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Bitcoin, a service and the micro-micro-economy

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Re: Bitcoin, a service and the micro-micro-economy

#31

Post by ashconnor »

noagendamarket wrote: post #27
ashconnor wrote: post #25

Earlier quoted context omitted.

Some of the negatives: 1)Phishing, if your private keys and password are compromised your money is gone. 2)Regulations, although governments would find it difficult, if not impossible, to regulate BitCoin. They can regulate the exchange of BitCoin into everyday fiat currencies. We seen this with the likes of e-gold when exchangers were cracked down on due to the ease of laundering money in the system. 3)Value, if peo…

If you leave your wallet on the beach your cash is gone or someone could pickpocket you. Egold was located on a central server that was liable to confiscation. You can buy alpaca socks with bitcoin. You can do money laundering ,cp and drugs with US dollars.

You have recourse by contacting authorities.

E-gold's centralised system was not what I was debating. It was the exchange of e-gold to fiat currencies.

Alpaca socks I will assume are created by the person who actual sells them. Dealing with other suppliers who won't accept BitCoin was the obstacle I was detailing.

I don't debate that you can launder money in USD but it is easier in this system. There's no paper trail, well there's no identity linked to wallets.

Re: Bitcoin, a service and the micro-micro-economy

#32

Post by kiba »

trotsky wrote: post #28

People who grow interested in participating in the bitcoin market because of this or other articles about the currency should be aware that at its heart it is a very speculative market. The price of a bitcoin in USD has risen dramatically through most of its life while lacking economic fundamentals for why it should. Indeed, the money supply in the bitcoin market increases steadily over time, this should be inflation…

"More goods and services" is practically the catchphrase of the community.

We are well aware of this fact.

How can I help bitcoin out? Sell something on the market!

Re: Bitcoin, a service and the micro-micro-economy

#33

Post by joelthelion »

rmc wrote: post #30
dublinclontarf wrote: post #9

Allow me to extol the virtues of bitcoin over the current credit-card/banking based payment system. 1)Hard money, once you receive payment in bitcoin it stays with you, meaning no chargebacks(Paypal, credit cards, looking at you). 2)Fast payment, you can recieve payment within minutes of it being made(sometimes faster, but more on this in a moment). 3) Low barriers of entry, to start accepting bitcoin you don't need…

1)Hard money, once you receive payment in bitcoin it stays with you, meaning no chargebacks(Paypal, credit cards, looking at you). I read this as: "If you give bitcoins to someone in exchange for goods/services and they don't deliver, you're screwed, your money is gone, there is no-one you can talk to". That sounds like it's good for sellers and bad for buyers.

Check the seller's reputation before buying. I think it's a lot better this way.

Re: Bitcoin, a service and the micro-micro-economy

#34

Post by joelthelion »

ashconnor wrote: post #31
noagendamarket wrote: post #27

Earlier quoted context omitted.

If you leave your wallet on the beach your cash is gone or someone could pickpocket you. Egold was located on a central server that was liable to confiscation. You can buy alpaca socks with bitcoin. You can do money laundering ,cp and drugs with US dollars.

You have recourse by contacting authorities. E-gold's centralised system was not what I was debating. It was the exchange of e-gold to fiat currencies. Alpaca socks I will assume are created by the person who actual sells them. Dealing with other suppliers who won't accept BitCoin was the obstacle I was detailing. I don't debate that you can launder money in USD but it is easier in this system. There's no paper trail…

>no paper trail

There's a lot of information in the blockchain. I'm not sure bitcoin is really that great for laundering.

Re: Bitcoin, a service and the micro-micro-economy

#35

Post by dublinclontarf »

ashconnor wrote: post #25
dublinclontarf wrote: post #9

Allow me to extol the virtues of bitcoin over the current credit-card/banking based payment system. 1)Hard money, once you receive payment in bitcoin it stays with you, meaning no chargebacks(Paypal, credit cards, looking at you). 2)Fast payment, you can recieve payment within minutes of it being made(sometimes faster, but more on this in a moment). 3) Low barriers of entry, to start accepting bitcoin you don't need…

Some of the negatives: 1)Phishing, if your private keys and password are compromised your money is gone. 2)Regulations, although governments would find it difficult, if not impossible, to regulate BitCoin. They can regulate the exchange of BitCoin into everyday fiat currencies. We seen this with the likes of e-gold when exchangers were cracked down on due to the ease of laundering money in the system. 3)Value, if peo…

1) see this http://news.ycombinator.com/item?id=2386956

2)In the near future there will be anonymous bitcoin exchanges, immune from government actions. http://weekly.co.nr/index.php?q=article/anonymous-money-need...

