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

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psionl0 said:
There is nothing "inherent" in bitcoin whatsoever. It's all about how the market treats it.

It's not just speculators and gamblers involved with bitcoin now. Fear is driving a lot of people to regard the volatility of bitcoin a lesser evil than than keeping all their eggs in "real" currencies:
  • We are seeing huge sums of money thrown into financial derivatives in what is just sheer gambling.
  • Major currency producers are having printing competitions in an attempt to prevent their currencies from being overvalued.
  • Governments around the world are borrowing money with increasingly reckless abandon as if there will never be a consequence for racking up so much debt.
  • As the events in Cyprus have shown, the bank accounts of ordinary people are increasingly likely to be raided to bail out the top 1%.
I could go on but it is clear that as long as the management of world finances are in such "fine hands", more people are going to seek to shield themselves from the coming events.
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You are simply arguing against what you see as the deficiencies of "real" currencies, rather than making a point on why Bitcoin is in any way better.

And you haven't addressed the volatility issue with Bitcoin. You can't simply wave that away, saying "that's the way it's always been." That's not good enough to attract most people except the speculators and gamblers.
 
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Sorry if this was already posted, I don't follow this thread. It was at the top of Google News Business section (https://news.google.com/news/section?topic=b) so I figured I would drop it by...



BitCoin buys a car.

Lamborghini Newport Beach sold the car for about $103,000, or 91.4 Bitcoins, in a transaction handled by payment processor BitPay, said Cedric Davy, marketing director for the Costa Mesa, California-based dealership. The sale cleared yesterday and the Model S will be delivered to its Florida-based buyer, who asked not to be identified, Davy said by telephone.

“We’re a dealership -- we’re not in the business of doing any speculation,” he said. “For us, it was just important that the money could be transferred into U.S. dollars.”
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AdMan said:
You are simply arguing against what you see as the deficiencies of "real" currencies, rather than making any kind of point on why Bitcoin is in any way better.
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Bitcoin doesn't have those deficiencies - specifically, bitcoin wallets can't be raided and bitcoins can't be printed. It is still subject to market vagaries but not the sort of manipulations that "real" currencies can be subjected to.

AdMan said:
And you haven't addressed the volatility issue with Bitcoin. You can't simply wave that away, saying "that's the way it's always been." That's not good enough to attract most people except the speculators and gamblers.
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I have dealt with "volatility" many times (think: long term trend - not minute to minute price variations).

In any case, you missed the point that many are being attracted to bitcoin in spite (not because) of its volatility. Someone who fears a total economic collapse is probably willing to take a loss rather than risk losing everything. Their faith in bitcoin might be misplaced but only time will tell.
 
psionl0 said:
Someone who fears a total economic collapse is probably willing to take a loss rather than risk losing everything. Their faith in bitcoin might be misplaced but only time will tell.
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"A total economic collapse," huh? :rolleyes:

If that actually happened, I doubt your BTC would be able to buy you anything at all. They're only worth what you can convert into real money.

We've had doomsayers forever. The fact some are pushing Bitcoin doesn't add much credibility to the "currency".
 
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jhunter1163 said:
And now those 91.4 Bitcoins are worth about $65,000. I wonder how the dealership feels about that?

ETA: Down to $655 now, so actually less than $60,000.
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Yes, but the owner of that car dealership probably thinks the economic apocalypse is nigh, so better Bitcoins than dollars or cars (probably no more fuel after the collapse).
 
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:rolleyes:
psionl0 said:
Bitcoin doesn't have those deficiencies - specifically, bitcoin wallets can't be raided and bitcoins can't be printed. It is still subject to market vagaries but not the sort of manipulations that "real" currencies can be subjected to.
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Have to go back to this statement because the highlighted has not been supported at all.

Where is the evidence Bitcoin can't be manipulated? I'd say big players can certainly manipulate the market, as big players can manipulate any market.
 
psionl0 said:
Oh noes! Bitcoin prices are going down for the first time ever - again!
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Once again, you're saying extreme volatility is to be expected.

Sure way to make investors and regular people feel safe. :rolleyes:
 
Fudbucker said:
Then just use dollars?
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Unfortunately cash isn't digital. But yes, bitcoins can basically perform the online function of cash--transactions that are not tracked by a central authority.

Online gambling isn't legal in America, and I've never had a credit card block a legal purchase.
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It is (or was last time I checked) legal if the casino is not based in the USA, same for online poker which was also blocked by many CC companies. I even tried to subscribe to a video game from an independent european developer once and it was blocked.

In certain economies cash transactions actually make up a very larger percentage, so bitcoin could serve a theoretical function in those areas because of its digital convenience. I don't think visa is ready to give poor nigerians a line of credit.
 
psionl0 said:
AdMan said:
"A total economic collapse," huh? :rolleyes:
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Sure, some people believe it will never happen.
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A non sequitur, but thanks anyway.

If you think that an economic collapse is imminent and that's why you think converting all your money to Bitcoin makes sense, then just say it.

Or don't you believe that? It seems to be what you're implying.
 
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ehcks said:
You don't think it's a problem that Bitcoin dropping half its value in a matter of hours isn't a new thing?
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The long term variations in bitcoin prices are just as significant as the short term variations - unless you are only interested in cherry picking.
 
psionl0 said:
The long term variations in bitcoin prices are just as significant as the short term variations - unless you are only interested in cherry picking.
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Nonsense. You apparently don't understand volatility.
 
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psionl0 said:
Bitcoin doesn't have those deficiencies - specifically, bitcoin wallets can't be raided and bitcoins can't be printed. It is still subject to market vagaries but not the sort of manipulations that "real" currencies can be subjected to.
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Except one of those "manipulations", the currency printing thing, actually creates stability. But then that's a bad thing huh?

I have dealt with "volatility" many times (think: long term trend - not minute to minute price variations).
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Which would be good if Bitcoin didn't function on minute to minute price variations.


Interestingly it seems that there's about US$100 difference between the exchanges Bitstamp and BTCChina. I wonder if there aren't people who are currently hopping exchanges taking advantage of the price differences?
 
Wildy said:
Interestingly it seems that there's about US$100 difference between the exchanges Bitstamp and BTCChina. I wonder if there aren't people who are currently hopping exchanges taking advantage of the price differences?
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Of course there are. It's called arbitrage, and it happens in virtually any market with price differences like these. Bitcoin is no exception.
 
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kevsta said:
with regards price action, from a technical perspective todays action is going to be quite important IMO, as the primary trendline intersects the $1000 mark.

[qimg]http://www.seoibiza.com/company/wp-content/uploads/2013/12/decision.jpg[/qimg]

if this upchannel is going to fail it could well be here, but trend is still clearly upwards at this point
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yup, channel failure. 50% retracement holding so far, but the 38.2 line is quite likely now

trendfail.jpg
 
Wildy said:
Except one of those "manipulations", the currency printing thing, actually creates stability. But then that's a bad thing huh?



Which would be good if Bitcoin didn't function on minute to minute price variations.


Interestingly it seems that there's about US$100 difference between the exchanges Bitstamp and BTCChina. I wonder if there aren't people who are currently hopping exchanges taking advantage of the price differences?
Click to expand...


Mt.Gov was 550 a couple of hours ago, when the other two were 610/620, now it is 660+.
 
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