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Message
re: Say hello to the world's first Bitcoin baby
Posted on 6/28/13 at 11:07 am to Poodlebrain
Posted on 6/28/13 at 11:07 am to Poodlebrain
quote:
Let me know when you are able to purchase a pack of chewing gum using Bitcoins.
Oh, so buying gum is the hallmark of a currency?
quote:
Are there any convenience stores in your area who accept Bitcoins? Please tell us what the procedures were for you to complete your transaction with the merchant. I'm sure all of the readers are anxious to find out just how convenient Bitcoins are for the consumer.
Patience. Bitcoin isn't even an infant yet. It's still a zygote
2
Posted on 6/28/13 at 11:14 am to gizmoflak
Then it will take 25 years before it turns 1
Posted on 6/28/13 at 11:16 am to Broke
how come y'all aren't celebrating the big price drop this morning? bitcoin went down about $10 after a couple big sell offs
Posted on 6/28/13 at 11:20 am to WikiTiger
quote:
how come y'all aren't celebrating the big price drop this morning? bitcoin went down about $10 after a couple big sell offs
they're saving their wads for the Big Drop
Posted on 6/28/13 at 11:27 am to gizmoflak
quote:No, but being unable to buy small items at your convenience is compelling evidence that what you are carrying is not currency.
Oh, so buying gum is the hallmark of a currency?
quote:Bitcoins have been around since 2009. They have had a long gestation compared to fiat currencies. The Euro did not require 4 years for someone to be eble to use them to purchase a pack of chewing gum.
Patience. Bitcoin isn't even an infant yet. It's still a zygote
Posted on 6/28/13 at 11:27 am to WikiTiger
quote:I can't speak for Broke or Poodle, but to answer your question for myself, I don't follow the price of btc any more like I did a couple of months ago. It's become irrelevant to me.
how come y'all aren't celebrating the big price drop this morning? bitcoin went down about $10 after a couple big sell offs
When btc collapses, it will be on the news. So, I'll just wait for that day.
But thanks for pointing out the price drop. Tying this thread into your revelation, I suppose the merchants who accepted btc rather than have to pay a 2% to 3.5% credit card discount are kicking themselves. They've lost about 10% of the value of their btc in the last week.
They are as business smart as you and gizmo.
ETA: Your post about the price drop got me curious about what the price of btc is now so I checked it out. WOW!! It's fallen almost 30% in the past 30 days!
There's nothing like an "inflation proof currency" suffering 30% inflation in a month!
This post was edited on 6/28/13 at 11:36 am
Posted on 6/28/13 at 11:43 am to LSURussian
quote:
WOW!! It's fallen almost 30% in the past 30 days!
what has it done in the last 180 or 360 days?
Posted on 6/28/13 at 11:44 am to gizmoflak
quote:
what has it done in the last 180 or 360 days?
If they keep bringing up short term fluctuations, then isn't it fair that we bring up long term growth?
Posted on 6/28/13 at 11:51 am to gizmoflak
Once again you prove your ignorance of business.
A merchant uses his cash flow to finance his business, especially a convenience store. What the value of the currency is a year ago is irrelevant to a merchant. He has long since used that cash to put it back into the business.
30 days is relevant to any short-term cash flow measurement. A merchant who accepts btc and within a few weeks the value of that currency (
) has dropped by double digit percentage would likely wipe out his entire profit for that time period.
He would also likely have to rely upon external financing ("borrowing" for you and wiki since you obviously don't understand how a business finances its operations) just to re-stock his shelves.
Try to learn something about common business practices before you make a fool out of yourself again.
A merchant uses his cash flow to finance his business, especially a convenience store. What the value of the currency is a year ago is irrelevant to a merchant. He has long since used that cash to put it back into the business.
30 days is relevant to any short-term cash flow measurement. A merchant who accepts btc and within a few weeks the value of that currency (
) has dropped by double digit percentage would likely wipe out his entire profit for that time period. He would also likely have to rely upon external financing ("borrowing" for you and wiki since you obviously don't understand how a business finances its operations) just to re-stock his shelves.
Try to learn something about common business practices before you make a fool out of yourself again.
Posted on 6/28/13 at 11:52 am to WikiTiger
We could also play the "If you have bought ______ bitcoins on _____ for $X,XXX they would now be worth $X,XXX,XXX" Game
Posted on 6/28/13 at 11:55 am to gizmoflak
Your ignorant reply to me today was about credit card fees for a convenience store vs. accepting btc.
You are now trying to ignore that was the topic. Strawman argument at its finest....
