Model
Jay Dezelic
Posts: 5029
Seattle, Washington, US
AdelaideJohn1967 wrote:
Why don't retailers accept bitcoins? I was thinking about accepting bitcoins for my boat charter business but then:
http://www.libertyreserve.com/index.html (Liberty Reserve had over a million users)
What happened: http://www.wired.com/threatlevel/2013/0 … -indicted/
I think any anonymous currency system will eventually be deemed a "money laundering activity" by the US government. While bitcoin is not centralized like libertyreserve, I am sure that it would be relatively easy to make its use illegal for US citizens.
It seems to me that the rising cost of bitcoins is really just a reflection of the declining US dollar. 85 billion a month in quantitative easing is a giant hidden tax on the American people, but it goes largely unnoticed because of deflationary market manipulation tactics.
Flailing governments with their elastic fiat currencies will do everything they can to keep stable competition away.
Here is a great article I found that does a pretty decent job of explaining the bitcoin dilemma:
"Bitcoin, gold and the demise of fiat money": http://detlevschlichter.com/2011/06/bit … iat-money/
Photographer
Al Lock Photography
Posts: 17024
Bangkok, Bangkok, Thailand
Peter Claver wrote:
What about when I want real currency out? Define "real currency"
Model
V Laroche
Posts: 2746
Khowmeyn, Markazī, Iran
What the hell is a bit coin?
Photographer
Al Lock Photography
Posts: 17024
Bangkok, Bangkok, Thailand
R A V E N D R I V E wrote:
in simplest terms it just comes down to market cap. How many coins exist right now, and how big should the bitcoin economy be with current demand. Right now there are a little over 10 million coins mined, so the market cap is a little over 1 billion usd. (10 million x $92)
If bitcoin is to even pretend to be some alternate currency of global commerce, then its market cap will have to be much greater than 1 billion, and 1 bitcoin will have to in turn be much more expansive than it is today. I'm not going to throw any numbers around but you can do the math. Stay with the same number of coins - have the value per coin go up to $1000 US (as the US dollar depreciates due to the actions of the Fed) - now you have a market cap significantly larger.
The argument for a need for a large market cap is a strawman argument. Reduce the amount of currency and the value of the currency in real terms increases. A can of coke costs $.05 instead of $2.
Photographer
Al Lock Photography
Posts: 17024
Bangkok, Bangkok, Thailand
I do accept Bitcoins - they are as viable as any other fiat currency. I don't keep extensive amounts of any currency and I certainly don't consider them a valid measure of wealth.
Photographer
Schlake
Posts: 2935
Socorro, New Mexico, US
Al Lock Photography wrote:
Define "real currency" Gold, silver, platinum, porn magazines.
Photographer
Al Lock Photography
Posts: 17024
Bangkok, Bangkok, Thailand
Schlake wrote:
Gold, silver, platinum, porn magazines. I agree with you. US dollars don't qualify
Photographer
Lawrence Guy
Posts: 17716
San Diego Country Estates, California, US
R A V E N D R I V E wrote:
Right now it is $92/usd purely on supply and demand
up from $33 last month Which is precisely why it's useless as a currency. It is far too volatile right now.
EDIT: Actually, the main reason it's useless is because not very many people trust it at all.
Photographer
OTB Images
Posts: 8
London, England, United Kingdom
Photographer
OTB Images
Posts: 8
London, England, United Kingdom
Lawrence Guy wrote:
Which is precisely why it's useless as a currency. It is far too volatile right now.
EDIT: Actually, the main reason it's useless is because not very many people trust it at all. and now $129!!!!!.....BITCOIN growing all the time.
For stability need need Asia to be re-introduced Gold to the global currency exchange again (After Nixon took the world of from Gold in 1971 just to print money to go to war in Vientam)
Photographer
Al Lock Photography
Posts: 17024
Bangkok, Bangkok, Thailand
Lawrence Guy wrote:
It is far too volatile right now. LMAO
Might want to look at the Pound, the Zimbabwe dollar, the Yen....
Photographer
OTB Images
Posts: 8
London, England, United Kingdom
Al Lock Photography wrote:
LMAO
Might want to look at the Pound, the Zimbabwe dollar, the Yen.... (you might want to add the Euro currency that has not government behind it)
Photographer
ATMPhotos
Posts: 1565
Brooklyn, New York, US
I just opened an account with Bit Classifieds yesterday and posted some ads, one for some information I'm selling, and another for a scanner that works with a 32 bit operating system. http://www.bitcoinclassifieds.net/profile/3604/ I'm figuring that things will get more interesting as more people are able to successfully purchase physical products with it.
Photographer
figurativearts
Posts: 5729
Cottonwood, Arizona, US
just wondering if anyone is shopping for a private island yet with
a pocket full of bitcoins from early this year?
bitcoin cracked 1,000 today for the first time.
Photographer
Mr Banner
Posts: 85322
Hayward, California, US
figurativearts wrote:
just wondering if anyone is shopping for a private island yet with
a pocket full of bitcoins from early this year?
bitcoin cracked 1,000 today for the first time. shit. when I was looking at getting some last month, they were at about $300 for one coin.....
|
