We need only 1 big company of USA to start accepting Bitcoin

[vandeam]

Guys the chines are rushing on Bitcoin because Baidu started accepting it.. and gives Bitcoin HUGE exposure in china.
we only need 1 big company to start accepting Bitcoins and we can take back reins from China i'm afraid if this wont happen soon most of BTC will be in china.. ;(

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[Phinnaeus Gage]

Guys the chines are rushing on Bitcoin because Baidu started accepting it.. and gives Bitcoin HUGE exposure in china.
we only need 1 big company to start accepting Bitcoins and we can take back reins from China i'm afraid if this wont happen soon most of BTC will be in china.. ;(

https://blockchain.info/address/1NtbQKVFxAPc8mmBoWwRzhg7o3EMCBsxNg

Total Received   1.37549469 BTC

Good luck with taking back the reins from China. From the looks of Baidu's transactions, no country will be able to catch up. <sarcasm>

[superresistant]

I think he is talking about the positive exposure, not the Bitcoin wallet of Baidu.

[sushi]

Bitpay is in USA Market
Bitstamp is I thought headed to USA as well

Sad part is Mt Gox lost the US Market.  Now they are in the legal problems in USA and the court case is against them.  US Gov seized their US Bank Accounts.


US Market is a tough one to get into.  So many financial regulations and it will cost at least $2,000,000 to register as the Financial Service Company + regulatory filing cost with USA Hourly Lawyer fees that would be another $250,000 USD + a few financial professionals to hammer out the compliance things + a publicly accessible offices.

It seems to be at least $5,000,000 USD just to get into the market with 6-12 month waiting period.

[vandeam]

I think he is talking about the positive exposure, not the Bitcoin wallet of Baidu.

yes i do.

[inform]

maybe this need future if america not die in crysis 

[Paleus]

I don't see why Google shouldn't start accepting BTC. Would make total sense to me, and it would be huge for the bitcoin economy. China is running away with it at this point.

[Kenshin]

I don't see why Google shouldn't start accepting BTC. Would make total sense to me, and it would be huge for the bitcoin economy. China is running away with it at this point.

From what I read about the Google Glasses, they should accept bitcoin soon. Because you can pay bitcoin using your Google Glasses.

[btctraderr]

Bitpay is in USA Market
Bitstamp is I thought headed to USA as well

Sad part is Mt Gox lost the US Market.  Now they are in the legal problems in USA and the court case is against them.  US Gov seized their US Bank Accounts.


US Market is a tough one to get into.  So many financial regulations and it will cost at least $2,000,000 to register as the Financial Service Company + regulatory filing cost with USA Hourly Lawyer fees that would be another $250,000 USD + a few financial professionals to hammer out the compliance things + a publicly accessible offices.

It seems to be at least $5,000,000 USD just to get into the market with 6-12 month waiting period.

Bitstamp is based in Slovenia.

Stupid idea for anyone to start up in the USSA these days with the hostile government and excessive regulations, much better to setup somewhere like Hong Kong, Singapore etc. 

[sushi]

But to capture one of the large market, BTC can't miss USA.  Wire Transfer from EU or even HK will cost US users $50 per transfer + whatever the buy price loss and less than 1% service fee.

Seems like EU is covered as Bitstamp has office in UK and seems to be okay with their GOV, Chinese are almost okay but something funny going on in HK Gov.  MtGox got Japan and at least they are doing okay with the Japanese Regulators and some of the EU Regulators as MtGox provide "Know your Customer" or BSA things to the US IRS, so many people

[kokojie]

I believe the biggest company accepting bitcoin in USA is wordpress.com?

[marcus_of_augustus]

That would bring Bitcoin mainstream fast but it aint gona happen, China's willing to get behind Bitcoin and give it a chance but corporate USA won't tread on their banking cronies toes. So we get this weird situation we're in with one part of the media pushing Bitcoin like crazy so the US doesn't loose its lead and another part trying its best to discredit Bitcoin as a passing fad (don't forget the tulips ). The US has spent years putting up barriers so only "our kind of people" get to profit from new opportunities and innovations, it worked in the good times but now its going to cripple them.