You are now trying to ignore that was the topic. Strawman argument at its finest....
Posted on 6/28/13 at 11:58 am to gizmoflak
I also find it funny how even though I've explained to them how there are options for businesses to accept bitcoins and have it instantly converted to local fiat, and that they take on no exchange rate risk, they still ignore that.
It's like they want to remain stupid.
It's like they want to remain stupid.
Posted on 6/28/13 at 11:58 am to LSURussian
Do you really think a convenience store owner paying a 3% fee on every sale isn't a big deal to him?
Wouldn't the smart business owner look for new ways to increase the bottom line?
You are so technologically myopic it scares me.
Wouldn't the smart business owner look for new ways to increase the bottom line?
You are so technologically myopic it scares me.
Posted on 6/28/13 at 12:03 pm to WikiTiger
quote:By using Mt. Gox? Isn't that the exchange that has suspended allowing customers from withdrawing dollars from their accounts.
have it instantly converted to local fiat,
Good call, wiki.
This post was edited on 6/28/13 at 12:15 pm
Posted on 6/28/13 at 12:05 pm to gizmoflak
quote:He doesn't pay 3% on "every sale." Just stop.
Do you really think a convenience store owner paying a 3% fee on every sale isn't a big deal to him?
quote:Sure. But not by accepting a speculative 'currency' that could force him into bankruptcy on short notice.
Wouldn't the smart business owner look for new ways to increase the bottom line?
quote:And you are so ignorant of common business practices, it just confirms what I've always thought about you.
You are so technologically myopic it scares me.
Posted on 6/28/13 at 1:12 pm to WikiTiger
quote:Please point out the exchange that is currently operating that guarantees an instantaneous exchange between Bitcoins and the local fiat currency. What are the transaction fees for that exchange? The exchange has to earn enough in transaction fees to pay the costs of operations.
I also find it funny how even though I've explained to them how there are options for businesses to accept bitcoins and have it instantly converted to local fiat, and that they take on no exchange rate risk, they still ignore that.
As for the business accepting the Bitcoins, how often does he adjust the prices of his merchandise to reflect changes in Bitcoin exchange rates? Which market does the merchant rely on for establishing the rate of exchange he uses? How reliable have the various markets been at timely execution of exchanges such that exchange rate risk is minimized (it can never be eliminated for all parties)?
How long will you remain ignorant with respect to conduct of a small business like a retail shop? Please note that I did not call you stupid. There is a difference between being ignorant and being stupid.
Posted on 6/28/13 at 1:17 pm to Poodlebrain
quote:But for some people it's synonymous....
There is a difference between being ignorant and being stupid.
Posted on 6/28/13 at 1:46 pm to Poodlebrain
quote:
As for the business accepting the Bitcoins, how often does he adjust the prices of his merchandise to reflect changes in Bitcoin exchange rates? Which market does the merchant rely on for establishing the rate of exchange he uses? How reliable have the various markets been at timely execution of exchanges such that exchange rate risk is minimized (it can never be eliminated for all parties)?
these are questions I'd love to know myself.
As more and more businesses begin adopting bitcoins, I'm sure these details will be addressed
Posted on 6/28/13 at 1:52 pm to WikiTiger
quote:
how come y'all aren't celebrating the big price drop this morning? bitcoin went down about $10 after a couple big sell offs
I just don't pay attention to the price of it.
Posted on 6/28/13 at 1:56 pm to Poodlebrain
quote:
Please point out the exchange that is currently operating that guarantees an instantaneous exchange between Bitcoins and the local fiat currency. What are the transaction fees for that exchange? The exchange has to earn enough in transaction fees to pay the costs of operations.
As for the business accepting the Bitcoins, how often does he adjust the prices of his merchandise to reflect changes in Bitcoin exchange rates? Which market does the merchant rely on for establishing the rate of exchange he uses? How reliable have the various markets been at timely execution of exchanges such that exchange rate risk is minimized (it can never be eliminated for all parties)?
How long will you remain ignorant with respect to conduct of a small business like a retail shop? Please note that I did not call you stupid. There is a difference between being ignorant and being stupid.
SIGH.
Here we go again. Yet more proof that y'all don't actually read what I write.
On April 15 of this year I started a thread dedicated to this topic, and you even posted in it!
BitPay Bitcoin processing fees vs. PayPal and Rewards Cards
I even had a visual aid:
And BitPay isn't the only company offering these types of services. Coinbase and BIPS, among others, also do this.
ETA: Why do I always have to repeat myself in bitcoin threads?
This post was edited on 6/28/13 at 1:59 pm
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