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Started By
Message
re: Stock markets vulnerable to hack - flash crash, about $100 billion disappears
Posted on 4/23/13 at 4:52 pm to WikiTiger
Posted on 4/23/13 at 4:52 pm to WikiTiger
quote:
"Fiat" means by decree, usually of a central authority. Bitcoin does not have that.
Neither does US currency, or any other major currency for that matter.
Ultimately, US currency derives value from the willingness of the US government to accept it in payment of debts owed to the government.
It is not required that a dollar is worth something merely b/c the Fed says so. And no, that is not the meaning of the words "This is legal tender for all debts, public and private" either.
This post was edited on 4/23/13 at 4:52 pm
0
Posted on 4/23/13 at 4:52 pm to WikiTiger
quote:Yeah, because so many of us on this board are vending machine owners as opposed to being customers who use vending machines....
Scenario: You're a vending machine owner.
Posted on 4/23/13 at 4:54 pm to joshnorris14
You have forfeited any right to a response.
Posted on 4/23/13 at 4:54 pm to WikiTiger
quote:
Scenario: You're a vending machine owner.
Visa/MC charges you $0.10 + 3% per purchase.
Bitcoin fees are $0.0001 per purchase.
Which one would you prefer
Not a vending machine owner, but I'd probably take the cheaper alternative, or just take cash only. Or just do what other businesses do and the cost of Visa/MC fees into the price of the snacks.
quote:You're assuming quite a bit here buddy
assuming the convenience is the same for your customer?
Posted on 4/23/13 at 4:55 pm to WikiTiger
quote:
What if a major FOREX began allowing for bitcoins to be exchanged? How would that change your opinion?
I think Russian would be very happy he's found a way to short bitcoins.
Posted on 4/23/13 at 4:55 pm to joshnorris14
quote:
LINK
wow! that was really convenient!
and I bet it would get even more convenient as it moved out of prototype phase
Posted on 4/23/13 at 4:57 pm to WikiTiger
quote:
Scenario: You're a vending machine owner.
Visa/MC charges you $0.10 + 3% per purchase.
Bitcoin fees are $0.0001 per purchase.
Which one would you prefer, assuming the convenience is the same for your customer?
I think the one less likely to fluctuate $10 a day. I'll pay the $.20
Posted on 4/23/13 at 4:58 pm to WikiTiger
quote:
I simply wanted to use absurdity to point out how silly it is for people to point to a hacked wallet site, or a DDOS'ed bitcoin exchange as a vulnerability of bitcoin itself.
Fair enough.
However, it's worth pointing out that Gox handles a majority of bitcoin trading volume. Since liquidity directly contributes to value of the underlying asset, it's indirectly still a problem for bitcoin itself.
Yes, I realize that applies to certain non-bitcoin assets as well. And yes, maybe one day that will change, but I prefer not to speculate.
Posted on 4/23/13 at 4:58 pm to foshizzle
quote:
I think Russian would be very happy he's found a way to short bitcoins.
Coinsetter is coming soon.
Posted on 4/23/13 at 4:59 pm to foshizzle
quote:
However, it's worth pointing out that Gox handles a majority of bitcoin trading volume. Since liquidity directly contributes to value of the underlying asset, it's indirectly still a problem for bitcoin itself.
I admit that Gox is a problem. I am confident the market will fix that within the next 2 years.
Posted on 4/23/13 at 5:01 pm to WikiTiger
quote:Convenience be damned. Someday soon you may be able to buy that gumball I challenged Bitcoin advocates to purchase from a vending machine if this trend continues. That in itself is cause for celebration.
Which one would you prefer, assuming the convenience is the same for your customer?
quote:Just out of curiousity, why are transaction fees denominated in U.S. dollars as opposed to Bitcoins? Who collects this transaction fee if Bitcoins are decentralized? Shouldn't there be a peer-to-peer exchange between the vending machine and the consumer that doesn't require any third party intermediary?
Bitcoin fees are $0.0001 per purchase.
Posted on 4/23/13 at 5:05 pm to foshizzle
quote:There is no way in hell any respected FOREX will trade in bitcoins as long as btc is as volatile as it is now. FOREX is a market where a 1% move in a day is considered market rattling. Bitcoins' almost daily 10%+ up and down moves would be an anathema to any respected FOREX dealers.
I think Russian would be very happy he's found a way to short bitcoins.
Even if a flaky dealer (for example in Russia) were to add btc to their exchange operation the difference in the bid/ask spread would be huge.
Posted on 4/23/13 at 5:09 pm to WikiTiger
quote:
Coinsetter is coming soon.
Posted on 4/23/13 at 5:10 pm to WikiTiger
Even Ron Paul hates Bitcoin:
WHERE IS YOUR GOD NOW?
quote:
“To tell you the truth, it’s little bit too complicated,” he said. “If I can’t put it in my pocket, I have some reservations about that. But it has been designed in the free market. If it is a means of exchange, it would not ever be illegal. You shouldn’t regulate it in the free market, but I do not think it fits the definition of money, which has been around for 6,000 years.”
WHERE IS YOUR GOD NOW?
Posted on 4/23/13 at 5:26 pm to Vols&Shaft83
quote:
Even Ron Paul hates Bitcoin:
Wait, does this mean these Ron Paul Bitcoin checks are worthless?
NO SERIOUSLY, This is an actual thing. I COULDN'T MAKE THIS shite UP LOOK AT IT!!!
This post was edited on 4/23/13 at 5:27 pm
Posted on 4/23/13 at 5:28 pm to Poodlebrain
quote:
Just out of curiousity, why are transaction fees denominated in U.S. dollars as opposed to Bitcoins?
They aren't. I made that conversion on a hypothetical BTC fee for the convenience of the reader.
quote:
Who collects this transaction fee if Bitcoins are decentralized?
The miners.
quote:
Shouldn't there be a peer-to-peer exchange between the vending machine and the consumer that doesn't require any third party intermediary?
There is. Unless you consider the entirety of the bitcoin network a "third party." The miners process and verify transactions via a decentralized network and process.
This post was edited on 4/23/13 at 5:30 pm
Posted on 4/23/13 at 5:52 pm to Vols&Shaft83
quote:
NO SERIOUSLY, This is an actual thing. I COULDN'T MAKE THIS shite UP LOOK AT IT!!!
Posted on 4/23/13 at 6:19 pm to LSURussian
Derp. Vols covered it.
This post was edited on 4/23/13 at 6:22 pm
Posted on 4/23/13 at 6:39 pm to Bunk Moreland
I think I would like to see more credit card reward threads to be honest.
Posted on 4/23/13 at 6:46 pm to WikiTiger
quote:So successful mining not only gives you the value of the Bitcoins you mine, it also gives you perpetual residuals every time those Bitcoins are transferred. I have never accused Bitcoins of being a Ponzi Scheme, and I don't think this particular feature falls within the definition of a Ponzi Scheme. This deserves its own name as a completely new scam. The Bitcoin scam. Mining one Bitcoin entitles you to an ever replenishing supply of Bitcoins.
The miners.
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