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bitcoins

Yakoo752 said:
Looks like China may have recenylybruled the usage of bitcoins, or any crypto currency, to be illegal

http://www.businessinsider.com/china-ban-bitcoin-exchanges-2017-9
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from the article

"Chinese outlet Caixin first reported the ban on Friday. On Monday, Bloomberg followed up with a report that China would ban the trading of virtual currencies on domestic exchanges, but permit over-the-counter transactions."

Looks like they don't want to inflate their exchanges with bitcoin.
 
UD. Why do you insist on using bitcoin directly? Thats like saying when you use your credit card you are not actually spending cash. You are in fact because you have to pay your balance with fiat. I have a debit card that is accepted at 38 million locations world wide. Instead of letting me spend money I don't have, I can swipe my card and the equivalent amount of bitcoin is remove that equals the same amount in cash at the time of purchase. Went to 7-11 and bought slurpies. BTW there is a bill that was introduce on thursday that will allow any purchase less than 600 to occur without having to pay taxes on the amount that would be profit. So if my btc increased and half of the amount I pay is profit won't matter if the purchase is less than 600. So essentially, I can invest in btc and spend away for all my daily necessities and not incur a taxable event.
 
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Entoptic said:
from the article

"Chinese outlet Caixin first reported the ban on Friday. On Monday, Bloomberg followed up with a report that China would ban the trading of virtual currencies on domestic exchanges, but permit over-the-counter transactions."

Looks like they don't want to inflate their exchanges with bitcoin.
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It is illegal to export the yuan. Bitcoin and other global currencies make it easily available.
 
Entoptic said:
actually I listed 99 companies and can list another 99 if needed. You quickly dismissed it. I then posted a video and you again dismissed it.

You're bias to the point of fault as you look at with your American eyes. Stop looking at this like USD and start seeing it as a world currency.

You can pay bills with bitcoin.
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I am not going to check all 99 companies. I checked main ones and guess what they didn't accept bit coin.

Sure post another 99, but check that they actually except bitcoin directly. Otherwise it's just marketing propaganda.

Really which bills, because when guy in your video called they had no clue what he was talking about.
 
panthera said:
UD. Why do you insist on using bitcoin directly? Thats like saying when you use your credit card you are not actually spending cash. You are in fact because you have to pay your balance with fiat. I have a debit card that is accepted at 38 million locations world wide. Instead of letting me spend money I don't have, I can swipe my card and the equivalent amount of bitcoin is remove that equals the same amount in cash at the time of purchase. Went to 7-11 and bought slurpies. BTW there is a bill that was introduce on thursday that will allow any purchase less than 600 to occur without having to pay taxes on the amount that would be profit. So if my btc increased and half of the amount I pay is profit won't matter if the purchase is less than 600. So essentially, I can invest in btc and spend away for all my daily necessities and not incur a taxable event.
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When you use your cc you are directly spending your money. Sure it's 1 and 0s, but merchant doesn't need to run somewhere and exchange them for a stable currency because value tomorrow might plummet.

There lies the rub it's to violate. Somewhere in this thread it was mentioned that it's because supply is too small, but then by design it was limited to a Max of 21m. So to me that sounds like fundamental flaw.

In that video redrum posted a guy was talking about issuing debit cards tied to stock account. Swipe the card money gets transferred to merchant, stock gets sold to cover it. Stock can go up and down on minute bases. Sounds familiar?
 
I'll have to look into what your talking about when it comes to the stock debit card. I will look into it. The thing for me is anything I can use to purchase something I consider that currency. I would consider stock as a type of currency if you can buy whatever you want with it. If someone accepts my dirty grundies as payment for a pizza, we'll I just "spent" my grundies. I do think we are a far ways from the masses using it. It will never replace fiat but be another choice.
It's not a flaw that there are only 21 million total to ever be mined. Thats part of what gives it an advantage over other crypto. I would rather have bitcoin then another that has 100 billion tokens. Ripple has 100 billion tokens and the only reason I own them is because the banks are buying them all up for their reserves. There are over 75 banks running Ripple software. And XRP is not mineable. They have been pre mined.
 
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Well if you are going to use such broad definition then sure it's a currency.

How is scarcity gives it advantage over other crypto currency? As I see it it only does if you view it as a form of investment that has some intrinsic value.

Seems like things boil down to people think it will become widely adopted, because?, and they better buy it now because there is artificial limit on amount.
 
