To the moon!
Stores want bitcoin as a secondary method of payment, not a first...
Shopify accepts Bitcoin
111–120 of 124 posts
Re: Shopify accepts Bitcoin
#112BitCoin can be better viewed as gold . If you would use gold to buy something then you will use BTC (illegal markets apart of course). But peercoin could stand a chance to become a sort of online trading currency because of it's inflationary[1] policy. Something BitCoin should also have in order to become a widely accepted currency instead of a hoarding mechanism that gives the early adopters huge advantage over anyo…
I am sorry - this is something I do not understand. Where is the problem in deflation? You can always pay in fractions of a bitcoins, e.g. nanobitcoins, picobitcoins, etc. There is not really an agreement in the ivory towers that a limited amount of currency is a bad thing per se. Could someone explain this to me?
I don't know which ivory towers you frequent and what you mean by "limited", but the idea that the money supply should be flexible has been pretty well established after some failed experiments in the 1970s and 80s.
As for the inflation / deflation thing: I'm pretty sure we all agree that the faster the relative prices of things can change to reflect changes in the underlying reality, the better.
A priori, it seems that these relative adjustments should be independent from the average adjustment and hence the overall price level.
However, economic actors tend to resist a nominal decrease of income much more than a real decrease of income. You may not think that this is rational, but you have to work with the reality that you have.
This means that inflation is beneficial, because it allows real decreases of income without nominal decreases of income, and this means that real income can decrease more easily, which is what you need for relative prices to adjust reasonably quickly.
Re: Shopify accepts Bitcoin
#113Earlier quoted context omitted.
Currencies are not chosen by the population. They are forced upon them via specific organizations. The USD Gov allows to you to pay taxes in USD, not in BTC. Even if BTC get taxed you still will have to pay your taxes in USD. If and when the US gov will start accepting taxes in BTC all this reasoning might have a solid ground. Until then, it's a utopia. ps. The above, will never going to happen though. It's insane/st…
Shamir's paper is bullshit (RSA and SSSS are cool, though). 98% of bitcoins belong to exchanges or web wallets that manage money for their users. This distribution says nothing about actual users and there is no way to find this out. Yes, technically there are big "owners" of a lot of coins, but that's temporary delegates, not primary investors. Also, by scanning HTML printout of blockchain from block explorer they o…
I don't think Shamir's paper is BS. I think it shows how early adopters have a huge advantage over other players, exactly like a Ponzi scheme.
As for the fact that they can't force you to buy from them it's totally irrelevant. They (or he) can drive the market back to 0.5USD : 1BTC in less than 24 hours should they choose to do so, and there's nothing stopping them. The fact the you don't know who this player is, makes things a lot worst compared to FIAT controlled by the state.
The monetary system is a total mess, but that's because of abuse from those in power, than by design. BitCoin is a good thing to have, but it will never replace the USD and it wasn't suppose to IMHO. It's properties attracted only the illegal market and various low level speculators so far.
The fact that BTC went up instead of down after SK bust shoes clearly that the general consent has little to do with its price. BTC became famous because of SK. Now will be used even less as a currency. Instead it became even more expensive.
Re: Shopify accepts Bitcoin
#114Re: Shopify accepts Bitcoin
#115Earlier quoted context omitted.
Imagine owning 1/21,000,000th of all the USD! Based on M0, you'd have about $148,090.
It probably makes more sense to compare it to the broader M2 and M3 money supply.
A genuine 'why?' I'm reasonably naive on these issues, but there's no fractional reserve banking of Bitcoin yet, is there? M2 and M3 include savings, all of which couldn't be converted directly into underlying currency, whereas every Bitcoin is clearly traceable and exists as a unit of currency. Disclaimer: I am no economist or financier.
Re: Shopify accepts Bitcoin
#116It's obvious to me that many of the Bitcoin critics in this thread have never actually used it. I prefer Bitcoin for online purchases, if a vendor accepts it, I'll use it. Purchases aren't tracked, or being sucked up by some SIGINT program, no fees (even in exchanging, if you do it right) and I don't have to give my CC # to the vendor.