3)If people have no faith in the $ then that system will not work, the reality is than money is what people accept for goods and services, every currency whether bitcoin, USD,or gold is backed by the goods and services people will accept it for.

Right now there are merchants that accept bitcoin for goods and services, it's users do the same, I've hired someone paying with bitcoin. It works just fine.

4)Short of banning cryptography (good luck with that) there is nothing the government could do to prevent people using bitcoin whether it's used for the purchase of illegal guns, drugs, sex, hit contracts etc. The worst the governmet can do is target the exchanges, but as I said before that's not going to be an issue either.

Re: Bitcoin, a service and the micro-micro-economy

#36

Post by dublinclontarf »

rmc wrote: post #30
dublinclontarf wrote: post #9

Allow me to extol the virtues of bitcoin over the current credit-card/banking based payment system. 1)Hard money, once you receive payment in bitcoin it stays with you, meaning no chargebacks(Paypal, credit cards, looking at you). 2)Fast payment, you can recieve payment within minutes of it being made(sometimes faster, but more on this in a moment). 3) Low barriers of entry, to start accepting bitcoin you don't need…

1)Hard money, once you receive payment in bitcoin it stays with you, meaning no chargebacks(Paypal, credit cards, looking at you). I read this as: "If you give bitcoins to someone in exchange for goods/services and they don't deliver, you're screwed, your money is gone, there is no-one you can talk to". That sounds like it's good for sellers and bad for buyers.

Use an escrow service such as clearcoin, clearcoin.appspot.com

Re: Bitcoin, a service and the micro-micro-economy

#37

Post by mizerydearia »

mischa_u wrote: post #6

Your two cents worth literally; although at the current Bitcoin exchange rate [1] a typical post/comment/vote on witcoin.com costs USD 0.079. [1] http://www.bitcoincharts.com/markets/

or USD 0.0079

Also, each category has its own prices. Some categories post/comment/vote costs at current Bitcoin exchange rate are USD 0.0000000079.

Re: Bitcoin, a service and the micro-micro-economy

#38

Post by trotsky »

kiba wrote: post #32
trotsky wrote: post #28

People who grow interested in participating in the bitcoin market because of this or other articles about the currency should be aware that at its heart it is a very speculative market. The price of a bitcoin in USD has risen dramatically through most of its life while lacking economic fundamentals for why it should. Indeed, the money supply in the bitcoin market increases steadily over time, this should be inflation…

"More goods and services" is practically the catchphrase of the community. We are well aware of this fact. How can I help bitcoin out? Sell something on the market!

To be clear, I don't have a fundamental issue with the concept of bitcoin or the technical implementation. I just see a lot of people who grow interested in obtaining it without knowing what they'll do with except for selling it to someone else. If people want to trade their USD/EUR/GBP/JPY for it as is often suggested by the bitcoin community, or decide that they want to consume electricity in order to obtain it well more power to them. I just think it's good for them to understand what a thin, speculative market it is.

Rationally, people not wanting to speculate in the currency should hold off obtaining any until there is something they want to purchase with it right then.

Re: Bitcoin, a service and the micro-micro-economy

#39

Post by dublinclontarf »

eli wrote: post #23

Is this a legitimate attempt at a currency or a political statement? Also, what's the exchange rate between bitcoins and Flooz?

Depends what the exchange rate between USD and Flooz is, the current exchange rate is about $0.77 for 1Bitcoin.

Re: Bitcoin, a service and the micro-micro-economy

#40

Post by jrmg »

dublinclontarf wrote: post #9

Allow me to extol the virtues of bitcoin over the current credit-card/banking based payment system. 1)Hard money, once you receive payment in bitcoin it stays with you, meaning no chargebacks(Paypal, credit cards, looking at you). 2)Fast payment, you can recieve payment within minutes of it being made(sometimes faster, but more on this in a moment). 3) Low barriers of entry, to start accepting bitcoin you don't need…

4) No red tape, this is slightly related to the above but important enough to warrant it's own point. With bitcoin there are no forms, no regulations, no paperwork. You can send bitcoin to anyone, anywhere, anytime, any amount and no one will care or track you, or freeze your account or any of the other issues when dealing with the current banking system.

I'm sure your tax authorities would have something to say about that. I'm pretty certain they'll want to see your bitcoin transactions accounted for in exactly the same way as any other.

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