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3681
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Other / Beginners & Help / Re: Why Bitcoin Fails as Currency of the Future
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on: July 03, 2011, 06:33:11 PM
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So gold can facilitate electron flow, if that counts as intrinsic value then something that can facilitate trade flow counts too, unless electrons are somehow more valuable than trade. no, not necessarily. do you know what intrinsic means? Of course not. |
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3682
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Other / Beginners & Help / Re: Why Bitcoin Fails as Currency of the Future
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on: July 03, 2011, 10:29:15 AM
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Bitcoin doesn't have intrinsic value, but then, neither does USD (or gold, for that matter) gold is a good semiconductor, it does have intrinsic value. barter is inefficient because it requires double coincidence of wants. in your post I didn't see anything about the future and why bitcoins aren't a match. link the two better. So gold can facilitate electron flow, if that counts as intrinsic value then something that can facilitate trade flow counts too, unless electrons are somehow more valuable than trade. |
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3683
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Other / Off-topic / Re: BitTorrent is ten years old today.
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on: July 03, 2011, 10:25:23 AM
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I doubt bitcoin will see the same success, since there is a barrier to entry to bitcoin. You need to spend money to get a spendable amount of bitcoin and utilize them, whether it be mining or direct purchasing. Unlike bitcoin, you can download torrents for many different trackers with no additional costs.
If you are drawing a parallel, the apples to apples case is that you must first have media to share via BitTorrent, just as you must first have money to share via Bitcoin. In either cast you must have the competence to use it. The bar may be higher for Bitcoin in this respect but it it not insurmountable. BitTorrent is now also much easier to use than when it was first introduced. Agree, the bar might be a little higher to get started, but instead of getting great content for free you get to be free, so that kind of compensates. |
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3685
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Bitcoin / Bitcoin Discussion / Re: Bitcoin too valuable to spend
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on: July 03, 2011, 04:42:05 AM
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Once the deflation is built into the present price, it will no longer deflate.
that's like saying it is worth more than it is worth.
x7 Clearly I'm not an economist, but I don't buy your line. Your saying that theres a current price now, X, that will drive out all future inflationary pressures, including accounting for fiat inflation. This seems unlikely. And anyone who holds both BTC and USD knows this. Thuse, there is a hoarding presure. Sure there is a pressure, but it moves everyone to a point where a bit of extra coin is worth as much as a bit of extra dollar to them. If you are in a position where $15 is worth less to you than a coin, buy a coin. Then if $15 is still worth less to you than a coin, buy a coin. Keep going until you have so few dollars that dollars are just as precious to you as coins. Now you are ambivalent between spending dollars or coins. If you greatly prefer spending dollars to coins you are making a big mistake in your allocations. |
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3686
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Bitcoin / Bitcoin Discussion / Re: Bitcoin too valuable to spend
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on: July 03, 2011, 04:19:07 AM
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that's like saying it is worth more than it is worth.
that's like saying it is worth more than it is worth.
that's like saying it is worth more than it is worth.
that's like saying it is worth more than it is worth.
that's like saying it is worth more than it is worth.
that's like saying it is worth more than it is worth.
that's like saying it is worth more than it is worth.
x7 |
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3687
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Bitcoin / Bitcoin Discussion / Re: Someone needs to make
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on: July 02, 2011, 06:43:25 PM
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I've been thinking about a "comes with Bitcoin" model. People who already sell something could either toss in a trivial amount of coin or have a premium version that comes with a good chuck.
Examples:
An etsy store that sells a stuffed Bitcoin Bug and comes with a bit dime.
A cam girl who sends you 1BTC as the climax of the show.
Titles like the one on this thread hurt discussion. Some people don't open every thread and need to know what will be inside, that's what a title it for. You can still change it, try something like "Making coins easier to buy - brainstorming"
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3688
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Bitcoin / Bitcoin Discussion / Re: Can you prove you sent someone a bitcoin?
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on: July 02, 2011, 06:04:40 PM
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Someone being able to spend the change is not sure proof of sending the original tx. What you read as change could be another payment made simultaneously using SendMany. You need to see the person use the IN address again.
None of that is needed just to show that the tx happened though, just look in block explorer.
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3689
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Bitcoin / Bitcoin Discussion / Re: Bitcoin too valuable to spend
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on: July 02, 2011, 05:52:31 PM
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If you are not at the point of ambivalence about which of your currencies to spend them you need to buy more of the one you find too precious to spend. It makes no sense to claim that you value an extra bitcoin way more than the equivalent amount of dollars, but not trade the dollars for coins.
