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+1 jondecker76. Great transaction - he sent first.
Thanks!
Trader Steve
GoldStarBullion.com
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People are pussies for not buying... you're not buying... you are a pussy
LOL! Traders are always buying and always selling.  |
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Looks like your volume is starting to rocket. You could be the number 3 or 2 exchange very soon.
+1 |
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Yes, I had the same problem. I moved to ExchangeBitcoins.com and I'm getting much better action. I have nothing to do with ExchangeBitcoins.com - I'm just finding better liquidity there than TradeHill. Yesterday I pulled BTC off of TradeHill, moved it over to ExchangeBitcoins.com and got a quick fill. I requested an ACH withdrawal and the money was sitting in my bank account today! With their new bank branch deposit option I think you'll see a large influx of ready buyers and a stronger exchange. Their volume is already gaining on TradeHill and Virtex.
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There's a difference between an "exchange" and a "market-maker" although the terms are used loosely. A typical exchange simply provides the platform for buyers and sellers to meet and trade. The exchange takes a commission on every trade for this service. A market-maker buys and sells with his own funds - he buys at a discount and sells at a premium. He also hedges his positions by simultaneously buying and selling on the exchanges.
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I've had a couple of nice transactions with ExchangeBitcoins.com. Moved BTC over, sold and had the money ACH'd into my bank account within 24 hours. FAST!
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I've been using this site for a few months and have been extremely impressed. That said, it's still not intended to be used for significant amounts of money. Don't store your savings there.
Agreed, not for large amounts or as your main place to keep bitcoins... but I have some BTC on an instawallet on my iPhone, and it works really, really well. Agreed. See: A Simple Wallet Solution for iPhonehttp://bitcointraining.wordpress.com/2011/07/05/simple-wallet-solution-for-iphone/ |
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Give it a bit of time. Then you'll be able to walk into a store which "does" bitcoin as a small sideline, like the "We send faxes, $1 per page" sideline. There will be many such stores in a town. You will be able to buy/sell/transfer BTC for cash on the spot, more or less (maybe a wait for some confirmations). The store will do the exchange/transfer at 1% or 5% over the going rate as their fee.
Agreed. At some point virtually everyone will be a potential exchanger. It would be like asking someone if they could "break a twenty". In the meantime, I suggest developing a local network of trusted trading partners. Join or start a MeetUp group and start networking. Collect contact info then simply put out the word when you need to buy or sell. The sooner you do this the less you will have to rely on the exchanges. |
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To those who worry about someone retaining a copy of a wallet.dat...
I expect that at some point I may pay someone by giving them a wallet.dat (or access to a wallet that they may already have whether they know it or not.)
I would not expect it to be a major problem that I may have kept a copy. I would expect that the recipient would immediately open the wallet and at least verify the addresse(s) in it with block explorer, and they may as well go ahead and empty it at that point in whatever way they choose.
It would be possible that I give someone a wallet.dat for a legal transfer and it is passed around in that form for a few more transactions before being drained. This would provide a pretty good amount of (plausible) separation between me and the next time the coins popped up in the transaction logs.
So they pull the money out of the wallet.dat and send it to their address...how is this any different than you just spending it directly to their address?Sorry, just re-read the post. I guess you still have to have a high degree of faith that the wallet.dat file hasn't been copied somewhere along the way and drained before it reaches its' intended destination... |
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There's also an issue of currency stability for resale of items with a real cost priced in fiat. Over the last 4 hours the median price has been ~10.92 USD/BTC with a standard deviation of ±0.41. That's about a 3.75% variation over just four hours and this in a market that is substantially more stable than it ever has been. Think about it - 3.75% market movement in about 4 hours comes to 0.938% per hour. If a merchant sells products 24 hours a day on the internet and liquidates to USD once per day (not an unreasonable timeframe really) then they could potentially incur 0.938% * 24 = 22.527% loss - and that's without breaking out of reasonable bands in the relatively stable market we've got today.
We've also seen that BTC is prone to spikes and crashes that could destroy small businesses in an instant. Imagine as an individual seller that someone buys your shiny new 6990 off of you for 32 BTC back when 1 BTC was 31 USD. This is a big purchase so naturally the buyer wants escrow, which is reasonable. By the time escrow clears you're at $10 per BTC and you've now sold that card for $322.58. Now imagine that times a thousand and understand why businesses HAVE to charge 20% markup or more just to offer product in bitcoins.
