Bitcoin will fail

[CtrlAltBernanke420]

Next could be the remittance market. That will bring a new subset of peers and new challenges. This experiment is just getting started.    

Remittance is the opposite of greed... Ding ding ding!

How does one earn a Bitcoin through labor to send home to family?


but this also does little if I try and send my buddy in china a bitcoin, he needs to then transfer it to an exchange, sell it, wait 3-5+days to recieve a check so he can go spend it. If he can not spend a bitcoin, remittance is a dud idea until a bitcoin based economy is already up and running.

Again fiat wins,, if bitcoin based projects are not the main focus right now.

[nameface]

But I thought Bitcoin was money for the Internet? Why do you wanna buy farms IRL? Do you mean Farmville? I'm completely lost.

[CtrlAltBernanke420]

But I thought Bitcoin was money for the Internet? Why do you wanna buy farms IRL? Do you mean Farmville? I'm completely lost.

Bitcoin is here to replace fiat. Everything earth related is what bitcoin is for. Who wants to invest in a farm and eat some healthy organic veggies and meats, and have a place to 'get away' from urban hussle and bussle.

[Razick]

I do not care about divisibilty as that is akin to inflation.

Try to use your brain a little before writing silly things.   If you decide to count your money in cents instead of dollars, does that make you one hundred times richer?

The decimal place can be moved as long as 51% of the mining(central banks) community agree. Inflation.

If the decimal place was moved one place, that might technically result in 1000% inflation, but everyone would have 1000% as many units of currency. Economic miscalculation would be prevented since the change would be so obvious.

[Razick]

But I thought Bitcoin was money for the Internet? Why do you wanna buy farms IRL? Do you mean Farmville? I'm completely lost.

Bitcoin is here to replace fiat. Everything earth related is what bitcoin is for. Who wants to invest in a farm and eat some healthy organic veggies and meats, and have a place to 'get away' from urban hussle and bussle.

I see Bitcoin more as "the new PayPal" and then some rather than "the new Dollar."

[CtrlAltBernanke420]

But I thought Bitcoin was money for the Internet? Why do you wanna buy farms IRL? Do you mean Farmville? I'm completely lost.

Bitcoin is here to replace fiat. Everything earth related is what bitcoin is for. Who wants to invest in a farm and eat some healthy organic veggies and meats, and have a place to 'get away' from urban hussle and bussle.

I see Bitcoin more as "the new PayPal" and then some rather than "the new Dollar."

Then why are us dollars not converted into internet dollars. The scarcity of bitcoin, has the ability to act as gold and store of value. So it is more than a payment system.

[RodeoX]

Next could be the remittance market. That will bring a new subset of peers and new challenges. This experiment is just getting started.    

Remittance is the opposite of greed... Ding ding ding!

How does one earn a Bitcoin through labor to send home to family?


but this also does little if I try and send my buddy in china a bitcoin, he needs to then transfer it to an exchange, sell it, wait 3-5+days to recieve a check so he can go spend it. If he can not spend a bitcoin, remittance is a dud idea until a bitcoin based economy is already up and running.

Again fiat wins,, if bitcoin based projects are not the main focus right now.

That may be true now because there are still many needed items you can't buy with bitcoin. In the future I think most people will just spend bitcoins to buy, and not turn them into local currency.
I do that now. I do not "cash out" ever. Instead when I want to take some profits I go shopping. After the hassle of getting bitcoins why would I trade them for less useful money? I find that some people want bitcoins badly enough to sell for a great price, thus maximizing my buying power and profitability.

[Razick]

Next could be the remittance market. That will bring a new subset of peers and new challenges. This experiment is just getting started.    

Remittance is the opposite of greed... Ding ding ding!

How does one earn a Bitcoin through labor to send home to family?


but this also does little if I try and send my buddy in china a bitcoin, he needs to then transfer it to an exchange, sell it, wait 3-5+days to recieve a check so he can go spend it. If he can not spend a bitcoin, remittance is a dud idea until a bitcoin based economy is already up and running.

