|
The massive printing of huge bills is an effect of hyperinflation not (usually) it's cause. Hyperinflation is caused by a loss of faith in a currency. This can be caused by various things, massive printing is one of them and not the usual one. When people don't believe that their money will hold value anymore them immediately spend it on anything they think will. They don't want to wait and pay any price. Now if the government still wants to get hold of stuff they need more money than ever and they print it. It is already too late at this point. Eventually everyone gets it and no one accepts bills above their value as paper.
|
|
|
|
Guys this is exactly the core problem of the BitCoin economy. Despite the fact that I look for a simple answer to a simple question it all gets very convoluted.
How can this ever be pushed into the mainstream media when its like this. I now been reading on BitCoin for 3 days, and reading FAQ's over and over again and still some things does not make sense. I know deep down inside its simple and makes a lot of sense, but it takes to LONG to get into it. There needs to be a BitCoin for dummies section or you may as well forget pushing this currency beyond nerds and anonymity freaks.
The answers are convoluted sounding because the questions are bad. Try answering this one clearly: What if you get angry and beat your wife, killing her? Seriously, give it a go. |
|
|
|
So, wait a minute. I thought Paypal was blocking Bitcoin purchases? It looks like there are Linden Dollars regularly for sale on E-Bay as well. Why aren't more people selling Bitcoins on E-Bay?
They blocked a site that bought and sold coins for PP and a guy who did a lot of transfers publicly. I don't think their policy is to hunt down individuals who trade bitcoins. And if you aren't advertising then it's hard to figure that out anyway. Well, except maybe statistically when the community is small. |
|
|
|
I liked the previous one by Falkvine - but this is full of mistakes (transfers are not instant, there is no $50million in the system, because most bitcoins were never sold or were sold much cheaper then $8 - stuff like this).
None of that $50M (actually lower like you say) is in the system either, it's paid to people who sold coins, it doesn't go 'in' anything. What we do know is that there are 6.3M coins and none of each of their owners declined to trade them for $8.20, so they value them more than that, but we don't know how much more. |
|
|
|
OTC isn't a queue of offers lined up by price with volume indicated so that one can see how much a given number of coins or dollars would cost if you simply bought from the queue.
When such a queue is present it should work.
However maybe at MtGox you can make it work if you wish simply by specifying on your purchase order whether you want to purchase only from the open book not from a combo of the open book and the dark orders so maybe at MtGox it is not a problem.
I have heard people speculating though about seeming mysteries where an order didn't seem to resolve correctly. Maybe they simply had forgotten that they had specified that they wanted their order to be resolved aainst the dark pool as well as the open book?
Or maybe it was not their own order they were wondering about and the history they were trying to resolve didn't say even after the fact which orders had been open and which had sprung out of the dark pool?
-MarkM-
Your order can't get resolved besides at the price you agree to. All this complaining is silly. Some people want to make offers you can't see, big deal. It doesn't change the fact that all you are doing is making offers yourself and that the only thing that can happen is that they get filled or don't. |
|
|
|
|
The Bitcoin "system" doesn't have you getting coins as one of it's goals. If you can convince anyone with coins to send you some the system will do that in a snap. Your problem is finding something valuable to exchange. It turns out that you can cancel payment on Bitcoin purchases really easily and you need to find a way to overcome people's worry that you will do that. One way is sending a wire, another is handing cash to someone, another is building a reputation/meeting people/making friends/proving your trustworthy identity and then using PP or similar, another is selling or doing something valuable.
It's your problem and it's not that hard to solve if you want to.
edit: My tone might be too harsh. There are people trying to find better ways. CoinPal was great, but PP shut them down. Dwolla can be used to get money to MtGox. Either way it has nothing to do with tech savy. My parents fed-ex'd a bag of cash.
|
|
|
|
Perhaps part of the problem is the fraud protection that many/most cards have. That causes consumers to not be afraid to give out their card information willy-nilly, because if it's stolen and abused, they're not liable. On the other hand, as a card holder, I love fraud protection.
Fraud protection is great, but the system is set up to lead to fraud and a need for fraud protection. The math has existed for a long long time to make it way way harder. |
|
|
|
I wouldnt recommend to deposit that much money on MyBitcoin. I mean, just in case. We still dont even know who created it
That means it's probably Satoshi. Probably not also I'm sure it's not, just having fun with the transitive property. mybitcoin owner = anonymous stoshi = anonymous mybitcoin owner = satoshi |
|
|
|
|
Are you serious? You couldn't find anywhere that said "Backup wallet.dat only"?
|
|
|
|
I stopped reading right here. Bitcoin is not wasteful, even now. It's several orders of magnitude more energy efficient than the fiat currency systems in use around the world.
