Great post. I think the answer is in what you have stated .... the volatility. Based on that, the simple answer is NO. Bitcoin can never be currency as it currently is, no more than oil, gold, silver or pork bellies. Think about it, buying something for 1 bitcoin 7 months ago equaled roughly $20,000. That same item would cost about 3 bitcoins now or $60,000 end of 2017 prices.. It fails on all 3 measures you mentioned, medium of exchange, store of value, unit of account.
Bitcoin is a means of wealth transfer, no more no less.
The only value Bitcoin has is still measured against real currency such as US dollars. Unless you expect the value of Bitcoin to drop vs USD no-one should be buying anything using bitcoin. Also, if I expected the value of bitcoin to rise, as a seller I would definitely accept Bitcoin as payment to take advantage of uninformed buyers. Seems the sellers are losing now, but that will change because this is still a young market and bitcoin has a long way to rise.
Well, if you convert the bitcoins received, back to fiat immediately, you are not influenced by the volatility. Most companies use payment processors to do that, so they do not even know about the volatility, because they only see the fiat being deposited into their Bank accounts. Also remember that volatility can be your friend. If someone paid you with a bitcoin in Jan 2017 and you only sold that Bitcoin in Dec 2017, then your profit on that sale would have been $18 000.  |
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Please stop posting about this, it is already confirmed that this is fake news. In any way, why should we be happy if a big company like SamSung starts to accept Bitcoin as a payment option, via a third party payment processor? The whole idea is to stay anonymous and all these third party payment processors, destroy your pseudo anonymity. Anyone posting "congratulation" type posts after this, should be reported to the mods, because they did not care to read the posts up to this post.  |
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These are the old school economists that struggle with the idea that someone might be willing to pay $80 000 for a weapon skin that were custom made for a digital item in a game. <Counter strike> These people also believe that it is impossible for people to buy virtual property in online games.  So convincing them to believe that it is possible to pay $19 000 for a digital token/currency is simply too complex for their old school brains. They only support the things that they were taught by their economic professors. |
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The secret to the success of the Bitcoin Blockchain is the fact that this technology provided a decentralized ledger of transactions that are immutable. So no central authority can change it to benefit their hidden agendas and it cannot be destroyed with a click of a single button, because a copy of it is stores on thousands of computers all over the world. It is so successful that it's competitors like Banks are stealing the concept to strengthen their systems. |
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It will be very interesting to see what their positions are, with these Futures. I suspect that a lot of these investors have some inside information on the direction that the SEC would go with their decision on the Bitcoin ETF and their positions will support that. If the majority are shorting Bitcoin, then we should look for the red flags. A lot of these investors shorted Bitcoin in the past and they lost millions. |
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How do you give an award to a pseudonym? Satoshi Nakamoto might be more than one person or he might be a serial killer. Most of these organizations will never risk their reputation by giving an award to someone anonymous, because the risk of that, would simply be too big. Satoshi Nakamoto's biggest reward will be the millions of people that are using his technology as a alternative to the Banking system and also those people who can protect their wealth from corrupt governments.  |
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I am actively involved with merchant conversion from fiat to Bitcoin in my community. I have convinced almost 55 merchants last year to accept Bitcoin as a currency in their shops for payment for their products and services. I am also a organizer for a local Bitcoin meetup and we host these meetups in bars and restaurants that accepts Bitcoin as a payment option. I have also stopped counting how many people I have helped to acquire some bitcoins and how many of them are now debt free because of that decision. <Last year was a very good year for a lot of them> |
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I think it will also be nice if we can follow Paxful's example of how they stepped in to assist people who struggled with Bitcoin, when Backpage.com stopped accepting payment via Visa and MasterCard.
