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Author Topic: What are all these coins being spent on?  (Read 4943 times)
ericools
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May 14, 2011, 12:10:42 AM
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I would love to know what marketshare each type of product or service has in bitcoin transactions.  How much is money changing, people moving them from one computer to another so on...

I'm guessing there is no good way to tell so I would like to invite speculation.  Any educated guesses?  Anyone have any idea if the stores listed on the wiki as accepting bitcoins do very much business in bitcoins?

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mewantsbitcoins
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May 14, 2011, 01:00:57 AM
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Sex, drugs and rock n roll
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Strength in numbers


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May 14, 2011, 01:07:33 AM
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Sex, drugs and rock n roll

Wait, where's the RnR?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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May 14, 2011, 01:16:56 AM
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In my neighbor's nightmares. Jailhouse rock never gets old at 2am at full blast out of my z-2300
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May 14, 2011, 01:18:50 AM
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I launched BitBrew.net, let's see, a grand total of 4 days ago and I've had three sales so far. I'd say that's pretty good considering I only have one product at the moment and I've spent less than 2 BTC on advertising in addition to promoting the site a bit here on these forums. I've also had several people express interest in whole beans, which I'll be adding soon (I'd offer them for sale now, but would rather wait until I actually have them in my hands before accepting payment), so I'm confident sales will continue to grow as my selection does.

Still around.
ericools
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May 14, 2011, 01:37:35 AM
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I checked it out a bit earlier.  I look forward to ordering some things with bitcoins once my supplies run low.  I don't go though my coffee to fast, but who knows I mite try you out later.

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May 14, 2011, 01:39:50 AM
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I made changes to my site to put bitcoin front and center as a purchasing option.

Finished up today.  I hope I get some sales.  In the week of been working on this, the price has deflated from 6 BTC
to just above 3 BTC.Same money to me.  I hope the higher exchange rate entices people to spend.

Gold would never be able to do this.  Shaving gold?  Not an option.  Mining gold?  Hell no.

The precision will lead to buying food.  That's all weights and measures.  It's a matter of time.

Like what I posted?

Buy my Metal FX Currency Dice Set
http://tradersedgedice.com

Buyers using bitcoin get a deep discount.  Free worldwide shipping.

Web of Trust: http://bitcoin-otc.com/viewratingdetail.php?nick=TradersEdgeDice&sign=ANY&type=RECV

GPG Identity: http://bitcoin-otc.com/
casascius
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May 14, 2011, 01:48:57 AM
 #8

I made changes to my site to put bitcoin front and center as a purchasing option.

...

Big cheer!  Actions like yours are really the backbone of Bitcoin's success, far more so than mining or speculating.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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May 14, 2011, 02:25:56 AM
 #9

I launched BitBrew.net, let's see, a grand total of 4 days ago and I've had three sales so far. I'd say that's pretty good considering I only have one product at the moment and I've spent less than 2 BTC on advertising in addition to promoting the site a bit here on these forums. I've also had several people express interest in whole beans, which I'll be adding soon (I'd offer them for sale now, but would rather wait until I actually have them in my hands before accepting payment), so I'm confident sales will continue to grow as my selection does.

I also just started my online store recently, 6 days ago.  So far about 3 sales a day.  So people are spending coins for product even with all of these price changes.  I did go with the priced in USD model, but then at the end of the process convert to BTC at the mtgox.com rate.  This makes it so I do not have to change the prices at all which makes life easier.  I started selling bumper stickers (manually before the store) at 1btc now they are down to around .33 btc shipped.  Experiencing deflation in person is weird, I grew up with inflation most of my life. 

ericools
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May 14, 2011, 02:52:34 AM
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I launched BitBrew.net, let's see, a grand total of 4 days ago and I've had three sales so far. I'd say that's pretty good considering I only have one product at the moment and I've spent less than 2 BTC on advertising in addition to promoting the site a bit here on these forums. I've also had several people express interest in whole beans, which I'll be adding soon (I'd offer them for sale now, but would rather wait until I actually have them in my hands before accepting payment), so I'm confident sales will continue to grow as my selection does.

I also just started my online store recently, 6 days ago.  So far about 3 sales a day.  So people are spending coins for product even with all of these price changes.  I did go with the priced in USD model, but then at the end of the process convert to BTC at the mtgox.com rate.  This makes it so I do not have to change the prices at all which makes life easier.  I started selling bumper stickers (manually before the store) at 1btc now they are down to around .33 btc shipped.  Experiencing deflation in person is weird, I grew up with inflation most of my life. 


Sir, you have just made another sale.  The PCI extender should let me add that 4th card to my mining rig without overheating and I picked up a bitcoin sticker for good measure.  Feels so good to buy things with bitcoins! 