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3691
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Economy / Economics / Re: Bitcoins have no non-monetary use-value, and why it doesn't matter.
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on: July 02, 2011, 08:33:25 AM
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What do you think about namecoins? They are supposed to be like bitcoins, but also have a commodity use because they can be used to register .bit domain names (a p2p DNS). They too have a cap of at most 21 million in existance at the same time.
Funny thing. I actually use bitcoins to register domains, not namecoins. |
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3692
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Bitcoin / Bitcoin Discussion / Re: For next few months Bitcoins' price will not rise, it will slowly decrease.
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on: July 02, 2011, 08:30:55 AM
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as proven by its history before june, bitcoins' price will drop off unless there is big influx of new committed users.
bitcoins is already all over the press - people who would hear of it would have already done so.
unless there is some big new development that proves bitcoins can have exciting new users, people will become inactive and its users will drop off.
in fact the slow drop has already started as we all now witness.
I think posts like this should have to come with a firm offer to sell (or buy) call options. Just get rich if you know the future. |
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3694
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Economy / Marketplace / Re: Show your firstbits - get 2 bitcents
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on: July 02, 2011, 04:19:19 AM
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I went with bold firstbits for the donate address on the website. A link seems good if the whole thing isn't there, but if the whole is present what's the point of the link? Not that I'll complain if you want to link.
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3695
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Bitcoin / Bitcoin Discussion / Re: Wall Street Journal Frontpage Ad - 5000 Bitcoins
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on: July 02, 2011, 04:17:07 AM
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Attracting the common folk isn't what's needed. And yes, that is who reads the WSJ. Direct contact/networking to people who would be interested in bitcoin businesses is what is needed. If we get even more people trying to come in and buy coins with credit cards and paypal then we'll just have a lot of people who have bad experiences due to the rough client and such.
So, if we're going to market, market to high tech VCs and entrepreneurs. That is bitcoin's best bet IMO.
I work for a venture capital firm. That's essentially how I ended up here. The price and publicity surge in early June got our attention, but there are several reasons we've decided against any Bitcoin related projects (for the time being). The primary reason is that the Bitcoin market share is puny. The entire Bitcoin economy is worth less than $200M. To put that into perspective, Zynga -- one single gaming company -- grossed nearly $600M last year. Production and marketing of the movie the Green Lantern -- one single B movie -- was $400M. We won't be able to justify any major investment in this market until it gets much, much larger. Personally, I really want to see Bitcoin succeed. But before any of the serious money can move into this market, we need a whole lot more common folk with bitcoins ready to spend. But you work for a venture capital firm. Do you normal wait to invest in something until it is mature and huge? The highest returns are going to go to people who know that they will be building infrastructure and have capital to buy coins before they do it. |
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3697
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Bitcoin / Bitcoin Discussion / Re: Huge Television Ad for Bitcoin on All the Major Networks
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on: July 02, 2011, 03:46:39 AM
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Remember people, facebook now has 750 MILLION users and is used MORE than google. Also your friends, "liking" stuff will get more attention and action from them instead of just using an ad, which most people have learned to ignore.
We have to promote on facebook.
Promoting on FB is fine, but that number is misleading. My wife and I represent about 5 of those "users" and don't use FB at all anymore. |
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3698
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Economy / Economics / Re: Had a conversation with my Democrat friend today.
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on: July 02, 2011, 02:40:15 AM
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I had a similar experience this weekend. I was talking to my brother about bitcoin, when my grandparents overheard us and asked about it. After a brief explanation they decided it was a scam, since nothing was backing it. I ask them what they think is backing our currency. Their response - gold...
Sheesh, do people think there is some office somewhere that hands out gold for dollars at $35/oz or something? |
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3699
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Bitcoin / Bitcoin Discussion / Re: Wall Street Journal Frontpage Ad - 5000 Bitcoins
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on: July 02, 2011, 02:32:05 AM
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Like I've said in your other threads - advertisement is not what the bitcoin community needs. We get plenty of publicity from newspapers, and we can barely handle that.
You have my attention. I'm very interested. What should we do? Build businesses? I agree w/ Garrett. Building services that make it easier to learn about and get started using Bitcoin is what's needed imo. |
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