TOO MANY BITCOINERS

[Cicero2.0]

Ok, let's start this again. And why would I do that? When all I need to do is press Paypal button. Or Visa Button.

OK, sorry that this has been blown past. It deserves an honest answer.

Before you could 'just press the PayPal button', you had to create an account with PayPal, right? Then link that account with another funding source such as a credit card or a bank account, right? Then earn money, and put that money in the linked account, right? Well, in a similar fashion, you don't just get awarded BTC as a birthright.

Before you can spend bitcoins, you need to have some. There are many ways to accomplish this. As you seem enamored of old-world money mechanisms, I will describe what I think is the closest analog.

Go to Coinbase.com. Create an account and wallet there. Link it with your bank account and or credit card. Use Coinbase's handy interface to purchase bitcoins from them using funding from your liked account. Boom. You know have easily spendable bitcoins. In something very close to the PayPal model of doing business.

Now to spend them, it is as simple as choosing bitcoin as the checkout means of payment from a retailer that accepts bitcoins. Examples would be NewEgg, Expedia, Overstock...

You can also make your Home Depot purchase (many other retailers as well) quite painlessly, through the intermediary of Gyft. But you probably want to get some experience with the basics first, before adding this next layer.

We are not born knowing how to use bitcoin. Neither are we born knowing how to use wire transfers, credit cards, checks, or even cash. You've been around these other financial instruments your entire adult life, so you no longer think about the learning process in regards to them. But you should not expect using any new financial instrument to come with zero learning required.

Yes, things require a little effort. Less now than a year ago. In another year, they will be easier yet. Either go through the pain of learning now, or wait another year for the next simplification. There will still be learning required, but likely much less. All you'd be giving up is the possibility of another 10x possible increase in the value of the bitcoins you hold.

But stop whining - we're not going to do it for you. We have our own lives to run.

If people can't be civil in topics, then why the heck do you respond. You're internet doesn't freely give out a license to be a jerk, does it?

First lets set the record straight, I have a wallet, I have bitcoins, I know what they are used for, I know how to buy them, I know how to mine them, I know how to spend them..

In short, I know whats up.

If you actually read what I was trying to get at, I was using myself as an example, and talking about 1 method of growth in bitcoins.

As far as the rest, I leave this to the trolls. You have no clue, only what you are told.

This has to be the most uneducated & unprovoked response I've ever come across on this forum, not sure if English isn't your first language or you just can't comprehend the sincere helpfulness in his answer (I would've thought this was obvious when he started it off with an apology).

You sir are a fool. Kudos to jbreher for the brilliant anology/reply.

Yes it was a nice breakdown. It is a question of familiarity for people. Once they get used to something it becomes second nature. There will be an adjustment period for everyone that tries something new.

[Nerazzura]

yes, we really need more people wanting bitcoin, otherwise we might see a bitcoin collapse if the next halving makes bitcoin mining unprofitable.

Problem is that no one I know would be willing to give bitcoin a try, and would confuse me with some Herbalife pyramid scammer type

or pays you to post on a forum

Like the signature campaign do?

well, we have to keep the bitcoin from the hands of ignorant who want to take great advantage of a very fast manner that would make bitcoin becomes bad reputation. and increasingly rejected by the government, it is very threatening

[bocobit]

Couldn't disagree with the op more.  In a perfect world everyone should be mining.  But the reality is that not everyone mines.  Also, Andreas and Gavin do not speak for the entire bitcoin community.  They are good speakers and I have listened to them to get a better idea of what is going on in crypto but we should be very careful who we put our trust behind.  Its my understanding that the core idea of bitcoin is DECENTRALIZATION.  Alt coins are a hedge against the possibly inevitable outcome of bitcoin evolving into something that is hypocritical of its roots. That is the name of the game in this ecosystem. Voluntary participation. It is the idea of decentralization that got me interested in bitcoin.  We should not be scared of the implications of bitcoin. Embrace it.

One last note about Andreas.  Has he contributed to the development to the bitcoin protocol?  If the answer is no, then why are people paying any attention to him.    

[freedomno1]

He said that because mining isn't profitable anymore, we need people actually using bitcoin so its value increase and mining becomes profitable again, we don't need less people mining we need more people using bitcoin.

That or we need sidechains or something else that miners can secure along with the Bitcoin network
It's pretty damn secure already in hash lol.

@boco
Your thinking Bitcoin nodes I think but also perhaps mining hmm might need to watch the gavin/andersen vids.

[bocobit]

@fredomon1

Do you get paid for a node? Where can i sign up. The money is in mining

[chaosPT]

This thread is all noise and no signal.

I agree with you , this is what it is 

[Nerazzura]

Let me ask you guys something, I'm fairly new here.

