$250,000 for a flight. That puts it at about 333 BTC right now.
Virgin Galactic to accept Bitcoin [video]
11–20 of 107 posts
Re: Virgin Galactic to accept Bitcoin [video]
#12It seems that with every passing day, another prominent institution or business starts accepting Bitcoin for payment, Virgin Galactic being the latest example. In just a few years, Bitcoin has gone from experiment to global phenomenon. I wouldn't be surprised if in coming years at least some bitcoin users start measuring their wealth in bitcoins, and therefore also evaluating exchange rates, not in terms of how many…
Question: Where can a Canadian passively invest $50 - 200 a month safely and watch their investment grow?
Re: Virgin Galactic to accept Bitcoin [video]
#13It seems that with every passing day, another prominent institution or business starts accepting Bitcoin for payment, Virgin Galactic being the latest example. In just a few years, Bitcoin has gone from experiment to global phenomenon. I wouldn't be surprised if in coming years at least some bitcoin users start measuring their wealth in bitcoins, and therefore also evaluating exchange rates, not in terms of how many…
Question: Where can a Canadian passively invest $50 - 200 a month safely and watch their investment grow?
The TSX Composite Index: https://www.google.com/finance?cid=9291235
There are others if you have a more specific interest: http://web.tmxmoney.com/indices.php?locale=EN
Re: Virgin Galactic to accept Bitcoin [video]
#14It seems that with every passing day, another prominent institution or business starts accepting Bitcoin for payment, Virgin Galactic being the latest example. In just a few years, Bitcoin has gone from experiment to global phenomenon. I wouldn't be surprised if in coming years at least some bitcoin users start measuring their wealth in bitcoins, and therefore also evaluating exchange rates, not in terms of how many…
Since the beginning of this year, the price of a US dollar has declined by more than 98%, from BTC 0.074 to just over BTC 0.001!
Consider the last month:
2013-11-01 212.87 USD = 1 BTC
2013-11-22 733.71 USD = 1 BTC
If you think Bitcoin is a great investment and can sell your BTC to get other assets in at a high point, this is a good thing, though slightly worrying because of the boom and bust pattern and extreme volatility.
If you think Bitcoin is a stable currency, this is a terrible thing. I'm not even sure what the implications would be if buying raw materials one day cost more than selling a finished product the next due to rapid deflation, but it surely wouldn't be much better than rapid inflation which we have seen in other currencies.
Like a loaf of bread which is 1.6 trillion Zimbabwe dollars, one which cost 0.0000000001 Bitcoins would not be desirable either if that figure keeps changing rapidly and the next day becomes 0.00000000001 etc. Any extreme fluctuations in price are really undesirable for a currency, and I do think this mechanism of ratcheting up the difficulty of mining and an ever-increasing value is really damaging for Bitcoin's credibility as a currency, though presumably it was designed to boost adoption by encouraging people to see it as investment first, currency second.
I like the idea of a currency which doesn't allow politicians to introduce inflation, but perhaps we should have one which has a finite set of tokens on setup, and doesn't attempt to also attract people as some sort of investment with mining etc. - is that side of Bitcoin even useful except to turn it into a sort of pyramid scheme where early adopters are rewarded disproportionately?
[EDIT I am aware of the proposed 21m Bitcoin limit, which they're about half way to reaching, that's why I said on setup, which Bitcoin doesn't have]
Re: Virgin Galactic to accept Bitcoin [video]
#15It seems that with every passing day, another prominent institution or business starts accepting Bitcoin for payment, Virgin Galactic being the latest example. In just a few years, Bitcoin has gone from experiment to global phenomenon. I wouldn't be surprised if in coming years at least some bitcoin users start measuring their wealth in bitcoins, and therefore also evaluating exchange rates, not in terms of how many…
> Looking at exchange rates in this manner changes one's perspective on volatility. For example, since the beginning of this year, the price of a US dollar has declined by more than 98%, from BTC 0.074 to just over BTC 0.001, which makes the dollar look like an extremely volatile currency!
Sorry, that's clearly nonsense given that the dollar wasn't similarly volatile against other currencies.
Would you slam on your breaks in the middle of a road full of fast moving cars and believe that it was actually them all suddenly accelerating?
Re: Virgin Galactic to accept Bitcoin [video]
#16This is a great marketing stunt!
Re: Virgin Galactic to accept Bitcoin [video]
#17Just marketing IMHO. You say you'll accept bitcoins and then you'll have 10s of articles talking about your company.
Re: Virgin Galactic to accept Bitcoin [video]
#18"she paid in bitcoin, which was transferred into actual dollars "so there's a fixed price ... [and] we can actually pay her money back, if she changes her mind" Seems no different than if the buyer had sold her Bitcoin and paid Virgin Galactic in cash. The real trick will be when they can accept Bitcoin, keep the Bitcoin, and make any refunds and adjustments in Bitcoin.
Bitcoin transfers have some advantages compared to cash or wire transfers.
Re: Virgin Galactic to accept Bitcoin [video]
#19It seems that with every passing day, another prominent institution or business starts accepting Bitcoin for payment, Virgin Galactic being the latest example. In just a few years, Bitcoin has gone from experiment to global phenomenon. I wouldn't be surprised if in coming years at least some bitcoin users start measuring their wealth in bitcoins, and therefore also evaluating exchange rates, not in terms of how many…
The prices of most commodities have been relatively stable in USD over the last year, while the prices in bitcoins have almost universally changed greatly. Until that changes, it makes more sense to consider bitcoins volatile and USD not volatile, rather than the other way around.
Re: Virgin Galactic to accept Bitcoin [video]
#20It seems that with every passing day, another prominent institution or business starts accepting Bitcoin for payment, Virgin Galactic being the latest example. In just a few years, Bitcoin has gone from experiment to global phenomenon. I wouldn't be surprised if in coming years at least some bitcoin users start measuring their wealth in bitcoins, and therefore also evaluating exchange rates, not in terms of how many…
Since the beginning of this year, the price of a US dollar has declined by more than 98%, from BTC 0.074 to just over BTC 0.001! Consider the last month: 2013-11-01 212.87 USD = 1 BTC 2013-11-22 733.71 USD = 1 BTC If you think Bitcoin is a great investment and can sell your BTC to get other assets in at a high point, this is a good thing, though slightly worrying because of the boom and bust pattern and extreme volat…
Commenting on the last paragraph;
Bitcoins are limited and when they run out miners will start getting bitcoins from fees.