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Shopify accepts Bitcoin

ecommerce.shopify.com

101–110 of 124 posts

Re: Shopify accepts Bitcoin

#101
post #97
post #96

Earlier quoted context omitted.

In your hypothetic world, would I be able to pay taxes in BTC?

Why do you want to pay taxes?

I shouldn't?

Maybe you need to provide a complete frame, because I'm not sure I follow.

ps. I have a deep respect for Anarchism, as I have for Communism (Marx/Engels), although I don't endorse their views about society. That said, believing that bitcoin is in any way close to anarchy because you don't pay taxes is wrong. As Prof. Shamir (the 'S' in RSA) showed some time back, 98% of BTC is controlled by 2% of portfolios. If you have a financial background you can see how this is deeply flawed and extremely centralized.

Re: Shopify accepts Bitcoin

#102
post #67

Earlier quoted context omitted.

> There is no fundamental reason why Bitcoin is rising so fast Sure there is. The goal of BitCoin is to be as popular as USD and EUR. There are maximum of 21,000,000 bitcoin. Imagine owning 1/21,000,000th of all the USD!

Imagine owning 1/21,000,000th of all the USD! Based on M0, you'd have about $148,090.

But you can buy 1 bitcoin for ~ $300 today. That means in a few years, it'll be worth $148,090!!! No wonder the price is going up!

(presume bitcoin takes off this way)

Re: Shopify accepts Bitcoin

#103
post #67

Earlier quoted context omitted.

> There is no fundamental reason why Bitcoin is rising so fast Sure there is. The goal of BitCoin is to be as popular as USD and EUR. There are maximum of 21,000,000 bitcoin. Imagine owning 1/21,000,000th of all the USD!

There are maximum of 21,000,000 bitcoin. I find this limit a really interesting part of the bitcoin experiment. What sets the limit though? Is it technically possible for the developers to revise this limit at a later date, thus causing a drop in value for existing holders?

The limit was set as part of the bitcoin protocol. You can change it by basically making a replacement to bitcoin. It won't exactly be easy to convince people to use your new replacement (because massive social change is hard).

There are many bitcoin fans who think the hard limit is a very good thing.

Re: Shopify accepts Bitcoin

#104
post #101
post #97

Earlier quoted context omitted.

Why do you want to pay taxes?

I shouldn't? Maybe you need to provide a complete frame, because I'm not sure I follow. ps. I have a deep respect for Anarchism, as I have for Communism (Marx/Engels), although I don't endorse their views about society. That said, believing that bitcoin is in any way close to anarchy because you don't pay taxes is wrong. As Prof. Shamir (the 'S' in RSA) showed some time back, 98% of BTC is controlled by 2% of portfol…

No one says you shouldn't pay taxes, of course. But just think about what taxes really are. A group of people calling themselves "a government" claims it has the right to collect part of the created value to provide some products and services that they claim nobody else is able to provide at the same or better quality and price. And because the government not just offers those services, but simply orders people to give money (or go to jail), almost nobody is able to compete with government - if a consumer wanted an alternative, he still would have to buy this service from government and then put extra money for the alternative. Needless to say, people are reluctant to do that. That's why private schools are mostly for rich parents who can afford paying taxes and paying for a private school. That's why in Europe private hospitals are for rich people. That's why protection services are for rich people, but the poor get abused by government police force.

What Bitcoin is able to do is to break this vicious cycle. Of course, governments are not going to give up easily, but fighting a war against mathematics is arguably a bad idea.

As for 98% of BTC being controller by 2% of portfolios - same can be argued for almost any currency, that's the state of the world. The difference with Bitcoin is that although those players can shift the market, they have a lot less power than any government. They can't force me to buy from them. And they arguably didn't get their money by stealing it from others.

Re: Shopify accepts Bitcoin

#105
Is this a bigger thing for Bitcoin or for Shopify. One the one hand, another sign of bitcoin being integrated into mainstream sites. On the other hand, quite possibly Shopify might be looking for ways to obtain discounted bitcoins (assuming they have a profit margin). imho and everything :)

Re: Shopify accepts Bitcoin

#106
post #100

Earlier quoted context omitted.

