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Author Topic: Legitimate use of Bitcoin  (Read 4527 times)
2weiX
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April 11, 2012, 08:08:12 AM
 #21


I'm guessing that he will want me to buy the silver and pay him that instead. Cry  But I think this person will be open to it and will think it is cool.  Just a little too technical and won't have the time to learn the ropes.  We shall see...


<--- here

Also, people spend their BTC on Gold and Silver a lot.
Since the number of BTC is limited, most if not all BTC spent will find their way back to MtGox et al. for sale.
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John (John K.)
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Will read PM's. Have more time lately


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April 11, 2012, 08:31:17 AM
 #22

I've personally bought virtual stuff like gamecodes and in game items lately. And I'm contemplating to buy a cpu from the trading thread, and probably a kindle via someone who could ship it to me overseas. The most major use of bitcoins for me was to give out loans easily imho.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

MoonShadow
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April 11, 2012, 12:44:02 PM
 #23


Haven't shown the kids the gambling and porn side of bitcoin yet.. Shocked

Did you plan on showing them the gambling & porn side of cash, too?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
MoonShadow
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April 11, 2012, 12:52:01 PM
 #24

On quick look at bitcoinwatch.com tells me that the total volume of bitcoin in motion in the past 24 hours was 904,380.25 BTC while the volume on the exchanges presented on that same page total under 73,000.  Granted, there could be a great deal of cash trading off of those markets and some of that first number is users moving BTC from one address to another.  But it seems a bit silly to think that with a daily volume over 10% of the entire monetary base in current circulation, cash/bitcoin trades could make up anything near a majority of real economic trade volume.

But just how much of that 904,380.25 BTC is simply people sending coins to themselves for legitimate (change) or illegitimate (laundering) purposes?


I did mention that as an unknown.

Quote

You don't know. Nobody knows. In any case, 10% of the entire economy is more than a significant fraction, and unless you can show evidence that some other use of bitcoins accounts for more than that, then I stand by what I said.

You don't know that either, so you stand by a myth that you can't possiblely have any more evidence for than I do.  And the truth is, I've much more direct & personal experience with the bitcoin economy than thou.  My intuitive estimate, based upon my own experiences, says that 1) the moving of coins is less than half of all volume and 2) the cash/bitcoin trade is not more than 25% of the remaining legitimate trade and 3) the black market (excluding grey markets such as second-hand) is less than that.  I didn't say that they were insignificant, I said that they were not the majority of the economy.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
minorman
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April 11, 2012, 01:26:26 PM
 #25

Never used SR. Not even sure how to log on, but I constantly use bitcoins for:

1) Paying for my Wuala storage (and getting a huge rebate!!)
2) Paying for my VPN (airvpn) which I use for all my traffic as a matter of principle
3) Paying for my smartphone's VPN (mullvad)
4) Tipping my favorite bloggers when they post something intelligent. Unfortunately many bloggers don't post a Bitcoin address (yet)

I also occasionally use bitcoins for
1) Paying friends for take-away food, etc. (generally I need to introduce them to bitcoin first and help them install a smartphone wallet)
2) Buying various gadets, clothes and other stuff on bitmit and elsewhere
3) Transfering money when I have been abroad: (e.g. euro -> BTC -> USD -> credit union (via Dwolla)) making huge savings on wire fee

Bitcoin rocks!

“Banking doesn’t involve fraud, banking IS fraud.”
- Tim Madden
allten
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April 11, 2012, 02:06:48 PM
 #26

Let me start off by saying this post is not bashing Bitcoin, I love the stuff.

What legitimate purchases are currently being made with Bitcoin?  My cynical outlook predicts the huge majority are only being used for purchasing illegal products/services on underground websites such as silkroad.

I am aware there is a huge list of websites which accept Bitcoin, but I am guessing they make up a small fraction of bitcoins being used?  I'm also sure a lot of donations made to controversial causes like Wikileaks could be considered.

Thoughts?  Again I am not bashing, just want to hear your opinions.



Bitcoin is not just a currency/economic experiment, it is a social one as well.
What Bitcoin is as a currency is a reflection of the Bitcoin community.
So criticisms about the currency reflect on all and some may find offensive.

I fully understand where you are cumming from.
I've been posting my extra stuff around the house for sale on bitmit.net to try and improve things.
There's a lot of my stuff for cheap to try and entice new users to join this experiment. Other people have done
so much more. It's growing slowly but surely.

"Don't ask what Bitcoin can do for you, but ask what you can do for Bitcoin"
allten
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April 11, 2012, 02:07:30 PM
 #27

Let me start off by saying this post is not bashing Bitcoin, I love the stuff.

What legitimate purchases are currently being made with Bitcoin?  My cynical outlook predicts the huge majority are only being used for purchasing illegal products/services on underground websites such as silkroad.

I am aware there is a huge list of websites which accept Bitcoin, but I am guessing they make up a small fraction of bitcoins being used?  I'm also sure a lot of donations made to controversial causes like Wikileaks could be considered.

Thoughts?  Again I am not bashing, just want to hear your opinions.


niko
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There is more to Bitcoin than bitcoins.


