41–50 of 85 posts
I think the true colors of Bitcoin "believers" become pretty obvious when they are all so very preoccupied with the price per piece. I read some pretty ridiculous explanations that volatility is good, because it attracts "investors", and this is supposed to be good for it.
Volatility will attract traders, the only benefit traders offer is liquidity (a marginal benefit).
As exchanges add more sophisticated features (such as trading on margin) amateurs continue to suffer and learn expensive lessons.
Many Bitcoin advocates will heave at the idea of any form of regulation, Bitcoin unfortunately appears to be most attractive to libertarians. Yet their fellow advocates are suffering all around them for it. As an example, any leveraged trading instrument regulated by the FSA in the UK is plastered with warnings about leveraged trading, in a (admittedly probably lacking) effort to warn amateurs of the dangers. I see no such warnings on Bitcoin exchanges offering leverage.
This is pretty much a cheap and default comment, but I would be so happy if everybody ( especially websites calling themselves the "DealBook") would start plotting prices on a logarithmic scale.
This is pretty much a cheap and default comment, but I would be so happy if everybody ( especially websites calling themselves the "DealBook") would start plotting prices on a logarithmic scale.
https://bitcoinhelp.net/know/more/price-chart-history?log=1
You can also toggle the chart to display a linear axis.
And I'm happy to be someone about to jump fully on the Bitcoin train and never have to think about the price of Bitcoin. As a U.S. citizen living abroad, Bitcoin is now at the intersection of cheapest, fast (but not instant) and most convenient for receiving my money. There are exchanges here which work automatically and have lots of options for me to receive my money. At this point, I can't say there is a better met…
> As a U.S. citizen living abroad, Bitcoin is now at the intersection of cheapest, fast (but not instant) and most convenient for receiving my money. There are exchanges here which work automatically and have lots of options for me to receive my money. At this point, I can't say there is a better method available for me. How is it cheapest? You have currency conversion on both sides which is a lot more expensive than…
Coinbase charges a fee to convert on their end, but the exchange has a much small fee on their end. Getting the money sent from the exchange to me can be free depending on the option.
Otherwise I have the currency exchange rate and the a mess of options. I simply pull money from my bank via the local ATM's and that costs me around $5 / pop plus the exchange costs. On top of that I'm usually getting paid via Paypal, which is another fee to get paid.
Other people use Western Union or Xoom, which is expensive.
Bank to bank transfers are tricky. The most direct route is a wire transfer, which is spendy. The other option is an e-transfer, but that's not straightforward since the U.S. isn't on the same system that the Philippines is on. There are certain banks here which can pull it off I believe, but you need for these banks to be located close to you. And that's if you can even get a bank account here. It's not a huge barrier, but not everyone can get one.
There are tons of options but most involve fees on top of the conversion costs. Then there is speed, which is also important for me.
Right now, Bitcoin is looking to be the best option available for a lot of people here.
Edit: Whoops, forgot to mention that I wouldn't be holding Bitcoin. I would be using it as a transfer medium.
But isn't that true of any currency? Isn't that why a green piece of paper with Benjamin Franklin's face on it is worth anything at all, just because we believe in the US government's stability?
Earlier quoted context omitted.
> As a U.S. citizen living abroad, Bitcoin is now at the intersection of cheapest, fast (but not instant) and most convenient for receiving my money. There are exchanges here which work automatically and have lots of options for me to receive my money. At this point, I can't say there is a better method available for me. How is it cheapest? You have currency conversion on both sides which is a lot more expensive than…
Right, I have to convert USD to Bitcoin and then Bitcoin to USD. I haven't worked out the cost of what this would be compared to my current options. In my case, it's still cheaper, but that may not be the case for others. Coinbase charges a fee to convert on their end, but the exchange has a much small fee on their end. Getting the money sent from the exchange to me can be free depending on the option. Otherwise I ha…
What are you trying to do, how much money are you trying to move and how often?
Earlier quoted context omitted.
Based on the same principles that lead us to think it's ok to pay 2000 for rent when it used to be 200. There is always a new normal. Edit: Why the downvote?
So.. going with camp 1 then, eh?
The question asked was to this
"In a month or two, 475 dollars will look nice."
This price fluctuations will not end until the destiny of Bitcoin has been decided, either fail and drop to zero or succeed and rise probably well above 1000 dollars. It's kind of remarkable that it did not die within the first 5 years if you consider all the small and big disasters but in my opinion Bitcoin is still in is infancy and it is far from clear where the journey will end. Compared with other means of payme…
At the end of the article the guy says: “What really defines the price is its reputation and expectations for the future.” But isn't that true of any currency? Isn't that why a green piece of paper with Benjamin Franklin's face on it is worth anything at all, just because we believe in the US government's stability?