>It's obvious to me that many of the Bitcoin critics in this thread have never actually used it. I've used it, not much though - maybe $100 worth of bitcoins. >Purchases aren't tracked List of transactions from your wallet is visible to anyone. >being sucked up by some SIGINT program As far as you know, but I wouldn't be surprised if your transactions are "sucked up" by some SIGINT program. Or maybe they aren't becau…
> List of transactions from your wallet is visible to anyone.
With the important side note, that nobody needs to know it is your wallet. You can create as many wallets as you want if you care about privacy.
I'm not suggesting this would put you completely in the clear from NSA/professional hacker level audits, but it is miles away from doing a query in a database "Where CC=..."
Re: Shopify accepts Bitcoin
#117Is this a bigger thing for Bitcoin or for Shopify. One the one hand, another sign of bitcoin being integrated into mainstream sites. On the other hand, quite possibly Shopify might be looking for ways to obtain discounted bitcoins (assuming they have a profit margin). imho and everything :)
> Shopify might be looking for ways to obtain discounted bitcoins They're using BitPay's service to instantly convert to fiat, so they're not getting any bitcoins.
Interesting. Thank you very much for your comment.
Re: Shopify accepts Bitcoin
#118BitCoin can be better viewed as gold . If you would use gold to buy something then you will use BTC (illegal markets apart of course). But peercoin could stand a chance to become a sort of online trading currency because of it's inflationary[1] policy. Something BitCoin should also have in order to become a widely accepted currency instead of a hoarding mechanism that gives the early adopters huge advantage over anyo…
Peercoin lets those who have the ability to leaves funds untouched for 30 days accrue this interest. Peercoin was designed to enable the early adopters that can simply sit on their coins.
In the real world most poor people cannot let any amount of coin remain unmoved for 30 days, so Peercoin in a privilege based coin and SunnyKing the creator intended this.
A simple change = Allow all coins no matter age accrue interest. Sunny is a rich millionaire and does not care about the wealth divide his coin will cause if it took off.
Re: Shopify accepts Bitcoin
#119BitCoin can be better viewed as gold . If you would use gold to buy something then you will use BTC (illegal markets apart of course). But peercoin could stand a chance to become a sort of online trading currency because of it's inflationary[1] policy. Something BitCoin should also have in order to become a widely accepted currency instead of a hoarding mechanism that gives the early adopters huge advantage over anyo…
Peercoin lets those who have the ability to leaves funds untouched for 30 days accrue this interest. Peercoin was designed to enable the early adopters that can simply sit on their coins. In the real world most poor people cannot let any amount of coin remain unmoved for 30 days, so Peercoin in a privilege based coin and SunnyKing the creator intended this. A simple change = Allow all coins no matter age accrue inter…
The last time I looked at Peercoin, it also appeared to be designed so that people with more coins in effect accrued a higher rate of interest on them due to a subtle quirk of the inflation algorithm. That may have been fixed since then though.
Re: Shopify accepts Bitcoin
#120Earlier quoted context omitted.
>It's obvious to me that many of the Bitcoin critics in this thread have never actually used it. I've used it, not much though - maybe $100 worth of bitcoins. >Purchases aren't tracked List of transactions from your wallet is visible to anyone. >being sucked up by some SIGINT program As far as you know, but I wouldn't be surprised if your transactions are "sucked up" by some SIGINT program. Or maybe they aren't becau…
> List of transactions from your wallet is visible to anyone. With the important side note, that nobody needs to know it is your wallet. You can create as many wallets as you want if you care about privacy. I'm not suggesting this would put you completely in the clear from NSA/professional hacker level audits, but it is miles away from doing a query in a database "Where CC=..."
While this is true, one only needs to be a vendor who ships products to begin to associate metadata with purchaser's wallet address and start breaking down that privacy. Multiple addresses works in theory, but we don't know how often it's practiced. I'm not sure it's really as far away from that kind of direct correlation as you think.