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Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
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Hfertig
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December 05, 2013, 10:39:54 PM |
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This is actually quite interesting. Wordpress made a comment that not many people are using Bitcoin to pay for their service. It appears that people are afraid to spend their Bitcoins, as they could be so much more worth tomorrow. On the other hand, vendors are scared to accept them because of the volatility. Don´t people believe in bitcoins because they believe in increasing adoption and use ? China has made this one much more difficult. Bitcoin has been put into the corner of a pure speculation object. From a personal experience, I had quite a few people buying bitcoins from me during the last a few years. Interestingly I have recently not found one person who was willing to pay $1000 or more to have one. Almost everyone I speak to have heard about bitcoin till now, but no one wants to buy them at at current prices. Not even a fraction of a bitcoin. Those who bought from me then at prices between 5-12 USD, are now asking me to help them to sell, as they rather want a shiny new smartphone for their bitcoin. (They have not found a store who would take their bitcoin and exchange it for an Phone....) There is only a small amount of people who can gain in this game and the majority will lose. Currently everyone, including myself, who has bitcoins is winning... how sustainable is this ? |
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niothor
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December 05, 2013, 11:00:05 PM |
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It has been stated before by some shop owners.
When bitcoin rise in price , their sales go down.
People are not getting it the right way.
Buy in bitcoins , and exchange back in bitcoins the usd you would have spent on the item.
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Siegfried
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December 06, 2013, 12:41:07 AM |
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A Chinese friend of mine who owns a small restaurant in Jinan will begin accepting bitcoin and litecoin payments as of today. Prices will be fixed in btc/ltc, not pegged to the yuan.
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User705
Legendary
 Offline
Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
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December 06, 2013, 12:44:42 AM |
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The only thing to worry about short term is if banks in China stop working with exchanges. But the whole point of bitcoin is to not have to use banks and financial institutions.
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Spaceman_Spiff
Legendary
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Activity: 1638
Merit: 1001
₪``Campaign Manager´´₪
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December 06, 2013, 12:47:26 AM |
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This is actually quite interesting. Wordpress made a comment that not many people are using Bitcoin to pay for their service.
It appears that people are afraid to spend their Bitcoins, as they could be so much more worth tomorrow. On the other hand, vendors are scared to accept them because of the volatility.
Don´t people believe in bitcoins because they believe in increasing adoption and use ? China has made this one much more difficult. Bitcoin has been put into the corner of a pure speculation object.
From a personal experience, I had quite a few people buying bitcoins from me during the last a few years. Interestingly I have recently not found one person who was willing to pay $1000 or more to have one. Almost everyone I speak to have heard about bitcoin till now, but no one wants to buy them at at current prices. Not even a fraction of a bitcoin.
Those who bought from me then at prices between 5-12 USD, are now asking me to help them to sell, as they rather want a shiny new smartphone for their bitcoin. (They have not found a store who would take their bitcoin and exchange it for an Phone....)
There is only a small amount of people who can gain in this game and the majority will lose. Currently everyone, including myself, who has bitcoins is winning... how sustainable is this ?
If everybody switches to bitcoin, it's the fiat holders that lose... |
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johnyj
Legendary
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Activity: 1988
Merit: 1012
Beyond Imagination
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December 06, 2013, 12:51:32 AM |
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Don´t people believe in bitcoins because they believe in increasing adoption and use ? China has made this one much more difficult. Bitcoin has been put into the corner of a pure speculation object.
There is only a small amount of people who can gain in this game and the majority will lose. Currently everyone, including myself, who has bitcoins is winning... how sustainable is this ?
People believe in bitcoins because they believe that its value will appreciate forever against fiat money (thus become an inflation resistant store of value), and luckily it is true, see my signature Even everyone has acquired bitcoin, its value will still rise continuously due to forever rising population and productivity of the world, and its limited supply nature. Everyone join the game will win. This is fundamentally different than a bubble, while some people win and some people lose |
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monkeybars
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December 06, 2013, 01:20:21 AM |
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Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
Just thought this should be quoted again. Kinda makes the other comments irrelevant |
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HeliKopterBen
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December 06, 2013, 01:42:37 AM |
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Counterfeit: made in imitation of something else with intent to deceive: merriam-webster
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User705
Legendary
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Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
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December 06, 2013, 01:58:08 AM |
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That does look good but what % of those merchants are keeping coins? |
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Coinseeker
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December 06, 2013, 02:25:11 AM |
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Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
People are still holding on to these delusions. Amazing. I guess without any banks or merchants willing to touch it, Bitcoin would just thrive.  Yes, regulations can do exactly that. Please join reality...it's nice here. |
If your ignore button isn't glowing, you're doing it wrong.
