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Author Topic: Pricing commodities in bitcoin - blah  (Read 885 times)
jostmey
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August 22, 2011, 06:00:20 PM
 #1

What is important is getting people to start buying stuff with bitcoins.

Right now the value of bitcoin is almost completely determined by the demand from people speculating on bitcoin.

More vendors selling bitcoin merchandise are needed to change this. Every vendor who values their merchandise in bitcoin is helping to anchor the value of the currency to the commodities they sell. In short, they are pseudo-backing the currency with a commodity.

If this does not happen, the value of bitcoin will likely continue to float around wildly as people try to decide its worth as a stock. I personally believe bitcoins have very little worth as a stock. But that is just my little opinion.

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bracek
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August 22, 2011, 06:14:36 PM
 #2

I think it is good for gambling (games) and speculating,
it's purpose for buying goods is too small,
it will become buying friendly when workers start getting paychecks in btc,
until that happens it is not complete economy

edit:
I just negotiated a btc related project to be paid with paypal,
with a guy that is "one of us"
I do own some btc, but they are harder to get than to spend,
that is why I rather store them for later...

So, even I, who sees where the problem is Smiley
am not doing anything about it...

we r doomed Smiley
acoindr
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August 22, 2011, 06:36:36 PM
 #3

More vendors selling bitcoin merchandise are needed to change this. Every vendor who values their merchandise in bitcoin is helping to anchor the value of the currency to the commodities they sell. In short, they are pseudo-backing the currency with a commodity.

Couldn't have said that better myself.
jostmey
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August 22, 2011, 06:36:48 PM
 #4


edit:
I just negotiated a btc related project to be paid with paypal,
with a guy that is "one of us"
I do own some btc, but they are harder to get than to spend,
that is why I rather store them for later...

So, even I, who sees where the problem is Smiley
am not doing anything about it...

we r doomed Smiley

Hopefully the problem will start to fix itself. As the exchanges mature they will offer easier and easier ways to "buy into" bitcoin. This will help facilitate the ease of buying merchandise with bitcoin.

I don't think we are doomed. I have been keeping a close eye on the number of online stores accepting bitcoin. The number is starting to grow. They are not selling much merchandise, but that may be because they are slightly ahead of the trend.

I created my website to help transition the economy to one where stuff is sold and hopefully bought :-) But it is just one website.

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jostmey
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August 22, 2011, 06:41:26 PM
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I skimmed the document you wrote. I think you and I have similar hopes for the future of bitcoin.

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Steve
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August 22, 2011, 07:41:10 PM
 #6

I think it is good for gambling (games) and speculating,
it's purpose for buying goods is too small,
it will become buying friendly when workers start getting paychecks in btc,
until that happens it is not complete economy

edit:
I just negotiated a btc related project to be paid with paypal,
with a guy that is "one of us"
I do own some btc, but they are harder to get than to spend,
that is why I rather store them for later...

So, even I, who sees where the problem is Smiley
am not doing anything about it...

we r doomed Smiley

I don't understand this...why would you not just by bitcoins on an exchange and use them to pay the person?  This is quite simple and even if you want to accumulate bitcoins you simply buy more bitcoins on the exchange and use some of them to pay the person and keep the rest.  I generally buy a few bitcoins every week so that I have some to pay people with but don't allow my balance to fall.

(gasteve on IRC) Does your website accept cash? https://bitpay.com
Piper67
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August 22, 2011, 07:50:07 PM
 #7

I think it is good for gambling (games) and speculating,
it's purpose for buying goods is too small,
it will become buying friendly when workers start getting paychecks in btc,
until that happens it is not complete economy

edit:
I just negotiated a btc related project to be paid with paypal,
with a guy that is "one of us"
I do own some btc, but they are harder to get than to spend,
that is why I rather store them for later...

So, even I, who sees where the problem is Smiley
am not doing anything about it...

we r doomed Smiley

I don't understand this...why would you not just by bitcoins on an exchange and use them to pay the person?  This is quite simple and even if you want to accumulate bitcoins you simply buy more bitcoins on the exchange and use some of them to pay the person and keep the rest.  I generally buy a few bitcoins every week so that I have some to pay people with but don't allow my balance to fall.

Yup... pretty early on I decided on what amount of BTC I'd like to save for the future. Once I got to that point, if I ever need to, I just buy some BTC on the exchanges and use them.

Not that I fully buy into the concept that until we start using Bitcoin to pay for milk the currency is doomed, mind you. There are plenty of examples of currencies and commodities which aren't used to transact in day to day life, and do quite well, thank you. There are entire areas of the world where the currency used for day to day transactions is PRECISELY the one that's in trouble, and people prefer to use other currencies as a store of value, or to purchase larger things like cars and homes.

But still, if you're going to pay someone who takes BTC, then just buy whatever BTC you need to pay them and transfer it... at least you'll get the exchanges moving.
bracek
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August 22, 2011, 08:26:36 PM
 #8

I think it is good for gambling (games) and speculating,
it's purpose for buying goods is too small,
it will become buying friendly when workers start getting paychecks in btc,
until that happens it is not complete economy

edit:
I just negotiated a btc related project to be paid with paypal,
with a guy that is "one of us"
I do own some btc, but they are harder to get than to spend,
that is why I rather store them for later...

So, even I, who sees where the problem is Smiley
am not doing anything about it...

we r doomed Smiley

I don't understand this...why would you not just by bitcoins on an exchange and use them to pay the person?  This is quite simple and even if you want to accumulate bitcoins you simply buy more bitcoins on the exchange and use some of them to pay the person and keep the rest.  I generally buy a few bitcoins every week so that I have some to pay people with but don't allow my balance to fall.


much shorter way is that he buys (converts to) btc for himself...
bracek
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August 22, 2011, 08:44:44 PM
 #9


Not that I fully buy into the concept that until we start using Bitcoin to pay for milk the currency is doomed, mind you. There are plenty of examples of currencies and commodities which aren't used to transact in day to day life, and do quite well, thank you. There are entire areas of the world where the currency used for day to day transactions is PRECISELY the one that's in trouble, and people prefer to use other currencies as a store of value, or to purchase larger things like cars and homes.

But still, if you're going to pay someone who takes BTC, then just buy whatever BTC you need to pay them and transfer it... at least you'll get the exchanges moving.

I said we were doomed as a joke,
actually, I am bullish hoarder,
and quite happy with the new options btc has brought

for example, now I am able to sell software,
before, there was so much bureaucracy in my country
that I just did not want to waist time and energy.
to get the online merchant accounting, banks require prior volume of my sales, which was zero,
then my country requires that I employ myself and pay all healthcare and pension fund and on and on...
now there is no one racketeering me Smiley
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