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Author Topic: Why the current bitcoin economy is not sustainable  (Read 1675 times)
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June 06, 2011, 10:38:50 AM

I had read a lot of places the following sentence: There is no commission (for now), so you can trade away for free.
There also used to be no commission at mtgox. Same is true for that bitcoin poker site. GUYS LISTEN!

I have a feeling that quiet a lot of bitcoin based businesses set up with the idea that there can be no writedowns. Charging a small fee is not immoral! I have run a high payout online casino in the past, infact one of the absolute highest paying ones, and we did have to deal with writedowns, after writedowns and promotions we were often left with just 1-2%. You have to escape that fantastic nonprofit economy and realize that any business nomatter how simple comes at a risk and that risk is not unjustfiable to price accordingly!

For us to have a sustainable bitcoin economy the businesses themfself must be sustainable.

Apart from running an online casino i have over 4 years of experience as purchasing manger for a major european electronics retailer, yes i love low profit margin so the enduser gets most for his $$ to products, but guys please consider this warning seriously. I know most of you have your first business in bitcoins, it isnt immoral to charge a fee its worse if you default on no fees than to break even on low fees.

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June 06, 2011, 10:41:30 AM

What are you talking about? Lots of miners are getting fees. All MtGox trades have fees. The (only?) poker site has rake.

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