Bitcoin
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- CableStudios0
@petrosilpanda: Max Keiser rips up £20 note on Newsnight (18Dec13) http://t.co/MgU023eSJa via @maxkeiser
- CableStudios0
@KingBitcoin: Russia’s Biggest Search Engine Launches Bitcoin Conversion Tool http://t.co/4ZtMWczKkh #Bitcoin #BTC
- CableStudios0
@Scotonomist: .@Bitcoin on Jeff Randall Live (Sky TV) - Featuring @jeremybonney of @coindesk and @dlknowles of @TheEconomist http://t.co/LTXTyfw8qA
- CableStudios0
Buy Art - Bitcoin
- chossy0
What have you guys actually bought though?
What has scarabin bought? what has anyone on here that has bitcoins actually bought? using bitcoins?
- CableStudios0
@brucewagner: #Bitcoin / Coinbase Crosses 650,000 Users - Since launching last year, Coinbase has been on an extraordinary ride... http://t.co/Z4HB9lQQFk
- chossy0
Why would I as a consumer buy one bit coin at lets say £300 then begin spending it on goods if in an hour or in half a day the value of that bitcoin could double? what is the motivation apart from sheer investment for me to begin using bitcoins?
- ukit20
chossy, it's basically like I said...either speculating on the value or buying from online marketplaces. Meaning drugs :)
Technically CableStudios is right that it's not anonymous because your every transaction gets recorded. But it provides enough anonymity that people feel comfortable using it to buy things they wouldn't want to use their credit card for.
What would be the reason to use it to buy other things right now? Hard to think of any.
- chossy0
I can't see any use for it outside of speculation. You can almost taste the sweat from people rubbing their hands.
- It's ok, you don't use it to buy stuff. Lots of people do.CableStudios
- CableStudios0
I think you will find people using it for payment.. For instance I fly using bitcoin. https://btctrip.com
- ESKEMA0
chossy, I didn't buy anything and probably won't in the near future, but there's lots of people that see it as good payment that circumvents the banking system. Even if tomorrow, 1 BTC is worth the double, you still only pay the same for something because the BTC value will set accordingly. i.e if today a cup of coffee would be 1$ (± 0.0016 BTC) and tomorrow the value changes to double, you would pay 0.0008 BTC. So, even if the value fluctuates, you only pay the equivalent.
In other words, if you don't want to use Bitcoins for anything else than transactions, it's value is indifferent. You buy 100$ worth of BTC, then trade it for stuff worth 100$, and all without relying on a centralized system.The sweating like you say comes from the people using it like shares, or investment, because for them, the return from buying BTC is money, not goods. If you buy Bitcoins and it's value plummets, you can still buy goods worth of your investment in BTC, what you can't is trade it back for the same money you spent acquiring it.
At least that's how I view it. Please correct me if I'm wrong.
- chossy0
If a stereo coast £100 and you bought a bitcoin at £300 you then think hey this afternoon I will buy a stereo using bitcoin, but you go to use your bitcoin and it has plummited to £100 I would be raging. It's speed of change is far too frightening to be taken as a serious option.
- It's only because you care too much for the dollar price.CableStudios
- CableStudios0
@coindesk: Mt. Gox Celebrates its Millionth Customer with 25% Holiday Discount http://t.co/rGBMn5f1It
- CableStudios0
@BitcoinOz: http://t.co/LiGTNONtum to Begin Accepting Bitcoin Second Half of 2014 http://t.co/Im7QSa8BV1 #bitcoin
- chossy0
Hey buy this stereo at 0.00000000002 bitcoins tick tock wait fuck no 0.0000000012 bit coins tick tock fuck wait 1.0 bit coins no shit 0.5 bitcoins.
- ESKEMA0
so what the price changes.. It doesn't impact the value of goods. You're not paying more, the only thing that changes is how many BTC you spend. If you want to buy a stereo that costs 100$, you spend the equivalent in BTC. You're not going to pay double for it.
- what you describe is that BTC cannot exist without some other currency, in which the price is setdrgs
- chossy0
Well you are paying more.
You buy a bitcoin at £300 and a stereo costs £100 = 1/3 a bitcoin then an hour passes and suddenly a bitcoin only has a value of £100 now you have just used one whole bitcoin to purchase your goods. You my friend have just lost £200. Unless my grasp of economics is utterly flawed (which could quite easily be the truth)
- This is how all currencies work - there's a reason we don't have ½p coins in circulation any more..detritus
- ..just that bitcoin does this much quicker - but you'll agree a rate at point of purchase.detritus
- It's the speed of change though which is at the centre of my worry sir.chossy
- Sure, but what should one expect from the digital universe's first foray into an unencumbered currency?detritus
- Godammit. Now my head is spinning and I've lost my logic.ESKEMA