I also have questions regarding micro-payment and transaction fees. I havent really been able to find a good source of information as to how transaction fees are calculated.
As an entrepreneur I am doing feasibility studies for several bitcoin business ideas. In doing these studies I have tried to anticipate the future value of bitcoins and several models I have used end up with bitcoins being worth easily close to 1 million current US dollars each.
If bitcoins gained enough traction to become this valuable, the term micro transaction might have different meaning all together as you would need to transfer just 1 millionth of a coin to buy a coffee.
Im sure this is adressed somewhere, does anyone have any links?
I'm not sure Bitcoin at 1 million USD is good planning. If that was your business model, then just buy 1 Bitcoin, sit back and relax and become a millionaire. Value increases take time and infastructure. I think a more realistic target, if Bitcoin catches on, is $100 or so in the next couple years. |
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Yes, the current fees are a problem. I can't send 0.001 Bitcoins to you at the moment. It's impossible. I'm not worried, though. When BTC price gets that high, it's a problem I'd like to have. And one I think will be solved.
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They might figure that some people use the same password for both Dwolla and Mt Gox. It's probably just a precaution.
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Seatbelt laws are pretty silly. I'm more concerned about the whole "force" thing. Police supposedly keep the peace by preventing violence from happening, when in fact they are the primary initiators of violence.
This is the contradiction people must overcome if we are to move ahead, in terms of freedom.
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I agree that speculators are demonized uneccesarily. The reason why speculators invest in something is if they believe it has value. Therefore, speculators in bitcoin are a kind of validation of bitcoin's value and a way to help it grow.
The price has been stable for a while, but the wild fluctuations in price we have been seeing up until now is a result of something rare and beautiful in this day and age, something that most people of our generation have never seen: a free market.
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I dealt with him when he used PayPal. $300 worth of bitcoins. He's a good guy.
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None of my orders below $15.50 were filled  WTF? |
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Nobody can send you 0.0005 bitcoins at the moment. That's a problem if price explodes. I reckon it'll be fixed in an upcoming client version.
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A) On the Bitcoin show last night, this question was brought up and it sounded like it was the first time the guys from Mt Gox considered it. They didn't have an answer. My guess is there's not much they can do about cx'ing withdrawals without appealing to the financial institutions. If you withdrew in Bitcoin, then I'd guess they can't do zip about it. But then they have to compensate for that, so...?
B) Yes according to the current story they are rolling back all transactions. I personally had buy orders all the way down to $1. They were all filled. Many will be upset about that, but...
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Mt. Gox writes: We have been working with Google to ensure any gmail accounts associated with Mt.Gox user accounts have been locked and need to be reverified.
Not sure if that's related to you, but I was forced to change my password to my google account after the Mt. Gox fiasco before I could access anything. Google claimed suspicious activity on my account.
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I'm watching it, nothing too exciting yet. Trade Hill guy is reluctant to speculate on exactly what happened. I'm more looking forward to listening to Mt. Gox's explanation.
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I think society has been so far removed from open markets that it doesn't understand how they work.
If all traders expect the price to fall on the weekend, they will sell earlier, and buy into the weekend. This will push the dip earlier in time, and in the long run will level it off and make it disappear completely.
This is a great example of how "evil speculators" actually make markets more efficient and smooth out the variance. The physical constriction of MtGox wire limits, and weekend bank issues, is being smoothed over by speculators who are each trying to profit on that known constriction.
Markets FTW
Good point, we all need to be reminded that the free market is a wild but somehow logical beast. It's hard for people (including me) to understand how free markets work, as there have been very few examples in the past hundred years or so. |
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I think it's a few things:
eBay does not allow sale of a virtual item. So #1 it is against eBay policy. Also, sellers risk chargebacks through PayPal. As a result of these things, there are few listings. Even fewer run the gauntlet without being flagged. Small supply = high prices.
Also, people who have just discovered BTC are waiting on Dwolla, etc and want in before a potential price spike. High demand = high prices.
FYI: I have sold Bitcoins on eBay. Not worth the risk of chargebacks or having my account shut down.
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Who knows what the future will bring - but I'm sure that bitcoin will adopt to the most efficient technology of the day - be it plastic cards, smartphone apps, or something else entirely.
Necessity is the mother of invention. When bitcoin is adopted massively, there will be a huge market niche for simplification (ease-of-use) of bitcoin's features.
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The sane thing could be said about the silver market for the past month or so...
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Oh Stef has voiced his opinion on it before this in a few videos. Nothing substantial however. I don't suspect it was necessarily a procrastination on his part.
Really? Links? The first time Stefan mentioned Bitcoin was at 40:15 here: http://www.youtube.com/watch?v=x36kWkB1CD0He mentioned it in a little more depth in the middle of one of his long shows within the last two weeks, but sorry I'm not going to watch through them all again to find the reference. And he has just released this one: Stefan Molyneux on TV: Bitcoins: digital currency of the future? http://www.youtube.com/watch?v=pcchQs2YDZ0It looks like Stefan has become a convert: It's a very powerful system, and it's a really ingenious system. It's a beautiful thing that has been created in my opinion. I think it's just wonderful! Thanks, I watch all his videos (or so I thought), but somehow missed this one! |
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Oh Stef has voiced his opinion on it before this in a few videos. Nothing substantial however. I don't suspect it was necessarily a procrastination on his part.
Really? Links? |
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Fking finally Stef spoke about Bitcoin in one of his podcasts.  From what I've seen on the freedomainradio forums, he's known about it for a while, but hasn't had an opinion until now. My question is: where was the guy last month, waiting for it to catch on? |
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somebody was selling them @$50 each the other day. If all sales went off without a hitch, these guys are laughing all the way to the bank.
It is NOT going off wihout a hitch. I was one of the sellers last week. Listed 25 variations of BTC amounts, on eBay, with bids as high as $55 per BTC. Here's what happened: - 4 listings were cancelled prior to end of auction due to TOS violation - 2 people have claimed that their account was hacked after I sent them their BTC - 2 people are claiming they did not recieve their BTC I expect chargebacks. I have a few still listed now which are technically selling a silver dime with a free BTC. This may be a away around eBay TOS, but it probably won't weed out the scammers. If I get any chargebacks, I'm not selling on eBay again. Even with eBay and PayPal taking 10% of the auction, there is money to be made even if buy BTC for Mt. Gox price at the close of the auction, but it's not worth the risk, in the end I am going to lose money on this, I can just feel it. |
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