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Virgin Galactic to accept Bitcoincs
Posted on 11/22/13 at 8:09 am
Posted on 11/22/13 at 8:09 am
Richard Branson was on CNBC this morning talking about it...
In response to questions about fluctuations, he said that he thinks that a settled price will be in place by the time they actually start accepting payments for the flights.
In full disclosure, he is also heavily invested in Bitcoins. So him going this route allows his investment to continue to grow.
One thing that was confusing about the interview is he claimed that Bitcoins was different from other currencies in they couldn't print any more, there was a set number of Bitcoins... But from my understanding, you can just move the decimal point on them and get more So how is that any different from printing money?
In response to questions about fluctuations, he said that he thinks that a settled price will be in place by the time they actually start accepting payments for the flights.
In full disclosure, he is also heavily invested in Bitcoins. So him going this route allows his investment to continue to grow.
One thing that was confusing about the interview is he claimed that Bitcoins was different from other currencies in they couldn't print any more, there was a set number of Bitcoins... But from my understanding, you can just move the decimal point on them and get more So how is that any different from printing money?
Posted on 11/22/13 at 8:22 am to Lsut81
quote:
But from my understanding, you can just move the decimal point on them and get more So how is that any different from printing money?
I just created a million bitcoins.
I'M RICH, BITCH!
Posted on 11/22/13 at 9:03 am to Lsut81
Also, CheapAir.com announced yesterday that they started accepting bitcoin. They allow you to book flights, hotels and car rentals through their site.
I remember one poster, don't remember who, making a comment about how bitcoin isn't useful because you can't use it for travel. Well, now you can.
Bitcoin beginning to go mainstream
If you have $1.00 and you extend it to $1.0000, do you have more than $1?
ETA: The decimal point in bitcoin will not be moved. It's that the system can be modified to recognize more than 8 decimal places, if needed.
I remember one poster, don't remember who, making a comment about how bitcoin isn't useful because you can't use it for travel. Well, now you can.
Bitcoin beginning to go mainstream
quote:
One thing that was confusing about the interview is he claimed that Bitcoins was different from other currencies in they couldn't print any more, there was a set number of Bitcoins... But from my understanding, you can just move the decimal point on them and get more So how is that any different from printing money?
If you have $1.00 and you extend it to $1.0000, do you have more than $1?
ETA: The decimal point in bitcoin will not be moved. It's that the system can be modified to recognize more than 8 decimal places, if needed.
This post was edited on 11/22/13 at 9:16 am
Posted on 11/22/13 at 9:16 am to WikiTiger
BC is DEFINITELY becoming more and more accepted now.
Posted on 11/22/13 at 9:16 am to Lsut81
He also said that they are immediately converting the payments received into US dollars. So they obviously aren't completely sold on the stability of the currency.
He made it sound like his target market is people who got in early and made a bunch of money, and now want to blow $260,000 on a trip to space.
He made it sound like his target market is people who got in early and made a bunch of money, and now want to blow $260,000 on a trip to space.
Posted on 11/22/13 at 9:19 am to WikiTiger
quote:
If you have $1.00 and you extend it to $1.0000, do you have more than $1?
Yeah I don't see how people are confused about this. The only thing that people need to understand is that Bitcoin itself will and has competition in the cryptocurrency arena. That's where the supply inflation comes from.
Posted on 11/22/13 at 9:21 am to Specktricity
quote:
He also said that they are immediately converting the payments received into US dollars. So they obviously aren't completely sold on the stability of the currency.
Which is why they need it to stabilize... Imagine if they accepted 250k USD worth of Bitcoins at $700 a bitcoin for a flight and then bitcoins drop to $200 over night...
Posted on 11/22/13 at 9:21 am to WikiTiger
quote:
remember one poster, don't remember who, making a comment about how bitcoin isn't useful because you can't use it for travel. Well, now you can.
Of course the goal posts will just continue to get moved.
OK so you can use it for travel but you can't use it for X. OK so you can use it for X but you can't use it for Y...
Posted on 11/22/13 at 9:24 am to Powerman
You can use it for just about anything you want today. The issue is convenience and risk.
Posted on 11/22/13 at 9:32 am to C
quote:
The issue is convenience and risk.
There will be no argument from me on the riskiness of bitcoin. It is a tremendous risk to accept as a vendor if you are keeping in bitcoin and not converting it to fiat.
It's also risky for an investor to buy and hold.
It will likely continue to be quite risky for 5 to 10 more years.
This post was edited on 11/22/13 at 9:33 am
Posted on 11/22/13 at 9:55 am to WikiTiger
quote:
There will be no argument from me on the riskiness of bitcoin
Wiki, With the way technology seems to shorten the useable life span of many products or "ideas" today, why do you have faith in bitcoins lasting? What protects it long term from being discarded?
Posted on 11/22/13 at 9:59 am to WikiTiger
quote:
I remember one poster, don't remember who, making a comment about how bitcoin isn't useful because you can't use it for travel. Well, now you can.
If you are talking about me, I said you can't go to Southwest and buy a ticket. You can go to a guy, who knows a guy, who will buy you a ticket, with bitcoin. You can buy anything with bitcoin, if you use a proxy.