Hugely important point being made here.

The establishment in USA is going to strangle itself on its own old rules ... good riddance is all I can say.

[Izerian]

Bitpay is in USA Market
Bitstamp is I thought headed to USA as well

Sad part is Mt Gox lost the US Market.  Now they are in the legal problems in USA and the court case is against them.  US Gov seized their US Bank Accounts.


US Market is a tough one to get into.  So many financial regulations and it will cost at least $2,000,000 to register as the Financial Service Company + regulatory filing cost with USA Hourly Lawyer fees that would be another $250,000 USD + a few financial professionals to hammer out the compliance things + a publicly accessible offices.

It seems to be at least $5,000,000 USD just to get into the market with 6-12 month waiting period.

Bitstamp is based in Slovenia.

Stupid idea for anyone to start up in the USSA these days with the hostile government and excessive regulations, much better to setup somewhere like Hong Kong, Singapore etc. 

You hit the nail on the head, good sir.

Land of the free

[inform]

or be popular in europe this not know

[sushi]

IMHO...

Let the Bitcoin trading companies being regulated and comply with wherever they do business and pay taxes on all.

Problem is US Gov wants all the bank to give up american's money matters even who lives outside USA.  That would scare off many non-american banks.  Already many americans lost their bank accounts this year due to the new law passed in the USA.

don't know good or bad, but just open the company in the USA, meet all the requirements and pay taxes, then all would be good with the Gov at least rather than keep fighting.

many who don't want the Gov how much BTC they have will continue to trade elsewhere and outside the USA, so they will continue to evade, but as long as the Gov can tax the majority of average users, they will back off!

[Beymond]

Guys the chines are rushing on Bitcoin because Baidu started accepting it.. and gives Bitcoin HUGE exposure in china.
we only need 1 big company to start accepting Bitcoins and we can take back reins from China i'm afraid if this wont happen soon most of BTC will be in china.. ;(

The main reason for btc skyrocket are because of baidu ? they are sure to hold a lot btc before they announce

[sushi]

Chinese have lots of Gray Money in Billions.  They do have the grate needs.  They can't leave China with the Gray Money, they need to convert it to something then collect it elsewhere after they are in Chinatown in Vancouver, Canada, or Chinatown in San Fransisco, USA or somewhere in EU.''

[LiteCoinGuy]

come down brother. at the begin of the year nearly nobody thought, that we a can reach this stage with bitcoin. so be patient ;-)

[benjamindees]

Max Keiser hinted at something today:
https://twitter.com/maxkeiser/status/399173865026224128
It got me wondering about Bitmits sudden closure

Indeed.  Interesting happenings afoot.  Could it be eBay?  Amazon?  Google?  Do any of these have a lot of money in China that could be pushing up the price?  Popcorn at the ready, regardless.

[Mjbmonetarymetals]

Thought Bitcoin was a border-less currency ? China taking up crypto is a good thing 

[justusranvier]

The first thing that's going to happen is Chinese exporters demanding (or offering discounts for) bitcoins instead of dollars.

Then the US importers will need to buy bitcoins, and will have an incentive to accept them from their customers.

[lucerohein]

Im seeing some new news articles from reputable agencies saying BTC can legitimately hit $37k or even $1 million.... sounds far fetched I know, but look at where it is now.... how nice would it be to have 1 BTC at 1 million..... droooool

[mprep]

Im seeing some new news articles from reputable agencies saying BTC can legitimately hit $37k or even $1 million.... sounds far fetched I know, but look at where it is now.... how nice would it be to have 1 BTC at 1 million..... droooool

Man, I would be freaking rich if that happens. However if Bitcoin doesn't become popular, as in mainstream, this is very unlikely to happen.

