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MrCrabs (OP)
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May 18, 2013, 11:23:37 AM |
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The theoretical maximum amount of people who have a bitcoin is no more than the amount of bitcoin in circulation. Assuming anyone who wants in. Buys one bitcoin at least and holds on to it. So having 11 Million people involved would seem like a large number of participants. But in reality it's probably a million people. If that. So in fairness to the bitcoin community is making a bit of a racket.
Now, like myself I have a feeling that most of the participants have got into bitcoin because they love the idea, but more so because they have been lured in by the promise of the million dollar bitcoin. Which I truly believe is achievable.
But it’s not going to happen until people start using it properly. That involves getting it into as many hands as possible. And even if every bitcoiner now. Did a bitcoin Tap/Faucet. People would still hold onto their bitcoin because I have no doubt that the value of bitcoin would go up and they would not spend them. I was told last night that there was more trade done when there was the $260 high. Which is encouraging but still not enough.
I have no incentive to spend my deflationary Bitcoin. What if businesses were to offer a Bitcoin/dollar rebate. You buy your stuff you get a rebate after an amount of time and certain percentage rise in the value of bitcoin. It doesn’t have to be difficult. Can you imagine if you bought something and came back a year later with you receipt and was given the equivalent value back because it was a good bitcoin year. It seems like a no brainer to me.
The one thing that I understood from the beginning about Bitcoin was the more people who have and use it the more valuable it becomes. So most of us are probably holding bitcoin back.
Was going to put crying emoticon at the end of last sentence but thought it would be cheesy.
Bitcoin Forever
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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greyhawk
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May 18, 2013, 12:22:19 PM |
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Welcome to the inherent problem of a deflationary currency.
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Birdy
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May 18, 2013, 12:37:38 PM |
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I would like to use Bitcoins, but there is nothing that I need that I can buy with it yet (at least not for the same price).
Except the Humble Indie Bundle, which I will purchase with Bitcoins now.
Atm a lot of Bitcoin shopping is more of an novelty and costs more than normal shopping, so I don't bother with it.
(That shouldn't be, buying with Bitcoins is cheaper for the merchant...)
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Gordonium
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May 18, 2013, 01:18:49 PM |
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That's just no-brainer. Everytime you spend Bitcoins just buy immediately more Bitcoins. That way you can make your holdings bigger and spend Bitcoins all the time. And if you truly believe that Bitcoins are always going up, isn't it rational to hold all your money in Bitcoins? And if you hold all your money in Bitcoins, you just have to spend Bitcoins if you don't want to starve.
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Birdy
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May 18, 2013, 01:24:27 PM |
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And if you truly believe that Bitcoins are always going up, isn't it rational to hold all your money in Bitcoins?
No, it's not rational at this point. There is always the chance of a critical bug that would render all your Bitcoins to zero as there is no kind of insurance yet. |
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Terk
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May 18, 2013, 01:30:08 PM |
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And if you truly believe that Bitcoins are always going up, isn't it rational to hold all your money in Bitcoins? No, it's not. It's stupid as it's too risky. I can believe as much as I can, but I will always want to be prepared for different scenarios and don't keep everything in one basket. That's just no-brainer. Everytime you spend Bitcoins just buy immediately more Bitcoins. This. I am telling this to all the people who say that they won't spend coins because they want to hold them until they're worth much more. Every time they spend coins, they increase bitcoin adoption just a little bit and that is helping bitcoin long-term value. So they should do themselves a favor and try to spend as much as they can in bitcoins instead of fiat. And then immediatley restock their bitcoin balance. Instead of buying something for $120, just buy it for 1 BTC if that option is available and spend that $120 to buy 1 BTC back. |
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Sitarow
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Activity: 1792
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May 18, 2013, 08:17:21 PM |
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Welcome to the inherent problem of a deflationary currency.
On the flipside people with access to this deflationary currency will be taking on risks that will help spur innovation and development in ways not seen since the late 1800's |
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Malawi
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One bitcoin to rule them all!
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May 18, 2013, 09:15:16 PM |
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That's just no-brainer. Everytime you spend Bitcoins just buy immediately more Bitcoins. That way you can make your holdings bigger and spend Bitcoins all the time. And if you truly believe that Bitcoins are always going up, isn't it rational to hold all your money in Bitcoins? And if you hold all your money in Bitcoins, you just have to spend Bitcoins if you don't want to starve.
I think that is what's called double-spending. Every time you use bitcoin, buy twice the amount back. |
BitCoin is NOT a pyramid - it's a pagoda.
