Now is the time to convert your bitcoins to cash, because this wont last for much longer :-)
that doesn't make any sense. it will be $1000/btc in less than a year.
Bitcoin $500
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Re: Bitcoin $500
#82What will happen with the price of bitcoin if quantum computer with enough q-bits will be invented?
Re: Bitcoin $500
#83Correct me if I'm wrong, but isn't it impossible to withdraw USD from MtGox at this point? How can this be a viable source of BTC->USD comparison when the only thing you can do with a USD balance on MtG is buy?
Not exactly cash, but Gyft does BTC --> Amazon.com gift card very painlessly.
Re: Bitcoin $500
#84Now is the time to convert your bitcoins to cash, because this wont last for much longer :-)
that doesn't make any sense. it will be $1000/btc in less than a year.
And it draws into question whether bitcoins can be a useful currency. Can you trade fractional bitcoins? I'm ignorant on the subject, but if not, well carrying around $500 bills is pretty limiting.
Re: Bitcoin $500
#85Earlier quoted context omitted.
Bitcoin is not reversible after 10 minutes, credit card transaction is not reversible after 90 days in some cases. Guess how much fraud will happen to anyone selling Bitcoin with PayPal, Visa or similarly reversible payment mechanism. The pain in the ass with buying Bitcoins is due to a simple thing: you never own government currency, you always ask someone else for permission to use it and it's always based on human…
I'm intrigued - how is BTC reversible within 10 mins?
I think oleganza is referring to the fact a new block should be generated roughly every 10 minutes, and until the transaction has been confirmed you can attempt a double-spend.
Re: Bitcoin $500
#86Re: Bitcoin $500
#87Earlier quoted context omitted.
Bitcoin is not reversible after 10 minutes, credit card transaction is not reversible after 90 days in some cases. Guess how much fraud will happen to anyone selling Bitcoin with PayPal, Visa or similarly reversible payment mechanism. The pain in the ass with buying Bitcoins is due to a simple thing: you never own government currency, you always ask someone else for permission to use it and it's always based on human…
I'm intrigued - how is BTC reversible within 10 mins?
Not much. Zero-confirmation transactions are quite hard to revert, so they are widely accepted for small instant purchases.
Here's how you normally do it: send a transaction with fairly recent inputs with a zero mining fee. If you are lucky, it will propagate slowly and will reach the merchant sooner than 50% of the network nodes see it. When the merchant sees your transaction, he ships you the product, then you immediately send out double-spending transaction with standard mining fees (sent to your own address). It will propagate much faster and probably will end up mined before the first one.
Fraud with zero-confirmed transactions is most likely in some fully-automated schemes like lotteries, where repeated attempts to reverse the payment pay off immediately.
Re: Bitcoin $500
#88Earlier quoted context omitted.
that doesn't make any sense. it will be $1000/btc in less than a year.
And it draws into question whether bitcoins can be a useful currency. Can you trade fractional bitcoins? I'm ignorant on the subject, but if not, well carrying around $500 bills is pretty limiting.
yes, you can trade or buy the tiniest amount (fraction) of bitcoin.
-0.01 BTC = 1 cBTC = 1 centibitcoin (also referred to as bitcent)
-0.001 BTC = 1 mBTC = 1 millibitcoin (also referred to as mbit (pronounced em-bit) or millibit or even bit mill)
-0.000 001 BTC = 1 μBTC = 1 microbitcoin (also referred to as ubit (pronounced yu-bit) or microbit)
-0.000 000 01 BTC = 1 satoshi (pronounced sa-toh-shee)
Re: Bitcoin $500
#89Earlier quoted context omitted.
Bitcoin is not reversible after 10 minutes, credit card transaction is not reversible after 90 days in some cases. Guess how much fraud will happen to anyone selling Bitcoin with PayPal, Visa or similarly reversible payment mechanism. The pain in the ass with buying Bitcoins is due to a simple thing: you never own government currency, you always ask someone else for permission to use it and it's always based on human…
I'm intrigued - how is BTC reversible within 10 mins?
10 minutes is a rough guideline on how long it takes the network to confirm a payment, and verify that a transaction is not a double-spend or otherwise invalid. For large payments you'd want to wait longer because a theoretical attacker would have more incentive and resources to construct a double-spend.
Re: Bitcoin $500
#90I remember trying to buy some BTC on MtGox for fun, the last time the price crashed. What an unspeakably horrible service. I thought I was in for hundreds of dollars over budget, but it turns out that not a single BTC was purchased at all. I only intended to buy ~$50 worth, so I would only have earnt something like $200, but for the love of everything, stay the hell away from MtGox. It's insane how unprofessional the…
MtGox was handling 90% of exchange last year, but now - only 25-30%. Bitstamp is huge now, and Bitcoin-Central.net is easy to use (although it hasn't regained it's past volume yet).
I'm not very confident about a upstart financial services company based in Slovenia.
Not a single mention of financial guarantees, insurance or regulation on their site.