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1. It's a not a real-world scenario. Especially the part where you don't spend USD becuase more merchants begin to accept BTC, like if you're going to buy bread

by atmosx 12y ago

1. It's a not a real-world scenario. Especially the part where you don't spend USD becuase more merchants begin to accept BTC, like if you're going to buy bread with BTC. You're not and if you do, you're 1 in 100.000.000.000. 2. Yes, that might work but it's extremely risky and complicated. When if you need to cash out quickly? What if BTC prices goes back to 150 USD because a large BTC holder (an investment bank) decided to dump the price? 3. Yes, that's true. But you have to do some kind of leverage for your prices automatically adjust btc-to-usd (or eur), otherwise BTC volatility might kill your business. But this is true, it's safer and quicker than credit cards + no other parties involved/documentation/transaction costs. 4. Yes but a volatile currency that has no central bank behind it, is not gold-backed and has no country who will support it, any economist knows that can go from 1000 to 0 in less then 3 hours. If you're sleeping in the meantime you might end up loosing way more than your pre-calculated predictable CC costs.

infogulch 12y ago
4. Gold backed? We're past the 70's, man, there are no gold backed currencies in heavy use now. l3rn 2 fiat. Joking aside, more technically, the value of all currencies are in the faith of its' users that it holds value. (Yes, the circular reasoning is the point.) "no country who will support it" is a feature. Many users of Bitcoin are deeply mistrustful of the government's ability to manage money, and making it distributed literally puts all the power into the hands of the people.
- atmosx 12y ago
  No, I'm not joking. Gold remains the only asset people will trust their money on at a time of war and the only asset which could create a new currency[1] successfully, if needed. Comparing gold which has a 3000+ year history at currency backing to a 5 year old experiment is a little bit hard for me. > Many users of Bitcoin are deeply mistrustful of the government's ability to manage money, and making it distributed literally puts all the power into the hands of the people. Here: http://www.convalesco.org/blog/2014/02/11/on-the-matter-of-bitcoin/#44 http://www.convalesco.org/blog/2014/02/11/on-the-matter-of-b... [1] http://moneymorning.com/2013/01/29/why-germany-wants-its-gold-back/ http://moneymorning.com/2013/01/29/why-germany-wants-its-gol...
mrb 12y ago
1: Yes it is :) The whole experience was eye-opening: coins transferred internationally within tens of minutes, then used for a Newegg purchase. This is a great example of real, concrete utility that I wish more people could experience on their own, before they criticize Bitcoin... 3 & 4: None of your complaints matter to most merchants who accept Bitcoin, because they do so through processors like BitPay/Coinbase. And processors completely remove the risk of volatility: they deposit the dollar amount the merchant requested directly in their bank account.
- atmosx 12y ago
  I don't have any complaints, I'm stating the obvious: It's not practical. Buying computer parts? Who cares about computer parts?!?!?! Can I buy clothes and bread from my local store?!
Aqueous 12y ago
> 1. It's a not a real-world scenario. Kidding? Many many many immigrants who come to the US come in order to find a job so that they can send money back home and help support their relatives who live in the developing world. It is incredibly common, and Western Union (and only a few other players) have had a monopoly/oligopoly in this space for far too long, making bank.
- atmosx 12y ago
  Now I think you're trolling me, so I'll stop the conversation here.
  - Aqueous 12y ago
    Am I trolling you or are you reverse-trolling me?
    - atmosx 12y ago
      So an immigrant from a country like Mexico, Africa or South-east Asia will send money back to his family in bitcoin? How exactly would that go? Work -> Get paid in USD -> Convert to BTC -> Send -> your Taiwanese family gets the bitcoins -> Convert them to local currency -> Enjoy!!! You can't be serious, indeed the % of people who opted for this solution is probably so big that could feel comfortable in a 24m^2 room.
      - deleted 12y ago
        [deleted]
      - Aqueous 12y ago
        "How exactly would that go? Work -> Get paid in USD -> Convert to BTC -> Send -> your Taiwanese family gets the bitcoins -> Convert them to local currency -> Enjoy!!!" Yes. "You can't be serious, indeed the % of people who opted for this solution is probably so big that could feel comfortable in a 24m^2 room." Here's a thread full of people who have tried this very process: https://bitcointalk.org/index.php?topic=74952.0 https://bitcointalk.org/index.php?topic=74952.0 It is quite easy, and more inexpensive than other forms of international money transfer, to convert money between fiat and bitcoin at this point, in many countries. On Coinbase for me at this point the BitCoins are available instantly after purchase. You should give it a try sometime :-)

