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Author Topic: Here's why I think there is legs left yet in mining  (Read 1367 times)
bitcola
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June 18, 2011, 11:17:29 AM
 #1

I'm a newbie to bitcoin and only heard about it the other day.

It reminds me of the goldrush in the early days of domain names when you could register a 3 or 4 letter one without too much trouble.

I've seen some people here say that the margins on mining are too small now. But I think they could even grow, here's why:


The mainstream is only just getting into this. Interest is skyrocketing right now. It doesn't matter what the naysayers say, there will be enough interest from those who want it that they will eventually turn around and consider it when the truth eventually hits them instead of the media BS.

As this happens, the demand for BTC will skyrocket. This would make the price go high but when that happens, the margins from mining will increase and mining will become more attractive.

I truly think that we are now looking at a period of several months of stability in the price as this arbitrage will keep it so.

It's all about feeding the demand and we've barely even started.


Even if you forget about all the difficulties of BTC in the "real economy", just look at the digital economy. One company that sells ebooks has paid out nearly 2 billion dollars in payments over its lifetime. One of its clients sells a weight loss book that earns it $20 million per year!

Right now, bitcoin exists due to enthusiasts. Those over at talkgold are only just discovering and discussing it. Marketers elsewhere have barely noticed it yet.

Let me tell you one way now that someone can get rich: Develop something like Tradebit or like a Paypal button that works for bitcoin. Right now, all I see is bitcoinservice.co.uk. Great service but hardly the professional mass selling solution that marketers are looking for. Many of you here are programmers and don't even need to outsource the work.
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skerit
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June 18, 2011, 11:55:00 AM
 #2

I've often wondered about such "payment in the browser" options but... isn't this what we *do not* want?

Right now bitcoin payments happen quite easily. Just paste in the address, enter the amount, and click send. Done.

Wouldn't the "paypal" way require an intermediary website? Yet another site where you have to store your coins, will probably have to pay a fee, ...

Or you could go the route of browser extensions, but then only Firefox would benefit since Chrome's extensions are just javascript.

Buy beer, snacks and candy with your bitcoins over at BelgianFlavours.com (http://www.belgianflavours.com)
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June 18, 2011, 12:04:08 PM
 #3

I've often wondered about such "payment in the browser" options but... isn't this what we *do not* want?

Right now bitcoin payments happen quite easily. Just paste in the address, enter the amount, and click send. Done.

Wouldn't the "paypal" way require an intermediary website? Yet another site where you have to store your coins, will probably have to pay a fee, ...

Or you could go the route of browser extensions, but then only Firefox would benefit since Chrome's extensions are just javascript.

What we want is that bitcoin is adopted and used by the largest possible segment of the population.

Everything else is just cake.

Anonymity, decentralization, etc. are inherent to BTC and aren't going anywhere for those who appreciate those features.

But for everyone else, we should happily debase every possible aspect of BTC we can (except security, of course) in order to increase adoption to the largest degree possible.
onesalt
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June 18, 2011, 12:08:51 PM
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Thing is that it's volatility and (unfortunately) it's community is going to drive people away. No large company is going to willinginly accept bitcoins as payment if theres a risk that all their profits will be wiped out overnight by the price dropping 20%. the community is also an issue because people are unlikely to take bitcoin seriously when the forum is filled with posts about how price drops are caused by government conspiracies and if you have bitcoins the goverment most likely has already set a CIA watch team on you.
Synaptic
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June 18, 2011, 12:12:05 PM
 #5

Thing is that it's volatility and (unfortunately) it's community is going to drive people away. No large company is going to willinginly accept bitcoins as payment if theres a risk that all their profits will be wiped out overnight by the price dropping 20%. the community is also an issue because people are unlikely to take bitcoin seriously when the forum is filled with posts about how price drops are caused by government conspiracies and if you have bitcoins the goverment most likely has already set a CIA watch team on you.

I've personally read no such things in my time here...

The volatility, absolutely. I don't see a way around that at this time...

Actually, I think I'll brainstorm on it and make a post later...

Ellipsis...
onesalt
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June 18, 2011, 12:19:18 PM
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Thing is that it's volatility and (unfortunately) it's community is going to drive people away. No large company is going to willinginly accept bitcoins as payment if theres a risk that all their profits will be wiped out overnight by the price dropping 20%. the community is also an issue because people are unlikely to take bitcoin seriously when the forum is filled with posts about how price drops are caused by government conspiracies and if you have bitcoins the goverment most likely has already set a CIA watch team on you.

I've personally read no such things in my time here...

The volatility, absolutely. I don't see a way around that at this time...

Actually, I think I'll brainstorm on it and make a post later...

