Another argument is that "People will not spend their deflationary Bitcoins today, knowing that they will be worth more tomorrow".
There are several ways to argue against this point. The best way to argue this point is to sell or spend some Bitcoin, or point out that people spend and sell Bitcoin every day and there is Bitcoin for sale and being spent right now that they, too, could acquire, if they were interested. |
|
|
|
Great topic! Thanks for posting. Yes, I see a lot of Bitcoin skeptics and detractors online who don't seem to understand the divisibility of Bitcoin. Maybe this is a naming issue — the idea of a "coin" is pretty firmly ingrained in peoples' experience as an indivisible physical unit, with a penny (or international equivalent) being the smallest unit. So some Bitcoin commentators end up thinking mistakenly that 1 BTC valued at $33 means someone would have to round all Bitcoin transaction prices to the nearest $33. Whoops! Hopefully these commentators will encounter some kind Bitcoin advocate willing to educate them  This is one reason I'm starting to use the term "Bitcoin" in the singular. i.e., I didn't "buy 10 bitcoins," I "bought 10.0 bitcoin." Just like you might have 10 ounces of silver, not 10 ounces of silvers. |
|
|
|
|
Another option that hasn't been mentioned in your thread is coinbase.com
But, since bitinstant was so super generous with you, I suggest you remain with them!
Happy to hear that full bitinstant service is going to be restored on Monday. I've noticed the "bitcoin to an address" and "bitcoin to coinapult" functions have been missing for about two weeks now.
|
|
|
|
If BitCoins only ever go out of circulations past 21 million, What do we do when all coins are stored in dormant, idle or otherwise inaccessible wallets ? That would be like dividing by zero. Example; Lets say a person has accumulated 10,000 BTC over their lifetime...and then...they die. There computer is formatted and either resold or passed on to a relative. Either way the wallet.dat and the private keys are gone.
Thats 10,000 BTC that will never be circulated again.
It that occurred only 21,000 or so times. That would the whole of BitCoins in circulation would it not ?
The next time it happens, it would not be 10,000 BTC. The loss of 10,000 BTC would decrease the total supply of BTC by 10,000 BTC, so a comparable loss the next time would be 9995.23809524 BTC. The third time, a comparable loss would be 9990.47845805. The cost of anyone actually accumulating and retaining 10,000 BTC drops with each loss, compounding dramatically. By the 100th iteration, a comparable amount is 9539.40398171, and by 1000 iterations, a comparable amount is 6213.70605389. |
|
|
|
<trash talk>How long till Terracoins overtake Litecoin's value?  </trash talk> |
|
|
|
2.3. You read, on this forum, and you discuss with the market participants. You get your pecking order straight. Who are the movers and shakers? Whose word is worth 10k Bitcoins no questions asked and from whom? Why? You get the history straight. Who were the scammers, historically? How did they do it ? What are the patterns? How did the people who matter react, and why? What does that say about them, how does that color their relationships among each other?
If you don't have the list and don't comprehend how the interactions work, if you look at DeathandTaxes and have no fucking idea who he is, if you think we're buddies cause I mention him by name and so forth you're not done with this. Must lurk moar.
2.4. You ask questions. Only on step 2.4 do you ask questions, by the time you're here you have already done a lot of work! You have sunk into this upwards of a hundred hours of your spare time, whether you like it or not, you've filled half a notebook with dumbass scribblings, you have fucking hand-drawn maps hanging from your bedroom wall. This level of intensity is not an upper bound to aspire to, but a minimum requirement. |
|
|
|
Coinlab/Coinbase/Coincrap - Multiple cases of stealing from users through the "canceling BTC sale when price goes up" scam, amplified by "pay anyone complaining on the forum" double-down. In any event their burn rate takes them out of the picture this year, so damage should be limited, but try and sit at a safe distance. Coinlab and coinbase are two totally different operations with two totally different sets of people involved funded from two totally different sources, right? One of your links you posted earlier today seemed to posit that coinbase is behind yesterday's news about MtGox when actually it's coinlab. Not really that totally different, no. Basically the same group of people. Who is common between the two groups? Do MPEX and GLSBE have any common people, too? I'm sure to someone who didn't take the time to research they would seem to be "basically the same group of people." |
|
|
|
Now I'm afraid people will not stay around to auction their stuff at bitmit which in turn makes it worse. Equilibrium, not spiral. |
|
|
|
Overall Im very bullish on LTC, because the value right now is so good and the upside is so so big.
