Could someone explain to me how bitcoin, a deflationary currency, is supposed to be successful when it rewards those who hang on it it? A currency like that would inherently lead me to believe that no inroads would be made in the future in regards to it's development because who wants to build bitcoin ATMs when not enough people are spending btc or accept bitcoin as a payment if there aren't enough spenders? While fiat currency has many many flaws, it spurs spending. You wouldn't want to keep your fiat in cold storage somewhere under that mattress of yours when you know it would be worth less next year!
You'd go out and spend it on something hoping to retain that value! By my understanding, this is the opposite for bitcoin. We've all heard the phrase "BUY AND HOLD"--is this literally what people will constantly do in the future with bitcoin? How will anything develop if there's no demand to spend in the short term?
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Thanks for the good read. So basically the Romans, well a certain portion of them at least, devalued their own currency until it was worth nothing? Is that the gist of it? What if they hadn't done this and kept the Denarius at a certain percentage of silver? Interesting theories to think about!
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Sorry I had a couple of more questions before making a purchase. I am a seller on Localbitcoins located in the U.S. Which payment method would I chose in order for the buyer to load their funds into my account? I see a couple of methods on Localbitcoins that may be possible;
1. International bank wire, any specific information I would need?
2. Western Union money to the account somehow?
3. Deposit cash into the account somehow?
4. Load Moneypak cards onto the account?
5. Bank transfer, but this account is Polish and most of my buyers will be from the US. How does this work?
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Straight from the scammer's mouth what he does.
I was under the impression that Paypal would be able to do "domino" chargebacks. No matter where he sends those scammed funds, his bank account, his other business Paypal account, they would all eventually be charged back to the source.
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Excuse my ignorance, but how does someone like this scam with Paypal? I thought you can just initiate a chargeback if he didn't deliver on the bitcoins? Is he somehow withdrawing the paypal funds before a chargeback can be done? I thought Paypal would hold his funds if a dispute comes up?
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I actually think competition is a good thing. Sure at the end of the day, 90% of new alt coins that come out are junk! but the other 10% may be revolutionary. That innovation will not have been realized if everyone were to be content with just Bitcoin, Litecoin and Peercoin.
Just my .2 btc
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I'll test this out for you and report back. I'm always down to try something new. I don't know what could have been so hard about giving a little feedback that all the other testers just withdrew your btc and ran. That's kinda rude.
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Hi everybody, I'm looking to buy some bitcoins to buy a mining machine. Most of the manufacturers only seem to sell them for bitcoins. The problem is I'm fairly new to mining and only have .012 bitcoins I was hoping someone here could tell me a good and fast way for me to buy some bitcoins, say about 3.25 bitcoins minimum should get me the device I want. Should anyone here want to sell some of their bitcoins. I'd be happy to pay with paypal or google checkout, just let me know how much you want for them and if it's close to the exchange price we can probably work something out. Thanks for the info! Korxax So you're unwilling to send money to a seller via an irreversible payment method such as cash deposit on Localbitcoins but you expect sellers to take paypal? Really?
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Yeah, that's the one I was looking at. Why is it you think it's a scam?
Korxax
1NtV1q29FtRAYAkMJHMYbASZLiLur2FQe
A simple google search will return you many horror stories of BFL non-deliveries or deliveries way after the promised date. Do you ever wonder why they only accept non-reversible payments like btc and bank deposits? So you can't initiate a chargeback when you've realized you've basically given them a 0% interest rate loan of $2100 with nothing to show for it. Here's one of many stories about them: http://www.reddit.com/r/Bitcoin/comments/1nv0w3/psa_dont_buy_anything_from_butterflylabs/
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Interested in purchasing a USD card. Same questions as Afox.
Some additional questions;
1. How long does it take for these cards to arrive if shipped to the US (California)?
2. Easiest ways to reload these cards if I wanted to put funds onto the card?
3. Will these cards work with online retailers to purchase things like Amazon?
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What reload methods are possible with this card?
