Bitcoin Costs More than Gold?

[Marlb10]

So how do you get this bitcoin?

I mean what is the state of transaction?

[Jack Jones]

So how do you get this bitcoin?

I mean what is the state of transaction?

You can link up your bank and/or credit cards at coinbase.com and then trade your dollars for bitcoins that way. Alternatively, you can meet up with a real live person (or deposit cash in someone else's bank account) to trade cash for bitcoins via https://localbitcoins.com/.

[Marlb10]

So how do you get this bitcoin?

I mean what is the state of transaction?

You can link up your bank and/or credit cards at coinbase.com and then trade your dollars for bitcoins that way. Alternatively, you can meet up with a real live person (or deposit cash in someone else's bank account) to trade cash for bitcoins via https://localbitcoins.com/.

Oh this was helpful. I am surely gonna try it. What's the rate coming for Bitcoin these days? I heard this is the most fluctuated kind of currency. The amount skyrockets and drop down like a billy from the hill in no time.

[whatchamacallit]

Bitcoin is at $1525 right now. I wish I could have doubled my money or more over the last year but I still don't understand it as an investment.


Golden Rule #9: Don't ever do anything you don't understand.

[Libertarian666]

Bitcoin is at $1525 right now. I wish I could have doubled my money or more over the last year but I still don't understand it as an investment.


Golden Rule #9: Don't ever do anything you don't understand.

But then you will miss out on the next Beanie Baby!

[Tortoise]

At a party this past weekend, someone was telling me I could get rich by investing in various cryptocurrencies while they're still dirt cheap.

That may be true, but the conversation had a very shoeshiner-giving-stock-tips kind of feel to it. Made me wonder if we're near the peak of some kind of bubble in cryptocurrency prices.

[Libertarian666]

At a party this past weekend, someone was telling me I could get rich by investing in various cryptocurrencies while they're still dirt cheap.

That may be true, but the conversation had a very shoeshiner-giving-stock-tips kind of feel to it. Made me wonder if we're near the peak of some kind of bubble in cryptocurrency prices.

Probably.

[eufo]

Bitcoin is an interesting idea, but I will never use it. I see the appeal, I guess, but it's been around a long time now with very little adoption. Even Discover is accepted more places.

[dualstow]

lol @Discover

[Xan]

http://www.gotfuturama.com/Multimedia/E ... V06/05.mp3

[whatchamacallit]

Basically at $1900 now. Unbelievable.

[eufo]

http://www.gotfuturama.com/Multimedia/E ... V06/05.mp3

Lol! Hey, at least it's still around in the year 3000, right?

[bitcoininthevp]

I am happy to answer any specific questions that anyone has about bitcoin. In this thread or PM if youd like.

A common misconception that I see in this thread is an overemphasis on "bitcoin isnt 'accepted' many places".

Bitcoin is definitely a payment network, dont get me wrong. But bitcoin is more digital gold than Visa. If that makes sense.

It is digital gold because there is a limited, known supply of bitcoin. It has value because people give it value. Its subjective value. (like all things of value I would add)

If you are really wanting to press the payment side of things there is purse.io where you can get your amazon wishlist items purchased on your behalf and you pay bitcoin and get % discount. I routinely get 20%+ off on my orders. Including new appliances recently.

But again, the payment... the "using it to pay" is not the main value proposition of bitcoin. You buy it and use it to store value. You can send it to people overseas. It can be used to circumvent government controls (yes, that could be drugs. but it could also be donating to wikileaks)

Yes, its volatile while it is very young still. Yes, it could go to zero.

Hope this ramble brought some clarity. Lets keep the discussion going.

[thisisallen]

Q: can you buy gold with Bitcoin?

[bitcoininthevp]

Q: can you buy gold with Bitcoin?

Yes Peter Schiff's company takes bitcoin as payment: https://schiffgold.com/gold-for-btc.html

So does https://www.jmbullion.com
and https://www.providentmetals.com

There are others as well.

[MWKXJ]

Bought 32 for $20 when Bitcoin was approximately .60 cents a piece (2011?). Sold the lot for around $700 or $900 (can't recall). Dollar-cost-averaged back in when the price was around $350 and now have $17,000 in unrealized gain. It'll be tempting to pay off what's left on the mortgage should Bitcoin's value increase by another couple thousand, but it's an exciting technology/investment and it would be discouraging to miss out on an catalyst such as SEC approval of a Bitcoin ETF, or, a dysfunctional nation-state adopting the currency (Zimbabwe, Venezuela, Argentina, etc.).

A suggestion for any investing in Bitcoin is to choose a period of low price volatility to dollar-cost average in. Use the 3-day or one-week view at BitcoinWisdom.com. You'll see we're currently in a strong run up. I'd wait and invest after things cool off, again, by dollar-cost-averaging in.

