221–230 of 600 posts
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you can split it in 100 pieces and send to 100 people in different countries in a matter of seconds. No, a transaction can take from 10 minutes to an hour to complete. You may have to pay a percentage to do that aswell.
If they trust you, it's a matter of seconds. And anyway, try to do that in 20 minutes with gold.
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The notion of "money" is quite well defined. You need 3 properties: 1) Store of value. Much easier to store gold/USD/Bitcoins than the food you will need in the future. 2) Medium of Exchange. Can be used to exchange for real goods, thus avoiding the headache of barter. 3) Unit of Account. e.g. is easily divisible. Bitcoins aren't great at #2, but gold is terrible at #3. If bitcoins prove to be a lasting store of valu…
Bitcoin hasn't yet proved it can do either 1 or 2 yet. If it succeeds in either it will do better than gold is currently doing as currency. But I wasn't trying to measure currency dick size. I was just making the point that not being good at 2 doesn't necessarily hurt its ability at 1.
Some people here seem to think that this is temporary, that sometime in the future Bitcoin will stabilize into a glorious future global currency -- never mind the new class of cryptobarons it will have created from its inner circle, through shameless hoarding. My question is, what then will happen when Bitcoin stabilizes, that is, when the time to new coin mined approaches practically infinity? Let's assume the globa…
To me bitcoin is excellent for e-commerce because of it's secure signatures you can use for escrow, proof of payment, decentralization so nobody can interfere with your commerce and safety for me as a merchant to prevent fraud.
Some people here seem to think that this is temporary, that sometime in the future Bitcoin will stabilize into a glorious future global currency -- never mind the new class of cryptobarons it will have created from its inner circle, through shameless hoarding. My question is, what then will happen when Bitcoin stabilizes, that is, when the time to new coin mined approaches practically infinity? Let's assume the globa…
> shameless hoarding Hoarding is a derogatory term, intended to evoke an emotional response from the reader. I prefer the term "saving". > Why lend, why build new companies, when simply storing it is more than enough? Take shocks such as bubbles and demand-side crises. Most bitcoin proponents to indeed reject Keyensian, demand-side economics. I, for one, think entrepreneurs would typically benefit from not relying on…
tl;dr; money is useless if no one spends it, that's the whole point.
another way to think about it is a stock. if a stock is priced, and no one is buying or selling at that price, is that price really valid? whats to keep another actor in the economy from pricing a stock totally different if there is a 'dumb' actor wiling to buy at that price.
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So who and when is going to get out? And out where? To fiat currency that is controlled, inspected, can be frozen, taxed and stolen? Bitcoin grows like crazy because it is a money proved to work. It survived exchange hacks, stolen wallets, viruses, user mistakes, network-affecting software bugs and government seizures of bank deposits. It allows you to hold something in your pocket that nobody knows about and you can…
It'll be proven to work when you can pay taxes and buy groceries with it.
I added a Bitcoin purchase option to Scribophile to test the waters. But I'm interested in a Bitcoin economy, not a USD cash alternative--the situation where a Bitcoin has its own value, not a value dependent on a different currency. For that reason, I decided to fix the price of an upgrade to 2 BTC, not peg it to the dollar like most other sites do. Unfortunately it seems like that's just not going to work at this p…
Using BTC as a "proxy" currency isn't unhealthy per se -- it's merely a transitionary step until people have adopted BTC more widely.
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Been hearing it when it was trading at prices less than $ 1. Not sure what to think. What if it gets hacked ? What if the creator has a backdoor ?
The creator doesn't need a backdoor; the early adopters have gigantic stacks of BTC that has never been used. The appropriate concern is not that they have a backdoor but that they flood the market and make it crash.
Some people here seem to think that this is temporary, that sometime in the future Bitcoin will stabilize into a glorious future global currency -- never mind the new class of cryptobarons it will have created from its inner circle, through shameless hoarding. My question is, what then will happen when Bitcoin stabilizes, that is, when the time to new coin mined approaches practically infinity? Let's assume the globa…
Looking at PCs, DVD players, etc. it seems price deflation has been great for the consumer and overall "market". Perhaps it has been bad for the manufacturers, but the overall society has benefited from the deflation of those goods.
Some people here seem to think that this is temporary, that sometime in the future Bitcoin will stabilize into a glorious future global currency -- never mind the new class of cryptobarons it will have created from its inner circle, through shameless hoarding. My question is, what then will happen when Bitcoin stabilizes, that is, when the time to new coin mined approaches practically infinity? Let's assume the globa…
Clearly, since new land isn't being created anymore, everyone is going to shamelessly hoard real estate. Why would anyone ever buy or sell a house anymore? REAL ESTATE IS ALL A BIG DEFLATIONARY SCAM- You heard it here first.
When there are no liabilities for holding an asset, there's not a big incentive to sell it.