Congrats. Now, deal with the guy who gave you 35k and in return you gave him _nothing_. https://news.ycombinator.com/item?id=6929705
They did. Before you even posted this.
Coinbase Crosses 650,000 Users
41–50 of 122 posts
Re: Coinbase Crosses 650,000 Users
#42Earlier quoted context omitted.
> Don't see the argument for the intrinsic value of paper money at all, but would love to be enlightened. You can pay your taxes in it.
This argument comes again and again in this discussion, and I still dont get it. Why would you value something because it can be taken away? By that logic, increasing taxes makes the currency more valuable. Lets go to 99.9% taxes on dollars and see our money shoot to the sky!
Even if you had a job that paid you entirely in bitcoins, and conducted every transaction in bitcoins, you would still have to pay taxes, and (under the current system) they would still be denominated in US dollars.
Re: Coinbase Crosses 650,000 Users
#43Speaking as someone who knows a lot about economics, I think PT Barnum put it best...[1] Economics is very clear in predicting how this will end up. Bitcoins have no intrinsic value and therefore the long-term price will be precisely zero. Each generation has its tulips [2]; each generation claims that the persistence in tulip price means that there is permanent intrinsic value; each generation is disappointed [3]. T…
Are you saying this because you've heard all the arguments for Bitcoin's value and think they're bunk or are you saying this because you're unaware of them?
Re: Coinbase Crosses 650,000 Users
#44Earlier quoted context omitted.
Gold and Diamonds have obvious intrinsic value. Paper money does too, but it's harder to demonstrate.
Are you referring to the relatively recent industrial uses of gold and diamonds, or are you counting ornamentation as intrinsic value? Don't see the argument for the intrinsic value of paper money at all, but would love to be enlightened.
>Don't see the argument for the intrinsic value of paper money at all, but would love to be enlightened.
There's thermochemical energy in them cellulose bonds. Just gotta liberate it with a little bit of a kick.
Re: Coinbase Crosses 650,000 Users
#45Earlier quoted context omitted.
You say you know "a lot about economics" and yet you don't know that currencies don't necessarily need to hold any intrinsic value. They are simply means of exchange. Paper money in the form of US Dollars has no intrinsic value (the value of the cotton paper... less than a cent per bill?). As long as people assign value to something and use it for exchange... it's a valid currency. Will people all quit on Bitcoin som…
if you know even basic economics you know that bitcoin is not currency
You mean "a system of money in general use in a particular country" (Oxford). Yeah definitely not a mainstream currency yet. That's why we use the polite term "alternative currency" which is short for "a system of money in limited use across many countries."
Re: Coinbase Crosses 650,000 Users
#46Earlier quoted context omitted.
What is the point of having multiples of any wallet? Which wallet would be less effective on its own? Don't they all produce a sufficient (indefinite?) number of pseudorandom addresses?
You might want multiple wallets for security reasons. For example, you could have one wallet on your phone for everyday transactions, and a separate wallet on a computer that's normally disconnected from the internet (a "cold wallet"). You can also store bitcoin wallets on USB keys or even on paper and put them in safe deposit boxes. https://en.bitcoin.it/wiki/Cold_storage Since all Coinbase wallets are the same in t…
Having hot wallets and cold wallets separated does make a lot of sense.
Re: Coinbase Crosses 650,000 Users
#47Congrats. Now, deal with the guy who gave you 35k and in return you gave him _nothing_. https://news.ycombinator.com/item?id=6929705
They did. Before you even posted this.
Really? Last I saw, they just said they would make it right. We haven't seen confirmation from the original customer saying it was dealt with. Considering all he had gotten from them up to the point of posting on Hacker News was more reassurances that the situation would be fixed, I'm not reassured that it's fixed yet just because there was yet another reassurance given.
Re: Coinbase Crosses 650,000 Users
#48Earlier quoted context omitted.
In all fairness the intrinsic value of Gold and Diamonds has only come about in the past 200-300 years... just about when, globally, we started seriously moving towards a purely fiat system.
Gold has been used as a store of value for thousands of years around the world.
Intrinsic. Those people have not been making use of the intrinsic value of Gold, they have been making the same use as in fiat money and bitcoins today, as a rare commodity considered acceptable as a financial instrument. That's (rarity) not an intrinsic value.
That is to say, its intrinsic value includes electrical conductive properties and capacity for use in electrolytic plating. I am ignorant, what are some other intrinsically useful properties of Gold (and Diamonds?)
Re: Coinbase Crosses 650,000 Users
#49Earlier quoted context omitted.
> Don't see the argument for the intrinsic value of paper money at all, but would love to be enlightened. You can pay your taxes in it.
You could pay taxes using the German Papiermark or Zimbabwean dollar, and look at what happened to them... Intrinsic value is not determined by the ability to pay taxes. Fiat money has zero intrinsic value (well, beside the value of the paper and metal bills and coins are made of, but this value is negligible - spare the US penny coin).
Obviously the importance of paying taxes directly depends on the strength and stability of the government collecting them.
I am personally sure that 1) the US govt will be here tomorrow to collect and 2) they have enough guns to do so.
Re: Coinbase Crosses 650,000 Users
#50Earlier quoted context omitted.
> Don't see the argument for the intrinsic value of paper money at all, but would love to be enlightened. You can pay your taxes in it.
This argument comes again and again in this discussion, and I still dont get it. Why would you value something because it can be taken away? By that logic, increasing taxes makes the currency more valuable. Lets go to 99.9% taxes on dollars and see our money shoot to the sky!
Why do you value water? It's just something that can be taken away.