I get paid in fiat. So if I have monthly expenses those are taken care of with FRNs if I cannot pay with bitcoins.


Other than that, I convert all the rest to bitcoins.

I reserved 1 bitcoin to pay off my mortgage. Though I would rather just pay a mortgage company in bitcoins.

Good luck with that.

The fact remains that most people have credit cards and do not understand the whole thing about jumping through so many hoops just to get a bitcoin.

Paying for risk is part of how the market works. People are willing to take risks in exchange for money.

A rating per person would make it easier like on BTCJam where people are willing to loan out bitcoins to people who could disappear.

Good point.

Though I guess in theory that would just be part of the risk that people would have to compensate for.

The earliest trades would likely be very costly since, as been pointed out, without being established and not knowing the payment processor's stance on it the risk factor is huge.

Anything I have done as far as looking into the bitcoin time lock capabilities is that it is mainly client side and you are basically freezing your own funds from your client which then has to unfreeze the funds when the time comes.

The key part of that is that they could get bitcoins if they are willing to pay more. Buy 1.2 BTC for $120 then trade your red coin for a full bitcoin worth $100.

1 bitcoin on ebay is going for over $110 (at the current exchange rate of $60).

Interesting. The product being sold is a red token. I wonder how video game sites like Second Life do it.

I had a payment processor but do not recall them asking what I would be selling (maybe they did, I do not recall).

There are many people frustrated with figuring out how to get into bitcoins. It has been shown that people who use PayPal would be willing to spend more per BTC than those going through the exchanges.

The main reason people will not exchange bitcoins via credit cards is because of chargebacks, you could give someone your bitcoins after they pay with a credit card only to have them disappear with your BTC and get their money back onto their card leaving you with nothing.

Most credit card companies have different time scales for different charge backs, the longest being 120 days (from a quick check on Visa).

So, what if we had an exchange that allowed you to pay with a credit card and when you do the purchase the exchange buys bitcoins on your behalf but holds them for you for 120 days. What you receive instead is a bitcoin equivalent credit or colored or slightly transparent coin (however the site wants to do it).

But what you can do with these coins once you get them is trade them on that exchange. Based upon the amount of time that has passed from the time you bought them to the time they actually get switched out for real bitcoins they will vary in value based upon what people are willing to pay.

Say bitcoin is $100/BTC. You go to pay with your credit card and pay $100 (plus credit card fees). You buy 1 BTC for $100. The site buys 1 BTC at $100 and pegs it to your purchase and gives you a red 4 month coin.

You notice on the site that someone is willing to trade .8 bitcoins for a red 4 month coin. You need the bitcoins for something else so you do the trade.

Now the guy with the red 4 month coin holds the coin for a month so it is now an orange 3 month coin. He notices that someone is willing to trade .8 light green 2 week coin for an orange 3 month coin. He has a bitcoin hosting service payment coming up in 2 weeks so he makes the trade.

He waits 2 weeks and the light green coin turns dark green until the final day of the 120 days it turns into a solid bitcoin which the site then transfers to the holder of the coin. He can now take the coin out and use it in his wallet for whatever he wants.

The original person could have waited the 120 days to get the one bitcoin as well.

But people would be motivated to trade based upon the risk of someone doing a charge back. You could even have credit ratings for each person based upon amount of trades and if they have ever done a charge back.

It would allow for easier entry into using bitcoins on the trading side allowing people to pay extra to use their credit card to buy bitcoins (users could be willing to trade their full bitcoin for 1.2 red 4 month bitcoins from an AAA rated seller for example).

Thoughts?

I like to check periodically for how many coins are required to be in the top 410.

It used to be 1-2k would be enough. Now 3k is the low end.

I guess that is party a factor of more bitcoins in the system? Or would it be watching in real time the effect of the rich getting richer and poor getting poorer?

We all blamed bad things on "the manipulator".

Got someone in your pocket?

Ahh...someone who actually understands what the term regulate means.

Your professor would not. In liberal speak, to regulate is to use the government to make something better.

As opposed to during the days when your rifle would be "well regulated" if it was in proper working order and checked to make sure it would shoot if needed. It was that definition they meant when talking of a well regulated militia in the Constitution.

If it is for a university paper you will do well to bash the hell out of Bitcoin and highlight things such as "its creator is an unknown person!" and "a depreciating currency is bound to fail because nobody will spend".

You are well on your way with your response that old people should be taken care of by the state. Being a university paper I would also expand that to include minorities and the poor and lower middle class.

Here are some buzz words:
Keynes
ponzi scheme
bubble
unregulated


A+ for sure.

(I used to write outlandishly liberal papers for high grades to get through college myself, gotta look out for number 1)

I guess it would mean more dollars per BTC.

Ya, but my last 3-4 paychecks have been going toward saving up to pay the IRS.

Now that the IRS is paid I have many more paychecks ahead of me for buying as opposed to the one small(ish) buy I made in early February.

Consistent moving of dollars into bitcoins enables consistent purchasing goods and services with bitcoins. No matter the price.

Yours is white.

I was going to ignore you at one point because I was tired of seeing the word bubble.

But you have been consistent and are not combative about it.

I have the same amount of coins from before it started going up and the same amount of coins coming back down (outside of my regular spending).

Feels good.

Corner the market and do what with it?

Bitpay allows people to pay with bitcoins and you can either keep it in bitcoins or get the dollar rate at that time. Why would you have to worry about the rate?

Other, more important things, have been in the works.

http://www.talkbitcoins.com/talk-bitcoins/founder-of-bitinstant-accepts-bitcoins-at-his-new-york-city-bar/114/