USD. But I guess you are talking about the purchasing power of today’s USD. Yeah, always todays dollars. We're in the unfortunate situation of having the dollar as the best reference. But if Bitcoin is the money then 1BTC will buy a hell of a lot more than a 5br house in a decent area. |
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All this aside, what is the maximum potential value of a BTC? (Let's say the debt ceiling stays at where it is for the US).
I've heard 650k for one BTC. Is that true?
In the Bitcoin-kills-governments scenario I think it's 1 or 2 orders higher. I would expect people to choose to hold a higher % of their wealth in cash (bitcoins) when it wasn't being debased and to be wealthier in general. |
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Government claims responsibility for keeping us safe, fails, therefore we need government.
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This is cool, but you could have waited and dropped it on a newb for it's first appearance.
he can still do that, noob will be none the wiser Oh, yeah. I plan to myself when appropriate. I just think it would have had more impact on me seeing it placed correctly instead of in it's own thread about nothing. |
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Have you looked in the wallet that contains the address that you gave to deepbit?
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I use a special program that will convert bitcoin transactions into discussions about anarchy vs. statism.
I think I'm using a similar one, but it turns everything into discussions about anarchy vs. statism. |
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The problem now is with the huge appreciation in value of bitcoins, nobody will use them as a currency since they make a better investment. People will hoard them until the price stabilizes.
Eventually greed will set in, and people will begin to sell faster than buyers come in. And then the fun ensues. How is it greedy to sell bitcoins for dollars? That seems like the conservative play. Let it ride is where the greed is. |
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I just switched main unit to bitcents at https://betco.in . We were discussing this and I can'd decide what will feel more natural: bitcents (0.01 BTC) or milibitcoins (0.001). May be something else? The site is confusing as hell now. You changed the stakes on a bunch of tables that kept the same name and same appearance in every way. The only way to tell is looking at your balance after you buy in. |
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I've heard speculation of up to 100 USD per 1 BTC just by June. I think that's a little ridiculous, but I was curious to see what you guys were thinking. I'm going to say 15 USD per 1 BTC.
Then again, if this is a bubble, it'll soon go much lower. Thoughts?
I don't think the price will go down unless it does go down. On the other hand it can't go up much unless it's headed up. |
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There is ONE way to safely buy Bitcoin via PayPal:
Tell the buyer to....
(1) In his PayPal account, click Withdrawal Money .... amd "Request a check in the mail".
(2) Wait for PayPal to mail you a check in the mail.
(3) Wait for the check to clear.
(4) Do a bank wire transfer to MtGox.
What? It's safe to buy Bitcoin w/ PP. It's just not safe to sell bitcoin. |
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This is cool, but you could have waited and dropped it on a newb for it's first appearance.
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Past performance does not predict the future.
Otherwise at noon, I would think it would be 4000 degrees on earth by next year.
lol, indeed. |
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And what is the problem with that?
You buy shares at 1 BTC but eventually they'll trade at 0.1, no matter how profitable and efficient the company is. As I said, you could possibly still end up making money from dividends but it would only be slightly more attractive than just holding the bitcoins in your wallet. Basically this will become harder and harder until it becomes impossible when no new BTC is mined. If a company cannot bring in more bitcoins than they spend they ought not be using up resources. They should be leaving them for others who have productive plans to use.
Currently we have a system where you need to buy something whether you know what you need or not, whether you know what is a good plan or not, whether you know what is valuable or not. Holding the currency should be a general bet on the whole economy. Using it should be a claim that you have a better than average idea.
I agree, not sure what this has to do with what I'm talking about though. Why are you insisting that no company will ever be more profitable than the average of the growth of the bitcoin economy? It'll be hard to tell which ones, but you don't have to. If you don't have an edge at resource allocation just leave it to other people. |
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If the sort of growth we've seen this past month continues, it's safe to say that the spot price of Bitcoin will be at least $100. That being said, it could go much, much higher! If the dark pools closed and large buyers were forced to make orders out in the open I'd say it'd be over 9000 within a couple years.
The dark pool mysticism is silly. Dark pools move the price just like other orders after the fact, they absorb supply and demand just as well as visible orders. The only difference is that they don't risk moving the price before they get filled. It's hardly different than paying a kindergartener to click to make another order for 100 appear each time yours is taken. Less than $1/btc or more than $9000/btc in two years imo. How did you pick $9k? |
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If a company cannot bring in more bitcoins than they spend they ought not be using up resources. They should be leaving them for others who have productive plans to use.
Currently we have a system where you need to buy something whether you know what you need or not, whether you know what is a good plan or not, whether you know what is valuable or not. Holding the currency should be a general bet on the whole economy. Using it should be a claim that you have a better than average idea.
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When there is a better, more stable option to store cash in for the long-term. Thanks to FDIC insurance, the only way I'd lose what is in my bank is if the government went under. Hey, we're in debt trillions of dollars, not like they can't cough up for my measly five grand.
They will never stiff you 50 pieces of paper. That isn't what you should worry about. |
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