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Bitcoin value falls from above $33 to below $3

betabeat.com

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Re: Bitcoin value falls from above $33 to below $3

#121

Post by hippich »

Mizza wrote: post #114
hippich wrote: post #74

Earlier quoted context omitted.

I sold my motorcycle for coins. I was buying a lot of article writing service (0% payment fees is nice!) I shipped several orders from international customers in my http://store.gifti.us and accepted payments in bitcoins (0% foreign transaction fees is nice too!). I bough steam codes. I built somewhat profitable for short period of time site - http://betco.in and used some profit in bitcoins to pay for development wo…

What Open Source project?

betco.in - is mix of three projects: 1) python poker network - open source poker server 2) jpoker - open source jQuery-based poker client 3) the room - front-end for everything of it.

1 & 2 - were existing pieces of software which are actively developed further.

3 - started from scratch.

All of these are open source. Technically anyone can clone github repo and follow instructions to spawn copy of this project.

Project licensed under AGPL which secure all future changes into it will become open sourced as well.

Re: Bitcoin value falls from above $33 to below $3

#122

Post by hippich »

gnu6 wrote: post #72
raganwald wrote: post #39

Earlier quoted context omitted.

Today the joke-explainer duty falls upon me: http://en.wikipedia.org/wiki/Tulip_mania Even if you are familiar with the expression, the full article is well worth reading.

Indeed, those who deal with web 2.0 startups would be well advised to read that article.

These who advise to read this article better read it in full themselves. Especially part where it is explaining jumps from futures contract to options and back. And how this affect price.

Re: Bitcoin value falls from above $33 to below $3

#123

Post by muhfuhkuh »

joshhart wrote: post #84
spiceapps wrote: post #71

Earlier quoted context omitted.

As the article states, the site is only accessible through the TOR network, which is completely anonymized. All transactions are completed through Bitcoins, which is also pretty anonymous. When shipping the drugs, users are urged to get creative, such a vacuum sealing to avoid smell detection.

I don't understand how it would be safe at all for the recipient. If the "smell prevention" failed couldn't the police just arrest whomever it was shipped to? I can understand that the shipper is pretty safe dropping the package off but if it's flagged as black-market goods it seems like the buyer is totally busted.

A system that ships millions of parcels in an almost completely automated way that has only occasional narcotics canines attempting to sniff literal mountains of packages to find one that has an ounce or less of substance that has been vacuum-sealed multiple times.

Then, they have to setup a trap in which the recipient knowingly takes delivery (and there can be no other way than the recipient signing for it, or else it would be entrapment or just mis-shipment, which is just as common) and catch them. All for a person who bought a small packet of drugs.

I think the Feds even consider such a thing a lost cause.

Re: Bitcoin value falls from above $33 to below $3

#124

Post by hippich »

Bitcoin is something completely new and different. It is like open source software. Until people really understand it, it will be toy for geeks with similar market coverage and price. (or someone find design bug and we can forget about it)

Biggest hurdle when using bitcoins is not it's high/low price, but rather fluctuation.

Fluctuation happens because too many speculate it and not trade with it (well.. currency trading is also trading..) And I would say this is totally expect-able and acceptable.

With time if this technology will prove itself, it become major online payment method. And believe me - work on this project is very active right now. All this investing mumbo-jumbo is just a random noise...

Re: Bitcoin value falls from above $33 to below $3

#125

Post by adgar »

netcan wrote: post #101
joejohnson wrote: post #73

Earlier quoted context omitted.

Silkroad. It has consistant business and I know people who have used this website. However, it fails to use bitcoin as a currency in the sense that other stores use dollars as a currency. The prices on Silkroad are adjusted to mirror the USD->BTC exchange rate dialy. And, I would suspect that the majority of the users are buying bitcoins to buy goods on Silkroad, and that venders on Silkroad turn their BTC back into…

Using a currency as a means of payment is its main purpose. Using it to store value is also important, but secondary. Obviously some people where using it as an investment (which is kind of a store of value), but probably not the same people. Anyway, a currency that people buy to use in particular markets is possibly a way that money got started in the first place. People traded for a currency to use in a (physical)…

> If bitcoin became commonly used as a way of transacting, but not of storing value or denominating prices it could still be a good enough starting point.

Even if the only markets in which it was "commonly used as a way of transacting" were illegal ones, as a means of money laundering? Is that really a "good enough starting point," a way for drug dealers to clean their money?

Re: Bitcoin value falls from above $33 to below $3

#127

Post by verroq »

hippich wrote: post #124

Bitcoin is something completely new and different. It is like open source software. Until people really understand it, it will be toy for geeks with similar market coverage and price. (or someone find design bug and we can forget about it) Biggest hurdle when using bitcoins is not it's high/low price, but rather fluctuation. Fluctuation happens because too many speculate it and not trade with it (well.. currency trad…

No I think it's because bitcoin's reputation had been thoroughly trashed due how much the early adopters made off with. Any mention of bitcoin now just leaves a sour aftertaste.

Re: Bitcoin value falls from above $33 to below $3

#128

Post by wanderful »

hippich wrote: post #74
Murkin wrote: post #63

Can someone give a concrete example of themselves using Bitcoins for something other than speculative trade ?

I sold my motorcycle for coins. I was buying a lot of article writing service (0% payment fees is nice!) I shipped several orders from international customers in my http://store.gifti.us and accepted payments in bitcoins (0% foreign transaction fees is nice too!). I bough steam codes. I built somewhat profitable for short period of time site - http://betco.in and used some profit in bitcoins to pay for development wo…

I'm curious, how have you found the currency value volatility for buying and selling goods and services?

I envision a bitcoin meme: 0% fees, 1000% volatility :)

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