[Lauda]

Guys the chines are rushing on Bitcoin because Baidu started accepting it.. and gives Bitcoin HUGE exposure in china.
we only need 1 big company to start accepting Bitcoins and we can take back reins from China i'm afraid if this wont happen soon most of BTC will be in china.. ;(

https://blockchain.info/address/1NtbQKVFxAPc8mmBoWwRzhg7o3EMCBsxNg

Total Received   1.37549469 BTC

Good luck with taking back the reins from China. From the looks of Baidu's transactions, no country will be able to catch up. <sarcasm>

Baidu accepting BTC has caused it to get attention in China.
This should happen in the USA if a company that's ranked high accepts it.

[kokojie]

Im seeing some new news articles from reputable agencies saying BTC can legitimately hit $37k or even $1 million.... sounds far fetched I know, but look at where it is now.... how nice would it be to have 1 BTC at 1 million..... droooool

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

[justusranvier]

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

Why do you take it as a given that this can't happen?

[Lauda]

Im seeing some new news articles from reputable agencies saying BTC can legitimately hit $37k or even $1 million.... sounds far fetched I know, but look at where it is now.... how nice would it be to have 1 BTC at 1 million..... droooool

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

Total bitcoin cap would be 21,000,000,000,000

In 1990, total currency in circulation passed 1 trillion USD. After 12 years, in 2002 this total money supply in the world was 2 trillion USD. And just after 6 years, in 2008, this money supply increased to 4 trillion USD.

1 trillion = 1,000,000,000,000

Bitcoin can't reach $1 million, unless the dollar is losses its value by a factor of 100 or more.

[kokojie]

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

Why do you take it as a given that this can't happen?

Well I guess there is a chance, pretty much similar to the chance of I'm generating a new address that already contains 111,111 BTC

[Lauda]

well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency.

Why do you take it as a given that this can't happen?

Well I guess there is a chance, pretty much similar to the chance of I'm generating a new address that already contains 111,111 BTC

Make a bot that keeps generating addresses. When you achieve speeds of 10,000 addresses a second you might get that one day. 

[justusranvier]

Well I guess there is a chance, pretty much similar to the chance of I'm generating a new address that already contains 111,111 BTC

They said that about the USSR too, right up until the day before it no longer existed.

[LittleD]

Lets go Ebay  Ebay will be the first to except BTC.

[Lauda]

Lets go Ebay  Ebay will be the first to except BTC.

I highly doubt that it will even be among the first.

[beetcoin]

I don't see why Google shouldn't start accepting BTC. Would make total sense to me, and it would be huge for the bitcoin economy. China is running away with it at this point.

because google is a huge multibillion dollar company, and we are not yet sure how government feels about bitcoin. it would put a huge target on their back.. why would they risk it? would the reward be enough? i don't think so.

i would think that baidu had some form of assurance from china's bureaucracy before going public. i'm sure some well-connected chinese people used the insider info to make lot and lots of money.

[Lauda]

Or if the world gets richer by a factor of 100 or more (and/or holds more in rainy-day savings by a combined factor of 100 or more).

21 million bitcoins * 1 million dollars per bitcoin / 7 billion people in the world = $3000 per person.

Even less if the world population grows.

That said, $300 per person is probably more reasonable in the medium term. That'd be "only" $100,000/BTC.

Take a look at the population of China and India, and then take a look at the GDP per capita of them, compared to the GDP per capita of the richest countries. The GDP per capita of China is 1/6 that of Europe, 1/9 that of the US, and 1/17 that of Luxembourg. The GDP per capita of India is 1/21 that of Europe, 1/34 that of the United States, and 1/70 that of Luxembourg. A bet on Bitcoin is very much a bet on China and/or India.

The world isn't getting that richer, anytime soon.

[beetcoin]

how does the world get richer anyway? isn't it just a redistribution of wealth?

[Lauda]

how does the world get richer anyway?

Better technologies and better politics, mainly. (Both of which, incidentally, are facilitated by Bitcoin itself.)

Or to put it more simply, we make stuff.

If you look at the growth from wikipedia, we aren't moving quickly.