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April 11, 2012, 02:54:28 PM
 #28

Over the past year I've used Bitcoin quite a bit, and never used it for anything illegal. Most of the transactions involved international transfer of value, and some were a long-term BTC investment. Also, sold a few of my mined coins for fiat. This paid off the mining rig completely, which I built so it can work as a powerful desktop too.

Bitcoin will be used for legitimate (or illegal) stuff as much as you and I use it for legitimate (or illegal) stuff, much like fiat cash.

They're there, in their room.
Your mining rig is on fire, yet you're very calm.
Stephen Gornick
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April 12, 2012, 04:10:59 AM
 #29

4) Tipping my favorite bloggers when they post something intelligent. Unfortunately many bloggers don't post a Bitcoin address (yet)

Awesome list of uses, minorman!

For #4, there's also http://BTCTip.com which creates a wallet that can be spent only by that Twitter user.
 - http://en.bitcoin.it/wiki/Btctip

Danijel Habek
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April 12, 2012, 04:41:39 AM
 #30

- bought 5 GPU's from users of this forum with BTC or BTC-EUR
- bought some gadgets-presents from Bitmit
- invested in GLBSE companies
- BTC>EUR>HRK conversion bought me some farming equipment, food crop seeds and cuttings, fuel, groceries etc...
- accepting apartment rental for Bitcoin in Croatia - PM me for price and availability Smiley

Quote from: TraderTimm
For me, bitcoin is freedom that I never thought I'd see in my lifetime.
Dansko
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April 12, 2012, 05:53:04 AM
 #31

People look at it as Bitcoin is just for buying illegal stuff. But every currency is used for illegal purposes. When people buy drugs they dont just buy them with bitcoin they buy them with USD also. The Ico6 Consignment Section has done reasonably well recently. That shows that people are also using it for Legal purposes.

Red Emerald
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April 12, 2012, 07:04:10 PM
 #32


I'm guessing that he will want me to buy the silver and pay him that instead. Cry  But I think this person will be open to it and will think it is cool.  Just a little too technical and won't have the time to learn the ropes.  We shall see...


<--- here

Also, people spend their BTC on Gold and Silver a lot.
Since the number of BTC is limited, most if not all BTC spent will find their way back to MtGox et al. for sale.
When I saw this, I thought you wanted me to ignore you lol

2weiX
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April 13, 2012, 07:49:48 AM
 #33


I'm guessing that he will want me to buy the silver and pay him that instead. Cry  But I think this person will be open to it and will think it is cool.  Just a little too technical and won't have the time to learn the ropes.  We shall see...


<--- here

Also, people spend their BTC on Gold and Silver a lot.
Since the number of BTC is limited, most if not all BTC spent will find their way back to MtGox et al. for sale.
When I saw this, I thought you wanted me to ignore you lol

yeees, yeees... you I had in mind...
PLAN, WHY U NO WORK OUT?

no seriously... why would that be?
BladeMcCool
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April 13, 2012, 07:08:18 PM
 #34

I mostly just use them to donate to cool stuff that accepts it. Generally political or artsy in nature. For example I gave a small amount(s) to Adam Kokesh, The Bitcion Trader, ZhouTonged (music), Archive.org, wikileaks, and Al-Queda. Ha ha just kidding about that last one. Or am I. Yes I am.
ribuck
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April 13, 2012, 07:30:14 PM
 #35

I bought some jewellry from BitMit.net

I never expected to be buying things like that with bitcoins, but I found the exact piece I was looking for at BitMit. I hadn't been able to find it by trudging the shops or at Amazon. It arrived on time, in good condition, and made a great birthday present for my wife.
Red Emerald
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April 13, 2012, 10:18:25 PM
 #36


I'm guessing that he will want me to buy the silver and pay him that instead. Cry  But I think this person will be open to it and will think it is cool.  Just a little too technical and won't have the time to learn the ropes.  We shall see...


<--- here

Also, people spend their BTC on Gold and Silver a lot.
Since the number of BTC is limited, most if not all BTC spent will find their way back to MtGox et al. for sale.
When I saw this, I thought you wanted me to ignore you lol

yeees, yeees... you I had in mind...
PLAN, WHY U NO WORK OUT?

no seriously... why would that be?
On my screen the arrow points to "ignore" which is just under the link I think you meant to point to

Spekulatius
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April 13, 2012, 10:41:32 PM
 #37

I just bought 2 issues of the Bitcoin Magazine.
...
...
...
Yeaah, I know, it'll never be published!

But I liked the idea. Im furthermore speculating (<---- watch my name!) with BTC vs USD on MtGox
Steve
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April 14, 2012, 02:02:21 AM
 #38

I mostly just use them to donate to cool stuff that accepts it. Generally political or artsy in nature. For example I gave a small amount(s) to Adam Kokesh, The Bitcion Trader, ZhouTonged (music), Archive.org, wikileaks, and Al-Queda. Ha ha just kidding about that last one. Or am I. Yes I am.

Hehe, this made me laugh…I just hope you don't end up on a no fly list.

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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