[whatchamacallit]

$2800 today
It seems like it doubled in less than a month.

[Libertarian666]

$2800 today
It seems like it doubled in less than a month.

Sounds like a great time to get in. It has nowhere to go but up.

Like silver in late 1979!

[frugal]

I am happy to answer any specific questions that anyone has about bitcoin. In this thread or PM if youd like.

A common misconception that I see in this thread is an overemphasis on "bitcoin isnt 'accepted' many places".

Bitcoin is definitely a payment network, dont get me wrong. But bitcoin is more digital gold than Visa. If that makes sense.

It is digital gold because there is a limited, known supply of bitcoin. It has value because people give it value. Its subjective value. (like all things of value I would add)

If you are really wanting to press the payment side of things there is purse.io where you can get your amazon wishlist items purchased on your behalf and you pay bitcoin and get % discount. I routinely get 20%+ off on my orders. Including new appliances recently.

But again, the payment... the "using it to pay" is not the main value proposition of bitcoin. You buy it and use it to store value. You can send it to people overseas. It can be used to circumvent government controls (yes, that could be drugs. but it could also be donating to wikileaks)

Yes, its volatile while it is very young still. Yes, it could go to zero.

Hope this ramble brought some clarity. Lets keep the discussion going.

hi friend,

some more questions,

- why can it comes to ZERO?

- Advantages of internet coin?

- Disadvantages ?

:-)

Regards

[bitcoininthevp]

- why can it comes to ZERO?

Most likely scenario is that humans no longer attribute value to a finite, internet-based, money. I dont see this happening.

- Advantages of internet coin?

From a tech perspective:
- Email vs Snail mail
- Wikipedia vs Encyclopedia Britannica
- Netflix vs Blockbuster

Digital internet based products and services replacing traditional products and services. Bitcoin is internet money. Traditional money can be internet money but its got much more friction.

With bitcoin:
- Sovereign money
- Send money without legal concerns
- Send money across borders
- Asset with finite supply
- No physical storage concerns
- Circumvent governmental controls (drugs, oppressive regimes)

- Disadvantages ?

- Technical glitches could occur which are unrecoverable
- Incorrect assumptions about the incentives in bitcoin could cause failures
- Governments could ban it
- Volatile

[dualstow]

Would it be fair to add this disadvantage? :

- Seller does not deliver goods upon payment. No recourse, at least not like there is with credit cards.

[bitcoininthevp]

Would it be fair to add this disadvantage? :

- Seller does not deliver goods upon payment. No recourse, at least not like there is with credit cards.

This is completely true with simple bitcoin payments, yes. Bitcoin favors the merchant in this regard. A simple, bitcoin based economy would rely much more heavily on reputation systems of merchants and much less on chargebacks.

That being said, you can "program" bitcoin in different ways. For example, I can put money into a bitcoin escrow account where 2-of-3 people have to sign for the transaction to be valid. So say, I am buying something from you, you are a signer, I am a signer and a 3rd party arbiter is the 3rd signer. If you dont deliver my order, you and I provide our evidence to the arbiter and they can decide who is right and where the money goes as the tie breaking vote.

[dualstow]

Interesting about the arbiter, thank you!

[bitcoininthevp]

Interesting about the arbiter, thank you!

If you are curious there are more applications
(via https://en.bitcoin.it/wiki/Multisignatu ... ons.5B3.5D)

1-of-2: Husband and wife petty cash account — the signature of either spouse is sufficient to spend the funds.

2-of-2: Husband and wife savings account — both signatures are required to spend the funds, preventing one spouse from spending the money without the approval of the other

2-of-2: One wallet is on your primary computer, the other on your smartphone — the funds cannot be spent without a signature from both devices. Thus, an attacker must gain access to both devices in order to steal your funds (much more difficult than one device)

2-of-3: Parents’ savings account for child — the kid can spend the money with the approval of either parent, and money cannot be taken away from the child unless both parents agree

2-of-3: A board of three directors maintaining funds for their organization — those funds cannot be spent unless any two of those directors agrees. Bigger multi-signature transactions are possible for bigger organizations, such as 3-of-5, 5-of-9, etc.

2-of-3: Buyer-seller escrow: buyer commits money into a 2-of-3 transaction with the seller and a third-party arbitrator. If transaction goes smoothly, then both buyer and seller sign the transaction to forward the money to the seller. If something goes wrong, they can sign a transaction to refund the buyer. If they cannot agree, they both appeal to the third-party who will arbitrate and provide a second signature to the party that it deems deserves it.

[dualstow]

Cool. Dot IT,-- are you Italian? I have an Italian friend who is gaga for bitcoin. Name starts with E..are you him?