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re: Patrick Byrne: we're going to give deals to vendors who want to be paid in btc
Posted on 7/4/14 at 6:45 am to joshnorris14
Posted on 7/4/14 at 6:45 am to joshnorris14
You said it was "already" a currency among other things......
1
Posted on 7/4/14 at 7:18 am to joshnorris14
A virtuous circle?
Posted on 7/4/14 at 9:25 am to JayDeerTay84
It's a fair criticism, using Mises Regression Theorum, to say that Bitcoin is not a currency as yet.
Currently, it's primary use is as a transaction network and investment with other features just introduced or in development
Currently, it's primary use is as a transaction network and investment with other features just introduced or in development
Posted on 7/4/14 at 10:58 am to joshnorris14
quote:
Patrick Byrne: we're going to give deals to vendors who want to be paid in btc
Byrne: "We will give you a 10% discount if you allow us to pay you in btc"
Vendor: "Cool. I'll do that"
TWO DAYS LATER
Vendor: (angrily) "Hey dipshit, by the time you transferred btc to my wallet, and then for me to find a buyer in US dollars, your stupid frickin currency had dropped 20%. I lost money on the deal you idiot!"
Byrne: "Now you understand why we had to offer you a deal to get you to take them. We were having the same issues when dumping our btc."
Posted on 7/4/14 at 11:16 am to League Champs
quote:I don't understand why a vendor would voluntarily reduce the price of his product or service 10% for any reason.
Patrick Byrne: we're going to give deals to vendors who want to be paid in btc
Byrne: "We will give you a 10% discount if you allow us to pay you in btc"
Shouldn't a "deal" be offering to pay the vendor a premium for his product and not a discount??
Posted on 7/4/14 at 11:52 am to joshnorris14
quote:
using Mises Regression Theorum
What is that?
Posted on 7/4/14 at 12:07 pm to joshnorris14
quote:
I'm saying you're witnessing bitcoin become a currency.
I'm still skeptical. What's keeping gov'ts from shutting down the whole thing when it becomes detrimental to their currencies? Not being a dick, just trying to understand it. I still don't see it as an option except for illegal activities and tax evasion.
Posted on 7/4/14 at 12:11 pm to SmackoverHawg
quote:
What's keeping gov'ts from shutting down the whole thing when it becomes detrimental to their currencies?
It's a distributed system, you can't shut it down because there isn't anything to shut down.
Posted on 7/4/14 at 12:12 pm to joshnorris14
What's the best resource you recommend reading to learn more about it?
Posted on 7/4/14 at 12:13 pm to League Champs
quote:
Vendor: (angrily) "Hey dipshit, by the time you transferred btc to my wallet, and then for me to find a buyer in US dollars, your stupid frickin currency had dropped 20%. I lost money on the deal you idiot!"
Your scenario makes no sense but I'll bite anyways.
If the vendor doesn't want to hold bitcoins, they can use Coinbase and have their money instantly converted to USD and deposited to their bank account same day. There is no risk.
Posted on 7/4/14 at 12:15 pm to SmackoverHawg
quote:
What's the best resource you recommend reading to learn more about it?
How much time do you want to commit to an introductory lesson?
Posted on 7/4/14 at 12:23 pm to joshnorris14
quote:
How much time do you want to commit to an introductory lesson?
Guess it depends.
Bought to go out on the lake here in a few, but I am very interested in learning more. I can see the potential. I just always ask what happens worst case then work back from there. And yes, I know no currency is without risk. 
Posted on 7/4/14 at 12:28 pm to SmackoverHawg
Bitcoin Magazine has some great resources. I don't know if there is anyway to understand everything right off the bat. If you have any specific questions, I will answer them of course.
Bitcoin Magazine
Bitcoin Magazine
Posted on 7/4/14 at 12:30 pm to joshnorris14
If your bitcoin account is hacked and emptied, what recourse do you have? Even if you have a paper record, how do you retrieve this bitcoins?
I guess security is the main issue. What's keeping the gov't from hacking into everyone's accounts and seizing the bitcoins?
I guess security is the main issue. What's keeping the gov't from hacking into everyone's accounts and seizing the bitcoins?
Posted on 7/4/14 at 12:38 pm to SmackoverHawg
quote:
If your bitcoin account is hacked and emptied, what recourse do you have?
There is no real thing called a "bitcoin account".
There are private keys (Which only you know) and public keys (Which are derived from private keys that everyone can know). What we have seen in the "bitcoin thefts" in the past is that people give their private keys to third party entities and these entities servers are hacked or they use things like tx-id bugs to trick the 3rd party into transferring bitcoins to alternate accounts.
quote:
Even if you have a paper record, how do you retrieve this bitcoins?
The private key is the record. If you have the private key, and don't give access to anyone, your bitcoins are secure.
quote:
What's keeping the gov't from hacking into everyone's accounts and seizing the bitcoins?
The government can't break the encryption that secures bitcoin. Also, there has been great work done in multi-signature transactions, where your bitcoins are not released until multiple parties sign the transaction.
Posted on 7/4/14 at 12:39 pm to SmackoverHawg
I see the potential. A finite currency that should only go up in value as people become more accustomed to it. I can see where the upside is astronomical as people become curious then begin to participate. Where's the best place to buy bitcoins?
Posted on 7/4/14 at 12:44 pm to SmackoverHawg
If you're in America, Coinbase.
Posted on 7/4/14 at 12:44 pm to SmackoverHawg
Bout to head out, but thanks for the info. I definitely have more questions. Thanks for the link. I'll track you down later with questions.
Posted on 7/4/14 at 4:55 pm to LSURussian
quote:
I don't understand why a vendor would voluntarily reduce the price of his product or service 10% for any reason.
I may be wrong but don't they sell overstocked goods?
So after the sale has been completed, if Byrne discounts the normal fee charged for the sale, doesn't the vendor receive more btc?
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