Major glitch in Bitcoin network sparks sell-off | Page 4 | TigerDroppings.com
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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off

quote:

No problem. I can paypal it, wire it, ACH it, mail a check, mail cash or just drive it over to your house. Widely accepted for goods and services.

Seriously, I want my tangible bitcoin.


If you really want to buy a bitcoin from me for $100, then let's do it. We can work it out offline.

<---- @gmail.com


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

I guess you've never heard of quick pay.


I just googled it.

Gets shitty reviews.



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Lsut81
USA Fan
Member since Jun 2005
65857 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

That's a bargain right there



You think that's too low

We really haven't set a value on it just yet. Its still in its infancy.



Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58450 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

If you really want to buy a bitcoin from me for $100, then let's do it. We can work it out offline.

<---- @gmail.com


I don't think you know what I'm asking. I want you to send me a bitcoin in the US Mail. Stick that fricker in an envelope and mail it to me. Is that possible?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

I don't think you know what I'm asking. I want you to send me a bitcoin in the US Mail. Stick that fricker in an envelope and mail it to me. Is that possible?


There are physical bitcoins available. Although, they don't really mesh with the spirit of bitcoin, IMO.

https://www.casascius.com/


I could also print out a bitcoin private key that contains 1 BTC and mail that to you, if that tickles your fancy.
This post was edited on 3/12 at 1:54 pm


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

Do you honestly not see how this is going to burn a bunch of mother frickers?


Yes, I do see how a revolutionary development is going to burn a lot of people, but probably not who you think.


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58450 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

Yes, I do see how a revolutionary development is going to burn a lot of people, but probably not who you think.


LOL. I can't wait to watch the fail. This shite will be talked about like these fricking Dinars. Tons of people holding them, all with a dream.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off
so are you buying that bitcoin from me or not?


Vols&Shaft83
Tennessee Fan
Member since Dec 2012
25052 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

We really haven't set a value on it just yet. Its still in its infancy.



But only 58,000 Unicorn Farts will ever exist, and since the Mermaid Poon market is tanking, UF's have nowhere to go but up.


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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
25052 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

so are you buying that bitcoin from me or not?




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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off
As to the OP, do y'all remember this: 2010 Flash Crash

quote:

The May 6, 2010 Flash Crash also known as The Crash of 2:45, the 2010 Flash Crash or just simply, the Flash Crash, was a United States stock market crash on Thursday May 6, 2010 in which the Dow Jones Industrial Average plunged about 1000 points (about 9%) only to recover those losses within minutes. It was the second largest point swing, 1,010.14 points, and the biggest one-day point decline, 998.5 points, on an intraday basis in Dow Jones Industrial Average history.



What caused that?


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58450 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

What caused that?


That was a Stock Fork.

I'm coining the new term, "The Spork"


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LSURussian
LSU Fan
Member since Feb 2005
85145 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

What caused that?


What caused the flash crash?

Do you have a point?


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Waffle House
Virginia Fan
NYC
Member since Aug 2008
2498 posts

re: Major glitch in Bitcoin network sparks sell-off
I have another question related to bitcoin. As the value of bitcoin increases, it seems as the costs of conducting business in bitcoins become more out of whack relative to USD (or other stable currencies). Are websites constantly updating the price goods to the current trading value? As bitcoins appreciate in value, don't companies just make additional money by not updating their website/pricing.

Right now that website prices out USPS Priority Mail (flat rate, tracking, and 3-5 day delivery) at BTC0.20. The relative value of those shipping costs are $9.00. Currently on USPS, it would cost $2.30 to ship. For USPS Express Mail (flat rate, tracking, 1-2 day delivery, signature required): BTC1.05 which is over $47 to ship. On USPS it is around $18 to ship.

I would be curious to check back on that pizza website to see if instead of paying the ~$2 fee to conduct the transaction is now closer to ~$5

ETA: BTC symbol didn't translate over.
This post was edited on 3/12 at 2:17 pm


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

As the value of bitcoin increases, it seems as the costs of conducting business in bitcoins become more out of whack relative to USD (or other stable currencies). Are websites constantly updating the price goods to the current trading value? As bitcoins appreciate in value, don't companies just make additional money by not updating their website/pricing.


It depends on the website. Most price their goods in USD (or local currency) and use an API call to a major exchange to get the current equivalent bitcoin price.

Most do this on demand. Some do it daily. Some only do it manually.

Obviously, the best method is to do it on demand.

Each merchant chooses it's own method, though, and I suppose that bad decisions in this arena will cause them to lose business.



Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58450 posts

re: Major glitch in Bitcoin network sparks sell-off
Why is he so anxious to give me his bitcoin and take my old shitty US dollars?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

Why is he so anxious to give me his bitcoin and take my old shitty US dollars?


Because I'm going to take your $100 and convert it to 2.2 bitcoins.


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58450 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

Each merchant chooses it's own method


Which brings up another good question. FTR, I do appreciate you answering all of these for me. As a finance/econ professor and financial professional, it's interesting.

OK, question. How many current vendors are there that accept Bitcoin?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

How many current vendors are there that accept Bitcoin?


Here's a list that probably consists of companies/sites you've never heard of

https://en.bitcoin.it/wiki/Trade

The two big name sites right now are Reddit and Wordpress.




Also, I've never brought this up before but now is as good of a time as any...but you guys would be fascinated to discover that there are actual stock markets operating in bitcoins right now, with bitcoin-only businesses offering shares and paying dividends.

It a free market frenzy!









LSURussian
LSU Fan
Member since Feb 2005
85145 posts

re: Major glitch in Bitcoin network sparks sell-off
quote:

The two big name sites right now are Reddit and Wordpress.


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