101–107 of 107 posts
the problem is getting BTC in the US. You have to a P2P sale which most likely at some point will lead to you getting scammed. The banks need to offer a currency exchange from USD to BTC. And then bitcoins are going to really take off.
If you're in the US, it's easy to buy BTC through Coinbase.
Earlier quoted context omitted.
I don't see pricing as significant goal with Bitcoin. If that's the case, it's not a currency. I do think this is something Bitcoin needs to address if it is to be taken seriously as a medium of exchange.
There are a lot of countries in the world that have their own currencies but price goods and services in EUR or USD. I know in Romania things are priced in EUR from cell phone top-ups to real estate.
Earlier quoted context omitted.
"such that each has an exchange rate that isn't interpreted by conversion to a fiat currency then checking the exchange rate for that" Actually, it is interpreted by comparing gold's price with exchange rates. When gold is, say, underpriced in yen on chinese markets when compared to its price in US dollar on american markets, this creates a condition where "arbitrage" is possible. So people who see this buy it up on…
eh it's hard for me to keep going with this argument because Bitcoin's pricing is so made up, but i'll try. I wasn't saying gold doesn't have an exchange rate. I was saying it DOES have one for EACH currency (allowing this arbitrage scenario) and that's part of what makes it strong. My impression of Bitcoin was that they simply price it in Yen or USD or whatever is their best market, then convert from THAT currency i…
No, exactly like gold, Bitcoin does have an exchange rate for each currency. Again, there is zero difference between how gold is traded and how Bitcoin is traded. It's all multiple independent exchanges, with their own asks and bids.
If, by your argument, "this is what makes gold strong", then this is what makes Bitcoin strong as well. Both are traded in the same ways. I am unsure why you think there is some difference.
Earlier quoted context omitted.
eh it's hard for me to keep going with this argument because Bitcoin's pricing is so made up, but i'll try. I wasn't saying gold doesn't have an exchange rate. I was saying it DOES have one for EACH currency (allowing this arbitrage scenario) and that's part of what makes it strong. My impression of Bitcoin was that they simply price it in Yen or USD or whatever is their best market, then convert from THAT currency i…
"My impression of Bitcoin was that they simply price it in Yen or USD..." No, exactly like gold, Bitcoin does have an exchange rate for each currency. Again, there is zero difference between how gold is traded and how Bitcoin is traded. It's all multiple independent exchanges, with their own asks and bids. If, by your argument, "this is what makes gold strong", then this is what makes Bitcoin strong as well. Both are…
I have a long comment history you can look through if you want to understand why I think it's a scheme. USD is strong as a currency because its stable. Bitcoin is a speculative trading platform, nothing more nothing less. There's real value in it today because a ton of people have just decided to invest in something they don't fully understand.
If you have invested in Bitcoin I understand your interest in making it seem viable.
Earlier quoted context omitted.
"My impression of Bitcoin was that they simply price it in Yen or USD..." No, exactly like gold, Bitcoin does have an exchange rate for each currency. Again, there is zero difference between how gold is traded and how Bitcoin is traded. It's all multiple independent exchanges, with their own asks and bids. If, by your argument, "this is what makes gold strong", then this is what makes Bitcoin strong as well. Both are…
Ohhhhhhhh I give up. If you think Bitcoin is the same as gold.... have a nice life. I have a long comment history you can look through if you want to understand why I think it's a scheme. USD is strong as a currency because its stable. Bitcoin is a speculative trading platform, nothing more nothing less. There's real value in it today because a ton of people have just decided to invest in something they don't fully u…
I have traded commodities, and bitcoin, for multiple years. I know this stuff.
Earlier quoted context omitted.
> 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 b…
My physics is rusty... but yeah, it can be, depending on what you choose as your reference point. I think that's the OP's point there, too :)
From the position of relative perspective that may be a valid theory, however in it's not the one best explains what is being observed.
the problem is getting BTC in the US. You have to a P2P sale which most likely at some point will lead to you getting scammed. The banks need to offer a currency exchange from USD to BTC. And then bitcoins are going to really take off.
If you're in the US, it's easy to buy BTC through Coinbase.