Do you realise that for something to be money or currency (e.g. medium of exchange), it must have value ? How do people know what is the value of 1 BTC or 1 dollar or 1 ounce of gold? They look at how much other people are willing to pay to hold it. Why would people hold gold, dollars or bitcoins? Not only in speculation that they will be worth more tomorrow. But also because they are more marketable than groceries a…

Currencies are not chosen by the population. They are forced upon them via specific organizations. The USD Gov allows to you to pay taxes in USD, not in BTC. Even if BTC get taxed you still will have to pay your taxes in USD. If and when the US gov will start accepting taxes in BTC all this reasoning might have a solid ground. Until then, it's a utopia. ps. The above, will never going to happen though. It's insane/st…

Shamir's paper is bullshit (RSA and SSSS are cool, though). 98% of bitcoins belong to exchanges or web wallets that manage money for their users. This distribution says nothing about actual users and there is no way to find this out. Yes, technically there are big "owners" of a lot of coins, but that's temporary delegates, not primary investors. Also, by scanning HTML printout of blockchain from block explorer they only demonstrated their incompetence in this matter - blockchain is always readily available for analysis in bitcoind.

Unfortunately, the state is cutting the tree they are sitting on. Their massively inflated money supply is going to hit them hard when China and other foreign nations will refuse to accept USD as a reserve currency and all that printed nonsense will hit US economy and destroy it by hyperinflation. Or, USG will put up massive capital controls to avoid that thus closing the country in an iron curtain. Considering that externalised inflation destroyed a lot of production inside the country, isolating people from global market will also destroy what remains of the economy. In no theory it is sustainable in the long run to print shitload of money and not have its value massively dropped at some point of time. Each day it doesn't happen only makes the inevitable hit harder.

Once people all over the world start tasting Bitcoin and moving savings off fiat currencies, they will naturally hyper inflate - people will be trying to get rid of them quickly. This has nothing to do with orders of the state: it'll happen legally or illegally. And policemen will be among those people who try to save what's left of their savings.

Also: did you notice what Obama said when he asked Congress to raise debt ceiling? He said he wouldn't be able to mail the social security cheques. In other words, he admitted that there's absolutely no money that was extracted from people is available in form of cash or real investments. That he must have to issue new debt to pay that debt. Isn't it a good enough proof that the whole monetary system is going to collapse any time Link: http://www.dailymotion.com/video/x14y4cx_obama-tells-america...

Re: Shopify accepts Bitcoin

#107
If any shopify folks still reading this, have you had any issues with your bank refusing to do business with merchants that accept bitcoin? Been hearing that new bitcoin companies are having problems along these lines, due to increasing FDIC scrutiny.

Re: Shopify accepts Bitcoin

#108

Is this a bigger thing for Bitcoin or for Shopify. One the one hand, another sign of bitcoin being integrated into mainstream sites. On the other hand, quite possibly Shopify might be looking for ways to obtain discounted bitcoins (assuming they have a profit margin). imho and everything :)

> Shopify might be looking for ways to obtain discounted bitcoins

They're using BitPay's service to instantly convert to fiat, so they're not getting any bitcoins.

Re: Shopify accepts Bitcoin

#109
post #44
post #39

Earlier quoted context omitted.

> I won't even comment on the asteroid thing. Because you can't refute it?

Nobody will be mining asteroids and shipping the resources back to Earth within our lifetimes. Certainly not profitably. It's a complete irrelevance unless you're specifically talking about 100+ years in the future.

this company (backed by high-profile investors) is setting out to do just that: http://www.planetaryresources.com/

Re: Shopify accepts Bitcoin

#110
post #95

Earlier quoted context omitted.

Imagine owning 1/21,000,000th of all the USD! Based on M0, you'd have about $148,090.

It probably makes more sense to compare it to the broader M2 and M3 money supply.

Why do you say that? If and when bitcoins become borrowed and deposited at banks, there can potentially be a lot more supply of bitcoins.
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