2013-05-01 Forbes: Living on Bitcoins for a week: the journey begins

[Mike Hearn]

http://www.forbes.com/sites/kashmirhill/2013/05/01/living-on-bitcoin-for-a-week-the-journey-begins/

On Tuesday morning, I emptied my wallet of all of the cash and credit cards before I left my house. Many journalists have been writing about the mechanics of buying Bitcoin and the resulting heart palpitations as they watched the dramatic rises and falls in the digital currency’s worth over the last few weeks. But that’s just a story about gambling. My editor issued a different challenge to test the currency’s legitimacy: “Don’t just buy Bitcoin. Live on it for a week.”

The author claims she tried to send money to Mt Gox and her bank blocked it. Anyone know anything about that?

[Lethn]

It would depend on what country she is from and what bank she is with and so on.

[bennett616]

Really interesting article bro...... thanks for the share

Andy B

[The-Real-Link]

Interesting and very good attempt by the author there .  Hopefully one day, it won't be so challenging.

[nybble41]

This is an interesting experiment, but in my opinion it's unrealistic at this point to expect to be able to pay for everything you need (particularly local services) with Bitcoin, even in places where it's relatively popular.

Rather than trying to go a week with just Bitcoin expenditures, I would suggest targeting a certain percentage of your normal expenses to be in BTC--say 20% to start with--and repeating the experiment with higher targets as time progresses. In other words, if you normally spend $200 in a week, buy $40 worth of Bitcoins and limit USD expenditures to $160, and see what (if anything) you have to do without to meet your budget.

[aigeezer]

It would depend on what country she is from and what bank she is with and so on.

She writes the story from San Francisco.

It's a puff piece, imho. "I pass by a Starbucks and start salivating." She didn't make any particular attempt to plan her week, it seems, so she gets to complain a lot about places that don't yet take BTC.
For example: "I pass by a bike rental shop on my way there and poke my head in to ask if they accept Bitcoin. “Bit what?” says the clerk. I explain that it’s a digital currency and he shrugs, “I don’t even own a cell phone.”"

Cheap trick.

[flix]

Send her some suggestions in the comments section. She sounds like she is still a bit clueless.

[bit777]

Very nice experiement.

[TTBit]

I remember an article back in the late 90's where someone dared to live off the internet for a month(?) or so. Had to order everything online.

[marcus_of_augustus]

Plato's road trip was more successful ...

[n8rwJeTt8TrrLKPa55eU]

I remember an article back in the late 90's where someone dared to live off the internet for a month(?) or so. Had to order everything online.

Would love to read this, a great rebuttal to those who critique via lack of adoption.

And for the naysayer goldbugs, someone needs to do an article trying to live off a week from a single 1oz Krugerrand.  Undoubtedly that would be substantially more frustrating than the equivalent Bitcoin experience, starting with the divisibility problem.

[Rincewind]

I remember an article back in the late 90's where someone dared to live off the internet for a month(?) or so. Had to order everything online.

Would love to read this, a great rebuttal to those who critique via lack of adoption.

And for the naysayer goldbugs, someone needs to do an article trying to live off a week from a single 1oz Krugerrand.  Undoubtedly that would be substantially more frustrating than the equivalent Bitcoin experience, starting with the divisibility problem.

• I cannot pay for my gasoline at any gas station in my town with a basic PayPal account, even if I have the funds already in the account.
• My local mom-and-pop carryout has a $10 minimum for all credit card transactions. Can't charge a pack of gum unless I buy $9.21 worth of other stuff I may not necessarily need on that trip.
• I cannot pay for my groceries with my silver, unless I'm willing to eat a 96% loss on an ASE by redeeming it for its $1 face value.
• I cannot order a pizza and pay with personal check, as virtually all local pizzarias no longer accept personal checks.

Despite all of these flaws and incompatibilities across payment networks I have to navigate everyday in my life, I've somehow managed to survive nearly 40 years!

Oh wait, that's right, I've got a functioning brain. Something that this tart at Forbes (and her editor) apparently lack.

Of course, I also don't throw tantrums when I have to *gasp* walk somewhere without coffee (the horror!!!!). But I guess that's just me.