7/13/19 4:46 PM
4/13/12
Posts: 27073
BJ Penn Forever -
EFM -

bitcoin is a highly speculative investment.  it was designed to be and is best used as a currency, not an asset class.  people buying it for a long term play may very well make a ton of money, but you're essentially buying pink sheets or IPOs.

Highly speculative and highly volatile. The whole decentralized digital currency part mixed with the volatility is what makes it so interesting to me. What scares me about it is the whole "why bitcoin" over other decentralized digital currencies the market likes more in the future.

The bitcoin maximalists are very vocal right now. Those saying bitcoin will become digital gold are speaking a little too soon IMO. Where crypto will be in ten years... I'll leave that to the experts.

 

I should have includex volitulity in my comment.  Thats really the risk and likely will always exist which is why its such a bad investment idea.  At the end of the day, its a currency. Investing in currencies doesnt have a lot of upside typically, unless this becomes the new and accepted currency around the world, which is unlikely given the speed of blockchain.

7/13/19 4:55 PM
1/1/01
Posts: 31386
EFM -
BJ Penn Forever -
EFM -

bitcoin is a highly speculative investment.  it was designed to be and is best used as a currency, not an asset class.  people buying it for a long term play may very well make a ton of money, but you're essentially buying pink sheets or IPOs.

Highly speculative and highly volatile. The whole decentralized digital currency part mixed with the volatility is what makes it so interesting to me. What scares me about it is the whole "why bitcoin" over other decentralized digital currencies the market likes more in the future.

The bitcoin maximalists are very vocal right now. Those saying bitcoin will become digital gold are speaking a little too soon IMO. Where crypto will be in ten years... I'll leave that to the experts.

 

I should have includex volitulity in my comment.  Thats really the risk and likely will always exist which is why its such a bad investment idea.  At the end of the day, its a currency. Investing in currencies doesnt have a lot of upside typically, unless this becomes the new and accepted currency around the world, which is unlikely given the speed of blockchain.

I hear you and I don't hear you.

Its a finite currency, if you ignore all the alts like the crazy bitcoin maximalists do.

When bitcoin first arrived it was "cool" libertarian money. Was around $250 when I learned of it and wanted to buy some just for the hell of it.

After reading about hacked exchanges I never bought, just figured I would fuck it up and it would be stolen. Was tempted to just hold 5k in it, just to have it just in case. Did not have the vision to see it skyrocketing in price. Never bought.

Its different than other currencies due to its ability to stay scarce. Now crypto in general is not scarce and thats the problem in my mind.

It will take a lot of consensus for bitcoin to be the crypto treated as digital gold for multiple decades and I'm just not in a position to know if that will be the case.

7/13/19 5:08 PM
4/13/12
Posts: 27077
BJ Penn Forever -
EFM -
BJ Penn Forever -
EFM -

bitcoin is a highly speculative investment.  it was designed to be and is best used as a currency, not an asset class.  people buying it for a long term play may very well make a ton of money, but you're essentially buying pink sheets or IPOs.

Highly speculative and highly volatile. The whole decentralized digital currency part mixed with the volatility is what makes it so interesting to me. What scares me about it is the whole "why bitcoin" over other decentralized digital currencies the market likes more in the future.

The bitcoin maximalists are very vocal right now. Those saying bitcoin will become digital gold are speaking a little too soon IMO. Where crypto will be in ten years... I'll leave that to the experts.

 

I should have includex volitulity in my comment.  Thats really the risk and likely will always exist which is why its such a bad investment idea.  At the end of the day, its a currency. Investing in currencies doesnt have a lot of upside typically, unless this becomes the new and accepted currency around the world, which is unlikely given the speed of blockchain.

I hear you and I don't hear you.

Its a finite currency, if you ignore all the alts like the crazy bitcoin maximalists do.

When bitcoin first arrived it was "cool" libertarian money. Was around $250 when I learned of it and wanted to buy some just for the hell of it.

After reading about hacked exchanges I never bought, just figured I would fuck it up and it would be stolen. Was tempted to just hold 5k in it, just to have it just in case. Did not have the vision to see it skyrocketing in price. Never bought.

Its different than other currencies due to its ability to stay scarce. Now crypto in general is not scarce and thats the problem in my mind.

It will take a lot of consensus for bitcoin to be the crypto treated as digital gold for multiple decades and I'm just not in a position to know if that will be the case.

But its not finite, its infinitely divisible with no maximum price.  It could theoretically serve the entire world as a single currency. The problem is the size and ultimately speed of the blockchain.  Thats the weakest link.