Posted on 11/22/13 at 10:00 am to Lsut81
Can Bitcoin really only support 7 transactions per second right now?
Posted on 11/22/13 at 10:12 am to C
quote:
Wiki, With the way technology seems to shorten the useable life span of many products or "ideas" today, why do you have faith in bitcoins lasting? What protects it long term from being discarded?
This is a pretty good question.
And I doubt that I have a good answer for it.
The rate of technological advancement is entering a parabolic phase. Theoretically, technology could advance so fast in the next 50 years that scarcity will no longer be an issue in which case money would no longer be necessary. That's optimistic of course, but certainly something that should be considered at least a possibility. That being said, even if money doesn't become fully obsolete, what role will bitcoin (or a similar technology) have in a technologically advanced future? Who knows? I feel comfortable that bitcoin will be around for at least the next 20 years. After that it's anyone's guess.
Posted on 11/22/13 at 10:13 am to Eric Nies Grind Time
quote:
Can Bitcoin really only support 7 transactions per second right now?
Yes.
This is due to there being a hard upper limit on the block size. This limit is trivial to remove and will be removed in the near future, but it's there right now to prevent attacks on the network that attempt to make the blockchain bloated.
eta: read more here: https://en.bitcoin.it/wiki/Scalability
This post was edited on 11/22/13 at 10:15 am
Posted on 11/22/13 at 11:02 am to WikiTiger
quote:You're saying all labor will be free.
scarcity will no longer be an issue in which case money would no longer be necessary.
There will be no incentive to create because everything will have been created or as soon as a new invention is conceived everyone will be able to produce it himself, for free. Or, the inventor will, through complete magnanimity, produce and provide for free what he just invented in unlimited quantities to anyone who asks.
Even entertainment will cease if there is no incentive for athletes to play and there will be no incentive for audio or video entertainment to be produced.
In fact everyone will make his own "entertainment" or there will be so many choices of self-produced entertainment, all entertainment will be free.
Everyone will be able to produce his own food, transportation and dwellings. All energy to run our lives will be free or we will all be able to produce it ourselves, even making our own nuclear reactors or solar panels to heat, cool and light our houses, which we all built ourselves with materials we all produced ourselves or will be so plentiful we can just 'harvest' the materials ourselves somehow.
When you were a kid and you first read about Shangri-La, it made quite an impression on you, didn't it?
Posted on 11/22/13 at 11:06 am to LSURussian
I almost did this. But I passed.
Posted on 11/22/13 at 11:17 am to Broke
quote:I resisted for as long as I could. But I started to get the shakes......
I almost did this. But I passed.
Posted on 11/22/13 at 11:23 am to LSURussian
quote:
I resisted for as long as I could. But I started to get the shakes......
I wasn't there yet. I'm at a point of acknowledging that I can't change the world. So I'll let the chips fall where they may.
Posted on 11/22/13 at 11:27 am to Broke
quote:
Excerpted from Newsweek: The Internet? Bah!, Feb 26, 1995
Hype alert: Why cyberspace isn’t, and will never be, nirvana
After two decades online, I’m perplexed. It’s not that I haven’t had a gas of a good time on the Internet. I’ve met great people and even caught a hacker or two.
But today, I’m uneasy about this most trendy and oversold community – the internet.
Visionaries see a future of telecommuting workers, interactive libraries and multimedia classrooms. They speak of electronic town meetings and virtual communities.
Baloney. Do our computer pundits lack all common sense?
The truth in no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works.
How about electronic publishing? Try reading a book on a computer. At best, it’s an unpleasant chore: the myopic glow of a clunky computer replaces the friendly pages of a book. And you can’t tote that laptop to the beach.
Yet Nicholas Negroponte, director of the MIT Media Lab, predicts that we’ll soon buy books and newspapers straight over the Intenet.
Uh, sure.
The Internet is one big ocean of unedited data, without any pretense of completeness.
Lacking editors, reviewers or critics, the Internet has become a wasteland of unfiltered data.
Then there are those pushing computers into schools.
We’re told that multimedia will make schoolwork easy and fun. Students will happily learn from animated characters while taught by expertly tailored software. Who needs teachers when you’ve got computer-aided education?
Bah.
Can you recall even one educational filmstrip of decades past? I’ll bet you remember the two or three great teachers who made a difference in your life.
Then there’s cyberbusiness.
We’re promised instant catalog shopping — just point and click for great deals. We’ll order airline tickets over the network, make restaurant reservations and negotiate sales contracts. Stores will become obselete.
So how come my local mall does more business in an afternoon than the entire Internet handles in a month?
Even if there were a trustworthy way to send money over the Internet — which there isn’t — the network is missing a most essential ingredient of capitalism: salespeople.
What’s missing from this electronic wonderland?
Human contact.
Discount the fawning techno-burble about virtual communities.
Computers and networks isolate us from one another.
A network chat line is a limp substitute for meeting friends over coffee.
A poor substitute it is, this virtual reality where frustration is legion and where — in the holy names of Education and Progress — important aspects of human interactions are relentlessly devalued.
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