NFR Bitcoin Accepted Here?

golfman44

5-Time Puget Sound Steelhead Guide of the Year
#16
Not trying to persuade anyone one way or another here, but I'll post a link to a couple of informative podcasts for anyone that is interested. The most important thing to realize is that Bitcoin is a specific application of an underlying technology wth much broader applications. That technology is the "blockchain."

To make an analogy from an earlier time, bitcoin is to the blockchain as AOL is to the internet. Bitcoin may be a joke/cautionary-tale in a few years but the utility of blockchain technology is so significant that it's hard to imagine a future without people developing applications for it that save tons of time and money relative to the way things are done now.

It may not be bitcoin per se - but I think that there's an awful lot of demand for a version of money that combines the medium-of-exchange/store-of-value aspects of sovereign currencies with a built-in capacity for mobile payments that allows people to bypass expensive and/or corrupt intermediaries in countries with corrupt or inept governments that victimize people that hold their wealth in the local currency through devaluation, confiscation, etc.


Nathaniel Popper on Bitcoin and Digital Gold
http://www.econtalk.org/archives/2015/06/nathaniel_poppe.html

Marc Andreessen on Venture Capital and the Digital Future
http://www.econtalk.org/archives/_featuring/marc_andreessen/

Wences Casares on Bitcoin and Xapo
http://www.econtalk.org/archives/2015/07/wences_casares.html
Yea block chain has a ton of potential, but buying bitcoin isn't buying block chain tech. Paying for AOL was paying for the internet. People who prop up bitcoin because of block chain tech are just those who were earlier into the pyramid than those who the hope to recruit.
 

JayB

Active Member
#18
Time will tell. Definitely not something that anyone should put any money into that they can't afford to lose 100% of.

The good news is that it sounds like there will soon be a CBOE futures exchange where people with the means and conviction to put some money behind their predictions can step up to the plate. It'll be interesting to watch what effect, if any, that has on the currency if there's serious money lining up to bet against bitcoin on the exchanges.

https://www.cnbc.com/2017/08/02/cbo...evoss-brothers-digital-currency-exchange.html
 
#19
I think you can buy heroin off the dark web and coffee at Starbucks....and that's about it at this point.

there is a ton of ways to use bitcoins as real wold currency. its actually surprisingly global as well.

there are about 2000 active bitcoin ATM machines even, that operate at current market value. you can also sell bitcoins on the world exhange for cash at any time, again priced according to the current market. lots of people use it for peer to peer transactions as well, esp the more computer savy folks. if you not great with technology, bitcoins probably arnt for you.

expedia.com accepts bitpay, so you might not be able to buy a winston but you can pay to fly to south america with it and use it to rent a van.

overstock.com accpets bitcoin too.
 
#21
Well to be honest, I thought it was illegal in the U.S. but, surprisingly, it is not. Highly speculative with potential BIG gains and equally BIG risks... but how is that much different than many stocks? Hell, I'd even settle if golf courses accepted it as payment.
With stocks you are buying shares of an actual business with real assets and sound financials. With Bitcoin you are buying some ones and zeros that exist out in the cloud somewhere and not backed by anything.
 

jasmillo

Active Member
#22
With stocks you are buying shares of an actual business with real assets and sound financials. With Bitcoin you are buying some ones and zeros that exist out in the cloud somewhere and not backed by anything.
I think not backed by anything is the scariest part. I am far from even a novice when it comes to bitcoin but the value comes from scarcity, correct...and whether or not people accept them as currency of some kind.


there is a ton of ways to use bitcoins as real wold currency. its actually surprisingly global as well.

there are about 2000 active bitcoin ATM machines even, that operate at current market value. you can also sell bitcoins on the world exhange for cash at any time, again priced according to the current market. lots of people use it for peer to peer transactions as well, esp the more computer savy folks. if you not great with technology, bitcoins probably arnt for you.

expedia.com accepts bitpay, so you might not be able to buy a winston but you can pay to fly to south america with it and use it to rent a van.

overstock.com accpets bitcoin too.
I read an article that 100,000 retailers are accepting it now. There are a few places I recognized in the article but most I did not.

Not sure if feeling comfortable with bitcoin has much to do with computer saviness. I have worked with computers daily for 15 years now and although I would not consider myself particularly savvy (I'm not a millennial ;)) I am very comfortable with their use. The reason I would not consider it is because it really is just a gamble at this point. If you enjoy gambling and have some spare cash to play with, bitcoins might be fun.

I personally am not the gambling type myself.
The one and only time I went to Vegas to actual spend time there, I lost $20 the first night, skipped town and went hiking in Zion the rest of my vacation....
 
