Someone explain bitcoins to me

[Rakehellion]

Bitcoins are like the Bittorrent of money.

 

[Rakehellion]

http://lmgtfy.com/?q=places+that+accept+bitcoins

Every place that accepts Bitcoins is subject to pogo pricing, because all one of these businesses must first trade this unstable Monopoly money for real currency in order to spend it.

 

[Zargon]

So basically, it contributes nothing but only waste a massive amount of electricity and energy?

electricity AND energy? pick one term and stick with it....

 

[Train]

Every place that accepts Bitcoins is subject to pogo pricing, because all one of these businesses must first trade this unstable Monopoly money for real currency in order to spend it.

or they could give it to OTHER businesses on that list that accept bitcoins. A lot of those sites are hosted by web hosts that also accept btc.

I don't see what your point is. And saying "real money" at this point is laughable.

 

[Rakehellion]

or they could give it to OTHER businesses on that list that accept bitcoins. A lot of those sites are hosted by web hosts that also accept btc.

I don't see what your point is. And saying "real money" at this point is laughable.

If you're a business accepting Bitcoins spending them at another business who accepts Bitcoins, you can also expect the second business to subscribe to the pogo pricing model.

Real money is the kind that doesn't plummet in value by 90% in six months.
Real money is what you trade for real things, like food and shelter.

In the end, you necessarily need to trade your Bitcoins for something else in order to use them.

 

[Jeffg010]

http://lmgtfy.com/?q=places+that+accept+bitcoins

http://www.grasshillalpacas.com/alpacaproductsforbitcoinoffer.html

 

[MaxPayne63]

Every place that accepts Bitcoins is subject to pogo pricing, because all one of these businesses must first trade this unstable Monopoly money for real currency in order to spend it.

Funny joke. Ask the people in Cyprus just how "real" their money is.

 

[Rakehellion]

http://www.grasshillalpacas.com/alpacaproductsforbitcoinoffer.html

Case in point:

23.25 USD

NOTE: Item Prices are subject to change until you Checkout.

 

[Train]

If you're a business accepting Bitcoins spending them at another business who accepts Bitcoins, you can also expect the second business to subscribe to the pogo pricing model.

You mean currency value fluctuates based on what it can be traded for? NO SHIT, so does every other currency.

Real money is the kind that doesn't plummet in value by 90% in six months.
Real money is what you trade for real things, like food and shelter.

If you say so

In the end, you necessarily need to trade your Bitcoins for something else in order to use them.

Except when you can use them directly. You can apply all of your silly arguments to the early days of the USD.

 

[Rakehellion]

Funny joke. Ask the people in Cyprus just how "real" their money is.

Okay, so third-world countries like Bitcoin because their government can't be trusted. But for countries with a stock market or a population bigger than Oklahoma City, their citizens prefer not to throw their money away.

 

[Train]

Okay, so third-world countries like Bitcoin because their government can't be trusted. But for countries with a stock market or a population bigger than Oklahoma City, their citizens prefer not to throw their money away.

Except the vast majority of all BTC exchange is happening with USD, not 3rd world currencies, or even the Euro.

 

[Imp]

Funny joke. Ask the people in Cyprus just how "real" their money is.

Real enough that the government wants to "steal" 25% of everything they have in their bank accounts to pay their own debts off with.

 

[DAGTA]

Who is benefiting from the algorithm that is running?

 

[Rakehellion]

You mean currency value fluctuates based on what it can be traded for? NO SHIT, so does every other currency.

If you say so


Except when you can use them directly. You can apply all of your silly arguments to the early days of the USD.

Thanks for failing to address any of my points directly! You know in the early days of USD, they didn't have computers. I wonder how many Bitcoins you could buy a slave for.

Make an attempt to refute these three points so it appears you have the slightest idea what the hell you're talking about:

Real money is the kind that doesn't plummet in value by 90% in six months.
Real money is what you trade for real things, like food and shelter.

In the end, you necessarily need to trade your Bitcoins for something else in order to use them.

