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Message
re: Joining the bitcoin parade
Posted on 2/4/14 at 5:35 pm to WikiTiger
Posted on 2/4/14 at 5:35 pm to WikiTiger
quote:And then what happens when btc drops in 3 minutes to $980, even before the seller can verify the receipt of a valid btc (like btc did this afternoon)? Does the buyer then have to send another fraction of a bitcoin?
so, at $1000 per bitcoin per your example, $50 would be 0.05 bitcoins.
1
Posted on 2/4/14 at 5:54 pm to GeeOH
quote:
where I am lost on this is if I would have chosen the option, what information would I have to have to use it? How would I have a bitcoin "wallet" or account of bitcoin?
What likely will occur is a QR code will generate, you use the QR scanner in your wallet app and in about .1 seconds all the information for the transaction will be shown on your phone for you to be able to send or cancel.
quote:
Where can I buy bitcoin to keep until used. And would a site like that know the value that day of the coins and adjust what % of my coin they need to pay for my purchase.
The easiest site to use is Coinbase. Their value is updated every time a trade goes through. Transaction fees are very low but not as low as other exchanges (Not sure on the exact percent)
quote:
f I have one bit and it's worth $1000 and I buy a $50 item, how do they that amount of my one bitcoin to match what I owe them?
I'm not exactly sure what you mean, but bitcoins are broken down to 8 decimal places, so $50 = .050 BTC = 50mBTC = 50000uBTC
Posted on 2/4/14 at 5:56 pm to LSURussian
quote:
And then what happens when btc drops in 3 minutes to $980, even before the seller can verify the receipt of a valid btc (like btc did this afternoon)? Does the buyer then have to send another fraction of a bitcoin?
Nothing, the seller will use a 3rd party like bitpay or Coinbase that immediately converts the bitcoin to USD. So no, the buyer doesn't have to send another transaction.
*I've made probably 50+ bitcoin transactions online with companies using bitpay/coinbase, the only company that doesn't is an online seller of modafinil (modup.net). They don't convert to USD or any other currency, but hold quite a high amount of bitcoin in their blockchain.info wallet*
Posted on 2/4/14 at 5:58 pm to joshnorris14
quote:You're not paying attention.....again.
Nothing, the seller will use a 3rd party like bitpay or Coinbase that immediately converts the bitcoin to USD. So no, the buyer doesn't have to send another transaction.
If the price of btc drops before the seller or its agent can verify its validity, you think the seller/agent is just going to absorb the loss? I'm calling BS on that.
Posted on 2/4/14 at 6:03 pm to LSURussian
quote:
If the price of btc drops before the seller or its agent can verify its validity, you think the seller/agent is just going to absorb the loss? I'm calling BS on that.
The seller doesn't have to check the validity of the payment. It is instantly converted when using a service like Coinbase or Bitpay (Which virtually all of the businesses that accept bitcoin do, it's more of a transaction medium right now than a true currency)
And no Coinbase or Bitpay does not pull more from your account. They are incapable of that (Unless you sent the transaction through your Coinbase wallet, but if Coinbase made a habit of that, nobody would use their wallet, that use blockchain.info or some other wallet)
As for companies that actually hold their bitcoin (Like modup.net), no they don't send you another bill. Modup.net actually offers a 33% discount for customers paying with bitcoin. source
One of their Public addresses: 16hRHxVqd4LGBncr53LEc3HudeP4VzqLoU
https://blockchain.info/address/16hRHxVqd4LGBncr53LEc3HudeP4VzqLoU
quote:
you think the seller/agent is just going to absorb the loss? I'm calling BS on that.
You should send Mark Andreessen your concerns about Coinbase's business model.
This post was edited on 2/4/14 at 6:07 pm
Posted on 2/4/14 at 7:05 pm to joshnorris14
Josh,
Is your involvement in BTC purely speculative (yeah, got it people, it is all speculative. save it please), or are you using it for everyday transactions? I have been intrigued by the whole idea for a couple of years now, I just never have time to really sit down and mess with it. The extent of my involvement is that every month or so I check in at the current trading value.
In short, what kind of transactions are you making and why?
Thanks
Is your involvement in BTC purely speculative (yeah, got it people, it is all speculative. save it please), or are you using it for everyday transactions? I have been intrigued by the whole idea for a couple of years now, I just never have time to really sit down and mess with it. The extent of my involvement is that every month or so I check in at the current trading value.
In short, what kind of transactions are you making and why?
Thanks
Posted on 2/4/14 at 7:17 pm to MrCarton
I believe Bitcoin will revolutionize currency, so I invest in it speculatively for sure.
I also try to support bitcoin use and adoption as much as I can, here are things I use it for:
Groceries (Target via Gyft)
Gifts (Various via Gyft)
Textbooks/Random shite (Amazon via Gyft)
Modafinil (Modup.net directly)
Vaporizers/eLiquids (Vaporvapes.com directly)
And I'm sure I've used it for other things
I've also had a few purchases at Overstock.com and TigerDirect since they added the pay with bitcoin option.
Why? I prefer to pay with bitcoin. Plus it is easier to shop online using it (especially when not using Gyft).
I also try to support bitcoin use and adoption as much as I can, here are things I use it for:
Groceries (Target via Gyft)
Gifts (Various via Gyft)
Textbooks/Random shite (Amazon via Gyft)
Modafinil (Modup.net directly)
Vaporizers/eLiquids (Vaporvapes.com directly)
And I'm sure I've used it for other things
I've also had a few purchases at Overstock.com and TigerDirect since they added the pay with bitcoin option.
