I cannot reach newswire.net at all.
Neither can I neither can isup.me Copied and pasted. |
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http://www.newswire.net/newsroom/pr/70457-When-Your-Paypal-Dollars-Gold-and-Silver-Are-Not-Accepted-what-next-Bitcoin.html NEWSWIRE.NET 9 Hours Ago When Your Paypal, Dollars, Gold and Silver Are Not Accepted what next? Bitcoin! New, secure platform available, making global, online payment easy and without restrictions. Finally, there is a way to make online payment easy, without restrictions and limits of traditional payment networks. Bitcoin is a growing, global virtual currency popping up all over the world and accepted at more and more places worldwide. Bitcoin is the most popular peer-to-peer digital currency, and is available anywhere there is Internet access. (Newswire.net --- January 31, 2013) Boca Raton, FL -- Cydec, based in Boca Raton, Florida is proud to announce that it is the first integrated SaaS/hosted shopping cart for BitPay, a leading gateway for the BitCoin global virtual currency . Bitcoin is a digital currency that enables instant payments over the Internet. Unlike credit cards and PayPal, Bitcoin has no central authority and no way to lock countries out of their network. Merchants who accept Bitcoin payments can do business with virtually anyone. While other companies like Paypal are big business, there are concerns in that they block access from over 60 countries. Similarly, many credit card companies have restrictions as well. Access is blocked for a variety of reasons, such as higher fraud rates, politics, and other financial concerns. Until now, some users would be denied access to certain goods or services because of payment issues they can’t control. This is not the case anymore. Bitcoin can reduce the risk and cost of collecting online payments. Until recently, bitcoins were traditionally very clumsy to transfer; but not anymore. Cydec’s shopping cart allows companies to put up a secure screen so customers can pay from anywhere in the world through it's integration with BitPay. Bitcoin payment is even easier than paying by credit card. Payments typically process in a few seconds, less time than it takes to fill in a credit card form. In addition, unlike other payment methods, every time a purchase is made, there are no fees that must be paid to a bank or a credit card company, especially when converting one currency to another. Bitcoin is not under the control of any central bank or government, and is instead controlled by an algorithm. Thus, it is safer than traditional currencies and immune to political pressures. At a time when inflation is at an all-time high and our economic future is uncertain, it’s not surprising that Bitcoin is attracting so much attention worldwide. WordPress recently announced their integration with BitPay, displaying its growing credibility and popularity globally. BitPay currently serves over 1,500 businesses in more than 100 countries. As a leading SaaS ecommerce platform, Cydec in conjunction with BitPay are making the Bitcoin virtual global currency easy and accessible to everyone, thus making history in a new digital era. Press can contact Brett Fogle at brett@cydec.com or by calling 561-715-7302.
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I think it's very hard to look at Gox and have a sensible discussion about 'fair-value' when things are this volatile.
The fair-price (if there is one) is probably substantially lower than $20, could easily be $5. But on top of this 'fair-value' is a risk-premium which reflects the uncertainty and opportunity to own coins.
At current prices I would not worry about things being over (or under priced). It's just like dealing with a hi-tech stock that's very fashionable to own one day, and short the next.
It reminds me of trying to trade Netscape in the early Internet days -- too big a position (either way) led to traders being carried out, those that took positions commensurate with their risk-limits ultimately won out.
It's rocky out there.
If your idea of a "fair value" is not in line with the actual value, it's time to reassess your idea. The value is what it is... |
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BTC doesn't lose it's value if you spend it for something, even if at some later point in the chain it converts back to fiat, because if there's something out there that you can spend BTC on, that BCT will be re-purchased to be used for that purpose. It's a funny little concept called money.
Actually, this is all a "funny little concept" called trading. It's irrelevant whether you spend the bitcoins on fiat currency or goods. You will be flooding the market with BTC, and that will push the value down. It won't be easier to find someone who will trade for the full value in goods than in fiat, so instead of getting less fiat you will get less goods. It would have exactly the same effect as printing fiat and spending them on goods. Or so it would be, if the system was static and we didn't know about the velocity of money concept. |
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So walmart starts issuing its own credit in the form of walmart points. walmart prices items in the sore in walmart points and disseminates these coupons into the economy by paying its employees in walmart points.
I think this sort of thing was outlawed in the US a while back. And as long as the Walmart points keep their value, everyone is happy. But soon, some smart kid starts buying Walmart points for an advantageous exchange rate to the USD, and at that point the Walmart points either lose or gain ground. If they lose it, employees choose to stop working for Walmart, or start buying EVERYTHING at Walmart at the nominal Walmart points value, then sell it for something other than that outside of Walmart, causing Walmart to incur enormous costs just to keep the points going. If Walmart was the only game in town (say, the way the Cuban government is the only game in Cuba) this might work for a while. But since Walmart has competitors, eventually the forces would tend to balance out. NOTHING rises faster than a black market, even when technically it isn't black. |
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Let's be realistic. No market allows hyper-profiting.
When I get my ASIC mining hardware, well, mining, and the price of Bitcoin remains at its current level, I will be hyper-profiting. So, I know that the market will correct itself, sooner or later. Then I will keep making reasonable, high(is) profits for the foreseeable future. And that at the current norms is not more than 100%.
