Bitcoins

Old Dec 10th 2013, 5:30 am
  #46  
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Default Re: Bitcoins

Originally Posted by Millhouse
*were

Only gold remains of these.
Plenty of room for more now then
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Old Dec 10th 2013, 5:31 am
  #47  
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Default Re: Bitcoins

To be fair I do believe these things have a future but unless governments and banks find a way to control and profit from them they will only ever be an "underground" thing
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Old Dec 10th 2013, 5:36 am
  #48  
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Default Re: Bitcoins

Originally Posted by shiva
To be fair I do believe these things have a future but unless governments and banks find a way to control and profit from them they will only ever be an "underground" thing
Correct. I agree with this.

That said - if you want to buy illegal things, what's wrong with pricing stuff in USD and paypal/western union?
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Old Dec 10th 2013, 6:16 am
  #49  
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Default Re: Bitcoins

Originally Posted by Millhouse
Bitcoins are not backed by any government, tax system or resources.
Sure of course but it's still largely a question of trust/reputation/rating though regardless of the backing or your risk appetite (as so beautifully described when you buy shit in the dark). How would you compare them against for example a huge number of countries with a junk bond rating or a country that isn't using a pegged exchange rate.

Mostly my interest is in how they are going to shake up things, whether they survive or not isn't that important as they are opening up the possibilities for the future.

Consider me as a typical banking customer:
  1. I have been inside in a bank perhaps once per year in the last five years
  2. My main bank account has now no retail outlets in Ireland
  3. I use my phone (or online) for most transactions.
  4. The new SEPA regulations will mean I can do payments in the euro zone immediately with low/zero cost.
  5. I use currency exchanges rather than banks for forex.
  6. I can use an ATM card any where in the world linked to my account to withdraw cash. I don't need a local account.
  7. Deposit interest rates are worthless.
  8. Due diligence for loans can be carried out by anyone with access to Experian or similar companies.
How could retail banking survive with this kind of customer, when all you need is a place to receive and store funds, with easy access.

Last edited by weasel decentral; Dec 10th 2013 at 6:20 am.
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Old Dec 10th 2013, 9:26 am
  #50  
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Default Re: Bitcoins

The USD value of Bitcoin fell this morning - in five hours, the USD rose by 4.38% against it .......... that is the equivalent of 21 pct in a day........ compounded daily, that is equal to almost 280 pct in a week............ I imagine the Bitcoin Central Bank will intervene soon to support it........... oh, wait....... er...............
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Old Dec 10th 2013, 10:47 am
  #51  
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Default Re: Bitcoins

Originally Posted by The Dean
The USD value of Bitcoin fell this morning - in five hours, the USD rose by 4.38% against it .......... that is the equivalent of 21 pct in a day........ compounded daily, that is equal to almost 280 pct in a week............ I imagine the Bitcoin Central Bank will intervene soon to support it........... oh, wait....... er...............
I think the whole free market or trading concept has just passed you by

Not to query the logic of your maths but is it possible for something to fall by 280%?

Last edited by weasel decentral; Dec 10th 2013 at 10:49 am.
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Old Dec 10th 2013, 2:06 pm
  #52  
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Default Re: Bitcoins

Originally Posted by weasel decentral
I think the whole free market or trading concept has just passed you by

Not to query the logic of your maths but is it possible for something to fall by 280%?
He's obviously a banker, only they can have more than the total amount if anything several times over and still need a government bail out
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Old Dec 10th 2013, 8:04 pm
  #53  
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Default Re: Bitcoins

Originally Posted by weasel decentral
I think the whole free market or trading concept has just passed you by

Not to query the logic of your maths but is it possible for something to fall by 280%?
No - I said rose by 280 pct (I was talking about the USD against Bitcoin, not the other way round).

Apparently, Bitcoin is now worth over USD 1000............ so - volatile then........
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Old Dec 20th 2013, 6:00 am
  #54  
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Default Re: Bitcoins

Originally Posted by The Dean
No - I said rose by 280 pct (I was talking about the USD against Bitcoin, not the other way round).