 

[Rakehellion]

Except the vast majority of all BTC exchange is happening with USD, not 3rd world currencies, or even the Euro.

You understand this pretty much negates the Cyprus defense, which is what my comment was responding to? And while the USD is stable, Bitcoin isn't, also reinforcing my pogo pricing comment.

 

[Rakehellion]

Who is benefiting from the algorithm that is running?

Bitcoin users and the algorithm itself.

 

[Train]

Thanks for failing to address any of my points directly! You know in the early days of USD, they didn't have computers.

What the hell does that have to do with anything? The pont is that when te USD was first introduced, very few places would accept it as payment.

I wonder how many Bitcoins you could buy a slave for.

wtf?

Make an attempt to refute these three points so it appears you have the slightest idea what the hell you're talking about:

Real money is the kind that doesn't plummet in value by 90% in six months.
Real money is what you trade for real things, like food and shelter.

In the end, you necessarily need to trade your Bitcoins for something else in order to use them.

You've got to be kidding me.

Why the arbitrary 90% in six months cutoff ?

How about we compare value of a dollar all time (down thousands of percentage points) To the value of a BTC all time (up hundreds of percentage points)

 

[Train]

You understand this pretty much negates the Cyprus defense, which is what my comment was responding to? And while the USD is stable, Bitcoin isn't, also reinforcing my pogo pricing comment.

You understand I already linked to the debunking of the Cyprus theory?

I seriously suggest you go educate yourself on Bitcoins using a source other than shit you read in this thread before commenting any more.

 

[Murloc]

>Cyprus
>third world
SHIGGY DIGGY

 

[Rakehellion]

Why the arbitrary 90% in six months cutoff ?

Because it actually happened last year, O wise Bitcoin enthusiast.

What the hell does that have to do with anything? The pont is that when te USD was first introduced, very few places would accept it as payment.

I work at BitBytes, Inc. and my salary is 10,000 BTC a year. Then one night, Bitcoins are suddenly worth half of what they used to be.

But that's okay, because my landlord accepts Bitcoins.
But that's okay because my electric company accepts Bitcoins.
But that's okay because the fruit vendor down the street accepts Bitcoins.
But that's okay because the vending machine over there, my local Wal-Mart, and every clothing store in my neighborhood accepts Bitcoins too.

Also, BitBytes, Inc can't afford to raise my salary because all of their revenue is in Bitcoins.

Seems legit.


None of this is happening in the USA and long as the dollar still exists. And if you're calling a currency viable because of the when and if it becomes widely accepted, it isn't.

 

[Train]

Because it actually happened last year, O wise Bitcoin enthusiast.

And look where it is now. O stupid one.

 

[SphinxnihpS]

It's a superior currency which can not be manipulated, unlike paper currencies which can be counterfeited and devalued by government printing. It is also not controlled by a government, so no tinkering like our federal reserve bank does.

 

[Rakehellion]

And look where it is now.

Still unstable. I see that.

 

[Rakehellion]

Also, if you understood a little about economics, you'd know that now is the worst time to buy.

 

[SphinxnihpS]

Because it actually happened last year, O wise Bitcoin enthusiast.



I work at BitBytes, Inc. and my salary is 10,000 BTC a year. Then one night, Bitcoins are suddenly worth half of what they used to be.

But that's okay, because my landlord accepts Bitcoins.
But that's okay because my electric company accepts Bitcoins.
But that's okay because the fruit vendor down the street accepts Bitcoins.
But that's okay because the vending machine over there, my local Wal-Mart, and every clothing store in my neighborhood accepts Bitcoins too.

Also, BitBytes, Inc can't afford to raise my salary because all of their revenue is in Bitcoins.

Seems legit.


None of this is happening in the USA and long as the dollar still exists. And if you're calling a currency viable because of the when and if it becomes widely accepted, it isn't.

All currency is based on faith that it's worth something to someone else, this one has many advantages over the dollar, and if it gains more traction, could potentially destroy the dollar.