I would like to see numbers that prove it. The current network consumes 2MW of power constantly assuming (on average) 2MH/s/W. It's about 2 million USD per year. Of course that's not much compared to the money used for fiat money flow but for a 45 million USD money supply it's a lot. And then you have a few million of USD in equipment that based on Moore law will be worth a fraction of the current value in 12-18 months. When you add human work (building and maintaining miners), you have a lot of cost for the amount of money supply that is handled by a small bank. At the very best, Bitcoin is as efficient as the fiat currency system dollar per dollar and likely less efficient. P.S I know about the cost of bailouts but Bitcoin is yet to start handling loans. And it were loans not money transfers and money flow that needed a bailout. Are you spying on me? (wait, I guess not since you don't know what I'm doing). I give loans. Loans don't cause bailouts anymore than shoes cause dancing. |
|
|
|
I wish you lots of luck finding a credit card payment processor who will accept you. That has been the stumbling block for this in the past.
Yeah, at first I was thinking PP then changed it to card because PP shut coinpal etc, but what about using FB to clear people to join a site like bitcoinmarket was where people PP each other. |
|
|
|
*bitcoin-otc is a dark pool  People trading without sharing the details with everyone is clearly wrong, OTC should be very ashamed. |
|
|
|
Why do you expect the value to go up? What potential do you see?
From what I've read, it looks like the price of Bitcoins has done nothing but rise since they were created. One would assume that with popularity increasing, the price will continue to do the same. And as for the potential of Bitcoin, it's huge. The fact that it's a currency not being controlled by anyone is just the tip of the iceberg. After two more years of price increases are you going to change your mind and sell bitcoins for dollars? That's the plan. I can't buy a house with Bitcoins, not for quite a while yet anyway. Depending how things go before then I may well invest more money into Bitcoin and trade with it long after I cash out my initial investment. That makes sense. |
|
|
|
I wouldnt recommend to deposit that much money on MyBitcoin. I mean, just in case. We still dont even know who created it
That means it's probably Satoshi. |
|
|
|
|
I really don't like Facebook, but I was wondering if that might be a good fraud reduction check. If they have a sufficiently old and active FB account with details that match the card it is very unlikely to be a stolen card. Plus you could combine that with FB Bitcoin activism.
|
|
|
|
If you want your investment to be safe, you need to integrate yourself within the bitcoin economy.
I disagree with this claim. Let just say people who used the currency help make investor's currency actually worth something or sustain the investor's investment. Sure, you can sit on your bitcoin...but don't cry when it die due to lack of economic activities. Participating in the economy may very well make your investment more valuable. But it's like adding a poodle outside a bank vault. It's just wrong to imply the poodle is necessary to keep the cash safe. Crying won't help even if you do participate in the economy. |
|
|
|
Your granny can understand it, its simple, go to a site to buy them, enter address, buy them and get money, and to buy something send the money to the address with it and receive product.
The obnoxious thing about bitcoins, in my opinion, is acquiring them. Paypal was probably the simplest way until that option was taken away from us. Dwolla is easily the next best thing for the average consumer now, but transferring funds into Dwolla is a looong process. It takes about two days, in my experience. I haven't tested using Dwolla to transfer funds directly from my bank account to, say Mt. Gox, but I don't imagine it's much faster. (Correct me if it is.) Most people don't have Dwolla anyway, and once you have a Dwolla account why not just use that to make a purchase? If you don't care about anonymity and if you're not looking to escape the fiat system, then for most purchases Dwolla makes more sense. I think the killer application for bitcoins is fast and secure currency transferral. Right now it really isn't all that fast for most people as most people are trying to go from fiat to bitcoins to purchase. That process can take a few days at present. Two if you have a Dwolla account and need to transfer funds in. Four if you don't have a Dwolla account or don't have your bank account associated with your Dwolla account. Best case scenario? I enter my credit/debit card info, the information gets verified, the card gets charged, I get bitcoins. I wager most people would be willing to pay a small premium to offset the cost of scammers if it meant getting bitcoins in their wallet within ten or fifteen minutes. It would be a boon for the bitcoin economy, too, as it would lower the barrier to entry for most people and would allow people to "strike while the iron is hot," so to speak. If someone catches the "bitcoin bug" and wants to buy bitcoins, they shouldn't have to wait more than an hour before they have bitcoins in their wallet. Just my 0.02 BTC. Also, the address system is a bit intimidating for most normals, I wager. I think web-based services which allow users to send currency by e-mail address or by name would be the best option for them. It would make the whole system a lot friendlier and a lot more pleasant to use. Slow payment is a problem with the current system and a reason to get in Bitcoin and stay in. Anyone who can make it cheaper and faster to convert can profit so the incentives are all set right. |
|
|
|
Why do you expect the value to go up? What potential do you see?
From what I've read, it looks like the price of Bitcoins has done nothing but rise since they were created. One would assume that with popularity increasing, the price will continue to do the same. And as for the potential of Bitcoin, it's huge. The fact that it's a currency not being controlled by anyone is just the tip of the iceberg. After two more years of price increases are you going to change your mind and sell bitcoins for dollars? |
|
|
|
Why do you even need to allow just anyone in the town to mine?
If you are going to run the system yourself, just do an online bank with book entry. Cheaper and easier. The point of mining is to distribute the transaction processing where no one controls it and therefore everyone can trust it. But in this fork they have to trust a central entity to keep GPUs out. Might as well just trust that entity to keep the books. |
|
|
|
|
Show Posts