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monkeybars
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December 06, 2013, 03:15:03 AM |
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Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
People are still holding on to these delusions. Amazing. I guess without any banks or merchants willing to touch it, Bitcoin would just thrive. Yes, regulations can do exactly that. Please join reality...it's nice here. Regulations can do exactly this: move Bitcoin business to other countries. Please join the Blockchain. It's nice here. |
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windjc
Legendary
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Activity: 2156
Merit: 1070
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December 06, 2013, 03:23:47 AM |
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To OP:
I am not sure what you expected. I know what I expected. I expected that sooner or later China would give guidance on BTC. And I DID NOT for one minute expect China would say BTC was awesome, go get some, we will make it an official secondary currency.
Contrary - I actually posted a thread/poll a week ago asking people what they thought would happen to the price of BTC if/when China banned bitcoin.
I expected something from China. The fact that they haven't banned it is a positive.
In fact they called it a commodity. An investment vehicle. That's not too bad.
They said banks and financial institutions couldn't deal with it, so we won't have it on the China stock market or have a China ETF. That's a bummer, but I don't think any reasonable person would have expected this.
Can merchants accept it now? That's what everyone is debating. But it looks like they can, as I don't think China has a stipulation on what a merchant can accept as payment, AS LONG as the merchant pays taxes on the profit of what they sold.
Maybe I'm wrong, but you don't know the answer to this. We will find out sooner than later.
ANYWAY, the point here is that you seem to think that BTC and the world economy in general begin and end with China.
I strongly disagree. Bitcoin does not need communist China on board.
If Bitcoin gets to be traded as a commodity in China and some merchants accept it as payment then that a BONUS.
What did you REALLY expect? Bitcoin to go to the moon without taking a bunch of punches. The world news on BTC the last 2 months has been better than my wildest dreams. We are WAY OVERDUE for bad news, for blow back, for regulatory powers to flex their muscles.
That has to be expected.
Maybe that put a damper on your plans to see your BTC worth 10k each next year.
Sorry about that.
Meanwhile, Bitcoin, the honey badger, don't give a shit.
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bootlace (OP)
Full Member
Offline
Activity: 364
Merit: 100
Justice as a Service Infrastructure
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December 06, 2013, 05:50:41 AM |
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To OP:
I am not sure what you expected. I know what I expected. I expected that sooner or later China would give guidance on BTC. And I DID NOT for one minute expect China would say BTC was awesome, go get some, we will make it an official secondary currency.
Contrary - I actually posted a thread/poll a week ago asking people what they thought would happen to the price of BTC if/when China banned bitcoin.
I expected something from China. The fact that they haven't banned it is a positive.
In fact they called it a commodity. An investment vehicle. That's not too bad.
They said banks and financial institutions couldn't deal with it, so we won't have it on the China stock market or have a China ETF. That's a bummer, but I don't think any reasonable person would have expected this.
Can merchants accept it now? That's what everyone is debating. But it looks like they can, as I don't think China has a stipulation on what a merchant can accept as payment, AS LONG as the merchant pays taxes on the profit of what they sold.
Maybe I'm wrong, but you don't know the answer to this. We will find out sooner than later.
ANYWAY, the point here is that you seem to think that BTC and the world economy in general begin and end with China.
I strongly disagree. Bitcoin does not need communist China on board.
If Bitcoin gets to be traded as a commodity in China and some merchants accept it as payment then that a BONUS.
What did you REALLY expect? Bitcoin to go to the moon without taking a bunch of punches. The world news on BTC the last 2 months has been better than my wildest dreams. We are WAY OVERDUE for bad news, for blow back, for regulatory powers to flex their muscles.
That has to be expected.
Maybe that put a damper on your plans to see your BTC worth 10k each next year.
Sorry about that.
Meanwhile, Bitcoin, the honey badger, don't give a shit.