The people in Venezuela needs someone to help them to protect their current wealth from losing value and one of the ways of doing this is to convert it into a currency like Bitcoin that can be used as a store of value.
lol this forum is so full of idiots who think and speak without understanding and considering the bigger socioeconomic environment. bitcoin will destroy their wealth even more because the socialist oriented infrastructure, workers will stop working, they will stop supplying their country men with elctricity or internet and simply create their own currency, the venzuelans will end up even poorer than before, if they abuse their socialist provided infrastrucutre for bitcoin mining. are you even aware about the amount of labour necessary to upkeep a countries infrastructure to have internet and electricity? -> you mine and support bitcoin in venezuella -> you will run out of infrastructure work in your community, no more socialism, no more electricity, no more internet. venezuelans should instantly switch to stone paper or metal money if they even consider using bitcoin and screw the socialist infrastructure workers. the socialist infrastructure worker in venezuella are not stupid programmed robots or money earning cattle, they are people like me and you, who think, trust and believe in a socialist vision, if they see, the infrastructure they were building being abused and wasted for mining bitcoin, like the russians did in early socialism (1918-1920) when they fed free socialist provided bread to their pigs, its over with socialismget ready for king maduro of venezuella regards Do not give a man a fish, rather teach him how to fish.  mining bitcoin isnt just fishing its also throwing with stones sitting in a house of glass. This forum is full of people, who cannot read and then make political statements that are not even applicable to this discussion. I never even mentioned mining in my reply, so I do not see where you got that from. ^idiot^ I do not care what their political views are, whatever they are doing now, is definitely not working. Some of the poorest countries in the world, have these socialist ideals. ^lol^ I am speaking to the people who can see that this is not working and who wants to protect their wealth. <Like many other countries did, when their stupid politics, destroyed their currencies> Examples : Zimbabwe / Greece / Cyprus |
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Banks will not "accept" Bitcoin, they will sub-contract someone to develop their own in-house private Blockchain technology, like R3 group did with Mike Hearn and they will become Bitcoin's competition. They are not innovative enough to develop their own technology, they have to steal Satoshi's concept. This will happen later this year or early next year. <Mark my words> Banks cannot compete with Bitcoin with their old legacy systems and they are too set in their ways to change their business model. |
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I think it will also be nice if we can follow Paxful's example of how they stepped in to assist people who struggled with Bitcoin, when Backpage.com stopped accepting payment via Visa and MasterCard. The people in Venezuela needs someone to help them to protect their current wealth from losing value and one of the ways of doing this is to convert it into a currency like Bitcoin that can be used as a store of value. Do not give a man a fish, rather teach him how to fish. |
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Let's just hope they upgraded their systems to handle the load this time. Last year when we reached the peak, most of the exchanges could not handle the transaction volumes and they were closed for business, due to technical problems. Can you imagine what will happen if institutional investors enter the scene and the same thing happens again? We need a lot of these $20 Billion investors to reach the ATH of last year. |
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A Bitcoin ATM is a one-stop solution for KYC compliancy. You do not have to go to a Bank and get permission to use their service, before they open an account for you. You also do not have to adhere to minimum requirements before you can open an account. You walk to a Bitcoin ATM and you provide them with your photo and <fingerprint> and ID documents <not every Bitcoin ATM is the same> and you GO for business after the verification process is completed. In my experience this was really fast, but it might be different for other ATM brands. |
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Ah, the hype cycle is in full force now. Just remember Gold and Bitcoin is worlds apart, even though Bitcoin is built on the Gold concept or rarity. The investors in Gold is also not the same people who would invest in a commodity with high volatility, like Bitcoin. Gold is also a proven "Safe haven" for conservative investors, who are not looking for a high risk investment. Gold is seen as the safe option and ideal for the low risk investor. |
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Well, it is not as if it was not attempted before. There was several attempts at double spending and there are also several hard forks that tried to dismantle the security of Bitcoin. <Bitcoin XT / Bcrash etc> We have also seen some very close calls to a scenario where there could have been a 51% attack. In essence these attacks are just as harmful as counterfeiting in fiat currencies. Good thing is, we are still standing after all of these attacks. |
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yes right, it is now not a few beginners who pretend to know everything about cryptocurrency but in fact not. this is very dangerous, because they can spread uncertain facts, and will only make FUD mode.
so learning about cryptocurrency is very important for beginners to make no mistake in delivering and receiving information. because most newbies convey information without checking and tracing the facts first.