...
I think LTC would be perfect for arbitrage traders to jump funds from one xchange to another. Sometimes one needs to do that in something other than B, and doing it in fiat is a slow, expensive hassle... Seems that if more xchanges besides BTC-E offered LTC funding, that would help arbitrage traders, and all xchanges also. Maybe i am missing some reason why the xchange operators are not doing that?  I'm pretty sure you can deposit and withdraw LTC on all of the major altcoin exchanges. I haven't done it, but I have done it with Terracoin. |
|
|
|
I'm always amazed to see people saying things like "I bought in at X, it's now X+10, I might sell if it goes down to X+5 to lock in some gains, or at X+15, cos that would be a great profit", or various combinations of that. Unless you are performing very disciplined market making in a volatile market, such behaviour is going to at best even out in the long term, before fees are taken into account. After fees are taken into account, you are going to be way, way down.
What about taxes? You're earning government money when you're selling those bitcoins so I guess you'll have to pay taxes when you cash out (at least when it's a significant amount like $10,000+).... Not if government money doesn't exist anymore when you take them out. |
|
|
|
Coinlab/Coinbase/Coincrap - Multiple cases of stealing from users through the "canceling BTC sale when price goes up" scam, amplified by "pay anyone complaining on the forum" double-down. In any event their burn rate takes them out of the picture this year, so damage should be limited, but try and sit at a safe distance. Coinlab and coinbase are two totally different operations with two totally different sets of people involved funded from two totally different sources, right? One of your links you posted earlier today seemed to posit that coinbase is behind yesterday's news about MtGox when actually it's coinlab. |
|
|
|
It seems so much easier to use than MtGox, so I'm just wondering.
Ironically, they are likely having to buy coins to meet demand and thus most Coinbase business probably is transacted through Mt. Gox anyway. I would imagine they are one of Tangible Cryptography's large private buyers. I don't think they have used our service. If they are, they are using an intermediary. Interesting. |
|
|
|
It seems so much easier to use than MtGox, so I'm just wondering.
Ironically, they are likely having to buy coins to meet demand and thus most Coinbase business probably is transacted through Mt. Gox anyway. I would imagine they are one of Tangible Cryptography's large private buyers. |
|
|
|
Hey everyone im buying btc bulk, 5BTC For 50$? or make me an offer ( BULK )
5 BTC @ $50 = $250 I'll sell you 5.00 BTC for $250 USD; you'll need to deposit the $250 USD at MtGox and then withdraw as a voucher to transfer to me. |
|
|
|
Bitcoins are easy, fast, and cheap to move around the world, dollars and euros are not. This thread is really asking about moving dollars between people, and has nothing to do with Bitcoin.
wow, the thread is actually about an easy way of cashing out bitcoins in dollars to 3rd parties....come on read |
|
|
|
Telling people no and expecting them to come and beg is not a way of doing business.
Period.
I'm not going to go sniveling after some thoroughly half-assed operation for a few bucks. Plonk. |
|
|
|
If you have a problem with a transaction, you say so up front and you say why. Exactly. So you should have gone to coinbase first with your problem and said what the problem was and why it is a problem, before coming here crying "fraud" and "scammer"! |
|
|
|
You do NOT send an email that says "Ehn, we renigged on the deal. Too bad. Piss off. Good Luck. Also, you don't post a crazy, emotional "These people are scammers!" message when you haven't even talked to a human in the support department to see if things can be cleared up. |
|
|
|
You should start a thread for your service, with a title that includes your service name and a brief description. As it is, posts about it are all over the board, and it's confusing to not see the "official" place to discuss it and ask questions. And your pricing model is a bit confusing, so there will be questions. |
|
|
|
|
Thanks, Arvicco! I got my BTC, and I hope you enjoy the XRP.
To anyone else, getting the XRP took about a day. Arvicco responded very fast and helped me figure out what my real Ripple address was when I made a mistake at first. Ripple wouldn't let me send the last 200 of my XRP, so I got 0.398 BTC.
|
|
|
|
|
Show Posts