Im the same.  Saw bitcoin in 2011/2012 in a wired article.  Looked at it as just a currency though.  Brought it up with everyone in my industry (fin. Svcs). Every PM and exec said it will never be legit because of where it started (illegitimat uses).  Considered putting a few k in when it was at $2 or $3 but opted to invest instead of "hold".  Dumb move.  Hindsights 20/20.

 

7/14/19 6:41 AM
1/1/01
Posts: 31434
EFM - 
BJ Penn Forever -
EFM -
BJ Penn Forever -
EFM -

bitcoin is a highly speculative investment.  it was designed to be and is best used as a currency, not an asset class.  people buying it for a long term play may very well make a ton of money, but you're essentially buying pink sheets or IPOs.

Highly speculative and highly volatile. The whole decentralized digital currency part mixed with the volatility is what makes it so interesting to me. What scares me about it is the whole "why bitcoin" over other decentralized digital currencies the market likes more in the future.

The bitcoin maximalists are very vocal right now. Those saying bitcoin will become digital gold are speaking a little too soon IMO. Where crypto will be in ten years... I'll leave that to the experts.

 

I should have includex volitulity in my comment.  Thats really the risk and likely will always exist which is why its such a bad investment idea.  At the end of the day, its a currency. Investing in currencies doesnt have a lot of upside typically, unless this becomes the new and accepted currency around the world, which is unlikely given the speed of blockchain.

I hear you and I don't hear you.

Its a finite currency, if you ignore all the alts like the crazy bitcoin maximalists do.

When bitcoin first arrived it was "cool" libertarian money. Was around $250 when I learned of it and wanted to buy some just for the hell of it.

After reading about hacked exchanges I never bought, just figured I would fuck it up and it would be stolen. Was tempted to just hold 5k in it, just to have it just in case. Did not have the vision to see it skyrocketing in price. Never bought.

Its different than other currencies due to its ability to stay scarce. Now crypto in general is not scarce and thats the problem in my mind.

It will take a lot of consensus for bitcoin to be the crypto treated as digital gold for multiple decades and I'm just not in a position to know if that will be the case.

But its not finite, its infinitely divisible with no maximum price.  It could theoretically serve the entire world as a single currency. The problem is the size and ultimately speed of the blockchain.  Thats the weakest link.

Im the same.  Saw bitcoin in 2011/2012 in a wired article.  Looked at it as just a currency though.  Brought it up with everyone in my industry (fin. Svcs). Every PM and exec said it will never be legit because of where it started (illegitimat uses).  Considered putting a few k in when it was at $2 or $3 but opted to invest instead of "hold".  Dumb move.  Hindsights 20/20.

 


Well yeah it is almost infinitely divisible... like 1 bitcoin can be divided into one hundred million satoshis?

And yeah, hindsight is a bitch.
7/14/19 12:50 PM
4/13/12
Posts: 27100
BJ Penn Forever -
EFM - 
BJ Penn Forever -
EFM -
BJ Penn Forever -
EFM -

bitcoin is a highly speculative investment.  it was designed to be and is best used as a currency, not an asset class.  people buying it for a long term play may very well make a ton of money, but you're essentially buying pink sheets or IPOs.

Highly speculative and highly volatile. The whole decentralized digital currency part mixed with the volatility is what makes it so interesting to me. What scares me about it is the whole "why bitcoin" over other decentralized digital currencies the market likes more in the future.

The bitcoin maximalists are very vocal right now. Those saying bitcoin will become digital gold are speaking a little too soon IMO. Where crypto will be in ten years... I'll leave that to the experts.

 

I should have includex volitulity in my comment.  Thats really the risk and likely will always exist which is why its such a bad investment idea.  At the end of the day, its a currency. Investing in currencies doesnt have a lot of upside typically, unless this becomes the new and accepted currency around the world, which is unlikely given the speed of blockchain.

I hear you and I don't hear you.

Its a finite currency, if you ignore all the alts like the crazy bitcoin maximalists do.

When bitcoin first arrived it was "cool" libertarian money. Was around $250 when I learned of it and wanted to buy some just for the hell of it.

After reading about hacked exchanges I never bought, just figured I would fuck it up and it would be stolen. Was tempted to just hold 5k in it, just to have it just in case. Did not have the vision to see it skyrocketing in price. Never bought.

Its different than other currencies due to its ability to stay scarce. Now crypto in general is not scarce and thats the problem in my mind.

It will take a lot of consensus for bitcoin to be the crypto treated as digital gold for multiple decades and I'm just not in a position to know if that will be the case.

