Like anything on the planet, the value is whatever is someone is willing to pay for it, but at some point people are going wonder why the fuck they are paying so much for it, or paying for it all for that matter. Bitcoin doesn't produce anything. You can stare at it all day long and no magic rabbits are coming out of hat. So someone else might buy your bitcoin for more then what you payed for it, but now they have the problem of trying to sell it for a profit. It's not fiat money, so people can get kiddy as much as they want about different platforms talking accepting it, but will never be widely accepted like fiat money, and anyone who thinks otherwise is fooling themselves.
Bitcoin
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Like anything on the planet, the value is whatever is someone is willing to pay for it, but at some point people are going wonder why the fuck they are paying so much for it, or paying for it all for that matter. Bitcoin doesn't produce anything. You can stare at it all day long and no magic rabbits are coming out of hat. So someone else might buy your bitcoin for more then what you payed for it, but now they have the problem of trying to sell it for a profit. It's not fiat money, so people can get kiddy as much as they want about different platforms talking accepting it, but will never be widely accepted like fiat money, and anyone who thinks otherwise is fooling themselves.
You are thinking in North American terms. Third world nations can't trust fiat currency. And are turning to Crypto for a more stable currency that is accepted across borders.
People are in denial when I mention that Bitcoin is a tax haven fueled entity which is making billionaire much richer. However, if you are in the top 3% can afford a Luxembourg Bitstamps account and can ride out the volatility, then by all means indulge. I still see Bitcoin as a Joseph Kennedy scenario.
Bitcoin also proves that people don't give a fuck about conservation, let our grandchildren clean up the mess we leave. One dollar of Bitcoin takes 17 Megajoules to produce, a dollar of Copper takes 8.4 MJ to produce - imagine a world without copper. In term of conserving energy we're still in the 1950's, I skip the lawn fertilizer commercials.
https://www.bbc.com/news/technology-56012952
Bitcoin also proves that people don't give a fuck about conservation, let our grandchildren clean up the mess we leave. One dollar of Bitcoin takes 17 Megajoules to produce, a dollar of Copper takes 8.4 MJ to produce - imagine a world without copper. In term of conserving energy we're still in the 1950's, I skip the lawn fertilizer commercials.
https://www.bbc.com/news/technology-56012952
I understand that, so what I'm saying is, people can use anything as currency. We can do this with marbles if you would like, but at some point that currency needs to be converted into fiat money in order for it to pay off. Bitcoin is nothing more then a way to transmit money, and their are lots of way you can do that. Doesn't matter whether the people in Mexico trust their government or not. The fact of the matter is, first world countries are the countries that control the global economy. At some point down the line, someone needs to get their money out of bitcoin and how do you do that??
Every person I have this convo with, can never explain to me why bitcoin is a good investment other then fact in might go up in value and someone might pay more for it. Then I say to them, "well what does it produce??" and they can never really answer the question. It's like pyramid scheme. A bunch of people are going to do very well with bitcoin, the ones that got in early and even possibly now, but the majority of people are going to take a bath and be stuck with their bitcoin. Especially with so many other crypto currencies coming out which will devalue other crypto currencies.
This isn't going to end well for most people.
Bitcoin is completely unstable. If you mean they are turning to it as a store of value, sure.
But I've never seen anyone price anything in bitcoin.
I don't see people who have negotiated their salary to be 0.1 BTC a month for 12 months.
Paypal announced they will be accepting it. So this is about to happen. GM Moters also just announced they are looking into accepting it. And the New Zealand Govt is adding it to their retirement funding.
In North America? No. In Africa, yes, for contract work its happening.
No, it isn't, because you don't understand what I am saying.
"You owe me $743, you can pay me in bitcoin equivalent" is not the same as "The price of this service is 0.01 bitcoin." (I'm rounding a bit but looking it seems 1 Bitcoin is ~74,300 CDN right now.)
Actually, your GM Motors (And Phil's Tesla) example is good.
Is either going to be offering the following deal?
"Under our installment plan, you can pay us 743 dollars a week for 100 weeks to pay off your car OR you can pay us 0.01 Bitcoin a week for 100 weeks - it's up to you."
Would you accept to pay 0.01BTC a week?
If not, why not?
Or, given the board we are on...
You negotiate with a provider you really like. Her hourly rate is 400 CDN, its 750 CDN for two hours.
Your chemistry is great and you book a repeat for two months from now.
The chemistry was so great she says yes, but the two of you should also go do this social event you would both enjoy for 2 hours as well.
She will just charge you for the two hours though.
The thing is, she doesn't trust fiat money, so she charges in bitcoin now. It will be 0.01 BTC - her new standard 2 hour charge.
Do you agree to the date?
If not, why not?
This is not true. There are at least 10 theoritical ways to break bit coin of which 4 have been used and 2 more are moderatly know - the rest are fairly rare. A decent programmer can do most of them. The whole chain has not been hacked yet, but with a team of 1000 it could be - not out of the way of mega corp or nation. Other similar coins have had been hacked.
Now ask yourself this.
If you were in Argentina today would you prefer to be paid in Pesos? Or Bitcoin? How about Venezuela? Hondouras? Local currency in Somalia? Zimbabwe?
Early adoption is already happening at the grassroots level.
What difference does it make??? The money still needs to be converted back to fiat money. The only reason a person would answer "bitcoin" to this question is if they believe its "free from the banks and other pseudo-techno-libertarian bullshit" to quote Valcazar, and anyone that does believe in that I feel sorry for.
Another bullshit site with someone who stands to make money buy raising the value of bitcoin. It list places like home depot. They don't take the bitcoin directly, it has to be converted. Dude, trust me on this one. All these legit businesses do not accept bitcoin directly.
Who cares?? Paypal is nothing but a way of transmitting money. The same way you transmit money with a check. All Paypal does is convert your bitcoin into u.s for you.
Your still failing on every level, to prove a way that is better then fiat money.
If I offer you a million dollars right now in either bitcoin or cash, which one you going to take? If you say bitcoin, no offence but your a moron.
Sigh.
You keep using US as the benchmark. This allows third world citizens access to a stable online currency(ten years of consistent growth in fact) via a smart phone. And the ability to do business worldwide. You think today. I'm in it with this and other coins and blockchain for years down the road.
I'd take three quarters in Bitcoin and the other quarter in cash today. Honestly.
Lmao Booty, that was a 4:22am post. You been drinking a bit??
(not that there's anything wrong with that).Tesla plans to accept bitcoin directly, no fiat conversion necessary.
Link: https://markets.businessinsider.com...s-cryptocurrency-as-payment-2021-3-1030239685
How about Yahoo Finance??
They now list 15 companies who accept bitcoin directly: https://finance.yahoo.com/news/15-biggest-companies-accept-bitcoin-165115491.html
As far as I know car dealers like Tesla or BMW in the UK dont accept bitcoin as installment payments, onyl in 1 direct lump sum.
I could be wrong about that though, I'll have to double-check
Same bullshit. Again listing companies such as Home Depot. Phil all you have to do before posting these articles, is do some research on any of the companies they list, and you find that they don't take bitcoin directly. Why?? Because it's not money for fuck sakes.....