Yakoo752 said:
but scarcity is artificial and arbitrary since it's only a numeric placeholder

When you can sell 0.000000000000000~1 of something, it's no longer necessarily scarce.
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Sure from transactional point of view, but I was talking from acquiring point of view. As in why people are mining them or going out and dropping $$$ to buy some.
 
UDRider said:
Sure from transactional point of view, but I was talking from acquiring point of view. As in why people are mining them or going out and dropping $$$ to buy some.
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people aren't really mining them anymore. The acquisition cost is starting to exceed the value. As for dropping the money to buy, because it's infinite to the miniscule size you can purchase, it loses scarcity. When ANYONE can afford a piece of the pie no matter how small, everyone eats pie.

(yes, there are miners and yes people are mining but it doesn't make sense to build a bitcoin mining rig today and host it in the US or most of the 1st world. Sure you could offset the cost with solar and people are doing that but the sunl costs begins to exceed rapidly. Yes, there are others things you can mine)

just trying to get in front of the fanbois who will oppose the statement
 
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UDRider said:
As I see it it only does if you view it as a form of investment that has some intrinsic value.
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Well most people think of it s an investment actually. From major multinational companies to countries. Overstock.com will accept over 40 different currencies at check out. Microsoft offers at checkout to pay in bitcoin. Overstock is locking away half of the bitcoins from the transactions and liquidating the other half. They must believe there is long term value or why wouldn't they liquidate all of them? They want to save them for the future growth.
I'm not trying to argue I just want to put out proper information. I recorded a purchase today at lunch in a sandwich shop on market with my debit card. I'll post it up once I edit it. For me it seemed way faster than my normal credit card. And I got two emails confirming it instantly. One from shift and one from coinbase. All with no fee to me.
 
Yahoo- imagine the price of the final bitcoin to be mined. I think that will happen around 2140 if I remember correctly because of the halving.
 
We haven't even addressed the fact that in most unstable countries people aren't putting their money into the financial system. They put it in bitcoin and other crypto currencies.

Yakoo is correct about mining. We've almost, if not already, reached the point at which mining is to costly because everyone else is doing the same thing. There are mining data centers around the globe but it's super expensive and requires usually a two year commitment upfront.
 
Entoptic said:
Yakoo is correct about mining. We've almost, if not already, reached the point at which mining is to costly because everyone else is doing the same thing. There are mining data centers around the globe but it's super expensive and requires usually a two year commitment upfront.
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I think this was passed a while ago for amateur miners. The technology becomes obsolete very quickly.


When Butterfly Labs launched their Jalepeno miners a couple of years ago I put my name on the preorder list. I bought two and as soon as I got them I sold them for 4x what I bought them for :laughing.

I don't even think you can mine what the electricity costs for these things now.
 
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this is what mining for real money looks like:

o-gold-where-art-thou-a-peek-at-what-happens-at-the-porgera-joint-venture-an-open-pit-and-underground-gold-mine-in-papua-new-guinea.jpg


dulni_kombajn02.jpg


46684424-worlds-biggest-gold-mines-veladero.jpg



this is what "mining" for digital coins looks like:

6599907_bitcoin-mining-maker-gaw-miners-reportedly_t31391e7b.jpg


Bitfury_Carlson.jpg


18308329159_12662ff2b8_c.jpg



place your bets.
 
I already have my friend. Lets see in a few years whom was right. Plus I just picked up 10% of my portfolio in gold and silver bars two weeks ago. I have the same amount in cryptocurrencies. I will always put out my calls or puts for all to see and for posterity. If I ever feel things are not going my way, I will sell everything and post up at that time. You go ahead and invest how you like. My strategy in the last 20 years has netted me almost enough to retire. I'll give it another 10 before pulling out.
 
panthera said:
Well most people think of it s an investment actually. From major multinational companies to countries. Overstock.com will accept over 40 different currencies at check out. Microsoft offers at checkout to pay in bitcoin. Overstock is locking away half of the bitcoins from the transactions and liquidating the other half. They must believe there is long term value or why wouldn't they liquidate all of them? They want to save them for the future growth.
I'm not trying to argue I just want to put out proper information. I recorded a purchase today at lunch in a sandwich shop on market with my debit card. I'll post it up once I edit it. For me it seemed way faster than my normal credit card. And I got two emails confirming it instantly. One from shift and one from coinbase. All with no fee to me.
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OK most people. Which is how I see it. People view it more as an investment class rather then currency. If I had to guess because they think it will win the crypto currency battle.
 
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