Can I:
1. Send funds from my US bank account straight into the card's bank account?
2. Link the card with a US Paypal?
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Early quantum computers exist already, and they represent a very real threat not just to bitcoin, but to cryptography as we know it. By the time someone deploys a quantum computer against the bitcoin network it will be far too late to do anything about it from a system-wide standpoint. Individuals can send their coins to fresh addresses (ones with no spending transactions) since the public key is obfuscated by a few rounds of SHA256, but I believe there is an inverse SHA256 function for quantum computers as well.
To adequately defend against a quantum computer Bitcoin will have to move to a different type of cryptography all together. To present Bitcoin's algorithm as "unbreakable" through a tantalizing picture and a few witty scientific sounding phrases is misleading.
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The real world needs time to catch up to the new prices. The bitcoin price can't reach its full potential until the system around it reaches full potential, ie. ATMs everywhere, multiple competing hardware wallets, much smoother fiat/BTC exchange, clearer regulatory framework, better PoS systems, better mobile wallets. That endeavor is going to take much more than just one year.
I believe we'll get there, but we can't justify a full blown bitcoin price without first having the necessary infrastructure in place. Bitcoins are still FAR from mainstream.
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you don't need to provide your SSN, just an ID with western union i believe.
have you considered buying amazon gift cards for when you want to cash out? or possibly spending your BTC to buy something.
Yes, but I would then have to buy something with the Amazon gift card and re-sell that right? Thought about doing that with iPads but it takes a bit of work and you could lose money in the process. ie I buy an ipad air for $500 and am only able to resell for $450. There isn't really a market for reselling the gift cards here on craigslist and I'm hesitant to do business on ebay since it's paypal.
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I'm a seller on localbitcoins looking for a few ways to receive money anonymously. With all the hub-bub about banks accounts being frozen just because a new buyer mentions he is making a cash deposit for bitcoins, I'd like to find more secure ways of securing a payment.
Methods I'm considering:
1. Cash by mail - A little risky and takes a while to reach you, but truly anonymous.
2. Western Union? - Do I need to provide my SSN to receive money?
3. Moneygram - Same question as WU
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The true value in this phenomenon is the cryptocurrency technology, not bitcoin. Bitcoin is no better than the other alt coins. People who say otherwise are trying to protect their bitcoin holdings, but the truth will come out. This is a monetary exchange system based on science and mathematics, not human folly and emotion, so why would a store of value that does exactly the same as another and is just as readily available cost 1000 x more?
I believe eventually there will be about 6-30 commonly used coins, all with slightly different attributes, but all with roughly the same price or market cap. If bitcoin had a patent or intellectual property or even some technology that cant be replicated then it would BE the market, but it doesn't, and the reason those instruments are in available to businesses is because they are vital to maintaining a position within a market.
Also, i think bitcoin shooting off to such a price is also making people look elsewhere. I think its amazing price will be its downfall.
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I read about this awhile back. It's great to see that the homeless are finding a way to support themselves through crypto-currency. I've spoken with a couple of homeless people here in California and their number one gripe is to have to beg and pander to survive. It really takes a toll on one's well-being to have to beg everyday to survive, to have food to eat. I guess with the advent of bitcoin and other currencies like it at least the homeless have a viable outlet to get by. And it shows how ingenius these people can be while trying to survive.
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Me, I would travel the world and make it a life goal to visit every single country. I would relax every day and try out all the different cuisine every country has to offer. I would spend my days backpacking across the country-side interacting with the locals. That'd be my dream "job". What about yours?
I'd guess your age at 20-30. Am I right? Yes, haha. Still at that part of life. I can dream right?
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My wallet is at blockchain.info, how can I find out if they allow me to receive btc from the same address I sent it from?
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Kraken on the rocks mixed with some Kahlua and Vanilla milk, is that weird?
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