But its not finite, its infinitely divisible with no maximum price.  It could theoretically serve the entire world as a single currency. The problem is the size and ultimately speed of the blockchain.  Thats the weakest link.

Im the same.  Saw bitcoin in 2011/2012 in a wired article.  Looked at it as just a currency though.  Brought it up with everyone in my industry (fin. Svcs). Every PM and exec said it will never be legit because of where it started (illegitimat uses).  Considered putting a few k in when it was at $2 or $3 but opted to invest instead of "hold".  Dumb move.  Hindsights 20/20.

 


Well yeah it is almost infinitely divisible... like 1 bitcoin can be divided into one hundred million satoshis?

And yeah, hindsight is a bitch.

I didnt know there was a limit.  Still 100,000,000 x 16,000,000,000 = 1,600,000,000,000,000,000, more money than is currently in circulation in every currency combined.

7/14/19 2:49 PM
11/16/08
Posts: 16035

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

7/14/19 6:11 PM
1/1/01
Posts: 31447
EFM - 
BJ Penn Forever -
EFM - 
BJ Penn Forever -
EFM -
BJ Penn Forever -
EFM -

bitcoin is a highly speculative investment.  it was designed to be and is best used as a currency, not an asset class.  people buying it for a long term play may very well make a ton of money, but you're essentially buying pink sheets or IPOs.

Highly speculative and highly volatile. The whole decentralized digital currency part mixed with the volatility is what makes it so interesting to me. What scares me about it is the whole "why bitcoin" over other decentralized digital currencies the market likes more in the future.

The bitcoin maximalists are very vocal right now. Those saying bitcoin will become digital gold are speaking a little too soon IMO. Where crypto will be in ten years... I'll leave that to the experts.

 

I should have includex volitulity in my comment.  Thats really the risk and likely will always exist which is why its such a bad investment idea.  At the end of the day, its a currency. Investing in currencies doesnt have a lot of upside typically, unless this becomes the new and accepted currency around the world, which is unlikely given the speed of blockchain.

I hear you and I don't hear you.

Its a finite currency, if you ignore all the alts like the crazy bitcoin maximalists do.

When bitcoin first arrived it was "cool" libertarian money. Was around $250 when I learned of it and wanted to buy some just for the hell of it.

After reading about hacked exchanges I never bought, just figured I would fuck it up and it would be stolen. Was tempted to just hold 5k in it, just to have it just in case. Did not have the vision to see it skyrocketing in price. Never bought.

Its different than other currencies due to its ability to stay scarce. Now crypto in general is not scarce and thats the problem in my mind.

It will take a lot of consensus for bitcoin to be the crypto treated as digital gold for multiple decades and I'm just not in a position to know if that will be the case.

But its not finite, its infinitely divisible with no maximum price.  It could theoretically serve the entire world as a single currency. The problem is the size and ultimately speed of the blockchain.  Thats the weakest link.

Im the same.  Saw bitcoin in 2011/2012 in a wired article.  Looked at it as just a currency though.  Brought it up with everyone in my industry (fin. Svcs). Every PM and exec said it will never be legit because of where it started (illegitimat uses).  Considered putting a few k in when it was at $2 or $3 but opted to invest instead of "hold".  Dumb move.  Hindsights 20/20.

 


Well yeah it is almost infinitely divisible... like 1 bitcoin can be divided into one hundred million satoshis?

And yeah, hindsight is a bitch.

I didnt know there was a limit.  Still 100,000,000 x 16,000,000,000 = 1,600,000,000,000,000,000, more money than is currently in circulation in every currency combined.


Well the bitcoin maximalists would say that just makes it a better currency since it is so divisible.

Anyway, it will be interesting to follow over the next few years.
7/14/19 6:50 PM
4/13/12
Posts: 27104
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

7/17/19 9:34 PM
11/16/08
Posts: 16073
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

7/17/19 10:43 PM
4/13/12
Posts: 27176
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

7/18/19 1:51 AM
11/16/08
Posts: 16075
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

7/18/19 1:55 AM
4/13/12
Posts: 27185
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

why should you know who i am if i buy a piece of software from you?

7/18/19 2:18 AM
11/16/08
Posts: 16076
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

why should you know who i am if i buy a piece of software from you?

How would I know where to mail it?

Edited: 7/18/19 2:21 AM
4/13/12
Posts: 27187
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

why should you know who i am if i buy a piece of software from you?

How would I know where to mail it?

mail what?  i'd download it.  i haven't bought a physical piece of software in over a decade.

then there's publications, media, what about political contributions.  those may not seem important, but in authoritarian countries it's a big deal.