So assuming I'm a total noob and wanted to "try" these coins out and buy something, oh say at New Egg where I'm looking at some computer parts. And it says right there, pay with bitcoins, how exactly would I go about doing this?

Where can you instantly buy coins, and then pay for goods without having a wallet, or computer..

Basically what I'm saying is, unless your involved in the coin community, you can't. So I see that as the growth problem in one aspect.

maybe you can create a new thread in the forum state or perhaps you have a special thread here. to see who has the coin to be exchanged or sold, directly meet it's better for you

[WtwkG]

but at the same time many people are put off mining by the fact that BTC is already established in the community

[franky1]

but at the same time many people are put off mining by the fact that BTC is already established in the community

but at the same time many people are put off pickaxing for gold, by the fact that gold is already established in the community..
.. so:
1) they buy gold as it's easier, cheaper(no $50k excavator) and less sweaty
2) they set up businesses(anything from hairdressing, vets, coffee shops, bars, etc) to earn funds to buy gold
3) they set up pawn shops to get peoples gold and pay them below spot

bitcoin is the same. bitcoin mining is not for the amateur noobs that cant afford $50k investment, instead people learn to start doing normal jobs and services to earn their bitcoin. thats why we are still in the early adopter/innovator stage. as we haven't quite got to the average day job being related to bitcoin..

.. but its coming, once peopl accept that mining is not for everyone

[jonald_fyookball]

but at the same time many people are put off mining by the fact that BTC is already established in the community

but at the same time many people are put off pickaxing for gold, by the fact that gold is already established in the community..
.. so:
1) they buy gold as it's easier, cheaper(no $50k excavator) and less sweaty
2) they set up businesses(anything from hairdressing, vets, coffee shops, bars, etc) to earn funds to buy gold
3) they set up pawn shops to get peoples gold and pay them below spot

bitcoin is the same. bitcoin mining is not for the amateur noobs that cant afford $50k investment, instead people learn to start doing normal jobs and services to earn their bitcoin. thats why we are still in the early adopter/innovator stage. as we haven't quite got to the average day job being related to bitcoin..

.. but its coming, once peopl accept that mining is not for everyone

good analogy.

Do we really have people complaining that its hard for the average person to mine Gold?  Or that Gold mining has become too centralized?

[fudbuster]

Does any one else worry about all the incoming sell pressure as more and more mainstream businesses start taking Bitcoin for payments yet cash out instantly to USD or EUR? What if Amazon starts accepting BTC? It sounds good but doesn't it work out to them taking mass amounts of Bitcoin in and selling it for USD?

[franky1]

Does any one else worry about all the incoming sell pressure as more and more mainstream businesses start taking Bitcoin for payments yet cash out instantly to USD or EUR? What if Amazon starts accepting BTC? It sounds good but doesn't it work out to them taking mass amounts of Bitcoin in and selling it for USD?

nope

bitpay for instance do not sell on exchanges.. instead large investors give bitpay dollars behind the scenes and investors receive bitcoins.. (research th $32mill investment bitpay got) thus no bitpay bitcoins eat away at exchange buy orders... thank god. and i imagine the winklevoss and their "authorized participants" will grab their baskets of bitcoins the same way.. private trades away from exchanges.

but coinbase is a different story.. they are still kinda attached to the merchant transactions hitting the coinbase public exchange

[Bitcoin-hotep]

What if Bitcoin crashes?

And what is wrong with people creating small community coins?

[Harley997]

Does any one else worry about all the incoming sell pressure as more and more mainstream businesses start taking Bitcoin for payments yet cash out instantly to USD or EUR? What if Amazon starts accepting BTC? It sounds good but doesn't it work out to them taking mass amounts of Bitcoin in and selling it for USD?

nope

bitpay for instance do not sell on exchanges.. instead large investors give bitpay dollars behind the scenes and investors receive bitcoins.. (research th $32mill investment bitpay got) thus no bitpay bitcoins eat away at exchange buy orders... thank god. and i imagine the winklevoss and their "authorized participants" will grab their baskets of bitcoins the same way.. private trades away from exchanges.

but coinbase is a different story.. they are still kinda attached to the merchant transactions hitting the coinbase public exchange

Any time an exchange of bitcoin for fiat is done the price will somehow be affected. The $32 million investment in bitpay was not for them to buy bitcoins with but rather to purchase infrastructure. Anything sold converted to fiat via bitpay will eventually make it to an exchange

[franky1]

Does any one else worry about all the incoming sell pressure as more and more mainstream businesses start taking Bitcoin for payments yet cash out instantly to USD or EUR? What if Amazon starts accepting BTC? It sounds good but doesn't it work out to them taking mass amounts of Bitcoin in and selling it for USD?