by atmosx 12y ago

infogulch 12y ago

4. Gold backed? We're past the 70's, man, there are no gold backed currencies in heavy use now. l3rn 2 fiat. Joking aside, more technically, the value of all currencies are in the faith of its' users that it holds value. (Yes, the circular reasoning is the point.) "no country who will support it" is a feature. Many users of Bitcoin are deeply mistrustful of the government's ability to manage money, and making it distributed literally puts all the power into the hands of the people.

atmosx 12y ago
No, I'm not joking. Gold remains the only asset people will trust their money on at a time of war and the only asset which could create a new currency[1] successfully, if needed. Comparing gold which has a 3000+ year history at currency backing to a 5 year old experiment is a little bit hard for me. > Many users of Bitcoin are deeply mistrustful of the government's ability to manage money, and making it distributed literally puts all the power into the hands of the people. Here: http://www.convalesco.org/blog/2014/02/11/on-the-matter-of-bitcoin/#44 http://www.convalesco.org/blog/2014/02/11/on-the-matter-of-b... [1] http://moneymorning.com/2013/01/29/why-germany-wants-its-gold-back/ http://moneymorning.com/2013/01/29/why-germany-wants-its-gol...

mrb 12y ago

1: Yes it is :) The whole experience was eye-opening: coins transferred internationally within tens of minutes, then used for a Newegg purchase. This is a great example of real, concrete utility that I wish more people could experience on their own, before they criticize Bitcoin... 3 & 4: None of your complaints matter to most merchants who accept Bitcoin, because they do so through processors like BitPay/Coinbase. And processors completely remove the risk of volatility: they deposit the dollar amount the merchant requested directly in their bank account.

atmosx 12y ago
I don't have any complaints, I'm stating the obvious: It's not practical. Buying computer parts? Who cares about computer parts?!?!?! Can I buy clothes and bread from my local store?!

Aqueous 12y ago

> 1. It's a not a real-world scenario. Kidding? Many many many immigrants who come to the US come in order to find a job so that they can send money back home and help support their relatives who live in the developing world. It is incredibly common, and Western Union (and only a few other players) have had a monopoly/oligopoly in this space for far too long, making bank.

atmosx 12y ago
Now I think you're trolling me, so I'll stop the conversation here.
- Aqueous 12y ago
  Am I trolling you or are you reverse-trolling me?
  - atmosx 12y ago
    So an immigrant from a country like Mexico, Africa or South-east Asia will send money back to his family in bitcoin? How exactly would that go? Work -> Get paid in USD -> Convert to BTC -> Send -> your Taiwanese family gets the bitcoins -> Convert them to local currency -> Enjoy!!! You can't be serious, indeed the % of people who opted for this solution is probably so big that could feel comfortable in a 24m^2 room.
    - deleted 12y ago
      [deleted]
    - Aqueous 12y ago
      "How exactly would that go? Work -> Get paid in USD -> Convert to BTC -> Send -> your Taiwanese family gets the bitcoins -> Convert them to local currency -> Enjoy!!!" Yes. "You can't be serious, indeed the % of people who opted for this solution is probably so big that could feel comfortable in a 24m^2 room." Here's a thread full of people who have tried this very process: https://bitcointalk.org/index.php?topic=74952.0 https://bitcointalk.org/index.php?topic=74952.0 It is quite easy, and more inexpensive than other forms of international money transfer, to convert money between fiat and bitcoin at this point, in many countries. On Coinbase for me at this point the BitCoins are available instantly after purchase. You should give it a try sometime :-)