Bitcoins

grifferz

Lansdowne wrote: »

This point is absolutely at the heart of defining what Bitcoin is. For a company to announce "we now accept Bitcoin" is no different from their saying "we now accept Paypal".

And if I take a $50k order via PayPal and then you tell me that PayPal isn't seeing real use then I'll dispute that just the same.

I expect that one day some major UK supermarket will accept Bitcoin at their point of sale and then someone will say, "ah, but if you aren't being paid your salary in it and paying your mortgage in it then it's not real is it!?" The constant raising of the bar says more about the biases of the poster in my view!

An earlier poster said something like "I can spend Bitcoin anywhere because I just convert it into GBP first" and I will happily regard that as nonsense in the other direction, but when it happens at the point of sale with the vendor's own blessing then arguing the difference is just pedantry in my opinion and is the path to saying that any kind of credit card isn't a real use either!

The-Joker

I like Jan, pretty and inteligent and loves silver bullion

http://goldswitzerland.com/jan-skoyles-in-terms-of-assets-there-clearly-is-inflation/

JohnRo

Being pretty doesn't excuse her complete lack of any explanation or even clue about how she plans to integrate, let alone ensure ongoing integrity and transparency, for these lumps of shiny metal, somehow attached to the electronic block chain.

Who conducts the audit? Let me guess, Jan...

The-Joker

JohnRo wrote: »

Being pretty doesn't excuse her complete lack of any explanation or even clue about how she plans to integrate, let alone ensure ongoing integrity and transparency, for these lumps of shiny metal, somehow attached to the electronic block chain.

Who conducts the audit? Let me guess, Jan...

All that matters is that the currency is backed by something tangible!!!!!!!!

I hate people saying crypto is backed by mathematics or whatever. I can not withdraw mathematics and hand it over to buy things with.

What if I want to annonymasly donate to charity some of my crypto, there is no way to do it without leaving a trail. I want to be able to withdraw something to put in the contribution box and there is no way anyone can tell it was me.

At least with fiat you can withdraw cash.

grifferz

The-Joker wrote: »

All that matters is that the currency is backed by something tangible!!!!!!!!

Just saying "let's back it with something tangible!!!!!!!!!!!!!!!!!!" doesn't make that actually work in real life.

A distributed cryptocurrency is not easily backed with something tangible because that would require centralising it, which then removes one of the other benefits of what it intrinsically is.

The-Joker wrote: »

I hate people saying crypto is backed by mathematics or whatever. I can not withdraw mathematics and hand it over to buy things with.

I'm sorry but this is nonsense. This is like saying that you refuse to do online shopping because https is only backed with maths, and that's not as secure as an armed guard standing over you while you do it.

There might be a use for things that are backed by tangible assets.

There is definitely a use for things that are secured by other means.

There's no point in confusing the two!

The-Joker wrote: »

What if I want to annonymasly donate to charity some of my crypto, there is no way to do it without leaving a trail. I want to be able to withdraw something to put in the contribution box and there is no way anyone can tell it was me.

I think this is a good point though. Some have overblown the "anonymous" nature of transactions in cryptocurrencies like bitcoin, when in reality it is at best pseudonymous. A permanent record of every transaction being kept in a public ledger, which is heaven for those who enjoy forensic accounting. We have already seen a few notable bitcoin blockchain transactions identified (i.e. who paid who and likely for what).

That is, however, fixable. And even today, if it really matters to you then with some care it can be worked around.

It's certainly something to be aware of in the mean time should you e.g. need to anonymously donate to a charity where using a bank payment, paypal, credit card etc wouldn't be appropriate.

The-Joker wrote: »

At least with fiat you can withdraw cash.

Like when you go to the bank with your Elbonian Lira and the bank gives you an amount of GBP based on the exchange rate which is computed based on how much trust the credit agencies have placed on the sovereign debt of Elbonia which is backed by nothing else whatsoever, like most nations on Earth?

(I am not saying this is a bad thing, I am saying that most money transactions that normal people do in their normal life are already not backed by tangible assets)

JohnRo

I can only draw the conclusion it's down to the indelible, incorruptible nature of the decentralised proof of work backing the currency, that the calibre of bitcoin detractors just isn't what it used to be..

Those with any sense have capitulated and those with foresight see that it has truly huge potential. The same sort of lightbulb goes on in people who realise the drug war is stupidity beyond all reason.

The question still remains to be seen though, how the autonomous, neutral equity of crypto currencies like bitcoin and the integrtiy and authority an infallible ledger provides can ever be integrated into a world run by privilege, greed, corruption and empowered central control fraudsters within the current financial system.

I suspect bitcoin will just keep growing in stature, sometimes on the MSM radar, sometimes not, a few steps forward, some back, until the fraudsters are left with no option but start fighting dirty to protect their wealth transfer token rackets.

JohnJLewis

why is bitcoin down so much? I thought all the scottish instability would make go up. yet on localbitcoin they are lining up to sell at £275?

sabretoothtigger

Sterling has generally gained in the last year. Bitcoin has gained in the last year.
The biggest market for bitcoin is where is dollar is banned or restricted like China or Argentina so they are the drivers of price, uk is not massively involved?

JohnJLewis

why so low?

JohnJLewis

under $400 and falling like a brick. I have set some buy ads for if it goes a little lower still.