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Elwar
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Viva Ut Vivas
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May 18, 2013, 09:38:50 PM |
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This whole idea that you will not spend your bitcoins because the value goes up boggles my mind. So what is the alternative? A. use an inflationary currency B. not spend Most choose A. So your bank account sits there with money that is losing value. Why? Because you are willing to spend it. Is that the logic here? I still do not understand holding and spending government currency that loses value when you have the option of holding and spending bitcoins that gain value. I would like to use Bitcoins, but there is nothing that I need that I can buy with it yet Ever bought anything on the Internet? BitSpend Ever gone shopping some place that takes gift cards? Gyft Ever had to pay a bill? BitcoinBillPay |
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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Alonzo Ewing
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May 18, 2013, 10:47:37 PM |
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Why don't people put all of their money in Treasury bills? After all, they will be worth more next year than this year. Why do people spend dollars at all?
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pwi
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May 18, 2013, 11:25:26 PM |
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Just purchased my first pizza with bitcoins. I did not use pizzaforcoins.com. I used gyft.com.
I initiated the purchase at gyft requesting a $20 gift card. I was given 15 minutes to complete the transaction in the amount of .1625BTC for a $20 card. Wanting to start the transaction from scratch rather than use 'old' coin; I was able to buy 0.1625BTC for $19.20 including transaction fees. This new 0.1625BTC was sent immediately after acquisition directly from the exchange to the address provided on the gyft.com web interface. I still had 12 minutes to use the wallet address I was provided.
The transaction was accepted immediately. I was able to use the gift card on the pizza website immediately. This was fast and easy, and saved me four percent instantly. I will repeat when I desire chain delivery pizza. I love that I did not have to use a credit card or give any identifying information. I'd imagine the gift card company and pizza chain are happy to not worry about chargebacks as well.
This is a great way to buy things you need and can really use with bitcoins. My wallet is now open for spending.
Merchants understand how gift cards work. Explaining bitcoins to a retail manager in Memphis, TN is a hard sell.
For now, bitcoins -> gift cards -> stuff I want is the best way to 'just spend it' on stuff I want and need today.
I may go to the movies tonight using this method. I'm may write a spoof article based on Kash's at Forbes. "How I gained 5 pounds in one week using only bitcoins."
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Elwar
Legendary
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Merit: 2384
Viva Ut Vivas
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May 18, 2013, 11:33:17 PM |
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Just purchased my first pizza with bitcoins. I did not use pizzaforcoins.com. I used gyft.com.
I initiated the purchase at gyft requesting a $20 gift card. I was given 15 minutes to complete the transaction in the amount of .1625BTC for a $20 card. Wanting to start the transaction from scratch rather than use 'old' coin; I was able to buy 0.1625BTC for $19.20 including transaction fees. This new 0.1625BTC was sent immediately after acquisition directly from the exchange to the address provided on the gyft.com web interface. I still had 12 minutes to use the wallet address I was provided.
The transaction was accepted immediately. I was able to use the gift card on the pizza website immediately. This was fast and easy, and saved me four percent instantly. I will repeat when I desire chain delivery pizza. I love that I did not have to use a credit card or give any identifying information. I'd imagine the gift card company and pizza chain are happy to not worry about chargebacks as well.
This is a great way to buy things you need and can really use with bitcoins. My wallet is now open for spending.
Merchants understand how gift cards work. Explaining bitcoins to a retail manager in Memphis, TN is a hard sell.
For now, bitcoins -> gift cards -> stuff I want is the best way to 'just spend it' on stuff I want and need today.
I may go to the movies tonight using this method. I'm may write a spoof article based on Kash's at Forbes. "How I gained 5 pounds in one week using only bitcoins."
Sweet, thank you for the step through... Was the reason you only paid $19.20 because the price had gone up a bit? When you pay for the $20 gift card then buy a pizza for less than $20 is there a way to get change back or do you just have that amount remaining on that card? Would test this out myself but am in Afghanistan. |
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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pwi
Member
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Activity: 118
Merit: 10
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May 19, 2013, 12:10:30 AM |
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Just purchased my first pizza with bitcoins. I did not use pizzaforcoins.com. I used gyft.com.
I initiated the purchase at gyft requesting a $20 gift card. I was given 15 minutes to complete the transaction in the amount of .1625BTC for a $20 card. Wanting to start the transaction from scratch rather than use 'old' coin; I was able to buy 0.1625BTC for $19.20 including transaction fees. This new 0.1625BTC was sent immediately after acquisition directly from the exchange to the address provided on the gyft.com web interface. I still had 12 minutes to use the wallet address I was provided.