Why? I prefer to pay with bitcoin. Plus it is easier to shop online using it (especially when not using Gyft).
Posted on 2/4/14 at 7:31 pm to joshnorris14
I see. I can appreciate that perspective. I would like to use it for online purchases in the near future. So far I registered on coinbase but I haven't purchased any BTC yet. I am looking forward to learning more of the details concerning the currency. I am the first to admit my technical computer literacy is far lower than it should be in 2014. If anything working with and gaining a degree on confidence in BTC is probably going to require an effort to shore up that particular weakness. Thanks for the input. I might be hitting you and wiki up with some Qs in the near future. 
Posted on 2/4/14 at 7:39 pm to MrCarton
quote:
So far I registered on coinbase but I haven't purchased any BTC yet. I am looking forward to learning more of the details concerning the currency. I am the first to admit my technical computer literacy is far lower than it should be in 2014.
Before you do anything, you should definitely setup 2 factor authentication on Coinbase.
Posted on 2/4/14 at 7:40 pm to WikiTiger
quote:
Before you do anything, you should definitely setup 2 factor authentication on Coinbase.
Just did that actually. Thanks for the heads up!
Posted on 2/4/14 at 7:43 pm to joshnorris14
quote:
Modafinil
Is this a pretty common medication among your peers? I really like a lot of the aspects of provigil over dextroamphetamine, though I like the historical data behind Dex. Unfortunately it is off the table for me to use, but I am actively working to change that.
Posted on 2/4/14 at 7:46 pm to MrCarton
quote:
Is this a pretty common medication among your peers? I really like a lot of the aspects of provigil over dextroamphetamine, though I like the historical data behind Dex. Unfortunately it is off the table for me to use, but I am actively working to change that.
No, everyone here uses Amphetamine Salts/Dextroamphetamine. At first I tried to get them to switch to Methylphinidate (Which I feel is slightly healthier), but now I evangelize for Modafinil. It's just a superiour drug, plus it's cheaper.
I think I'm the only person that I know that takes it.
*EDIT*
I think the reason why is a lot of girls are on birth control and don't want to give that up for Modafinil.
This post was edited on 2/4/14 at 7:49 pm
Posted on 2/4/14 at 7:52 pm to joshnorris14
quote:
I evangelize for Modafinil.
I think I'm the only person that I know that takes it.
You just answered a lot of questions I've had about you. It explains a lot.
Posted on 2/4/14 at 7:53 pm to LSURussian
quote:
You just answered a lot of questions I've had about you. It explains a lot.
That I prefer my friends not do Amphetamines?
Posted on 2/4/14 at 7:54 pm to joshnorris14
quote:
No, everyone here uses Amphetamine Salts/Dextroamphetamine. At first I tried to get them to switch to Methylphinidate (Which I feel is slightly healthier), but now I evangelize for Modafinil. It's just a superiour drug, plus it's cheaper.
I think I'm the only person that I know that takes it.
That is interesting. I think you are making a good choice with modafinil. Modafinil is far superior in most measurable ways, except price. I'm not sure what the non prescription market is though.
Dex is probably better if you want to lose weight on higher doses
I would imagine Dex is riding on its historic popularity, but Modafinil will overtake or at least get a lot of the market if the price can come down a little.
Posted on 2/4/14 at 7:56 pm to MrCarton
quote:
That is interesting. I think you are making a good choice with modafinil. Modafinil is far superior in most measurable ways, except price. I'm not sure what the non prescription market is though.
I pay around $1/pill for modafinil (That lasts at the very least 16 hours) compared to around $5/pill for Adderall (Which lasts only a few hours).
Posted on 2/4/14 at 7:57 pm to LSURussian
quote:
You just answered a lot of questions I've had about you. It explains a lot.
I think if your going to take either regularly, it should be Modafinil. I don't really see a problem with people taking it occasionally for studying. If i remember correctly, skin conditions are the primary concern, and most of those are fairly mild.
Posted on 2/4/14 at 8:00 pm to joshnorris14
wow. That is totally reasonable. I think its about 30/$250 at the pharmacy.
Why are your peers into dex? I don't really like the side effects of Dex at higher doses, but I was always more concerned with the appetite suppression/heart rate aspect.
ETA: just saw your comment on birth control. didn't factor that in.
Why are your peers into dex? I don't really like the side effects of Dex at higher doses, but I was always more concerned with the appetite suppression/heart rate aspect.
ETA: just saw your comment on birth control. didn't factor that in.
This post was edited on 2/4/14 at 8:03 pm
Posted on 2/4/14 at 8:03 pm to MrCarton
quote:
Why are your peers into dex?
It's a hyper-productivity drug plus you get high off of it. You do get a lot of shite done on it. I think the risks outweigh the benefits for weekly usage.
Modafinil is an appetite suppressor too, and it's prolonged. Which is one of the reasons why I think females will start to drift towards BCs that don't interact with Modafinil and once they start drifting to Modafinil.
Posted on 2/4/14 at 8:11 pm to joshnorris14
quote:
It's a hyper-productivity drug plus you get high off of it.
Yeah, this is a major reason the military doesn't even like to say Dex above a whisper (aviation units are a little different). They are terrified guys will abuse it long term if they get a taste. I personally disagree with that assessment.
quote:
Modafinil is an appetite suppressor too, and it's prolonged.
Have you lost weight since starting it?
quote:
Which is one of the reasons why I think females will start to drift towards BCs that don't interact with Modafinil and once they start drifting to Modafinil.
I know this whole topic is taking place in a bitcoin thread on the money board, but all of this is fascinating to me. Thanks for the info man.
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