One of the many bitcoin paradoxes: If the amount of money dumped spent with merchants through Bitpay is insignificant, that means that very few people are using bitcoin to buy stuff that is not drugz or child pr0nz with bitcoin on the deep web -> there is no real "adoption". If that amount is significant, add that the the daily sell pressure on the price, as if demand is not low enough   checkmate One of the many amazing aspects of bitcoin FUNDAMENTALZZZ!!11  The fallacy is that the issue with providing liquidity to the BTC economy is on a decline. The reality is that more and more services are becoming available to facilitate easy entry into this market. One of the big successes of BTC-e when LTC was starting to get a foot hold was the introduction of deposits from credit card. As time goes on this "issue" that may or may not be a real issue today will not be used as an argument against BTC and its future. |
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Also, companies that "accept bitcoins" do in fact accept bitcoin. They might not hold the bitcoins, and convert them to fiat, but they do accept them.
No. They accept USD. Their payment processor accepts BTC. They do not. They do not exchange it into USD Their payment processor does. They do not. They never touch BTC . Not at all. How many times & in how many different phrasings must it be said to be understood? Why are such simple things so difficult for some here to grasp?  they don't accept YEN, CAD, CNY neither do they? Edit: I don't mean to focus on your flawed perspective so I will let up. In Japan they accept Yen. In Canada they accept CAD, in China they accept CNY. Just how clueless r u bro? I take it your from the states  You should try ordering stuff from Amazon.com and see what currency its priced at. If you use paypal they will give you the choice to have them exchange to USD. |
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Wow, so you mean that the part that says " bitcoin trading volume" might be about the bitcoin trading volume instead of e-payments. Shocker ! What a masterpiece of misinformation....
Yes, that is a good example of how you can lie (= "intentionally lead people to believe in something that you don't believe") by telling the truth. What would a casual reader understand by "trading volume"? Also, companies that "accept bitcoins" do in fact accept bitcoin. They might not hold the bitcoins, and convert them to fiat, but they do accept them.
Bitpay gives merchants the option to actually receive the bitcoins, but the big companies listed there surely opt to receive dollars (for practical as well as financial reasons). The conversion to dollars is done by BitPay, not by the companies. You do realize this applies to all currencies? YEN, CNY, CAD Just wanted to add. If your a miner and mine BTC then effectively your exporting BTC. Places with currency that is below the value of USD benefit from a strong USD currency as their overhead is payed in their lower denominated currency. |
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Also, companies that "accept bitcoins" do in fact accept bitcoin. They might not hold the bitcoins, and convert them to fiat, but they do accept them.
No. They accept USD. Their payment processor accepts BTC. They do not. They do not exchange it into USD Their payment processor does. They do not. They never touch BTC . Not at all. How many times & in how many different phrasings must it be said to be understood? Why are such simple things so difficult for some here to grasp? they don't accept YEN, CAD, CNY neither do they? Edit: I don't mean to focus on your flawed perspective so I will let up. |
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When you said "purchase everyday things," I didn't realize you meant meth and child porn. I stand corrected As far as less shady stuff? Those merchants accept dollars, not BTC. That's why the BTC price is calculated for you at the moment of purchase from the real price. I did mean everyday things. You said illegal items. I asked for proof. Non provided. Whatever, I'm off to do other things. Have a good day! When was the last time you bought milk, butter or gas with bitcoin? And I don't mean through a payment processor. I know those coins get converted to fiat, but how is using a payment processor not 'using bitcoin to purchase things' ? Pretty weak comeback NLC, I expect higher quality trolling from you. Because you're using dollar or pound or euro to buy things. That's why those things are priced in dollar or euro or pound, and BTC price is calculated at the exact moment you initiate the transaction. If you enjoy the game of buying BTC with your money (paying a fee for the privilege), handing that BTC to a payment processor (which also profits from the deal because not charity), which, in turn, converts BTC to real money & pays the merchant you transact with, so that you can risk your money yet again on some shady exchange while BTC price pogoes around like it does ...breathe... you be my guest, but don't expect me to take your game seriously Have no fear. We have grown to expect very little of you.  |
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In May the price was ~450 USD/BTC, and on a good day BiTPay's presumed input wallet received over 2000 BTC. So, indeed, in May they were processing 1 million USD/day ... tops. They haven t updated that number since then, though. Analysis of that wallet suggests that the USD volume that they have been processing has been decreasing with the BTC price. AND a large fraction of that volume, as noted before, appears to be miners paying their bills, not Joe Public using bitcoins to buy stuff and services. Realize that Bitpay is one of a few service provider in the market. Additionally understand that this Analysis is of one Bitpay wallet. |
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-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.
