[2014-09-27] Mark Cuban does not see long-term future for bitcoin as a currrency

[cbeast]

I would like to hear Mark Cuban try to explain exactly what Bitcoin is.

[1713863379]

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[1713863379]

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[CoinMode]

I'm on the fence about bitcoin having a long term future as a currency too. I don't think the public will getr into it unless it becomes less volatile. Why would they use it? You purchase $100 worth of btc to buy something and before you've ordered your item you're $20 short because of the price drop. Not very good as a currency in that respect.

This is Because No one has learned you cant treat Bitcoin like commodity in retail, The Fait dollors rise and fall daily too not as large of jumps as bitcoin how ever  when a $ drops a penny or two they dont raise the price of everything in the store  to make up the difference for the short term they take the loss and avoid insane inflation and deflation ..

stop compairing it to regulated dollars and its basically air , this is the biggest issue and concern turning a lot of  well meaning and well to do to proverty level in the blink of an eye.

i think if bit coin can hang on once it can no longer be obtained Free through Mining it could stablize once all bit coin must be obtained through trade of some type how ever I think at that point to will come the interest rates service fees and loads of taxes it boost as an advantage today .

Retail stores, in modern times, do not accept any commodity as a payment. There are a very small number that actually accept bitcoin, and over 90% of them are converting it to fiat. To suggest that "no one [which would include every retailer on Earth] has learn you cant treat Bitcoin like commodity in retail" does not line up with the fact that nearly every retailer that uses Bitcoin does so as a payment processor and not a commodity.

Also, mining is not free by any definition.

[jadtecnic]

nope not an Israeli citizen al all fail to see what that has to do with anything ..

I do realize the equipment to mine  is not free and that people have the cash can dump buckets of cash for mining equpment building  cooling heating securty , mining pools and more though not something that has to be done its a choice and even with that level of investment  (Profit) is not a sure thing  ...

im not saying anything against Bitcoin in any way just pointing out there are as many reasons to be on the fence as  all in Which to be honest no one is all into bitcoin they are forever dreaming for that bitcoin Price to hoit the $1000 or above again RIght ?? and they look for it to reach that point for the massive sell off Right

after all weather you bought the bit coin when it was $25 or $400 if that price spkies again you are in the better then doulbe Dollars ..

bitcoin has not hit the point of acceptance any where  to have the what can I do for bitcoin ethic its all very much what can bitcoin do for me a (Greed) Additude ..

there was an article not long ago out there pointing out that bitcoin is a rich kids game though this was not true at the start today it very much is because only rich have  the type of disposable income it takes to risk the involvement for many the big weekend poker game  is a better bet to bring home an extra gallon of milk to the familly ..

[Balls]

Retail stores, in modern times, do not accept any commodity as a payment. There are a very small number that actually accept bitcoin, and over 90% of them are converting it to fiat. To suggest that "no one [which would include every retailer on Earth] has learn you cant treat Bitcoin like commodity in retail" does not line up with the fact that nearly every retailer that uses Bitcoin does so as a payment processor and not a commodity.

And this is all it will be used as. Retailers can't take the risk of holding it. They need to pay everyone else in cash. The benefits are there as a payment processor, but it's us users that have to take all of the risk and could easily lose out.

[CoinMode]

Retail stores, in modern times, do not accept any commodity as a payment. There are a very small number that actually accept bitcoin, and over 90% of them are converting it to fiat. To suggest that "no one [which would include every retailer on Earth] has learn you cant treat Bitcoin like commodity in retail" does not line up with the fact that nearly every retailer that uses Bitcoin does so as a payment processor and not a commodity.

And this is all it will be used as. Retailers can't take the risk of holding it. They need to pay everyone else in cash. The benefits are there as a payment processor, but it's us users that have to take all of the risk and could easily lose out.

You need to fix your quotes. I didn't say that.

Yes, we are taking on a big risk right now, exactly the same as all the people who first used the internet. In Ye Olde Times, you had no protection on the internet, zero. Somebody could rip you off for thousands of dollars and you would have no way of tracking them down. It was the same with the frontiersmen of the Wild West. All of the "sane" people stayed east of the Mississippi River.



I'm going west because I can handle it out there. How about you?

[bitbouillion]

Code:

central banks will never let it truly succeed

No doubt about it, the central bank is there to preserve a money monopoly.

Truth: Not a single central bank has ever preserved their monopoly on money.

They have all failed, and all signs now point to the dollar failing next. The best part? It's happening within the exact time-frame and by the exact mechanisms that it would be expected to happen.

Because government can fail. Average lifetime of fiat currencies: 27 years. 775 fiat currencies in modern history have been destroyed by hyperinflation, wars, revolutions, reforms, etc.

http://dollardaze.org/blog/?page_id=00017

[CoinMode]

nope not an Israeli citizen al all fail to see what that has to do with anything ..

Your style of spelling and grammar mistakes reminded me of a student from Israel that I chat with online. However, it was a stupid question of me to ask since I really have no idea where you are from. It's not relevant anyway.

As for the rest of your post, I don't have the time to decode it. Please rewrite in more clear and concise form, if possible.

[dwdoc]

Actually Cuban is more bullish than he has been in the past:

Will Cuban ever break down and add Bitcoin to his ever-exploding portfolio? “The jury’s still out,” he told us. We’ll have to wait and see.

[shawshankinmate37927]

Perhaps Tim Draper can help Mr Cuban see the light.

http://video.foxbusiness.com/v/3801541401001/venture-capitalist-draper-predicts-10k-per-bitcoin-in-three-years/#sp=show-clips

Two oposite ends of the spectrum. One a hater and the other a bagholder. Can't take either of them seriously.

One understands money, the technology, as well as its implications and the other doesn't.  Draper is hardly a bagholder if he has a three year time horizon and I doubt he's buying with money he can't afford to lose.