Ultimate Bitcoin Thread - Bitcoin rallying - Page 3 - TigerDroppings.com

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boosiebadazz
Member since Feb 2008
45284 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


im in an online class right now

but i'll educate myseld later

i even downloaded the white paper the fbi did on it to read over the break but i got distracted






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

im in an online class right now

but i'll educate myseld later


Question for you and any other bitcoin doubters/skeptics:

What will it take for you to say, "OK, bitcoin is a success."

A certain market cap? It's a little over $300 million right now. How high would it have to be?

A certain website/group of websites accepting it?

A certain sustained price per bitcoin? Say, like $500+ per bitcoin for over a year?




(by the way, I always appreciate your skepticism in these threads, so please keep it up!)






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boosiebadazz
Member since Feb 2008
45284 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

A certain website/group of websites accepting it?


something like this

where jane doe housewife at least knows it exists








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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21041 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

something like this


What if Amazon decided to allow the use of bitcoin?






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boosiebadazz
Member since Feb 2008
45284 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


that'd be a big step for you guys







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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


Bitcoins now exchanging at over $30

Also, check out this cool new development:


Need Bitcoins? This ATM takes dollars and funds your account







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bunky
LSU Fan
FREE EL GUACHO
Member since Jul 2011
4471 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


If there is a constant number of bit coins and a growing user base (demand), could you not call this a deflationary currency at the end game? What would encourage trade at this point? Why not just hoard them?


This post was edited on 2/25 at 10:19 am


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Meauxjeaux
Memphis Fan
I have 89,230 posts with my alters
Member since Jun 2005
16260 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

or even worse, what about using their resources and computing power to flood the market and make it essentially worthless


I would be more worried about the US government dedicating a shiteload of resources to mining all the remaining bitcoins and the issuing a new dollar fiat currency backed by their bitcoin reserves.

We can start the merry-go-round again!






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Meauxjeaux
Memphis Fan
I have 89,230 posts with my alters
Member since Jun 2005
16260 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

Bitcoins now exchanging at over $30

Also, check out this cool new development:


Need Bitcoins? This ATM takes dollars and funds your account



Will it give you dollars for bitcoins?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

If there is a constant number of bit coins and a growing user base (demand), could you not call this a deflationary currency at the end game?


It is deflationary by design. Bitcoin is limited to 21,000,000 bitcoins.

quote:

What would encourage trade at this point? Why not just hoard them?


Lots of people have different theories on deflationary currencies. I guess we'll see if this real world experiment works or not. Some will hoard, some will spend. Even hoarders, however, have to eventually spend.

Also, why do you choose the word "hoard"? Why not use the word "save"?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:


Will it give you dollars for bitcoins?


I don't think it does initially, but I suppose if there is a demand for that it could be incorporated.






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21014 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


I really wish you wouldn't... glorify the exchange rate as if it were an investment. It really makes me think people are using this as a ponzi scheme trying to get more users vs an actual medium for exchange. And I understand how the price will neccessarily increase with more users and this may be your way of showing it's acceptance. It just drives the scam-theme home for me at this point.





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

I really wish you wouldn't... glorify the exchange rate as if it were an investment. It really makes me think people are using this as a ponzi scheme trying to get more users vs an actual medium for exchange. And I understand how the price will neccessarily increase with more users and this may be your way of showing it's acceptance. It just drives the scam-theme home for me at this point.


I think that's a ridiculous wish. The exchange rate is the most visible indicator of the growth and success of bitcoin.







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Meauxjeaux
Memphis Fan
I have 89,230 posts with my alters
Member since Jun 2005
16260 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


IMO it's too decentralized to be scam-worthy.

However, there are major hurdles to cross to get it joe-sixpack-worthy.

That being said, though, technology like this always seems to roll from the geek adopters to the masses sooner or later.

See how long it takes for us to all wear google glasses.

IMO the biggest threat to bitcoin becoming something beyond a novelty is a rapid growth of many other electro currencies. I could see bitcoin being the Netscape Navigator of this market.






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bunky
LSU Fan
FREE EL GUACHO
Member since Jul 2011
4471 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

WikiTiger


I'm not sure why i used the word "hoard" I was taking a dump and feeling intellectual.

I'm curious, what are some of the more popular theories on deflationary currencies?






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21014 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

The exchange rate is the most visible indicator of the growth and success of bitcoin.


Amazon, Apple, Wal-mart, 7-11, coke vending machine accepting it would be more meaningful to me.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

I'm curious, what are some of the more popular theories on deflationary currencies?


I believe the popular thought is that deflation will lead to excessive "hoarding" and a stagnant economy. I'll let the central banking lackeys delve into that a lot more. BennyAndTheInkJets always had thought provoking comments on deflation, although I disagree with his philosophy.

From a free market perspective, here are a few links:

Fear Not Deflation

Deflationary spiral article @ the Bitcoin wiki

The Blessings of Deflation

Mises: Inflation and Deflation Are Meaningless Concepts

Bitcoin's deflationary economy not a problem in itself







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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

Amazon, Apple, Wal-mart, 7-11, coke vending machine accepting it would be more meaningful to me.


There will be other incremental indicators of growth before that happens, and exchange rate is one of them.

Are you saying that when/if the exchange rate of bitcoins reaches $100 that I shouldn't even report it?






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21014 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

Are you saying that when/if the exchange rate of bitcoins reaches $100 that I shouldn't even report it


Why is $100 significant? it's just a medium for exchange. Or that is what it's supposed to be. "$100" isn't meaningfully significant. It could reach 10x that tomorrow and not mean anything until people I do business with on a regular basis start using it. Seriously name the last 10 things you bought with bitcoins?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Ultimate Bitcoin Thread - Bitcoin rallying


quote:

Why is $100 significant? it's just a medium for exchange. Or that is what it's supposed to be. "$100" isn't meaningfully significant.


It's not significant but it does resonate with Americans, who are the primary audience on this site.

quote:

It could reach 10x that tomorrow and not mean anything until people I do business with on a regular basis start using it.


It doesn't really matter if you use it. Let me ask you this: You don't accept it but Reddit does. Does that mean that Reddit is accepting useless money? Or does it mean that you aren't accepting useful money?

The thing is, it doesn't have to penetrate every industry or every economy to be successful.

quote:

Seriously name the last 10 things you bought with bitcoins?


I haven't bought anything with it yet. I do plan to hire a web designer from the r/jobs4bitcoin board soon, though.






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