11–20 of 152 posts
This sucks. I was just about to pick up a bunch last week at $29. Unfortunately it's not very straightforward to obtain.
Just make a free Coinbase (YC S12) account and click the buy button. Couldn't be easier. http://i.imgur.com/Yym66Gv.png
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Here was my coinbase timeline- Keep in mind I verified my account, did 2 step auth, everything. About as normal a user as possible. They make buying bitcoins near impossible.
1: Create a account and link it with a US bank. I am located in the US myself.
2: Wait 3 days to verify
3: Put in a order for a max of 10 bitcoins.
4: Wait 5 days for order to complete. You cannot order more than 10 bitcoins during this process.
5: Be told they are over capacity and have your order cancelled.
6: Go to 3
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Coinbase is only a option if you want to buy under 10 bitcoins and dont mind waiting. I wanted to buy much more than that. I wish they put up on the homepage that they only allow you to buy 10 bitcoins a day.
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Also, they say "once you are verified you can do 100 bitcoins a day" but the truth is, they do not have the supply and cannot fulfill those orders (gathered this from searching on twitter and my own experience). Also, you will need to wait a month to get this level of verification.
Bitcoin is a deflationary currency since it's supply is limited. Doesn't that mean that it's expected to rise in price? This also ends up being the currency's downfall, since there's an incentive to hoard it rather than spend it.
No, because demand is also rising.
Earlier quoted context omitted.
Just make a free Coinbase (YC S12) account and click the buy button. Couldn't be easier. http://i.imgur.com/Yym66Gv.png
Coinbase was a giant waste of time for me. I signed up a week ago and its been a mostly crap experience. Would not recommend. Im using mtgox now and its a much more streamlined experience. . Here was my coinbase timeline- Keep in mind I verified my account, did 2 step auth, everything. About as normal a user as possible. They make buying bitcoins near impossible. 1: Create a account and link it with a US bank. I am l…
Bitcoin is a deflationary currency since it's supply is limited. Doesn't that mean that it's expected to rise in price? This also ends up being the currency's downfall, since there's an incentive to hoard it rather than spend it.
Whether that means a 'downfall' is far less clear. If Bitcoin just keeps becoming more valuable, serving a role but not circulating as much as other currencies (be they traditional or digital-of-a-post-Bitcoin-design), is that a 'downfall', or just a peculiar kind of success?
Bitcoin is like a new form of monetary/economic matter... some lessons from traditional domains may apply, but others not at all. Casual, confident pronouncements either way are silly.
This sucks. I was just about to pick up a bunch last week at $29. Unfortunately it's not very straightforward to obtain.
I have .9 of a bitcoin somewhere transferred between a Linux PC and three different phones over two or three years.
I have about $28 US somewhere.
This sucks. I was just about to pick up a bunch last week at $29. Unfortunately it's not very straightforward to obtain.
Bitcoin is a deflationary currency since it's supply is limited. Doesn't that mean that it's expected to rise in price? This also ends up being the currency's downfall, since there's an incentive to hoard it rather than spend it.
By that logic, everyone would put their dollars into investments that beat inflation (this is a form of saving). Yet they do not. You can hold (hoard?) securities (VBLTX, HTS, JNJ) that beat inflation, yet people spend dollars on depreciating assets (cars, computers). There are other less-risky financial instruments [1] that beat nominal CPI, yet people spend dollars.
> Doesn't that mean that it's expected to rise in price?
Sure, relative to an inflationary currency. But bitcoin fluctuates quite a bit.
By they way, currency is just a good, like anything else. One trades currency for some other good that one values more than the currency [2].
[1] http://www.mint.com/blog/investing/beat-inflation-with-i-bon...
The price would likely be even higher right now if Bitinstant, once one of the most popular and easy ways to obtain Bitcoins, hadn't had serious financial and technical issues over the last two weeks. Here's hoping they get their issues sorted.
Bitcoin is a deflationary currency since it's supply is limited. Doesn't that mean that it's expected to rise in price? This also ends up being the currency's downfall, since there's an incentive to hoard it rather than spend it.