Edited: 7/18/19 2:57 AM
11/16/08
Posts: 16078
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

why should you know who i am if i buy a piece of software from you?

How would I know where to mail it?

mail what?  i'd download it.  i haven't bought a physical piece of software in over a decade.

then there's publications, media, what about political contributions.  those may not seem important, but in authoritarian countries it's a big deal.

Assuming you are even paying for software and media instead of downloading it for free somewhere woudn't they need an email and IP address?  What kind of receipt would you have if you ever needed support?  

30 days ago
4/13/12
Posts: 27192
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

why should you know who i am if i buy a piece of software from you?

How would I know where to mail it?

mail what?  i'd download it.  i haven't bought a physical piece of software in over a decade.

then there's publications, media, what about political contributions.  those may not seem important, but in authoritarian countries it's a big deal.

Assuming you are even paying for software and media instead of downloading it for free somewhere woudn't they need an email and IP address?  What kind of receipt would you have if you ever needed support?  

i pay for it.  and there are a million ways to mask an ip address.  VPNs, proxy servers, public connections, etc.  when i buy software it usually comes with an activation code which is really what you're buying.  the software is usually downloadable from lots of host sites for free but isn't usable without an activation code which is emailed usually to an address that can be anonymous and encrypted.

30 days ago
9/13/09
Posts: 574
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

The quickest way to illustrate how antiquated the monetary system is in the U.S. is to try to purchase Bitcoin:

ACH transfer to an exchange? Sure, but there may be a cap and you’ll have to wait several BUSINESS days. Well, that’s not very efficient.

How about a lightning-quick wire transfer. Hmmm…. Is it a weekend? A Federal holiday? Are you initiating the transfer after 1:00pm? Do you have the time to visit your physical bank? Better make sure to bring ID and wire instructions for the receiving bank, as well.

Barring any mishaps, you’ll also be eating bank fees on both ends of the transfer (and those fees are the same regardless of the amount being transferred). There’s also the issue of whether the receiving bank gets/credits the funds before their cut-off time for the day.

I think what a lot of people fail to realize is that Bitcoin/Blockchain is the simple, raw, base layer of the new financial system. No one can hack this base layer; No one can hack the protocol and no one can brute force hack the private keys to your Bitcoin wallet. From this base layer we can (and have, and will) add more and more centralized, third-party layers. Just like the physical $20 bill in your wallet is the base layer of our current financial system, we also have other layers like credit cards, banks, PayPal, Western Union, The Fed/monetary policy, safety deposit boxes. Crypto is simply a new, way more efficient base layer with internet-like secondary layer possibilities.

30 days ago
11/16/08
Posts: 16086
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

why should you know who i am if i buy a piece of software from you?

How would I know where to mail it?

mail what?  i'd download it.  i haven't bought a physical piece of software in over a decade.

then there's publications, media, what about political contributions.  those may not seem important, but in authoritarian countries it's a big deal.

Assuming you are even paying for software and media instead of downloading it for free somewhere woudn't they need an email and IP address?  What kind of receipt would you have if you ever needed support?  

i pay for it.  and there are a million ways to mask an ip address.  VPNs, proxy servers, public connections, etc.  when i buy software it usually comes with an activation code which is really what you're buying.  the software is usually downloadable from lots of host sites for free but isn't usable without an activation code which is emailed usually to an address that can be anonymous and encrypted.

Have you paid for software codes with bitcoin yet?   

30 days ago
4/13/12
Posts: 27201
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

why should you know who i am if i buy a piece of software from you?

How would I know where to mail it?

mail what?  i'd download it.  i haven't bought a physical piece of software in over a decade.

then there's publications, media, what about political contributions.  those may not seem important, but in authoritarian countries it's a big deal.

Assuming you are even paying for software and media instead of downloading it for free somewhere woudn't they need an email and IP address?  What kind of receipt would you have if you ever needed support?  

i pay for it.  and there are a million ways to mask an ip address.  VPNs, proxy servers, public connections, etc.  when i buy software it usually comes with an activation code which is really what you're buying.  the software is usually downloadable from lots of host sites for free but isn't usable without an activation code which is emailed usually to an address that can be anonymous and encrypted.

Have you paid for software codes with bitcoin yet?   

nope.  i've only donated money to a few websites with it.

30 days ago
4/13/12
Posts: 27202
beekman -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

The quickest way to illustrate how antiquated the monetary system is in the U.S. is to try to purchase Bitcoin:

ACH transfer to an exchange? Sure, but there may be a cap and you’ll have to wait several BUSINESS days. Well, that’s not very efficient.