Apparently, Bitcoin is now worth over USD 1000............ so - volatile then........
.......... and between Monday and Wednesday, it fell from above USD 900 to below USD 600........ a short while ago, it had recovered to USD 741.......

Anyway - let the respected FT have their say..............
Attached Thumbnails Bitcoins-bitcoin-ft-20131219.jpg  
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Old Jan 22nd 2014, 4:34 am
  #55  
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Default Re: Bitcoins

Great article on Bitcoins and why they are so important and game changing.

Not as an alternative currency, but as an entire and almost costs free payment system.

I recommend reading this if you are at all interested in Bitcoin

http://dealbook.nytimes.com/2014/01/...ype=blogs&_r=0
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Old Jan 22nd 2014, 4:53 am
  #56  
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Default Re: Bitcoins

Originally Posted by Autonomy
Great article on Bitcoins and why they are so important and game changing.

Not as an alternative currency, but as an entire and almost costs free payment system.

I recommend reading this if you are at all interested in Bitcoin

http://dealbook.nytimes.com/2014/01/...ype=blogs&_r=0
...... or on the other hand................... from the FT again, from a respected former French central banker................
Attached Thumbnails Bitcoins-bitcoin-ft-20140117.jpg  
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Old Jan 22nd 2014, 5:17 am
  #57  
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Default Re: Bitcoins

Originally Posted by The Dean
...... or on the other hand................... from the FT again, from a respected former French central banker................
Your source is, I believe, wrong on certain aspects that are answered in the previous article. It is not per se an alternative currency (or only a currency) it is the trusted payment system, the micro payments etc

Also the author of the article has quite a bit of experience in technology and money http://en.wikipedia.org/wiki/Marc_Andreessen

If I were Western Union and even Visa or Mastercard I would be quite worried on the implications of Bitcoin for their business.

Anyway - you obviously know much more about banking than I do - but I think only a fool will think Bitcoins are going to go away or are not going to disrupt many transactional processes
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Old Jan 22nd 2014, 5:53 am
  #58  
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Default Re: Bitcoins

Originally Posted by Autonomy
Your source is, I believe, wrong on certain aspects that are answered in the previous article. It is not per se an alternative currency (or only a currency) it is the trusted payment system, the micro payments etc

Also the author of the article has quite a bit of experience in technology and money http://en.wikipedia.org/wiki/Marc_Andreessen

If I were Western Union and even Visa or Mastercard I would be quite worried on the implications of Bitcoin for their business.

Anyway - you obviously know much more about banking than I do - but I think only a fool will think Bitcoins are going to go away or are not going to disrupt many transactional processes
why would it more disruptive than say, paypal?
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Old Jan 22nd 2014, 5:57 am
  #59  
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Default Re: Bitcoins

Originally Posted by Millhouse
why would it more disruptive than say, paypal?
Not trying to be cheeky here - but did you read the article? I think that is answered in several ways
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Old Jan 22nd 2014, 6:35 am
  #60  
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Default Re: Bitcoins

Originally Posted by Autonomy
Your source is, I believe, wrong on certain aspects that are answered in the previous article. It is not per se an alternative currency (or only a currency) it is the trusted payment system, the micro payments etc

Also the author of the article has quite a bit of experience in technology and money http://en.wikipedia.org/wiki/Marc_Andreessen

If I were Western Union and even Visa or Mastercard I would be quite worried on the implications of Bitcoin for their business.

Anyway - you obviously know much more about banking than I do - but I think only a fool will think Bitcoins are going to go away or are not going to disrupt many transactional processes
Ah but only banks can congure and manipulate money.
How dare techies come up with an alternative that's cuts them out

My current favorite the dogecoin just helped the Jamaican bobsled team pay for its trip to Sochi adn ironically was started as a complete joke.
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