[inform]

interest situation

[Lauda]

I meant the total amount of money.
http://en.wikipedia.org/wiki/Circulation_(currency)

[Lauda]

I meant the total amount of money.
http://en.wikipedia.org/wiki/Circulation_(currency)

1) Doubling in 6 years isn't moving quickly?
2) That seems to be a measure of M1 in a fractional-reserve world. It's not clear whether or not a bitcoin-backed world would or would not be a fractional-reserve world.

It has doubled once in 6 years, doesn't mean that it might/will do so again in the same time period.

[trumbadera]

I don't see why Google shouldn't start accepting BTC. Would make total sense to me, and it would be huge for the bitcoin economy. China is running away with it at this point.

because google is a huge multibillion dollar company, and we are not yet sure how government feels about bitcoin. it would put a huge target on their back.. why would they risk it? would the reward be enough? i don't think so.

There is no risk at all start accepting Bitcoin, If there will be laws regulating Bitcoin, google might reevaluate the situation with accepting Bitcoin

[ajax3592]

I don't see why Google shouldn't start accepting BTC. Would make total sense to me, and it would be huge for the bitcoin economy. China is running away with it at this point.

because google is a huge multibillion dollar company, and we are not yet sure how government feels about bitcoin. it would put a huge target on their back.. why would they risk it? would the reward be enough? i don't think so.

There is no risk at all start accepting Bitcoin, If there will be laws regulating Bitcoin, google might reevaluate the situation with accepting Bitcoin

Just one news "Google now accepts Bitcoins" would double the value in a month

[Phinnaeus Gage]

Guys the chines are rushing on Bitcoin because Baidu started accepting it.. and gives Bitcoin HUGE exposure in china.
we only need 1 big company to start accepting Bitcoins and we can take back reins from China i'm afraid if this wont happen soon most of BTC will be in china.. ;(

https://blockchain.info/address/1NtbQKVFxAPc8mmBoWwRzhg7o3EMCBsxNg

Total Received   1.37549469 BTC

Good luck with taking back the reins from China. From the looks of Baidu's transactions, no country will be able to catch up. <sarcasm>

Baidu accepting BTC has caused it to get attention in China.
This should happen in the USA if a company that's ranked high accepts it.

Chinese have a weird way of expressing their attention to something:

https://blockchain.info/address/1NtbQKVFxAPc8mmBoWwRzhg7o3EMCBsxNg

THREE DAYS AGO:

Total Received   1.37549469 BTC

TODAY:

Total Received   1.37549469 BTC

I'll leave it to others to do the maths, and make sure you check your work, for subtracting decimals to eight places could be tricky at times.

[Lauda]

Maybe one day in 2014.

[jeppe]

It would be amazing if apple would accept bitcoins as a payment. They would set a great example to other tech companies to follow:)
But ............... would newer happen :/

[Lauda]

It would be amazing if apple would accept bitcoins as a payment. They would set a great example to other tech companies to follow:)
But ............... would newer happen :/

Why wouldn't it happen?

[Lauda]

Because peer-to-peer sales of low valued items will kill Apple's iTunes store, Apple's in-app purchases system, etc?

iTunes accepts bitcoin--> profit.

[MaxBTC1]

C'mon USA get some exposure.  I don't understand, the first company to do so will be loved by all! It makes so much sense.   

[Lauda]

C'mon USA get some exposure.  I don't understand, the first company to do so will be loved by all! It makes so much sense.   

There's WordPress but it's not that big.

[sushi]

Actually we need 2-3 big exchange in US!!!  so they stay competitive but not too many to the point they are killing each other and all go belly up

[Lauda]

Actually we need 2-3 big exchange in US!!!  so they stay competitive but not too many to the point they are killing each other and all go belly up

While we have none that are working right now?

[sushi]

I would say, wait till next week and see what would happen after 11/18/2013

[Lauda]

I would say, wait till next week and see what would happen after 11/18/2013

Why did you specify that date?