Well that would be only possible if they will not be supervised. They need to learn more so they need to be guided. Well if those newbies done something wrong which can cause the community a trouble then they must be blocked. I think thise newbies are still searching for something so we need to help them as their superior. Moderators can only block someone if they break the rules. You are not breaking any rules if you are spreading information that you might think is correct. How will it be proven that the poster did know in advance that the information that he forwarded, was wrong. The best thing to do here, is to reply on that person's post and to give the correct information. DannyHamilton frequently done that, but I think he got tired of repeating things over and over again. Outside of this forum, things should be handled the same. If someone says something that are factually incorrect, then knowledgeable Bitcoiners should correct the mistakes by stating the facts. |
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Solved - I got the new IP address and I am running again. Thanks for the offer, but I am cool. I am not in the habit of giving out personal information to strangers on the internet. ^joke^ I will let you know if this problem persists and then you guys can look into it. Just glad I am operational once again and things are back to normal now. This new IP address may just be the thing I need to change my luck to win the Lotto. No problem. The other IP must be listed as a VPN or Proxy, it's difficult to get hold of 100% accurate lists. @Kakmakr, I think I probably know the answer but do you have a static IP or a dynamic IP - if it's dynamic, you might want to request a static one so this error doesn't happen again)? Nope, I was using a static IP for many years now, so it was strange that it suddenly got flagged and banned, but I just got another static IP address, so it is sorted. The reason why I asked for a static IP address, was for this exact reason. When you use DHCP and you get a random address, then you never know what a previous user did with that IP, so you stuck when a service blocks you for something that someone else did. Luckily I have some friends in the ISP, so I can quickly get another IP, if something goes wrong. |
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If I understand this correctly, they are saying that these workers can chose to accept a option where they receive a portion of their salary in Bitcoin, which is a good thing for those people who converts some of their salary into Bitcoin, every month. The employees do not have to pay exchange fees to get the money converted and they have a portion of their salary in a currency/commodity that are a store of value. |
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What is more Environmentally unfriendly? Bitcoin mined from unsustainable energy or copper, nickel and zinc mines that provides these metals to be used in minting coins for the fiat system? Put that into your pipe and smoke that.... We have not even touched on the Cotton and Paper that are used to print notes. {How much water is wasted in this process?} Oh, before I forget, the UK are printing plastic notes now. Let's rather look at the bigger picture, before we get the pitchforks out to attack Bitcoin again. |
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What is the true value of one of the top priced PokeMon cards? Is it the +/- $1 manufacturing cost or the $100 000 price, someone is willing to pay for it? Can we measure the cost of a bitcoin? Yea, some people use the cost of the energy that are used to mine it, but not all coins will then surely be equal, because a coin mined back in 2009, will then be less valuable than a coin mined in 2018. We use the price, based on the demand and that is what someone is willing to pay for it. Currently it is +/- $7000 per coin. |
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Nah, It's OK. Getting another IP address is not a train smash at all, takes me 5 minutes. Will check back to see if the range is blocked or only a specific static IP address. It was just strange that I was discussing possible bot attack scenarios yesterday and that my IP address was blocked today. Could just be a coincidence, so let's just leave it there. To the Moon! It would help if you could PM me the IP address anyway so we can check against the lists. Getting false positives is a big hindrance to trying to stop bots as we don't want to stop genuine users at the same time. Solved - I got the new IP address and I am running again. Thanks for the offer, but I am cool. I am not in the habit of giving out personal information to strangers on the internet. ^joke^ I will let you know if this problem persists and then you guys can look into it. Just glad I am operational once again and things are back to normal now. This new IP address may just be the thing I need to change my luck to win the Lotto. |
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