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Jack of Diamonds
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June 26, 2011, 06:27:48 PM |
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You're correct, in reality illegality will deter widespread adaption, at least in the country in which it's been made illegal in.
North Koreans are using tons of smuggled black market US dollars and Chinese Yuans for regular purchases like rice and other food items.
Even though they can face labor camps or the death penalty if caught.
Their own currency (devalued in 2009 and inflating rapidly) is more or less useless so they are willing to take the risk rather than starve or commit robberies.
People in western countries still have relatively stable currencies so gold, bitcoins and other stores of value have no wide appeal yet
(except in Greece which seems to be collapsing soon and might be expulsed from the Euro currency, people are hoarding silver & gold bullion)
I'd also imagine other states with failed currencies (like Zimbabwe with their 500 trillion dollar bills) could be interested in bitcoins regardless of legal status.
Not at a state level but among the part of the population with internet access
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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Slab Squathrust
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June 26, 2011, 10:19:56 PM |
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My goal is to pay off a sweet computer by mining. It would be much easier if the difficulty didn't keep going up, but it doesn't bother me too much because I get free electricity at my apartment complex. When I'm all done I'll probably sell the graphics cards and purchase some more reasonably priced ones. Investing in the coins as a currency play seems too speculative for me to take a big position. I already own some stocks that could be huge or the next bust. I don't really need anymore risk.
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Litt
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July 03, 2011, 10:50:41 AM |
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I don't have a ton of money.
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Grouver (BtcBalance) (OP)
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July 03, 2011, 11:34:57 AM |
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I don't have a ton of money.
Thanks for bumping. But please read the startpost before posting. "(The fact that you cannot afford it not included ofcourse)" |
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Vandroiy
Legendary
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Activity: 1036
Merit: 1002
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July 03, 2011, 12:15:27 PM |
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If a four-digit sum is what you call "a ton of money", I did do that.
Only I sold again when price was higher than what I thought reasonable expectations. It now appears that wasn't a bad idea. Now I'm waiting for the mania to cool down, so I can analyze the outcome.
You know, a chance to get rich isn't all that valuable, if one can lose all as well. There are many other things a ton of money is good for. Speculations with a high failure probability come with a lot of trouble, personally as well as mathematically. I don't consider Bitcoin price super low anymore, since it rose a lot while fundamentals did not change. Thus, I'm reluctant to push in money again.
I'm still lying in wait for some day trading though, and if I ever think it's undervalued again, I'll be there to jump right in. Just don't expect me to go "ZOMG price dropped half a Dollar BUY BUY BUY" or something. It's about the fundamental quality of the Bitcoin project and markets, and that's just not looking *that* great yet.
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Findeton
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July 03, 2011, 01:50:02 PM |
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We don't have a "Visa" or "Mastercard" for bitcoin, so transfers are not instantaneous. We need that for shops, restaurants etc to use bitcoin.
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Cluster2k
Legendary
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Activity: 1692
Merit: 1018
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July 03, 2011, 02:00:53 PM |
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We don't have a "Visa" or "Mastercard" for bitcoin, so transfers are not instantaneous. We need that for shops, restaurants etc to use bitcoin.
Very much so. Imagine buying something in bitcoin at a cash register: "Please wait sir, I need at least 5 confirmations on your transaction. It will only be another 5 minutes..." |
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Cluster2k
Legendary
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Merit: 1018
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July 03, 2011, 02:07:04 PM |
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My goal is to pay off a sweet computer by mining. It would be much easier if the difficulty didn't keep going up, but it doesn't bother me too much because I get free electricity at my apartment complex.
It's a reasonably common theme on bitcoin forums for someone to state they get free electricity because they're on a fixed contract, or that power is charged per building and not apartment therefore if one person consumes enormous amounts of power it doesn't matter. Someone, somewhere, has to pay for that power. If the building manager notices the power bill increasing then he or she will amend your rent to pay for that power. It might even happen long after you stop mining. Power is never free. |
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Vandroiy
Legendary
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Activity: 1036
Merit: 1002
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July 03, 2011, 02:07:44 PM |
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Very much so. Imagine buying something in bitcoin at a cash register: "Please wait sir, I need at least 5 confirmations on your transaction. It will only be another 5 minutes..."
You mean 50 minutes. |
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Jack of Diamonds
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July 03, 2011, 04:17:35 PM |
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Very much so. Imagine buying something in bitcoin at a cash register: "Please wait sir, I need at least 5 confirmations on your transaction. It will only be another 5 minutes..."
You mean 50 minutes. Instantaneous BTC transfers wont be happening, just as instant wire transfers from one bank to another wont. Both need time to be confirmed to be genuine. That's what payment processors are for. The "Paypal" of BTC could be backed by bitcoins instead of fiat currency. The important thing is that the funds can be debited from one account and credited to another in a split second. |
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stic.man
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July 04, 2011, 02:46:53 AM |
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There's pretty much no infrastructure right now, using it is extremely difficult, and it seems like trends are flatlining right now
Excited about the new exchange opening Tuesday but another exchange is not the problem
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imperi
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July 04, 2011, 03:14:13 AM |
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There's pretty much no infrastructure right now, using it is extremely difficult, and it seems like trends are flatlining right now
Excited about the new exchange opening Tuesday but another exchange is not the problem
If there were more infrastructure, the price of Bitcoins would be higher. |
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stic.man
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July 04, 2011, 03:25:52 AM |
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Yup
But so far it's not very viable, although I think it will be
But at 15.50/coin I just don't see why it'll go up significantly near term
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mizike29
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July 04, 2011, 05:05:07 AM |
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You either jump in now, or you missed the boat, so far there was when it was less then a buck and hit 30 bux, now its at 14 to 15 where we buy and dont miss the second boat. Its just do you want to risk it failing? Its a risk, I see more shops accepting it, I see a super bright future in this type of virtual currency, but ya can only invest what u plan to lose, but I think if you didnt invest at 1 buck, you better jump in now.
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niemivh
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July 04, 2011, 09:10:48 AM |
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"What is holding you from investing tons of money in this?"
-- Tons of money.
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I'll keep my politics out of your economics if you keep your economics out of my politics.
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stic.man
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July 04, 2011, 12:48:38 PM |
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That's another thing, I got in at a buck and made pretty decent scratch. Hard to give that up when it's semi life-altering amounts
Its hard to wrap my brain now at the idea of $15 per investment
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muyoso
Member
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Activity: 84
Merit: 10
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July 04, 2011, 06:56:43 PM |
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Whats holding me back from investing tons of money? The fact that the market is being completely manipulated. Its as simple as that.
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I drink it up!
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Thanak
Newbie
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Activity: 36
Merit: 0
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July 04, 2011, 07:48:19 PM |
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I would not invest tons of money because right now it's still pretty risky and I'm not a gambler.
I would invest a few hundred $ if it would be easier to actually purchase coin. Anything more complicated than :
Step 1 - insert credit card number and bitcoin adress
Step 2 - get the coin
is too complicated.
For me it's also a way to evaluate the chance of bitcoin catching on... as long as getting coin is hard, I don't think they have much chance of going mainstream and so it's not a wise investment.
The few bitcent I get from minning are my only "investment". I don't plan on cashing them out.
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