If you can't buy stuff with bitcoins as some believe is the new regulation, then I stand by what I said: that Bitcoin has been rendered pretty useless within China. I never said this would kill Bitcoin or anything of that sort. I do believe it should have a profound effect on the current price (which I'll admit hasn't really materialized to this point) because the catalyst for moving from 120$ to 1200$ was in one word, China. There was this premise building (started by the Winklevoss twins) that the USA was forced to accept Bitcoin because otherwise it would push innovation to China - that premise has now fallen flat on its face. The US could take similar action against Bitcoin, perhaps even go a bit further, and Bitcoin's progress will have been pushed back considerably. I imagine many nations following in the footsteps of both China and the US if they take a similar stance on BTC. So now Bitcoin is once again highly reliant on the US government to stay afloat and possibly thrive. That is a highly dangerous place to be in considering the implications of what a successful Bitcoin adoption means to the USD. Unless large institutional money enters its way into BTC, I foresee a drawn out correction in BTC back into the mid hundreds. |
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maxxoccupancy
Member
Offline
Activity: 70
Merit: 10
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December 06, 2013, 05:52:26 AM |
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Welcome to my ignore list OP.
I should try to market my ignore list to newbies...maybe a CMMPro's ignore list subscription...just .01 btc per month to relieve all the forum stupidity with one button press.
Do you take Feathercoin? |
I would like to work on development of a polymorphic altcoin that maintains a stable value and is more resistant to fraud.
btc: 15diNSNVontYf5iUvQqnLSQJ9rCAHuwpyJ betyourbits.com LTC: LRqVTEPcS7uusMy7JDqYEUg6KqdhfRWC5B
DogECoin: DDHG719WNCCav5MWQQqyxLABFhZTG3jwX3 QRK: QdKnP5SqoG9r4CNuFcY1oesaYUAsu1W5hF
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deltanine
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December 06, 2013, 06:01:28 AM |
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That does look good but what % of those merchants are keeping coins? What does that matter? Ever since I first joined this forum I've seen bears complain that Bitcoin was held up only by speculation and hoarding. Now we see the opposite complaint? |
Freedom is a state of mind, and then Bitcoin comes along.....
-S4VV4S
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Sitarow
Legendary
Offline
Activity: 1792
Merit: 1047
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December 06, 2013, 06:04:05 AM |
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Government regulation cannot stop Bitcoin, it will either learn to benefit from Bitcoin or be undermined by it. The crypto industry will go to the jurisdictions that understand this, and others will get left behind. The question isn't whether this hurts Bitcoin, it's whether it hurts China.
People are still holding on to these delusions. Amazing. I guess without any banks or merchants willing to touch it, Bitcoin would just thrive. Yes, regulations can do exactly that. Please join reality...it's nice here. Something to remember. People are fickle, greedy, selfish and fearful. If they want a change then you know that governments and "profit" driven institutions will pander to the masses. As far as monetary policy and global reserve currency, we are due to a shift soon. |
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crazy_rabbit
Legendary
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Activity: 1204
Merit: 1001
RUM AND CARROTS: A PIRATE LIFE FOR ME
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December 06, 2013, 06:04:24 AM |
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This doesn't even deserve being called speculation.
When do we get a random babbling sub-forum?
+1 |
more or less retired.
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User705
Legendary
Offline
Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
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December 06, 2013, 06:11:54 AM |
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That does look good but what % of those merchants are keeping coins? What does that matter? Ever since I first joined this forum I've seen bears complain that Bitcoin was held up only by speculation and hoarding. Now we see the opposite complaint? The difference is one there is actual product for bitcoin exchange the other is earlier investors buying products with their new wealth that is purely investment gains and the merchants simply cash it into fiat right away. |
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deltanine
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December 06, 2013, 06:25:13 AM |
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That does look good but what % of those merchants are keeping coins? What does that matter? Ever since I first joined this forum I've seen bears complain that Bitcoin was held up only by speculation and hoarding. Now we see the opposite complaint? The difference is one there is actual product for bitcoin exchange the other is earlier investors buying products with their new wealth that is purely investment gains and the merchants simply cash it into fiat right away. I suppose if they hoarded those coins instead of cashing out to fiat some bear around here would complain about merchants hoarding coin. |
Freedom is a state of mind, and then Bitcoin comes along.....
-S4VV4S
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