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Author Topic: What Bitcoins needs to survive  (Read 735 times)
Ustler
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August 31, 2011, 01:38:32 AM
 #1

  .
The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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August 31, 2011, 01:55:56 AM
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Why go through all the business of converting Bitcoins to the local currency and back? The credit card company can handle international currency conversions just fine.
Also: What would happen with the so-called 'stolen' Bitcoins? Who marks them as such? Would they be removed from circulation forever? Wouldn't having someone mark BTC as 'stolen' create a sort of centralized controller?
Finally: Once Bitcoins become widely accepted as a form of payment, the prices will fluctuate less, according to economic theory. (http://en.wikipedia.org/wiki/Sticky_%28economics%29)

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skilo
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August 31, 2011, 02:33:52 AM
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All thats needed is for major retailers to start accepting bitcoin as a method of payment, once this happens the MSM will have to start covering it more and then the price of BTC will EXPLODE!


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August 31, 2011, 05:51:12 AM
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Ability to pay for electricity with BTC
skilo
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August 31, 2011, 03:25:19 PM
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Ability to pay for electricity with BTC

Well technically you can pay for electricity with bitcoin (kind of) just sell some of your BTC on the market for $ then pay your electric bill.

So in a way mining does pay for itself.

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Ayukawa
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September 01, 2011, 06:04:56 PM
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Hi there,

Building a decentralized method of reporting stolen bitcoins would be challenging, but not impossible.
I agree - due to the public availability of all transactions it should be a piece of a cake. Much easier than with cash.
Some automatic lookup for "stolen coins" should be possible by a future client.
Just, how would you deal with the cases a theft was reported after the thief traded them already to an unknowing user? Should he/she then be forced to pay back the coins, which he/she legally and in good intention obtained?


They are not going to want to accept a digital currency that they can loose if a computer fails or that can loose value while the transaction is taking place.
For the computer fail: I think this is not different to actual cash. You most likely will tranfer the money on a daily basis to some kind of bank, just like you do in reality. With the pluspoint, that the "money transportation" is muuuch cheaper.

For a typical transfer, it takes quite awhile to "Confirm" the transfer. If a retailer accepts bitcoins, what are they supposed to do. Have you transfer them to their wallet and have you wait 30 mins to a hour for a decent number of confirmations?
I agree, this is a valid point. Instant payment will be difficult.
You could work around for certain types of businesses which either take some time (like a dinner, just ask for payment after order and you will have some time while the guests are dining to get your confirmations) or where shipping is involved (another hour delay usually does no harm).

For instant-sale of smaller amounts you just have to accept the risk that you will suffer a double spending attack. Are there any statistics how often double spend attacks are currently happening in the bitcoin network? So is this a real thread, or just an academical one?





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September 01, 2011, 07:32:32 PM
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All thats needed is for major retailers to start accepting bitcoin as a method of payment, once this happens the MSM will have to start covering it more and then the price of BTC will EXPLODE!



Is that really what's best for Bitcoin, though? I'd prefer a lower but rock-solid price to one that was sky-high but fluctuated wildly.

Unless you were arguing the price would go high and then stabilize, which would be the best of both worlds. But once it flies up again, that would attract speculators, which might bring instability along for the ride as a consequence.
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September 02, 2011, 12:09:48 AM
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All thats needed is for major retailers to start accepting bitcoin as a method of payment, once this happens the MSM will have to start covering it more and then the price of BTC will EXPLODE!



Is that really what's best for Bitcoin, though? I'd prefer a lower but rock-solid price to one that was sky-high but fluctuated wildly.

Unless you were arguing the price would go high and then stabilize, which would be the best of both worlds. But once it flies up again, that would attract speculators, which might bring instability along for the ride as a consequence.

I hope the price goes to 10 million USD per BTC. All you have to do to benefit from this is to simply invest $8.50USD in one BTC. Simple.

After we are all rich who cares what the speculators do? Besides there is always other crypto currencies wich would could be used instead anyway.

Now what are you waiting for? go buy you some BTC and ill see you at the country club mate, Don't be late tee off time is at 10am!  Grin

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nrd525
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September 02, 2011, 02:06:46 AM
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I think it needs conferences and face to face meetings to build trust.

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