If you have any cost in USD you MUST mark up your product significantly to at least cover your costs in case of market crashes. Even then you still lose money in the event of a 31->10 crash like we saw earlier.
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The only reason you'd need an ATM is to provide physical bills - this is why ATMs exist today. With the advent of extremely cheap smartphones and near-ubiquitous 3G/EDGE connectivity, there is really zero market for such a thing.
By the time you'd built them, got the contracts in place, and put them in the market, they'd be obsolete money-sinks.
I'm not so sure. One of the big challenges today is the time and hassle required to get money into an exchange before one is able to buy BTC. This brings the exchange to you - so to speak. With that said, ExchangeBitcoins.com's ( http://www.exchb.com) recent announcement that they now accept cash and check deposits at 50,000 bank locations certainly helps too. And, yes, what will make the ATM's even more desirable will be when they can actually buy your BTC from you and give you cash on the spot. Until that happens, I think there will be a strong market for local buyers of BTC who can give you cash minus their transaction fee. |
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ROUNDING TO SIMPLIFY
I understand the whole 80K would increase the value 35% argument... But it doesn't sit well with me.
If the current market value is $70,000,000 the idea that $80,000 being invested into the market raising the value to over $100,000,000 just isn't realistic. It would be a temporary phenomenon and other market factors would quickly erase the gains and rebalance the value. Markets simply don't work that way.
Think of it this way... If there was 1 sell order at $10 and the next sell order was at $100, do you really think you could invest $110 and the market cap would jump 10 times? I mean, sure it would, for about a second... That's the argument you guys are having (at least in my little mind).
In your example the $80K raising the value from $70 million to $100 million isn't until after 365 days of a net positive $80k per day coming into the market. ($80k x 365 = $29,200,000 + $70,000,000 = $99,200,000) |
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ROUNDING TO SIMPLIFY
I understand the whole 80K would increase the value 35% argument... But it doesn't sit well with me.
If the current market value is $70,000,000 the idea that $80,000 being invested into the market raising the value to over $100,000,000 just isn't realistic. It would be a temporary phenomenon and other market factors would quickly erase the gains and rebalance the value. Markets simply don't work that way.
Think of it this way... If there was 1 sell order at $10 and the next sell order was at $100, do you really think you could invest $110 and the market cap would jump 10 times? I mean, sure it would, for about a second... That's the argument you guys are having (at least in my little mind).
A holder of bitcoin is either a "seller" or "buyer" at any given price. If the holder doesn't sell at the market price he is essentially a "buyer" because he values it more than the market price being offered. The market price will be influenced to the downside if he becomes a "seller" and sells into the market but not until then. |
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I was pleased to see this article in google news... in large part because my website was on the list :-) www.practicalecommerce.comI felt like crying for about ten seconds... It has been a lot of hard work building this website. +1 |
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50 new bitcoins enter the total supply every ten minutes. You are implying every miner sell their BTC as soon as they mine them This is of course false, so far i have sold 0 BTC for example. When you don't sell them you are signaling to the market that you value them more than the $11 - hence you are buying them. That's fair, but wouldn't you feel better about the system if the coins were all being traded? As it is, the markets are not very deep. Not really. See: Bitcoin and the Virtue of Hoarding and Deflationhttp://economicsandliberty.wordpress.com/2011/06/10/bitcoin-and-the-virtue-of-hoarding-and-deflation/ |
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Here's another statistic:
If the total supply of bitcoin stopped today at 7,000,000 (round number used for simplification) and a net $79,200 of new money continued to flow into bitcoin every day it would bid up the price at the rate of 37.5% ($79,200 x 365 days = $28,908,000/year divided by 7,000,000 BTC = $4.13 divided by $11)
Troll maths is fail. Almost as funny as Troll Physics. How so? Please enlighten me. |
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Todd,
Where will the first ATM be located?
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Here's another statistic:
If the total supply of bitcoin stopped today at 7,000,000 (round number used for simplification) and a net $79,200 of new money continued to flow into bitcoin every day it would bid up the price at the rate of 37.5% ($79,200 x 365 days = $28,908,000/year divided by 7,000,000 BTC = $4.13 divided by $11)
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This is the stupidest thread I read all day. Congrats.
How many coins are being mined every day is totally irrelevant, it's about how many are being bought and sold on the exchanges.
The exchanges are not the market - they are only a small part of the market. |
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