How about a lightning-quick wire transfer. Hmmm…. Is it a weekend? A Federal holiday? Are you initiating the transfer after 1:00pm? Do you have the time to visit your physical bank? Better make sure to bring ID and wire instructions for the receiving bank, as well.

Barring any mishaps, you’ll also be eating bank fees on both ends of the transfer (and those fees are the same regardless of the amount being transferred). There’s also the issue of whether the receiving bank gets/credits the funds before their cut-off time for the day.

I think what a lot of people fail to realize is that Bitcoin/Blockchain is the simple, raw, base layer of the new financial system. No one can hack this base layer; No one can hack the protocol and no one can brute force hack the private keys to your Bitcoin wallet. From this base layer we can (and have, and will) add more and more centralized, third-party layers. Just like the physical $20 bill in your wallet is the base layer of our current financial system, we also have other layers like credit cards, banks, PayPal, Western Union, The Fed/monetary policy, safety deposit boxes. Crypto is simply a new, way more efficient base layer with internet-like secondary layer possibilities.

except the blockchain is very difficult to scale up due to its slow updating speed when you're talking about billions of users.  not sure how you fix that.

30 days ago
9/13/09
Posts: 575
EFM -
beekman -
I No Kung Foo -
EFM -
I No Kung Foo -
EFM -
I No Kung Foo -

The volatility is what makes it too risky to use as a currency, imo.  It's a gamble to buy anything with because you might find out you overpaid by 200% two weeks later.  

in liquid markets, currencies are easy to move in and out of.  BTC can safely be used for transactions if you use it to convert value from dollars to btc, make the transaction and then convert right back to dollars.

Why not just use dollars for the transactions?

electronic.  annonymous.

We already have electronic payments, credit cards, paypal, etc.  Why would the general population need annonymous payment options? I can see why, if it's illegal etc., but most people wouldn't need to.

I think the whole thing is interesting but still trying to figure out why mainstream people would use it on the regular.  Again, the volitility makes it a no go for spending, for me anyway. 

The quickest way to illustrate how antiquated the monetary system is in the U.S. is to try to purchase Bitcoin:

ACH transfer to an exchange? Sure, but there may be a cap and you’ll have to wait several BUSINESS days. Well, that’s not very efficient.

How about a lightning-quick wire transfer. Hmmm…. Is it a weekend? A Federal holiday? Are you initiating the transfer after 1:00pm? Do you have the time to visit your physical bank? Better make sure to bring ID and wire instructions for the receiving bank, as well.

Barring any mishaps, you’ll also be eating bank fees on both ends of the transfer (and those fees are the same regardless of the amount being transferred). There’s also the issue of whether the receiving bank gets/credits the funds before their cut-off time for the day.

I think what a lot of people fail to realize is that Bitcoin/Blockchain is the simple, raw, base layer of the new financial system. No one can hack this base layer; No one can hack the protocol and no one can brute force hack the private keys to your Bitcoin wallet. From this base layer we can (and have, and will) add more and more centralized, third-party layers. Just like the physical $20 bill in your wallet is the base layer of our current financial system, we also have other layers like credit cards, banks, PayPal, Western Union, The Fed/monetary policy, safety deposit boxes. Crypto is simply a new, way more efficient base layer with internet-like secondary layer possibilities.

except the blockchain is very difficult to scale up due to its slow updating speed when you're talking about billions of users.  not sure how you fix that.

That’s what secondary and tertiary layers are for, like the Lightning Network, for example.

There is constant development and innovation going on in the space. I’m not too concerned about scaling at the moment. Scaling is one of the better problems to have.

30 days ago
11/16/08
Posts: 16093

I'm going to give my parents a call. They are up there in age I'm so I'm glad I can finally tell them that the days of lightning-fast 'money' wires and buying software codes with anonymity have arrived! YES!!

30 days ago
4/13/12
Posts: 27236
I No Kung Foo -

I'm going to give my parents a call. They are up there in age I'm so I'm glad I can finally tell them that the days of lightning-fast 'money' wires and buying software codes with anonymity have arrived! YES!!

you realize you can buy anything with it if the person your transacting with chooses to accept it, right?

30 days ago
9/13/09
Posts: 576
I No Kung Foo -

I'm going to give my parents a call. They are up there in age I'm so I'm glad I can finally tell them that the days of lightning-fast 'money' wires and buying software codes with anonymity have arrived! YES!!

Why call them? Why not mail them a letter? (Hint: the phone call is instant and basically free)

30 days ago
3/2/09
Posts: 4376

If you didn't know 1 btc = 100,000,000 sats you shouldn't speak on btc. jesus.