Also I love the site name and that awesome little animation as the items woosh! to your shopping cart.  How hard is it to get a bitcoin shopping cart working like that with the dollar prices?  There are a few local stores here that sell items not currently represented in the bitcoin world and I was think of offering to setup sites for them as I can not come up with a good product or service I can provide myself.

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May 15, 2011, 01:20:09 AM
 #11

The services which are ultimately purchased are probably all kinds of things. Access to child pornography (I've just heard vague reports, haven't been able to confirm their existence, probably the most hush hush one), drugs (I've seen multiple sites, a few of which were said to be legit, can't confirm the majority, though), renting domains/shells/servers anonymously (these I have seen and yes, definitely real and in use). As for what some might call "legitimate" or simply legal services... I'm sure there are some, I just don't know of any, really.

It's all fun and games until your wallet is worthless
mewantsbitcoins
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May 15, 2011, 01:24:18 AM
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The services which are ultimately purchased are probably all kinds of things. Access to child pornography (I've just heard vague reports, haven't been able to confirm their existence, probably the most hush hush one), drugs (I've seen multiple sites, a few of which were said to be legit, can't confirm the majority, though), renting domains/shells/servers anonymously (these I have seen and yes, definitely real and in use). As for what some might call "legitimate" or simply legal services... I'm sure there are some, I just don't know of any, really.

I know you're trolling but still:
https://en.bitcoin.it/wiki/Trade
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May 15, 2011, 01:41:18 AM
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The services which are ultimately purchased are probably all kinds of things. Access to child pornography (I've just heard vague reports, haven't been able to confirm their existence, probably the most hush hush one), drugs (I've seen multiple sites, a few of which were said to be legit, can't confirm the majority, though), renting domains/shells/servers anonymously (these I have seen and yes, definitely real and in use). As for what some might call "legitimate" or simply legal services... I'm sure there are some, I just don't know of any, really.

I know you're trolling but still:
https://en.bitcoin.it/wiki/Trade

I've seen screenshots on /g/ of sites selling weed for btc too.

Then of course, thats /g/.

12zJNWtM2HknS2EPLkT9QPSuSq1576aKx7

Tradehill viral bullshit code: TH-R114411
ericools
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May 15, 2011, 02:02:29 AM
 #14

I see this as being pretty limited in usefulness to drug dealers until it can be easily and quickly cashed out.  I'm sure there are online sales and probably a few long distance operations using it to move money but I suspect of the shadier uses gambling is the big one.  At least for the time being.  It just doesn't seem to me that the activity talked about online could account for the traffic even as relatively small as it is.  It just seems like there must be some people doing some unadvertised business with it in fair volume or a lot of the transactions are people sending themselves coins.

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May 15, 2011, 02:12:53 AM
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The problem now is with the huge appreciation in value of bitcoins, nobody will use them as a currency since they make a better investment.  People will hoard them until the price stabilizes.
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May 15, 2011, 02:24:54 AM
 #16

The problem now is with the huge appreciation in value of bitcoins, nobody will use them as a currency since they make a better investment.  People will hoard them until the price stabilizes.

Eventually greed will set in, and people will begin to sell faster than buyers come in.  And then the fun ensues.
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May 15, 2011, 02:54:52 AM
 #17

More bitcoins of course!
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May 15, 2011, 03:26:01 AM
 #18

I would love to know what marketshare each type of product or service has in bitcoin transactions.  How much is money changing, people moving them from one computer to another so on...

I'm guessing there is no good way to tell so I would like to invite speculation.  Any educated guesses?  Anyone have any idea if the stores listed on the wiki as accepting bitcoins do very much business in bitcoins?

I've converted the gains to buy diapers and a newborn's mattress.

I'm in for the long haul. All the naysayers ignore the culture here to their own risk of eating crow.

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
Means: Code, donations, and brutal criticism. I've got a thick skin. 1Gc3xCHAzwvTDnyMW3evBBr5qNRDN3DRpq
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May 15, 2011, 03:30:01 AM
 #19

I've never cashed out, but have bought many actual goods.  I've bought handmade jewlrey off of etsy, a yard sign, bumper stickers, an mp3 player, prepaid phone cards, among other things.

"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'
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May 15, 2011, 04:02:19 AM
 #20

I've never cashed out, but have bought many actual goods.  I've bought handmade jewlrey off of etsy, a yard sign, bumper stickers, an mp3 player, prepaid phone cards, among other things.

So you're hoarding information!

Show us your links!

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
Means: Code, donations, and brutal criticism. I've got a thick skin. 1Gc3xCHAzwvTDnyMW3evBBr5qNRDN3DRpq
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