nope

bitpay for instance do not sell on exchanges.. instead large investors give bitpay dollars behind the scenes and investors receive bitcoins.. (research th $32mill investment bitpay got) thus no bitpay bitcoins eat away at exchange buy orders... thank god. and i imagine the winklevoss and their "authorized participants" will grab their baskets of bitcoins the same way.. private trades away from exchanges.

but coinbase is a different story.. they are still kinda attached to the merchant transactions hitting the coinbase public exchange

Any time an exchange of bitcoin for fiat is done the price will somehow be affected. The $32 million investment in bitpay was not for them to buy bitcoins with but rather to purchase infrastructure. Anything sold converted to fiat via bitpay will eventually make it to an exchange

the $32m was for capital... ill leave you to research the meaning.. plus it was not a donation to pay off building costs/mortgages, never to b repaid.. it was an investment.. oh and guess what th investor wants as means of return...... need i say it!?

[Skele]

Does any one else worry about all the incoming sell pressure as more and more mainstream businesses start taking Bitcoin for payments yet cash out instantly to USD or EUR? What if Amazon starts accepting BTC? It sounds good but doesn't it work out to them taking mass amounts of Bitcoin in and selling it for USD?

That's maybe not necessary if Bitcoin gets into Nasdaq, then it would be treated as another normal badge...

[InwardContour]

Does any one else worry about all the incoming sell pressure as more and more mainstream businesses start taking Bitcoin for payments yet cash out instantly to USD or EUR? What if Amazon starts accepting BTC? It sounds good but doesn't it work out to them taking mass amounts of Bitcoin in and selling it for USD?

nope

bitpay for instance do not sell on exchanges.. instead large investors give bitpay dollars behind the scenes and investors receive bitcoins.. (research th $32mill investment bitpay got) thus no bitpay bitcoins eat away at exchange buy orders... thank god. and i imagine the winklevoss and their "authorized participants" will grab their baskets of bitcoins the same way.. private trades away from exchanges.

but coinbase is a different story.. they are still kinda attached to the merchant transactions hitting the coinbase public exchange

Any time an exchange of bitcoin for fiat is done the price will somehow be affected. The $32 million investment in bitpay was not for them to buy bitcoins with but rather to purchase infrastructure. Anything sold converted to fiat via bitpay will eventually make it to an exchange

the $32m was for capital... ill leave you to research the meaning.. plus it was not a donation to pay off building costs/mortgages, never to b repaid.. it was an investment.. oh and guess what th investor wants as means of return...... need i say it!?

The capital was given to them in exchange for an equity stake in the company. Hopefully bitpay will show a profit and can repay the VC investors via dividends over time. Bitpay's source of profit would be the fees they make off of processing bitcoin payments. In order to prevent themselves from being forced to take losses of their bitcoin holdings when a customer needs to exchange bitcoin for fiat they would need to sell the bitcoin on the market.

[freedomno1]

@fredomon1

Do you get paid for a node? Where can i sign up. The money is in mining

No not a Bitcoin node, other coins do pay for nodes like Darknodes but that's different.
And yah the moneys in mining since the hash is starting to stabilize* *(says with caution)

Ah stuff Andreas has done
http://antonopoulos.com/

As a bitcoin entrepreneur, Andreas has founded three bitcoin businesses and launched several community open-source projects. He often writes articles and blog posts on bitcoin, is a permanent host on Let’s Talk Bitcoin and prolific public speaker at technology events. Andreas is also writing a bitcoin book for developers, for O’Reilly Media.

Andreas serves on the advisory boards of several bitcoin startups and serves as the Chief Security Officer of Blockchain. He is available for limited-scope strategic consulting projects.

[Bitcoin-hotep]

@fredomon1

Do you get paid for a node? Where can i sign up. The money is in mining

No not a Bitcoin node, other coins do pay for nodes like Darknodes but that's different.
And yah the moneys in mining since the hash is starting to stabilize* *(says with caution)

Ah stuff Andreas has done
http://antonopoulos.com/

As a bitcoin entrepreneur, Andreas has founded three bitcoin businesses and launched several community open-source projects. He often writes articles and blog posts on bitcoin, is a permanent host on Let’s Talk Bitcoin and prolific public speaker at technology events. Andreas is also writing a bitcoin book for developers, for O’Reilly Media.

Andreas serves on the advisory boards of several bitcoin startups and serves as the Chief Security Officer of Blockchain. He is available for limited-scope strategic consulting projects.

He has also been on Joe Rogan's Podcast. Andreas is doing a lot for Bitcoin and Altcoins, if people would listen to what he is saying a little harder, we could move to the next step in this whole "Crypto currency" thing.

[Bitcoin-hotep]

Get bitcoin on the news (over and over)
https://bitcointalk.org/index.php?topic=678830