re: Winklevoss Twins Plan First Fund For Bitcoins

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oh, and FWIW, you can still exchange bitcoin for fiat for less than 1%.

a person could buy bitcoins with fiat for a 0.99% fee, send it to another person, and then person 2 could exchange their bitcoins for fiat for 0.99%

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Do you know nothing about the bid/ask spread for exchanging bitcoins for USD?

Right now there is a 4% spread for exchanging bitcoins for USD on btc-e. There is a 3.4% spread on Mt Gox.

Add those percentages to your .99% X 2 transaction fees and tell me if it's still less expensive than a credit card fee of 3.5%.

And the buyer using his credit card pays ZERO fees, not the 3.5%. In fact, most credit cards now offer some type of cash back incentive to buyers. I get 2% cash back on my card.

So compare your btc transaction cost of .99% + .99% + 3.4% = 5.2% to my -2% "cost" and there is a 7.2% advantage for me to use my credit card rather than your bitcoin exchange method.

Seriously, wiki, you show your ignorance when you try to explain financial transactions.