My cost of mining for the next few years will be around $3.9 / BTC.
Therefore I will be disappointed if the BTC drops below $7, but I don't believe it is sustainable to have it at the current $21. So, what is the hsitoric YOY growth, 30%?, 50%?, then it will be reasonable to expect it to hover (with slight upwards trend) around $15 in 2 years.
That's my thumb's suck.
But then again, the professional speculators can make and break any market, Bitcoin including - and that will make the BTC anyone's guess!
Ever thought that maybe the price won't drop but you'll have more mining competition? LOL |
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Hmmm... the coins ARE money  Just don't sell them, like you don't sell gold. What's the point of having money which lose their value if you try to spend them? You didn`t say spend in the previous comment I`m referring to. You said get out. If everyone holding USD decided to "get out" of USD at the same time, it would also lose its value. BTC doesn't lose it's value if you spend it for something, even if at some later point in the chain it converts back to fiat, because if there's something out there that you can spend BTC on, that BCT will be re-purchased to be used for that purpose. It's a funny little concept called money. Which is what Bitcoin is... which is the point of my reply to your comment. |
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Very cool, and not a single mention of mining! |
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Well, if imitation truly is the sincerest form of flattery, I guess we should all feel quite flattered.
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It appears that:
- you cannot transfer AmznCoin to another person (they can only be used to buy stuff from the Amazon Android store)
- they have a fixed exchange rate where $1 = 100 AmznCoins
So, this is nothing more than a pre-payment method and a way of batching costly credit card transactions (along with a promotional giveaway). It's interesting to compare this approach with Apple iTunes. Apple considered the possibility of introducing their own "virtual currency" but they decided against it for usability reasons...mainly that people would have to always keep in mind an exchange rate. Apple went with the much simpler model that their "virtual currency" is pegged 1:1 to the USD and is simply called dollars. With this approach people don't have to think about exchange rates.
To solve the batching problem, they delay billing and batch multiple transactions together when they can, and they market and sell iTunes gift cards everywhere. It's an effective model and much more user friendly than forcing everyone to buy $10 or $20 worth of credit up front. They probably do pay a high fee on some individual transactions, but I'm sure they make up for it with the tons of $50 or $100 gift cards that they sell.
Yes, they're not a currency, they're credits, or a digital gift card. |
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There may be some downward pressure on the BTC/USD exchange rate when bitcoin breaks through $1 billion, but it won't stop the overall trend.
What I'm wondering is if at that point there will be enough trade volume to significantly reduce volatility, compared to volatility today.
In today's prices we'll probably see volatility until BTC trades for upwards of $3000 or so. This volatility relates to the fact that Bitcoin is undervalued, not overvalued. |
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Just today I started playing around with Armory (offline and online wallets) and at first glance it seems pretty impressive.
It's great software, I just hate the launch times. First launching the QT client and waiting for that to load, then waiting for Armory to load on top of it... You must not be very concerned about security if a couple of minutes of load time inconveniences you. I used to be worried about keeping my Bitcoins safe, and being able to safely use them at the same time. Since I started using Armory it's no longer a concern. I keep multiple wallets with multiple levels of security and it works wonderfully. Put what you might spend on a more convenient wallet, put the rest in deep savings, offline only. Fund the spending wallet as needed with offline transfers. I keep digital wallet backups in multiple physical locations to protect against disaster. Thanks. I'm doing just about the same right now, and as I said, quite impressed with it. The whole process for signing an offline transaction does take well under a minute and having digital and paper backups for the wallets is very reassuring. |
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I do not cruise the blogosphere for mentions of Bitcoin. But I do use an online magazine, which does. Inasmuch as they present this blog article side by side with other press items, I would suggest it qualifies as "press".
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I don't understand all that mama-jambo yet, but it sounds like another MintChip or Farmville money or something?  Doesn't sound like anything that will compete with Bitcoin? The only thing it means to me is that Amazon is not planning to accept Bitcoin directly any time soon. ...and that doesn't matter to us either. Maybe they won't accept BTC directly, but if someone opens an Amazon/BTC exchange, it really won't matter all that much, will it? |
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Just today I started playing around with Armory (offline and online wallets) and at first glance it seems pretty impressive.
Disclaimer: I am not exactly a technophobe, but compared to most others on this forum I'm quite close. So if anyone knows of any potential pitfalls with Armory, I'd like to hear about them.
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Anyone trying to manipulate it does so at their own risk. That being said, a 20k BTC wall is really no big whoop for someone with a couple 100k stored, especially if they can pull it down fast once the buyers start knocking.
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Oooh, and they're giving away millions of them to get the ball rolling, lets see how long they can compete with free and unregulated  How long till MtGox opens the BTC/Amazon exchange? |
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Say you were a government or major corporation that wanted to carry out a multi-billion dollar transaction in bitcoin. Would it be possible to raise the market cap up to where it needs to be for you to do it?
Sure, but it would be stupid if you intend to get out afterwards. People are not going to buy the coins back at the same price as they sold them, so you would lose money. Hmmm... the coins ARE money Just don't sell them, like you don't sell gold. |
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