The transaction was accepted immediately. I was able to use the gift card on the pizza website immediately. This was fast and easy, and saved me four percent instantly. I will repeat when I desire chain delivery pizza. I love that I did not have to use a credit card or give any identifying information. I'd imagine the gift card company and pizza chain are happy to not worry about chargebacks as well.
This is a great way to buy things you need and can really use with bitcoins. My wallet is now open for spending.
Merchants understand how gift cards work. Explaining bitcoins to a retail manager in Memphis, TN is a hard sell.
For now, bitcoins -> gift cards -> stuff I want is the best way to 'just spend it' on stuff I want and need today.
I may go to the movies tonight using this method. I'm may write a spoof article based on Kash's at Forbes. "How I gained 5 pounds in one week using only bitcoins."
Sweet, thank you for the step through... Was the reason you only paid $19.20 because the price had gone up a bit? When you pay for the $20 gift card then buy a pizza for less than $20 is there a way to get change back or do you just have that amount remaining on that card? Would test this out myself but am in Afghanistan. I placed an order on my exchange of choice at the lowest ask price for .1625btc. It was counterintuitive for me to do this since I have never placed a market order before today. It came to $19.20 ($117.49 x .1625) + $0.11 fee. I use campbx.com primarily and the price tends to run less than gox. Gox was about $123ish at the time of the order. I'm guessing gyft bases their conversion rate on gox. Anytime I grab a 4% edge, I will take it all day, multiple times per day; it just can't all be on pizza  I only wish I'd been hungry when it was 107:118 :: bx:gox. There is no way to get the change back that I know of. I just tipped the balance to the driver as to not suffer with any knowledge that $6 could have been left in bitcoins. They have amazon gift cards up to $2000. I don't need anything on Amazon, but I could see this as a way to get some pretty steep discounts at Amazon while making bitcoins more utilitarian at the same time. I like win/win situations. Hurry back. |
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Lorren
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May 19, 2013, 02:17:17 AM |
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Thanks for the gyft.com tip. I was planning on making another bitcoin purchase later this week after I get paid, and I was planning on making a couple of purchases at Amazon this month as well. Think I'll add a little bit to my bitcoin order for my Amazon shopping and actually use my bitcoin for a change.
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BitcoinLove Bitcoin products on Zazzle. BTC: 1BaRWVFD927cfDcCfxn9vhJn2L6ZKKNSP1
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MrCrabs (OP)
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May 19, 2013, 05:57:49 AM |
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Every time they spend coins, they increase bitcoin adoption just a little bit and that is helping bitcoin long-term value. So they should do themselves a favor and try to spend as much as they can in bitcoins instead of fiat. And then immediately restock their bitcoin balance. Instead of buying something for $120, just buy it for 1 BTC if that option is available and spend that $120 to buy 1 BTC back.
This just dose not work. You buy with BTC and them buy more BTC with fiat after an increases in the value of BTC.
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MrCrabs (OP)
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May 19, 2013, 06:13:24 AM |
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This whole idea that you will not spend your bitcoins because the value goes up boggles my mind. So what is the alternative? A. use an inflationary currency B. not spend Most choose A. So your bank account sits there with money that is losing value. Why? Because you are willing to spend it. Is that the logic here? I still do not understand holding and spending government currency that loses value when you have the option of holding and spending bitcoins that gain value. I would like to use Bitcoins, but there is nothing that I need that I can buy with it yet Ever bought anything on the Internet? BitSpend Ever gone shopping some place that takes gift cards? Gyft Ever had to pay a bill? BitcoinBillPay I suppose the perception here is that BTC will rise in value so quickly that its crazy to spend.. Where as inflation in the US is running at 1.1% at the moment. |
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Stampbit
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May 19, 2013, 06:47:58 AM |
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deflationary design = satoshi cash grab, enjoy your rollercoaster.
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Terk
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May 19, 2013, 06:52:49 AM |
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This just dose not work. You buy with BTC and them buy more BTC with fiat after an increases in the value of BTC.
Well then buy mode BTC first and then spend if you're worried about that. |
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Gordonium
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May 19, 2013, 11:50:33 AM |
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This just dose not work. You buy with BTC and them buy more BTC with fiat after an increases in the value of BTC.
Well if you buy for example a cigar or a meal with Bitcoins, I truly doubt that it increase Bitcoin price. I mean, you cannot be serious about that? Or can you?  And even if it did, you could always buy new BTC first and then spend them. Problem? And the whole idea of this thread is ridiculous: You wrote that you don't want to spend any BTC but encourage others to do so. |
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