This is rather exciting, as I've written in the past, the main problem with us not being able to adopt Bitcoin is the legal uncertainty surrounding it. With Wordpress plunging full-steam ahead, that question should get resolved in the next few months.
> as I've written in the past link?
WordPress.com accepts Bitcoin
41–50 of 129 posts
Re: WordPress.com accepts Bitcoin
#42For some reason, I always thought it was matter of time that Bitcoin would be declared illegal. People say different things regarding its legality so I will continue to stay away from it, at least for now.
Though, I think Automattic wouldn't accept it as a form of payment if there was such a possibility.
Is there anyone who can enlighten me about the legality of Bitcoin?
Re: WordPress.com accepts Bitcoin
#43For some reason, I always thought it was matter of time that Bitcoin would be declared illegal. People say different things regarding its legality so I will continue to stay away from it, at least for now. Though, I think Automattic wouldn't accept it as a form of payment if there was such a possibility. Is there anyone who can enlighten me about the legality of Bitcoin?
With no central authority standing behind it's value, right now you are engaging in barter. What is the legality of barter in your jurisdiction?
Re: WordPress.com accepts Bitcoin
#44quick question, regarding the people that can't buy Wordpress services with Paypal or credit card, how do they buy bitcoins?
Re: WordPress.com accepts Bitcoin
#45For some reason, I always thought it was matter of time that Bitcoin would be declared illegal. People say different things regarding its legality so I will continue to stay away from it, at least for now. Though, I think Automattic wouldn't accept it as a form of payment if there was such a possibility. Is there anyone who can enlighten me about the legality of Bitcoin?
Bitcoin is an unregulated financial asset, similar to gold. The fact that it exists in digital form makes the whole situation much more complicated.
Re: WordPress.com accepts Bitcoin
#46Earlier quoted context omitted.
Bitcoin does have a particular monetary policy coded into it, which can be seen as an ideology.
"Monetary policy" and "ideology" are two distinct and separate concepts. I'm not even sure I would be in favor of labelling bitcoin as having a "monetary policy." Monetary policy describes governmental policy-making. The rules of the bitcon protocol are also unlike "policy" in that they can never change. I know I'm nit picking, but I think that it's really important to keep concepts clear and crisp. (There's a bit of…
Well, I'm not sure picking nits is a good policy either ;-)
(or am I picking one now?)
Re: WordPress.com accepts Bitcoin
#47Earlier quoted context omitted.
Bitcoin does have a particular monetary policy coded into it, which can be seen as an ideology.
"Monetary policy" and "ideology" are two distinct and separate concepts. I'm not even sure I would be in favor of labelling bitcoin as having a "monetary policy." Monetary policy describes governmental policy-making. The rules of the bitcon protocol are also unlike "policy" in that they can never change. I know I'm nit picking, but I think that it's really important to keep concepts clear and crisp. (There's a bit of…
I disagree, bitcoin does have a hardcoded monetary policy of nominal money supply targeting. The policy is primitive and will not provide any of the benefits of contemporary monetary policy, but it should provide an interesting case study.
Wikipedia has a good list of the common policy options: https://en.wikipedia.org/wiki/Monetary_policy#Types_of_monet...
Notice how many are focused on inflation (CPI and price level as measures of inflation/deflation). All of them are used by central banks to influence the markets. None make much sense for an virtual medium of exchange.
Now supposing there was a central bitcoin bank I'd suggest a policy of targeting low volatility. Bitcoins utility as a medium of exchange is a function of transaction cost and volatility risk. Still even without a central bank both attributes will improve with time. Thus the lack of central bank may become a feature by removing human fallibility.
Re: WordPress.com accepts Bitcoin
#48With Wordpress accepting BTC, Reddit considering it and a complete hardware store http://www.bitcoinstore.com/ bitcoin comes of age, now trading at 11 USD.
Totally come of age. It's been literally months since the top US exchange has been hacked.
bitfloor was hardly the top US exchange. it was extremely promising but their volume was dwarfed by others.
Re: WordPress.com accepts Bitcoin
#49Would Bitcoin be considered another currency to stand alongside the USD and the CAD?
And the Euro. But yes, I think so. My only concern is that if it becomes a 1 trillion $ worth of economy, you'll be talking in very small decimals of Bitcoin. Everything will cost like 0.000000x Bitcoins. I think this will be a very poor UX for most people. Unless they give the smallest decimal another name (Bits, coins, nanocoins, whatever), and then everyone deals in nanocoins, rather than Bitcoins.
I wish the designer of Bitcoin would've thought about this before creating it. Maybe he just didn't think Bitcoin will become that popular, and become orders of magnitude more valuable than a dollar in a more distant future.
Re: WordPress.com accepts Bitcoin
#50Would Bitcoin be considered another currency to stand alongside the USD and the CAD?
And the Euro. But yes, I think so. My only concern is that if it becomes a 1 trillion $ worth of economy, you'll be talking in very small decimals of Bitcoin. Everything will cost like 0.000000x Bitcoins. I think this will be a very poor UX for most people. Unless they give the smallest decimal another name (Bits, coins, nanocoins, whatever), and then everyone deals in nanocoins, rather than Bitcoins. I wish the desi…
Actually Satoshi discusses this in his original paper many years back. People will just transact in a smaller unit, like micro bitcoins. The official client has the ability to display your balance in a smaller unit. It all works quite well.