I remember seeing articles about people trying to live for a week without leaving the house but instead using "the internet" for all shopping and communications.
Thinking back to that time there seem to be so many parallels with how the internet was perceived then to how bitcoin is perceived now.
Living On Bitcoin For A Week
11–20 of 36 posts
Re: Living On Bitcoin For A Week
#12Is there any concern with keeping the price of an individual bitcoin down so that they can be used more like a proper currency? Meaning, at around $140 per coin currently that's not exactly an ideal 'base' value of a currency.
Is there an equivalent to a stock split that could be applied?
Just seems like Bitcoin can never really fulfill its dream of being a true global currency if the lowest value of an individual 'coin' is so expensive.
Re: Living On Bitcoin For A Week
#13"after a failed attempt to do so via Mt. Gox, the value-setting Bitcoin exchange based in Japan; my bank refused to send funds to Mt. Gox’s account saying it was suspended"
Funny how this journalist is the only one having gotten that. Seeing as MtGox is the biggest exchange, that would've been quite the news otherwise, but it isn't, because it's so far working for everybody.
Re: Living On Bitcoin For A Week
#14Is there any concern with keeping the price of an individual bitcoin down so that they can be used more like a proper currency? Meaning, at around $140 per coin currently that's not exactly an ideal 'base' value of a currency. Is there an equivalent to a stock split that could be applied? Just seems like Bitcoin can never really fulfill its dream of being a true global currency if the lowest value of an individual 'c…
You don't need to use Bitcoin in 1-coin denominations. The clients even have support for viewing it in much smaller (millionth) pieces. So the "base" value is really quite irrelevant apart from psychological aspects when trading BTC.
Re: Living On Bitcoin For A Week
#15This is like trying the first Android beta there ever was and then saying that there aren't a lot of apps for it yet. Nearly all current users could have told him that living on Bitcoin for a week is hard to do right now because there is simply no support. This is why we are early adopters , we use something before it's mainstream. You can't actually walk up to anyone and expect to be able to pay them in any currency…
Walking up to people and paying people for goods and services is a good measure of how useful something is as a currency.
Right now, it's hard to avoid the conclusion that bitcoin is fairly useless to most people as a currency, a hard truth for some.
What is it not useless for? Well mainly as an investment/get rich quick scheme as well as money laundering, drug deals and soothing the paranoia of hard money cranks.
Re: Living On Bitcoin For A Week
#16Is there any concern with keeping the price of an individual bitcoin down so that they can be used more like a proper currency? Meaning, at around $140 per coin currently that's not exactly an ideal 'base' value of a currency. Is there an equivalent to a stock split that could be applied? Just seems like Bitcoin can never really fulfill its dream of being a true global currency if the lowest value of an individual 'c…
The unit of bitcoin is currently 10^-8 bitcoins, or about one ten-thousandth of a penny. A smaller unit can be adopted at any time if a majority of the network starts using a client that supports a smaller unit.
Re: Living On Bitcoin For A Week
#17Is there any concern with keeping the price of an individual bitcoin down so that they can be used more like a proper currency? Meaning, at around $140 per coin currently that's not exactly an ideal 'base' value of a currency. Is there an equivalent to a stock split that could be applied? Just seems like Bitcoin can never really fulfill its dream of being a true global currency if the lowest value of an individual 'c…
One Bitcoin can be divided down to 0.00000001 BTC.
Re: Living On Bitcoin For A Week
#18"after a failed attempt to do so via Mt. Gox, the value-setting Bitcoin exchange based in Japan; my bank refused to send funds to Mt. Gox’s account saying it was suspended" Funny how this journalist is the only one having gotten that. Seeing as MtGox is the biggest exchange, that would've been quite the news otherwise, but it isn't, because it's so far working for everybody.
To be honest, everyone else is probably used to problems like this now, to the point that it's not really news.
Re: Living On Bitcoin For A Week
#19"after a failed attempt to do so via Mt. Gox, the value-setting Bitcoin exchange based in Japan; my bank refused to send funds to Mt. Gox’s account saying it was suspended" Funny how this journalist is the only one having gotten that. Seeing as MtGox is the biggest exchange, that would've been quite the news otherwise, but it isn't, because it's so far working for everybody.
I assume her banks fraud department kicked back the transfer as suspicious.
They never return a transfer as "suspicion of fraud," rather it's always an error implying the problem is with the recipients bank.
Re: Living On Bitcoin For A Week
#20Is there any concern with keeping the price of an individual bitcoin down so that they can be used more like a proper currency? Meaning, at around $140 per coin currently that's not exactly an ideal 'base' value of a currency. Is there an equivalent to a stock split that could be applied? Just seems like Bitcoin can never really fulfill its dream of being a true global currency if the lowest value of an individual 'c…
One Bitcoin can be divided down to 0.00000001 BTC.
Yes, I'm aware of this. My comment was about wide-spread adoption.
I have a hard time imaging my parents working with fractions just to buy a coffee.