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WordPress.com accepts Bitcoin

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Re: WordPress.com accepts Bitcoin

#61

Post by mvleming »

javert wrote: post #32
mvleming wrote: post #24

Earlier quoted context omitted.

I'd like to know as well. And for that matter, is there any interesting material out there that talks about Bitcoin?

Yes. For example, both the FBI and the ECB have written on bitcoin in a way that acknowledges it as a useful medium of exchange. What are you looking for? https://en.bitcoin.it/wiki/Main_Page has a lot of good info on a lot of stuff. reddit.com/r/bitcoin is a pretty helpful place to ask casual questions.

I'd love to read on thoughts about how a digital currency will change economic policies, the market, and just things in general. If its decentralized (i.e. the currency is not distributed from a central bank), then presumably you can't deflate or inflate the value of the currency in order to encourage economic growth (am I getting this right?). Also I'm wondering what Bitcoin means in terms of banks. If I don't need a physical safe to hold my money anymore, then obviously banks will be forced to go digital as well right? And what does that mean for financial instruments? How does a digital currency play in with high-frequency trading?

So many questions. Bitcoin is really making re-evaluate a lot of things. I think I've given you a sense of what I'm looking for.

Re: WordPress.com accepts Bitcoin

#62

Post by Raphael »

mtgx wrote: post #49
alokhar wrote: post #13

Would 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…

Metric prefixes work just fine. milli, micro, nano, pico, femto, atto...

Re: WordPress.com accepts Bitcoin

#63

Post by zizee »

mvleming wrote: post #61
javert wrote: post #32

Earlier quoted context omitted.

Yes. For example, both the FBI and the ECB have written on bitcoin in a way that acknowledges it as a useful medium of exchange. What are you looking for? https://en.bitcoin.it/wiki/Main_Page has a lot of good info on a lot of stuff. reddit.com/r/bitcoin is a pretty helpful place to ask casual questions.

I'd love to read on thoughts about how a digital currency will change economic policies, the market, and just things in general. If its decentralized (i.e. the currency is not distributed from a central bank), then presumably you can't deflate or inflate the value of the currency in order to encourage economic growth (am I getting this right?). Also I'm wondering what Bitcoin means in terms of banks. If I don't need…

If I don't need a physical safe to hold my money anymore, then obviously banks will be forced to go digital as well right?

I'm no expert, but I don't think that most banks would actually hold paper notes for every dollar they are storing for their account holders. In reality banks are already pretty much digital for most transactions.

What I am wondering is when* various governments are going to start enforcing existing regulations^, that apply to banks, on the various bitcoin exchanges.

* perhaps the exchanges already comply with these regulations, but I would be surprised.

^ don't ask me what the regulations are, I am guessing that banking is/should be a heavily regulated industry in most countries.

edit: formatting.

Re: WordPress.com accepts Bitcoin

#64

Post by josephagoss »

thisismyname wrote: post #51

And now for Amazon...

I know it doesn't matter, but I think its still kinda funny that revenue in one day on the Amazon store is more than the entire net worth of the whole Bitcoin network.

This just means its early days for Bitcoin. I fear governments will present themselves as a major obstacle in the next 5 years. Lets hope i'm wrong, the idea of Bitcoin is really interesting (in a good way).

Re: WordPress.com accepts Bitcoin

#66

Post by taligent »

mrb wrote: post #54

Another recent news is stunning for Bitcoin, but somehow got unnoticed: A company pouring $1M+ to develop a 65nm Bitcoin mining chip: http://blog.zorinaq.com/?e=69

What I don't understand is how this is stunning ?

It just shows the fundamental lack of equality or fairness in the 'currency'.

Re: WordPress.com accepts Bitcoin

#67

Post by mrb »

taligent wrote: post #66
mrb wrote: post #54

Another recent news is stunning for Bitcoin, but somehow got unnoticed: A company pouring $1M+ to develop a 65nm Bitcoin mining chip: http://blog.zorinaq.com/?e=69

What I don't understand is how this is stunning ? It just shows the fundamental lack of equality or fairness in the 'currency'.

This is not particular to Bitcoin. It is a basic economic principle that those with the most capital can invest to make the most returns (in this case investing in a chip). How is this unfair?

Re: WordPress.com accepts Bitcoin

#68

Post by peterjancelis »

mvleming wrote: post #61
javert wrote: post #32

Earlier quoted context omitted.

Yes. For example, both the FBI and the ECB have written on bitcoin in a way that acknowledges it as a useful medium of exchange. What are you looking for? https://en.bitcoin.it/wiki/Main_Page has a lot of good info on a lot of stuff. reddit.com/r/bitcoin is a pretty helpful place to ask casual questions.

I'd love to read on thoughts about how a digital currency will change economic policies, the market, and just things in general. If its decentralized (i.e. the currency is not distributed from a central bank), then presumably you can't deflate or inflate the value of the currency in order to encourage economic growth (am I getting this right?). Also I'm wondering what Bitcoin means in terms of banks. If I don't need…

Here's a recent report by the ECB itself: http://www.ecb.int/pub/pdf/other/virtualcurrencyschemes20121...

Here's an analysis of that report by economic analyst Tuur Demeester: http://www.zerohedge.com/news/2012-11-04/bitcoin-seen-throug...

Here's an interview of Tuur Demeester by Max Keiser about his report: http://www.youtube.com/watch?v=d5vowdygIPU#t=12m42s

Long story short: The ECB is worried about Bitcoin because unlike e-gold and other centrally clearing solutions, the peer-to-peer bitcoin doesn't have a central guy doing all the transaction clearing so there is no-one to bully and arrest.

Re: WordPress.com accepts Bitcoin

#69

Post by peterjancelis »

pelle wrote: post #7

BitCoin's price seems to be stabilizing a bit, which means it's less deflationary. This I think is whats starting to encourage people to use it for commerce instead of just holding. It will be interesting to see what happens to these initiatives next time there is either an upward or downward move in price.

Being deflationary is a feature, not a bug. But I agree bitcoin needs to stabilize in its variance even more so than it already has.

Re: WordPress.com accepts Bitcoin

#70

Post by BladeMcCool »

merty wrote: post #42

For 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 just ledger entries that can be retitled by cryptographic signature. its protected free speech.
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