newIndia
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June 28, 2014, 08:02:36 PM |
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that's why, at the end, the gov can only tax the FIAT movment ... and not when you pay merchandise and employees with bitcoin and receive bitcoin from customers.
Overstock take this way ...
Is overstock paying their employees and suppliers in bitcoin ? They can't force their employees and suppliers to accept bitcoin. If they do not want to be paid this way and overstock is only willing to pay in bitcoin then the suppliers and employees will simply not work for overstock. I did read an article that said that overstock was planning on paying some bonuses in bitcoin. I wonder how they plan on working out the payroll taxes? They may actually break it up into 2 parts. Till the non-taxable limit earning may be paid in FIAT and beyond it payment may be made in Bitcoin.  |
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"There should not be any signed int. If you've found a signed int
somewhere, please tell me (within the next 25 years please) and I'll
change it to unsigned int." -- Satoshi
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Cenenigo
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June 29, 2014, 06:48:40 PM |
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The biggest problem that I see with bitcoin is that by design, it is a deflationary currency. Instead of increasing the money supply every year (like say, the US government does with USD), the supply of bitcoin increases by a smaller number of "coins" each year, until eventually no more bitcoins are created... ever again.
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Cenenigo
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June 29, 2014, 06:55:12 PM |
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Assuming demand for the currency trends upward long-term (and if it doesn't, it wouldn't really be a successful currency), the value of a single bitcoin will increase. Inflation is healthy and necessary for a currency because it encourages people to spend and/or invest their cash, as opposed to deflation which encourages people to hoarde, further deflating the currency (by decreasing supply).
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Cenenigo
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June 29, 2014, 07:01:56 PM |
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Theoretically at least, this could create enough deflation per year that basically nobody would ever want to actually spend a bitcoin, which would lead to a crash/total failure of the bitcoin economy.
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jonald_fyookball
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Core dev leaves me neg feedback #abuse #political
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June 29, 2014, 07:02:47 PM |
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we've never had a deflationary currency before (except during times of chaos) so you really don't know.
gold is a deflationary currency but doesn't work well for small payments because it's not easily divisible. this is the first time we've tried an asset based deflationary currency that's easily divisible.
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Cenenigo
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June 29, 2014, 07:08:19 PM |
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It is also interesting to note that a deflationary currency like this actually rewards early adopters (which is why bitcoins have been compared to Ponzi Schemes by numerous experts). Finally, the "mining" of bitcoins is remarkably inefficient in its use of energy and computational power when compared to other systems of creating currency.
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jonald_fyookball
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Core dev leaves me neg feedback #abuse #political
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June 29, 2014, 07:11:24 PM |
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It is also interesting to note that a deflationary currency like this actually rewards early adopters (which is why bitcoins have been compared to Ponzi Schemes by numerous experts). Finally, the "mining" of bitcoins is remarkably inefficient in its use of energy and computational power when compared to other systems of creating currency.
all been discussed many times before. early adopters are rewarded for risk taking and spearheading new technology. proof of work may appear inefficient but is the only proven method for distributed consensus. |
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Cenenigo
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June 29, 2014, 07:15:01 PM |
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Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.
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gbooz
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June 30, 2014, 05:44:08 PM |
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Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.
Bitcoin is a lottery ticket for its holders.  Lottery tickets never fade into obscurity. It is changing the format over the time... |
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Vintage
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June 30, 2014, 05:49:03 PM |
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future of bitcoin is paying for everything with bitcoins, everyday grocery etc
I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol |
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Beliathon
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June 30, 2014, 05:58:32 PM |
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The biggest problem that I see with bitcoin is that by design, it is a deflationary currency. That's not a problem with bitcoin. On the contrary, Bitcoin's deflationary design is the SOLUTION to the deadly problem of inflationary fiat scrip. Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.
Bitcoin is a lottery ticket for its holders. Lottery tickets never fade into obscurity. No, bitcoin is nothing like the lottery. Lottery is - like fiat money - a scam for people who are bad at math. Bitcoin is in fact the inverse. Also, you should use less emoticons when conversing with adults. Overusing emoticons makes you look stupid and insecure. |
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gbooz
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June 30, 2014, 06:42:30 PM |
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The biggest problem that I see with bitcoin is that by design, it is a deflationary currency. That's not a problem with bitcoin. On the contrary, Bitcoin's deflationary design is the SOLUTION to the deadly problem of inflationary fiat scrip. Due to all of the above factors, I personally believe that bitcoin will inevitably completely implode if it doesn't fade into obscurity first.
Bitcoin is a lottery ticket for its holders. Lottery tickets never fade into obscurity. No, bitcoin is nothing like the lottery. Lottery is - like fiat money - a scam for people who are bad at math. Bitcoin is in fact the inverse. Also, you should use less emoticons when conversing with adults. Overusing emoticons makes you look stupid and insecure. I am very emotional!     |
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newIndia
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July 01, 2014, 04:36:19 PM |
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future of bitcoin is paying for everything with bitcoins, everyday grocery etc
I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol Bitcoin was primarily devised to solve remittance problem, where 10 min is nothing. At the time of design, Satoshi probably did not think that Bitcoin may be used in fast food stall. But now as we are moving forward, we can solve this problem by incorporating side chains. |
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Dogtanian
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July 01, 2014, 05:11:29 PM |
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future of bitcoin is paying for everything with bitcoins, everyday grocery etc
I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol I wish people would stop bringing this up as if it's a problem. You don't have to wait ten minutes. Have you ever actually sent bitcoin? |
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BitCoinDream
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The revolution will be digital
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July 01, 2014, 05:39:40 PM |
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future of bitcoin is paying for everything with bitcoins, everyday grocery etc
I don't see many people paying with it through a drive through. 10 min wait could stall fast food lol I wish people would stop bringing this up as if it's a problem. You don't have to wait ten minutes. Have you ever actually sent bitcoin? Why do u think that u dont need to wait 10 min ? Unless u wait, there remains a chance of double spending ...is no it ? |
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Skele
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VocalPlatform.com
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July 01, 2014, 05:51:33 PM |
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I believe it's future will be the same as every new innovative stuff or technology; actually we are living it's rising, in a few years we will live it's climax
and maybe in long-term it will dissappear and another innovative thing will replace it...
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gbooz
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July 01, 2014, 05:57:27 PM |
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The future of BTC very much will depend on it's transparency and national/international regulations on tax and reporting of BTC. If regulative framework will remain at the present stage - many large businesses will be put off from accepting virtual currencies such as Bitcoins given the fringe nature of the industry and lack of transparency.
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jonald_fyookball
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Core dev leaves me neg feedback #abuse #political
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July 01, 2014, 05:59:54 PM |
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The future of BTC very much will depend on it's transparency and national/international regulations on tax and reporting of BTC. If regulative framework will remain at the present stage - many large businesses will be put off from accepting virtual currencies such as Bitcoins given the fringe nature of the industry and lack of transparency.
didnt seem to stop Dish or Expedia |
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gbooz
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July 01, 2014, 08:17:11 PM |
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The future of BTC very much will depend on it's transparency and national/international regulations on tax and reporting of BTC. If regulative framework will remain at the present stage - many large businesses will be put off from accepting virtual currencies such as Bitcoins given the fringe nature of the industry and lack of transparency.
didnt seem to stop Dish or Expedia I mean really large and really many. |
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