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How To Use Bitcoin – The Most Important Creation In The History Of Man

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Actually the part of the article that you censored out made me think of bitcoin:
U.S. authorities, appearing Monday at the first-ever congressional hearing on virtual currencies, outlined the pitfalls and promises of bitcoin amid concern the anonymity and decentralized nature of some virtual currencies can help facilitate crimes.
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psionl0 said:
Actually the part of the article that you censored
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You should probably learn the definition of that word before using it, as well as what "..." means when used in a quote.

Regardless, the fact that bitcoin was mentioned once as part of a presentation about its "pitfalls and promises" does not invalidate anything else I just said. It just means that bitcoin was used as an example, and that the gubmint sees negatives and positives about it. I feel quite confident in believing that the "promises" mentioned are the digital implementation and tech underlying Bitcoin, and the "pitfalls" are the anonymity and complete lack of regulation.

I mean seriously, do you really think the US Gubmint is going to get behind Bitcoin at any point in the foreseeable future?
 
psionl0 said:
So either the shopkeeper gets little or no extra business from hanging up a sign saying "we accept bitcoins" (so he has few bitcoins to cash in) or the extra business he gets covers the costs of cashing in the bitcoin payments he gets.

It's not exactly lose-lose is it?
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No, it's not, but if the best he can expect is that he doesn't lose money, that's not a a great incentive to adopt it either.

I read that Paypal are currently doing a trial in London, we can see how that pans out. It might give us an indication as to whether it's feasible. It's quite possible that I'm just being a luddite.
 
remirol said:
Oh dear, you didn't read this and think "Bitcoin", did you.
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Typically, yes, one would read a paragraph mentioning and commenting on bitcoin as being about bitcoin.

I realize of course, that some would think that was a stretch.

LOL!

remirol said:
That would definitely explain the spike though; unbridled optimism combined with a surprising willingness to believe that governments would get involved in Bitcoin for the Public Good™ rather than Their Own Interests™.
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This is made up stuff.

All one need to to explain the spike is assume a new wave of buyers resulted from publicity occurring before, during and after the Senate hearings. No more is required.
 
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Tyke said:
They didn't buy anything.
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psionl0 said:
They lost that much huh? :D
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That is NOT how the math works, just so you know. Failing to take a gamble and win is not a "loss" in any sense of the word, unless you have a very poor understanding of risk.

me said:
I'd feel bad for the shlubs who collectively bought 11k+ bitcoins early on November 19th at $750/BTC, but I've referred elsewhere to the Barnum effect -- this was a good example of it. When something is on a meteoric rise over a short timespan and you buy into it in an effort to "get in on the free money", you have only yourself to blame when your money ends up piddled away into the wind.
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Huh, look at that. 13k+ worth of BTC sold early in the morning of Nov 20th at a price well below $750/BTC with no expectation that it will return there anytime soon. Looks like some shlubs got themselves fleeced by the pros. Hope they had their BTC bankroll totally separate so they can at least play the long haul and hope for another unsustainable spike to break even.
 
psionl0 said:
They lost that much huh? :D
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Obviously, all the worries and concerns of people here would be gone if the bitcoin price simply didn't go up. They'd.....like.....that.

But the world, apparently does not work that way.

Funny thing...on the bitcoin forums....I'm not hearing people complaining.

Regarding the volatility, this is not going away and here is why. The awareness of bitcoin seems to be happening one step at a time. We are likely a few years away from the man on the street knowing what bitcoin is. A lot of otherwise intelligent people have not heard of it; many have vaguely heard and recognize the word.

Thus waves of new owners of bitcoin may be expected. How many such waves before widespread understanding? I'd say at least a dozen, say before 5% of the investing public owns some bitcoin. Those numbers could be way way different in other countries where the cultural dynamics are different, like China. So this would be similar phenomena to the adoption of ebay or paypal or amazon.

Does the price jack up and then remain at a new steady level with each of these successive waves? For the last several waves, that is basically how it has performed. Is the price of btc now again at a stable level, $400-600? Or is it going back down to 90-120? Betcha it's stable.
 
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psionl0 said:
<snip>
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How quaint. I used, and use, EFT from my bank account to theirs. Rather than messing around with silly pseudo-currencies.

psionl0 said:
As for the rest of your silly nonsense, if you have to present information in the most misleading manner possible to make bitcoin look bad then all you end up doing is proving the opposite.
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:rolleyes: Pointing out the stupidity of, and problems with, bitcoin us "silly nonsense" now.

AdMan said:
This thing is a joke.
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Correct.

Tyke said:
The rising value is a killer. Imagine you're on 60 day payment terms with a supplier - they were at $200 when you made your order, now you owe $600 worth. It's impossible to do business like that.
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Exactly.
 
mhaze said:
Obviously, all the worries and concerns of people here would be gone if the bitcoin price simply didn't go up. They'd.....like.....that.
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I'm sure you'd like to think anyone who has the slightest objection to anything Bitcoin related could just be written off as mindless haters :)

I couldn't give a monkey's if it goes up, down, or loop-the-loop. It would be nice if the price was stable, because then people could actually use it as intended, rather than some of the people making a profit at other's expense.
Funny thing...on the bitcoin forums....I'm not hearing people complaining.
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https://bitcointalk.org/index.php?topic=338694.0
https://bitcointalk.org/index.php?topic=339982.0

I saw a post by somebody on reddit who lost $20,000+ in a very short space of time because of a possible bug in the exchange trading software.
mhaze said:
Betcha it's stable.
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How much?
 
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