-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.
Your first argument is a feeble attempt to push fallacy as fact. Bitpay one of a few service providers says otherwise. http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.htmlThat infographic is a masterpiece of misinformation. Casual readers will think that the "23 billion USD (57% increase)" is usage for e-payments, but it is either the blockchain traffic or the trading volume at the exchanges. BitPay has not released any meaningful numbers about the usage for e-payments through them. Analysis of what seems to be their incoming wallet shows about 1000-2000 BTC per day, constant since mid 2013 at least, which may be miners paying their bills. Excluding that component, BitPay's traffic seems to be a few hundred BTC per day, which would be perhaps 50 million (not billion) USD in 2014. So, their unwillingness to post actual numbers is not surprising. Also, needless to say, all of the companies that they list as "accepting bitcoin" infact do not accept bitcoins, only dollars. I use Bitpay as an example however indeed their banner would hold more weight if backed but figures. Understandably this is a competitive market. It is but one service payment option doing business today. More are entering the market including Paypal themselves. Much like the internet As adoption continue in time these numbers will only grow. Note that this article makes note that they extrapolate the numbers bassed on the fact bitpay has been reusing address. Analysis of what seems to be their incoming wallet"A couple days ago I noted that because Bitpay reuses its addresses, it is possible to monitor them and that there hasn’t been much of a growth since May (the last time they announced numbers)." They refer to this May announcement. http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/As of May 2014, "Today BitPay has processed over $100 Million in total and is currently processing $1 million in transactions a day." |
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When you said "purchase everyday things," I didn't realize you meant meth and child porn. I stand corrected As far as less shady stuff? Those merchants accept dollars, not BTC. That's why the BTC price is calculated for you at the moment of purchase from the real price. I did mean everyday things. You said illegal items. I asked for proof. Non provided. Whatever, I'm off to do other things. Have a good day! When was the last time you bought milk, butter or gas with bitcoin? And I don't mean through a payment processor. I know those coins get converted to fiat, but how is using a payment processor not 'using bitcoin to purchase things' ? Pretty weak comeback NLC, I expect higher quality trolling from you.  |
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In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money? I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that. Because that was my point, people buying bitcoin to use it for its supposed utility as a currency.  @NotHatinJustTrollin. Knowledge, Understanding & Wisdom is a lost art on you it seems. Why the hell are you posting a pic of BTC-E? Does that answer any of these questions (especially the last one)? Nope. it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that. Unfortunately your lack of wisdom is evidently shown publicly. Your incompetence in exercising understanding is imponderable. http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/What about the last question? In a 3-10 billion marketcap currency there are some whales that can dump spend coins, what a surprise. Who is actually using those bitcoin as a currency? "people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?"? One is one to many for free advise However know that the Value of BTC is outside your present perspective. I take it as "I can't answer that shit". Know that your inability or lack of desire to seek out your own understanding has been made clear in our brief exchange of perspectives.  https://twitter.com/GaltsGirl/status/564137655827316737/photo/1All pleasantries aside... 7:22PM EST  |
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In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money? I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that. Because that was my point, people buying bitcoin to use it for its supposed utility as a currency. @NotHatinJustTrollin. Knowledge, Understanding & Wisdom is a lost art on you it seems. Why the hell are you posting a pic of BTC-E? Does that answer any of these questions (especially the last one)? Nope. it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that. Unfortunately your lack of wisdom is evidently shown publicly. Your incompetence in exercising understanding is imponderable. http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/What about the last question? In a 3-10 billion marketcap currency there are some whales that can dump spend coins, what a surprise. Who is actually using those bitcoin as a currency? "people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?"? One is one to many for free advice However know that the Value of BTC is outside your present perspective. |
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Why the hell are you posting a pic of BTC-E? Does that answer any of these questions?
... You know the people who think radio static is coded messages from Ramulon and keep sticking their grimy AM radio in your face, as if you should instantly get what they mean? Me neither, but Sitarow prob'ly does that sort of shit too.  Here I thought you were the little dog in the troupe. |
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In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money? I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that. Because that was my point, people buying bitcoin to use it for its supposed utility as a currency. @NotHatinJustTrollin. Knowledge, Understanding & Wisdom is a lost art on you it seems. Why the hell are you posting a pic of BTC-E? Does that answer any of these questions (especially the last one)? Nope. it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money?