Again fiat wins,, if bitcoin based projects are not the main focus right now.

Look around, you can buy all kinds of shit with Bitcoins. I bought an miniature crossbow for example.

My paintball store (temporarily closed while I get some legal stuff in order) accepts Bitcoin. Wordpress accepts it. Coingig accepts it. You can buy giftcards with it. The Bitcoin economy is small, but growing quickly, and already larger than you think.

[Razick]

But I thought Bitcoin was money for the Internet? Why do you wanna buy farms IRL? Do you mean Farmville? I'm completely lost.

Bitcoin is here to replace fiat. Everything earth related is what bitcoin is for. Who wants to invest in a farm and eat some healthy organic veggies and meats, and have a place to 'get away' from urban hussle and bussle.

I see Bitcoin more as "the new PayPal" and then some rather than "the new Dollar."

Then why are us dollars not converted into internet dollars. The scarcity of bitcoin, has the ability to act as gold and store of value. So it is more than a payment system.

Exactly. More than a payment system, it's an internet currency. That is a problem why?

[CtrlAltBernanke420]

But I thought Bitcoin was money for the Internet? Why do you wanna buy farms IRL? Do you mean Farmville? I'm completely lost.

Bitcoin is here to replace fiat. Everything earth related is what bitcoin is for. Who wants to invest in a farm and eat some healthy organic veggies and meats, and have a place to 'get away' from urban hussle and bussle.

I see Bitcoin more as "the new PayPal" and then some rather than "the new Dollar."

Then why are us dollars not converted into internet dollars. The scarcity of bitcoin, has the ability to act as gold and store of value. So it is more than a payment system.

Exactly. More than a payment system, it's an internet currency. That is a problem why?

Because it is too expensive to send fiat into and out of bitcoin. Yet holding bitcoin is very risky if someone is required to hand over a very large stack of cash to get a hold and decent quantity of bitcoin. All it takes is the early miners to dump them bitcoins they are holding and bring the price to the floor. There is no economy supporting bitcoin. Its 99% speculative at the moment and there is very little visable effort to build a bitcoin economy.

Too risky for major money to move it. Not to mention the fed could buy up all bitcoins making all of us fiat rich and corrupted. undermining the supposed monetary revolution.

[Birdy]

Not to mention the fed could buy up all bitcoins making all of us fiat rich and corrupted. undermining the supposed monetary revolution.

Lol, I sure hope they do.
Then we are all rich and all we need to do is change to a new Bitcoin fork.
-> they have sent us money and achieved nothing.

[CtrlAltBernanke420]

Not to mention the fed could buy up all bitcoins making all of us fiat rich and corrupted. undermining the supposed monetary revolution.

Lol, I sure hope they do.
Then we are all rich and all we need to do is change to a new Bitcoin fork.
-> they have sent us money and achieved nothing.

Then you take that fiat money and invest in farms, bachelor pads, yatchs.. Fiat wins. Bitcoin fails.


They only situation in which bitcoin might succeed is if the dollar fails. And it only succeeds because it is not debt based. Nor does that mean there will not be major hardships, poverty rampant to the point of society collapsing.

[Birdy]

Then you take that fiat money and invest in farms, bachelor pads, yatchs.. Fiat wins. Bitcoin fails.

Nope, farms, bachelor pads, yachts and the new Bitcoin fork win then. Not fiat.

[CtrlAltBernanke420]

Then you take that fiat money and invest in farms, bachelor pads, yatchs.. Fiat wins. Bitcoin fails.

Nope, farms, bachelor pads, yachts and the new Bitcoin fork win then. Not fiat.

either you are a very smart delusional, or just delusional. How does a new bitcoin fork change anything, sounds like a scam.

[Birdy]

either you are a very smart delusional, or just delusional. How does a new bitcoin fork change anything, sounds like a scam.

