Bitcoin - Part 2

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Belz... said:
It has a value like any currency. Unfortunately that value can fluctuate wildly, and it seems that for high amounts it's hard to convert BTC to USD; tippit's claim nonwithstanding.
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Obviously, I don't agree with you on the alien thread, over in R&P, but you're spot on on this one.
 
Fudbucker said:
Apple's throwing their hat in the ring???

I thought I might buy a few bitcoins, just like buying a few lottery tickets, but it looks like that ship has sailed.
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BTC might still have value as a speculative investment, but anyone who believes that it will ever have any great utility as a currency has to view the arrival of Apple Pay with great alarm. Why would anyone use BTC when a widely accepted, secure, stably-valued alternative is available?
 
psionl0 said:
I can't believe that you would endorse such a desperate overreach.

Just to put this silly nonsense to rest, currency notes make for very lousy toilet paper - especially the plastic variety that are used in Australia and other parts of the world. I wouldn't be burning them in the fireplace either since I don't know what noxious fumes would be produced.

If hyperinflation or some other problem rendered currency notes worthless, they would have no use whatsoever. Rather, disposing of the old notes would be the problem.
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Really?
 
psionl0 said:
Well done. You found another shortcoming of bitcoin; you can't collect defunct bitcoins and keep them as souvenirs.

I just wonder how many of those notes Zimbabwe had to dispose of before the remaining ones had any value as a collector's item.
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Trillions of 'em, I'd imagine. ;)
 
Saw this on Gizmodo: Large BTC mining op in Thailand went up in flames due to shoddy wiring (they deny this, but the images speak for themselves). Big enough to cause a drop in global mining rates. Equipment uninsured.
 
jhunter1163 said:
Because it renders Bitcoin superfluous. Why bother with BTC at all if you can use your iPhone to make secure payments?
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Why would another method to have USD taken out of your bank account render bitcoin superfluous?

Does Apple pay allow you to make instant payments around the world?
Can you have anonymous accounts with Apple pay?
 
jhunter1163 said:
Yes.
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Hmmm, you must have a different source to mine.
iPhone 6

One touch to pay with Touch ID. Now paying in stores happens in one natural motion — there’s no need to open an app or even wake your display thanks to the innovative Near Field Communication antenna in iPhone 6. To pay, just hold your iPhone near the contactless reader with your finger on Touch ID. You don’t even have to look at the screen to know your payment information was successfully sent. A subtle vibration and beep let you know.

https://www.apple.com/apple-pay/
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psionl0 said:
Hmmm, you must have a different source to mine.
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Maybe he misunderstood your meaning. You didn't specify that the payments around the world were to be made remotely. Possibly he's saying that payments can be made around the world in person (ie, when traveling).
 
Brian-M said:
Maybe he misunderstood your meaning. You didn't specify that the payments around the world were to be made remotely. Possibly he's saying that payments can be made around the world in person (ie, when traveling).
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Apple pay isn't global yet. It is still pretty much confined to the US although it is possible to use it in other countries if you have the "right" card (http://www.smh.com.au/digital-life/...-you-have-the-right-card-20141022-119ov9.html).

Either way, it is still comparing apples with oranges. They fulfill different roles and the success of one does not preclude the success of the other.
 
ponderingturtle said:
But how will you pay for hitmen then?
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Isn't it amazing that anybody who is not willing to let the government scrutinize their finances is automatically a dealer/terrorist/criminal with something to hide.

Why don't you just do away with the pesky constitution so you can really crack down on dissidents?
 
psionl0 said:
Isn't it amazing that anybody who is not willing to let the government scrutinize their finances is automatically a dealer/terrorist/criminal with something to hide.

Why don't you just do away with the pesky constitution so you can really crack down on dissidents?
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True they are probably just tax evaders. But with the swiss being less likely to help there has to be someway of hiding your money from the taxman right?
 
ponderingturtle said:
Yep paying taxes = totalitarian state.
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You just said, "True they are probably just tax evaders". ie anybody who would use an anonymous medium like bitcoin is automatically presumed to be a criminal or tax evader. That is Stalinist stuff.

Maybe we should crack down on those dastardly types who use cash to pay for things. :yikes:
 
psionl0 said:
You just said, "True they are probably just tax evaders". ie anybody who would use an anonymous medium like bitcoin is automatically presumed to be a criminal or tax evader. That is Stalinist stuff.

Maybe we should crack down on those dastardly types who use cash to pay for things. :yikes:
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So what is the purpose behind this anonymity? One of the main benefits to it is for tax evasion and obscuring ties to criminal activity. What is the benefit you are looking for?
 
Belz... said:
Maybe just the principle of it. Some people don't like their every move recorded and stored.
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Isn't that what the block chain is all about though? Storing your information and sharing it with everyone so that you can determine who owns which coin so you can't refill your wallet by simply restoring to a backed up version of it.

Because if you can't trust strangers on the internet who can you trust.
 
Belz... said:
Maybe just the principle of it. Some people don't like their every move recorded and stored.
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There is also the issue of being able to trust the authorities to handle the information it has on you appropriately. How do you know that they won't disclose information about you to somebody who has a grudge against you? Somebody who uses a hooker may not want to share that information.

Then there is the fact that the more the government knows about the way you use money, the greater the ability it has to control what you are allowed to use your money for. Do we really want to answer to the government for every penny we spend?
 
jhunter1163 said:
Frankly, though, the arrival of the major players will do more to hasten the demise of Bitcoin than anything else.
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Why do you keep repeating this nonsense as if it were an established fact?

You have been unable to establish any sort of link (let alone a causal link) between yet another way of taking money out of your bank account and bitcoin prices.

jhunter1163 said:
Can you short BTC?
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Yes. Are you game?
 
jhunter1163 said:
That's not going to have much effect on BTC. If China were to ban it, the effect would be much more profound. Frankly, though, the arrival of the major players will do more to hasten the demise of Bitcoin than anything else. Can you short BTC?
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If you're able to find someone who is willing to lend you their bitcoin, then obviously you can sell it short.
 
The_Animus said:
Microsoft begins accepting bitcoin.

http://m.cnnmoney.com/article?url=h.../2014/12/11/technology/microsoft-bitcoin.json
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I can't tell from this if they're accepting it directly, or using Coinbase to lay off the volatility risk. They might accept it directly; Uncle Bill probably has enough money between the cushions of his couch to absorb any losses he might take. Still, though, the arrival of Apple Pay and similar services will relegate BTC to a niche product (at best).
 
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