I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that. Unfortunately your lack of wisdom is evidently shown publicly. Your incompetence in exercising understanding is imponderable. http://www.btcfeed.net/news/bitpay-processed-over-100-million-in-bitcoin-transactions/As of May 2014, "Today BitPay has processed over $100 Million in total and is currently processing $1 million in transactions a day." |
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In that link there is no reference to actual transaction volume, it doesn't say anything about how much money is spent (aka dumped) on merchants accepting bitcoin with Bitpay, if this number has increased or if it's anywhere significant. also, it doesn't tell you who is dumping spending their bitcoin on merchants accepting them through Bitpay. Whales who already own plenty of BTC? a limited number of libertarians? or people buying bitcoin to use as a currency for its *amazing advantages* to fiat money? I highly doubt it any significant amount of money comes from the latter group, and bitpay doesn't tell me anything about that. Because that was my point, people buying bitcoin to use it for its supposed utility as a currency. @NotHatinJustTrollin. Knowledge, Understanding & Wisdom is a lost art on you it seems. |
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...With bitcoin, eventually the new coins stop and has no choice but to slowly become more distributed.
Nonsense. Nether gold nor BTCeanies become more evenly distributed with time. Neither are really used to purchase everyday things. Well duh, neither is Bitcoin. Not unless you got a heavy dope/gambling habit. Who can honestly fall for this drivel. And that's ignoring the fundamentals, which are pretty bad by themselves...
Such as? - The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.The idea behind the blockchain (a distributed ledger) has potential, sure, but the bitcoin blockchain and especially bitcoin THE CURRENCY are way too limited, in my opinion. Centralised finance works just fine and while it might use the underlying technology/idea behind the blockchain, it doesn't need a new artificially limited, volatile, pyramid scheme-like currency. For all we know: decentralised ledgers = the internet Any cryptocurrency like bitcoin = pets.com Your first argument is a feeble attempt to push fallacy as fact. Bitpay one of a few service providers says otherwise. http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.html |
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Bitcoins are not a natural resource, they are a built in example for the proof of concept software that is called Bitcoin.
Numbers are not natural that is for sure Not numbers, information. You missed the point btw. Me too, probably. Makes me wonder if the hermeneutical problem we are facing boils down to your inability to make your point clearly. I let facts work as (nonverbal communication) Qe? I was referring to the other guy. I'm tired and in a shitty mood. Time to step away from the keyboard and watch some crappy chic flick I guess. When I wake up tomorrow this mofo had better be $300+! I should have placed an @name. I understood that it was directed at him. However I wanted to point out that facts speak louder than words. NotLambchop: Why do you waste your time and other's time here? What are your motivations? Saving people from buying bitcoin?
He has lost his way with nowhere to go, now asset exchanges are pretty much gone. He had a positive role there. Now, he is so bored, he will use you and his granny for "laughs". True. 4:54PM EST  |
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Bitcoins are not a natural resource, they are a built in example for the proof of concept software that is called Bitcoin.
Numbers are not natural that is for sure Not numbers, information. You missed the point btw. Me too, probably. Makes me wonder if the hermeneutical problem we are facing boils down to your inability to make your point clearly. I let facts work as "nonverbal communication" |
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Painite2.jpg[/img] Does not look like much does it? Now is it worth more then Diamonds?
Worth more than diamonds because limited supply, just like my grammy's farts and Bitcoin. My grammy's farts are worth more than both painite and Bitcoin tho, 'cos grammy is dead and only a single fart, hermetically sealed in a Mason jar by qualified rarereologists, remains. Unlike diamonds I am confident others do not have as much affinity for what you describe as you. How about you stop wasting time & snap up some BTCeanies before Wall Street & their bankster buddies corner the market? Unlike Beanies, (that can be easly forged) Bitcoin has far greater qualities then you attempt to let on. |
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Painite2.jpg[/img] Does not look like much does it? Now is it worth more then Diamonds?
Worth more than diamonds because limited supply, just like my grammy's farts and Bitcoin. My grammy's farts are worth more than both painite and Bitcoin tho, 'cos grammy is dead and only a single fart, hermetically sealed in a Mason jar by qualified rarereologists, remains. Unlike diamonds I am confident others do not have as much affinity for what you describe as you. Humor aside.. 3:55PM EST  |
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