Ok here the steps:
1. Some government tries to buy up all the Bitcoins, so they pump millions after millions in it

We have two options:
1) We still have enough coins to trade otherwise -> Bitcoin is a success o,O
It's nearly like an official currency of that state now.

2) They have bought all the coins and trading is impossible now (I don't know how they do that, but let's assume they did)
a) We are rich in fiat now
b) We create a new Bitcoin fork (or use Litecoin or whatever)
c) Invest 1%+ of our money in it to have the same Bitcoin economy like now (or more, if we spent more)

-> They have useless Bitcoins bought for millions and we have the same we had before+more

[CtrlAltBernanke420]

either you are a very smart delusional, or just delusional. How does a new bitcoin fork change anything, sounds like a scam.

Ok here the steps:
1. Some government tries to buy up all the Bitcoins, so they pump millions after millions in it

We have two options:
1) We still have enough coins to trade otherwise -> Bitcoin is a success o,O
It's nearly like an official currency of that state now.

2) They have bought all the coins and trading is impossible now (I don't know how they do that, but let's assume they did)
a) We are rich in fiat now
b) We create a new Bitcoin fork (or use Litecoin or whatever)
c) Invest 1%+ of our money in it to have the same Bitcoin economy like now (or more, if we spent more)

-> They have useless Bitcoins bought for millions and we have the same we had before+more

and the fiat pyramid continues... If this happened the dollar and bitcoin would fail. Have all the paper dollars you want, they are not worth anything. Gold and barter win. eeeew

Gold and barter is not a pretty world.

[lassdas]

the current process of buying bitcoin is ineffiecient, and way overpriced compared the cost of mining.

What's inefficient about the current process of buying bitcoin?
And how is it in any way related to the cost of mining?

You see, my actual goal is find investors to invest in a farm and produce worthy tangible items. So I would need a miner to invest bitcoin in me

And why would those investors need to be miners?
What has an investment in your project todo with mining (or as mentioned by you before, with the cost of mining)?

Oh and for your thought's about a "fair" price (like $6-8, lol), do you actually have any idea what the costs are to produce 1BTC on different hardware? Maybe you should double-check your numbers a little,
but as said, the cost of mining has nothing, i repeat, nothing todo with the market price.
When the market is willing to pay $100, $200, or $500 per Coin, then that's the price, doesn't matter if the cost for mining is just $1, or $10000.

[Birdy]

and the fiat pyramid continues... If this happened the dollar and bitcoin would fail. Have all the paper dollars you want, they are not worth anything. Gold and barter win. eeeew

Gold and barter is not a pretty world.

Ehm...no? Then just instantly buy gold with the other 99% and you have your new fork+tons of gold.

But this discussion is useless anyway as it's impossible to buy all Bitcoins.

[CtrlAltBernanke420]

the current process of buying bitcoin is ineffiecient, and way overpriced compared the cost of mining.

What's inefficient about the current process of buying bitcoin?
And how is it in any way related to the cost of mining?



Oh and for your thought's about a "fair" price (like $6-8, lol), do you actually have any idea what the costs are to produce 1BTC on different hardware? Maybe you should double-check your numbers a little,
but as said, the cost of mining has nothing, i repeat, nothing todo with the market price.
When the market is willing to pay $100, $200, or $500 per Coin, then that's the price, doesn't matter if the cost for mining is just $1, or $10000.

Then bitcoin is a speculative casino with little real world value that is usable for commerce.

[CtrlAltBernanke420]

the current process of buying bitcoin is ineffiecient, and way overpriced compared the cost of mining.

What's inefficient about the current process of buying bitcoin?
And how is it in any way related to the cost of mining?

You see, my actual goal is find investors to invest in a farm and produce worthy tangible items. So I would need a miner to invest bitcoin in me

And why would those investors need to be miners?
What has an investment in your project todo with mining (or as mentioned by you before, with the cost of mining)?

Why bother with bitcoin, why do I not just go get a loan from the bank, or find a private investor who may or may not take my land if I endure a drought.