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Shopify accepts Bitcoin

ecommerce.shopify.com

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Re: Shopify accepts Bitcoin

#121

Post by lectrick »

SilasX wrote: post #92
lectrick wrote: post #91

Earlier quoted context omitted.

> * The nature of BitCoin could make it from an asset worth 350 USD to 0 USD overnight No. Not unless it stops being traded for anything . Read this: http://bitcoinsurvey.wordpress.com/2013/04/08/what-is-the-re... It makes sense if you think about it. As long as 2 parties will accept Bitcoin as a trade medium, it literally MUST have a value in order to carry that exchange value. Whether it's 10,000 coins for 1 pizza…

Grandparent: Bitcoin could fall to 0 USD overnight. You: Not true, it would only fall arbitrarily close to 0 USD. Me: Not reassured.

If you actually read the article, at the time it was written (months ago, when BTC volume was lower), it calculated a "bottom, minimum" value of about $45 USD.

So if it ever goes back to there, it will most certainly be a buy... which will of course drive the price higher, into the speculative space.

Basically, since the cat is out of the bag, it won't be possible to get completely rid of the speculative portion of the value, but the fundamental portion of the value WILL keep rising (at this rate).

Re: Shopify accepts Bitcoin

#122

Post by SilasX »

lectrick wrote: post #121
SilasX wrote: post #92

Earlier quoted context omitted.

Grandparent: Bitcoin could fall to 0 USD overnight. You: Not true, it would only fall arbitrarily close to 0 USD. Me: Not reassured.

If you actually read the article , at the time it was written (months ago, when BTC volume was lower), it calculated a "bottom, minimum" value of about $45 USD. So if it ever goes back to there, it will most certainly be a buy... which will of course drive the price higher, into the speculative space. Basically, since the cat is out of the bag, it won't be possible to get completely rid of the speculative portion of…

I was replying to your comment[1], not the numerous, separate arguments that could have been made in defense of a related point.

I'm optimistic myself about BTC, but don't think your comment as written is a good reason to think so in the context of the GP's point.

[1] specifically, "As long as 2 parties will accept Bitcoin ... it literally MUST have a value ... Whether it's 10,000 coins for 1 pizza ...". That last bit is the "arbitrarily close to zero" lower bound I was attributing to you.

Re: Shopify accepts Bitcoin

#123

Post by atmosx »

snitko wrote: post #104
atmosx wrote: post #101

Earlier quoted context omitted.

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 gi…

I think that the BTC 2% has the same power as a government inside their ecosystem, no responsibility (ethical or other) given the complete anonymity and thus can not be held directly or indirectly accountable in any way, while a gov can.

The fact is that you know who runs the FED. You don't know who owns 95% of BTC in circulation.

They didn't stole directly, but it's a perfect Ponzi scheme if they choose to liquidate their BTC overnight :-) ... They are in a position to create "money" out of thin air. Money issued by people trusting BTC. So there is no difference from a trading Wall Street crook who sells garbage stocks for gold to naive investors (calling Goldman Sachs)...

Re: Shopify accepts Bitcoin

#124

Post by walden42 »

QuasiAlon wrote: post #117
walden42 wrote: post #108

Earlier quoted context omitted.

> 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.

Interesting. Thank you very much for your comment.

No problem!
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