Ellipsis...

http://forum.bitcoin.org/index.php?topic=18670.0
A post that details how it's really the CIA and the shadow government who stole 25,000 bitcoins. Yeah, people aren't gonna view that as crazy at all no siree.
Synaptic
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June 18, 2011, 12:23:57 PM
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Thing is that it's volatility and (unfortunately) it's community is going to drive people away. No large company is going to willinginly accept bitcoins as payment if theres a risk that all their profits will be wiped out overnight by the price dropping 20%. the community is also an issue because people are unlikely to take bitcoin seriously when the forum is filled with posts about how price drops are caused by government conspiracies and if you have bitcoins the goverment most likely has already set a CIA watch team on you.

I've personally read no such things in my time here...

The volatility, absolutely. I don't see a way around that at this time...

Actually, I think I'll brainstorm on it and make a post later...

Ellipsis...

http://forum.bitcoin.org/index.php?topic=18670.0
A post that details how it's really the CIA and the shadow government who stole 25,000 bitcoins. Yeah, people aren't gonna view that as crazy at all no siree.

How many fucking people interested in accepting/using BTC in their daily lives do YOU really think are going to sit and read through all that noise?
onesalt
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June 18, 2011, 12:44:54 PM
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I doubt anyone is gonna read it but how many people is bitcoin going to lose if they investigate the bitcoin forums before getting the client and just see nothing but conspiracy theorists and anarchist nutjobs?
Synaptic
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June 18, 2011, 12:54:46 PM
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I doubt anyone is gonna read it but how many people is bitcoin going to lose if they investigate the bitcoin forums before getting the client and just see nothing but conspiracy theorists and anarchist nutjobs?

I came here as skeptical as can be, and I never got that impression...

I think you might have your own personal issues to deal with.
bitcola
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June 18, 2011, 09:31:13 PM
 #10

I've often wondered about such "payment in the browser" options but... isn't this what we *do not* want?

Right now bitcoin payments happen quite easily. Just paste in the address, enter the amount, and click send. Done.

Wouldn't the "paypal" way require an intermediary website? Yet another site where you have to store your coins, will probably have to pay a fee, ...

Or you could go the route of browser extensions, but then only Firefox would benefit since Chrome's extensions are just javascript.

What I mean is some kind of button a person can put on their site that says "buy now X no. of BTC".

Paypal allows you to easily do this.

If someone makes a button that just invokes the client program to send money and prefills it, and somehow redirects to a page after payment is confirmed, it will be an instant hit on the internet among digital marketers.

Right now, all there is, is bitcoinservice.co.uk, a thoroughly basic site.

The reason I say it would be attractive to digital marketers especially is because they do a lot of trade between themselves, buying and selling services.


As an example, here is a service that is used by one forum. It enhances Paypal payment functionality. It basically allows you to dynamically price and do other neat stuff. They have overseen 18m dollars of revenue. And this is a tiny proportion of the entire digital market:

http://www.warriorplus.com/wsopro/

What's cool about this service is that these are for products that are sold within the marketing community i.e. not even to the general public. Much of this money just revolves around this one community and only a portion of it is ever cashed out in my opinion.
Swishercutter
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June 18, 2011, 09:36:45 PM
 #11

I've often wondered about such "payment in the browser" options but... isn't this what we *do not* want?

Right now bitcoin payments happen quite easily. Just paste in the address, enter the amount, and click send. Done.

Wouldn't the "paypal" way require an intermediary website? Yet another site where you have to store your coins, will probably have to pay a fee, ...

Or you could go the route of browser extensions, but then only Firefox would benefit since Chrome's extensions are just javascript.

What I mean is some kind of button a person can put on their site that says "buy now X no. of BTC".

Paypal allows you to easily do this.

If someone makes a button that just invokes the client program to send money and prefills it, and somehow redirects to a page after payment is confirmed, it will be an instant hit on the internet among digital marketers.

Right now, all there is, is bitcoinservice.co.uk, a thoroughly basic site.

The reason I say it would be attractive to digital marketers especially is because they do a lot of trade between themselves, buying and selling services.


As an example, here is a service that is used by one forum. It enhances Paypal payment functionality. It basically allows you to dynamically price and do other neat stuff. They have overseen 18m dollars of revenue. And this is a tiny proportion of the entire digital market:

http://www.warriorplus.com/wsopro/

What's cool about this service is that these are for products that are sold within the marketing community i.e. not even to the general public. Much of this money just revolves around this one community and only a portion of it is ever cashed out in my opinion.


http://addons.oscommerce.com/info/8007

Like that you mean...I am planning on accepting BTC on my sites shortly...I will let the forums know when I am live.
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