#23
Not trying to persuade anyone one way or another here, but I'll post a link to a couple of informative podcasts for anyone that is interested. The most important thing to realize is that Bitcoin is a specific application of an underlying technology wth much broader applications. That technology is the "blockchain."

To make an analogy from an earlier time, bitcoin is to the blockchain as AOL is to the internet. Bitcoin may be a joke/cautionary-tale in a few years but the utility of blockchain technology is so significant that it's hard to imagine a future without people developing applications for it that save tons of time and money relative to the way things are done now.

It may not be bitcoin per se - but I think that there's an awful lot of demand for a version of money that combines the medium-of-exchange/store-of-value aspects of sovereign currencies with a built-in capacity for mobile payments that allows people to bypass expensive and/or corrupt intermediaries in countries with corrupt or inept governments that victimize people that hold their wealth in the local currency through devaluation, confiscation, etc.


Nathaniel Popper on Bitcoin and Digital Gold
http://www.econtalk.org/archives/2015/06/nathaniel_poppe.html

Marc Andreessen on Venture Capital and the Digital Future
http://www.econtalk.org/archives/_featuring/marc_andreessen/

Wences Casares on Bitcoin and Xapo
http://www.econtalk.org/archives/2015/07/wences_casares.html
Governments can tax their subjects to back their currencies. Bitcoin is backed by the full faith and credit of Satoshi Nakamoto. As the Joker once said, who do you trust?
 
#25
I think not backed by anything is the scariest part. I am far from even a novice when it comes to bitcoin but the value comes from scarcity, correct...and whether or not people accept them as currency of some kind.




I read an article that 100,000 retailers are accepting it now. There are a few places I recognized in the article but most I did not.

Not sure if feeling comfortable with bitcoin has much to do with computer saviness. I have worked with computers daily for 15 years now and although I would not consider myself particularly savvy (I'm not a millennial ;)) I am very comfortable with their use. The reason I would not consider it is because it really is just a gamble at this point. If you enjoy gambling and have some spare cash to play with, bitcoins might be fun.

I personally am not the gambling type myself.
The one and only time I went to Vegas to actual spend time there, I lost $20 the first night, skipped town and went hiking in Zion the rest of my vacation....
i dunno, bitcoin has been around long enough that i dont see it as a big gamble anymore. i think we will see it become more and more standard and accepted, just like it has been doing pretty much since its introduction.

its easy to blindly hate on though if you dont understand it. its like any other currency in the world, its worth what people make it worth. any "investment" is a gamble, but as a currency bitcoin is positioned well for the future and global economics.


as far as @MileHighFlyGuy claiming "Bitcoin is backed by the full faith and credit of Satoshi Nakamoto", i think that just goes to show how little of an understanding of the system he has.
 

jasmillo

Active Member
#26
i dunno, bitcoin has been around long enough that i dont see it as a big gamble anymore. i think we will see it become more and more standard and accepted, just like it has been doing pretty much since its introduction.

its easy to blindly hate on though if you dont understand it. its like any other currency in the world, its worth what people make it worth. any "investment" is a gamble, but as a currency bitcoin is positioned well for the future and global economics.


as far as @MileHighFlyGuy claiming "Bitcoin is backed by the full faith and credit of Satoshi Nakamoto", i think that just goes to show how little of an understanding of the system he has.
To be honest, I know very little about bitcoin myself. I've read a few articles, listened to a podcast or two, read the Wikipedia page and read a few things on investopedia of which the article linked below was the most interesting.

To me it's a gamble because I know very little about it. Other seem to be more comfortable.

http://www.investopedia.com/articles/investing/052014/why-bitcoins-value-so-volatile.asp
 
#27
Snake oil pyramid scheme. I DO understand tech and received my first degree in economics. Bitcoin lost 30% of its value in the last month or so. They are positioned for NOTHING. If you want to invest in weird and possibly interesting things go research penny stocks, at least you'll get an education. Better yet, form your own company and sell anything. With only a 27% chance of success, you'll do better financially.
 

JayB

Active Member
#29
I thought of this thread when bitcoin went north of $10k this evening, and I remembered that the most profit that I've ever made off of any asset in pure percentage terms was a handful (~40?) of saddle hackle feathers that were left over from a half-saddle I bought in NZ for something like $20USD in 2008 and subsequently sold in 2010 for something like $200 on eBay. I can recall thinking that it was very unlikely that I'd ever make that kind of multiple again in my life, and thus far I've been correct.

Sounds like everyone here has steered clear of bitcoin, but did anyone on this board clean-up bit time when we were at peak feather?
 

Latest posts