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Message
NYT: The End of Bitcoin is Nigh
Posted on 6/20/13 at 10:23 pm
Posted on 6/20/13 at 10:23 pm
4
Posted on 6/20/13 at 10:31 pm to gizmoflak
Posted on 6/20/13 at 11:17 pm to gizmoflak
this will just be another article we laugh at years from now
Posted on 6/20/13 at 11:29 pm to WikiTiger
I'd rather own complex mbs derivatives over bitcoins, at least owners of those will be bailed out by the government when they go up in smoke
Posted on 6/21/13 at 6:50 am to gizmoflak
quote:
Meanwhile, BTC continues trading at over $100 for the foreseeable future
Serious question, when do you think price relative to the dollar will stop being important?
Setting aside his rediculous sensationalist title the author makes some good points. I think the fact that dollar price is so important is a signal that the bitcoin econony/infrastructure is fragile.
This post was edited on 6/21/13 at 6:51 am
Posted on 6/21/13 at 7:59 am to WikiTiger
quote:
this will just be another article we laugh at years from now
It's more likely we will be laughing at the idiocy of the bitcoinistas 'years from now.'
Oh, wait! I'm laughing at them NOW!
Posted on 6/21/13 at 8:49 am to ZereauxSum
quote:
Serious question, when do you think price relative to the dollar will stop being important?
A long time down the road. And it may never actually happen.
That wouldn't mean bitcoin has failed, however.
Posted on 6/21/13 at 9:09 am to WikiTiger
quote:
That wouldn't mean bitcoin has failed, however.
I Agree. IMO, bitcoin could continue at it's current scale and not really be considered a failure by most.
But I think a subjective measure of bitcoin being a huge success would be hearing/seeing prices quoted in bitcoin by merchants who accept them.
This post was edited on 6/21/13 at 9:10 am
Posted on 6/21/13 at 9:12 am to ZereauxSum
quote:
But I think a subjective measure of bitcoin being a huge success would be hearing/seeing prices quoted in bitcoin by merchants who accept them.
oh no doubt, but if that happened it would essentially mean that the local currency has completely failed. will that happen in the USA? probably not. Kenya? Zimbabwe? who knows...maybe.
Posted on 6/21/13 at 10:10 am to WikiTiger
I hate to be self-congradulatory, but the author of the article linked in the OP points out some of the issues I have cautined against. So I doubt we will be laughing at this article years from now.
Bitcoins will never achieve currency status as long as they are regarded as commodities for tax purposes. The accounting for bitcoins will follow the the tax treatment, treating transactions as barter transactions. This will remove any incentive legitimate businesses have for conducting transactions in Bitcoins. The administrative costs of recording transactions conducted in Bitcoins will offset any savings from reduction in merchant services costs which is one of Bitcoins' supposed advantages.
Bitcoins will never achieve currency status as long as they are regarded as commodities for tax purposes. The accounting for bitcoins will follow the the tax treatment, treating transactions as barter transactions. This will remove any incentive legitimate businesses have for conducting transactions in Bitcoins. The administrative costs of recording transactions conducted in Bitcoins will offset any savings from reduction in merchant services costs which is one of Bitcoins' supposed advantages.
Posted on 6/21/13 at 10:23 am to WikiTiger
quote:So you've been to Kenya which makes you knowledgeable about their currency?
Kenya?
I have worked there.....
Posted on 6/21/13 at 10:45 am to LSURussian
quote:
So you've been to Kenya which makes you knowledgeable about their currency? I have worked there.....
Are the citizens equipped with sophisticated technologies such as highspeed wireless internet, smartphones, indoor plumbing?
Posted on 6/21/13 at 10:51 am to Vols&Shaft83
quote:
Are the citizens equipped with sophisticated technologies such as highspeed wireless internet, smartphones, indoor plumbing?
The interesting thing about Kenya is that the people there are already used to using cell phones for economic transactions. The M-Pesa system is quite popular.
ETA:
This post was edited on 6/21/13 at 11:01 am
Posted on 6/21/13 at 12:24 pm to gizmoflak
quote:
Now thousands of Bitcoin aficionados have effectively had their money trapped inside frozen accounts whose fate is uncertain. That money could come back to its owners if the processors and exchanges beef up their capabilities and find banks willing to do business with them. But that's no comfort to the people who want their money back, now. (For those able to trade the currency today, it's holding relatively flat at $108 — more than 50 percent off its April high.)
This tells me bitcoin is fricked (sorry wiki).
I've had accounts with lots of different sportsbooks in the past and have seen accounts get frozen several times. When banks won't process transactions with them, it is usually a deathknell.
Posted on 6/21/13 at 1:37 pm to Tiger n Miami AU83
quote:
This tells me bitcoin is fricked (sorry wiki).
ok, remember you said that a year from now when bitcoin is even stronger and more widely used than it is today
If I had a nickel for every time someone on this site prognosticated that bitcoin is dead, or fricked, or something similar, then I'd be a rich rich man.
Posted on 6/21/13 at 1:43 pm to WikiTiger
quote:And if I had a nickel for every time you said bitcoin was going to bring down world governments, I'd be a millionaire.
If I had a nickel for every time someone on this site prognosticated that bitcoin is dead, or fricked, or something similar, then I'd be a rich rich man.
Oh, wait. I already am a millionaire.
Never mind.....
Posted on 6/21/13 at 2:20 pm to LSURussian
quote:
Oh, wait. I already am a millionaire.
Never mind.....
You are definitely buying then bitch.
Posted on 6/21/13 at 2:21 pm to Broke
Posted on 6/21/13 at 2:21 pm to WikiTiger
quote:
ok, remember you said that a year from now when bitcoin is even stronger and more widely used than it is today
Sounds good. I'm not for or against it so
Posted on 6/21/13 at 2:28 pm to LSURussian
quote:
I already am a millionaire
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