Bitcoins - digital currency - Page 111 - Business, Finances and Investing Forum

No way the same. How do people get them? Without new people getting them, then how does the value of the economy come from? From offering goods or services for Bitcoin? That's going to drastically limit the demand for them. Cut demand, and price falls, simple economics. Except to Bitcoin dreamers.

The question only becomes can they stop the exchanges. They can certainly stop or slow down the big ones. Any of them that deal with banks. So you are left to deal with highly inconvenient p2p transactions that have a ton of fraud risk or risk of getting robbed or at least are a huge pain in the ass.

Cut off the exchanges, and the value plummets. If they can't do that, then its a moot point.

If the exchanges went down now it would be painful because there isn't local critical mass hardly anywhere yet.

It isn't as simple for a newbie for sure, but I have a lot to unload and I don't use exchanges, wouldn't even consider it now.

There is risk with new partners who have no reputation, but there are lots of ways to show rep online now and once you have a few people you share trust with you are set.

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10-23-2012 , 09:23 PM

#2752

TomCollins

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Join Date: Jul 2003 Posts: 43,058

Quote:

Originally Posted by AlbertoKnox

Price up obv, but imagine 99% of people hadn't heard of pot when gov made it illegal, use would be up too and price would be up doubly. I'm not saying I know outlawing will be good for bicoin, but if it is a half-ass ban and just in the US it probably will increase usage.

There are people who only/mostly use drugs because they are an important part of their subculture which is in part created by the ban. There will be people who don't get bitcoin now who will rally around it because it is banned, I don't know how many or how important they will be, but there will be some. And some would stop using bitcoin, but I won't.

But people get utility out of pot. Very few people get utility out of Bitcoins. Sure, there would be a .05% of the population that will start using it to fight the man.

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10-23-2012 , 11:44 PM

#2753

microstakesrave

old hand

Join Date: Mar 2010 Posts: 1,719

What are the rules/thoughts of this thread being a trading thread for bitcoins? Oddly enough, I wanted to get some more bitcoins and this is the first place I thought of. You think we should open an entirely different thread for that or just stick it in the marketplace?

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10-24-2012 , 03:41 PM

#2754

ALawPoker

Pooh-Bah

Join Date: Jul 2005 Posts: 5,269

Quote:

Originally Posted by TomCollins

But people get utility out of pot. Very few people get utility out of Bitcoins.

lol, the "imagine if the government shuts down bitcoins, but remember that bitcoins aren't useful" thing again

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10-24-2012 , 03:44 PM

#2755

ALawPoker

Pooh-Bah

Join Date: Jul 2005 Posts: 5,269

Quote:

Originally Posted by microstakesrave

IMO would be cool if it was just allowed here.

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10-25-2012 , 08:04 AM

#2756

TomCollins

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Quote:

Originally Posted by ALawPoker

lol, the "imagine if the government shuts down bitcoins, but remember that bitcoins aren't useful" thing again

They are useful for a limited number of people. Government could make it useful for even less. People don't flock to something that is not useful just because it is banned.

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10-25-2012 , 04:33 PM

#2757

ALawPoker

Pooh-Bah

Join Date: Jul 2005 Posts: 5,269

Quote:

Originally Posted by TomCollins

They are useful for a limited number of people. Government could make it useful for even less. People don't flock to something that is not useful just because it is banned.

If bitcoins aren't useful it's meaningless to talk about the government trying to stop it. You have to pick your poison.

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10-25-2012 , 08:09 PM

#2758

Freakin

bacon wannabe

Join Date: Sep 2004 Posts: 17,153

Bitcoins are especially useful for money laundering and illegal drugs/gambling. There is limited utility ATM for normal use due to lack of widespread acceptance.

If the illegal activity gets enough press they'll go after it whether it is widely used or not.

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10-25-2012 , 08:33 PM

#2759

TomCollins

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Quote:

Originally Posted by ALawPoker

If bitcoins aren't useful it's meaningless to talk about the government trying to stop it. You have to pick your poison.

Their usefulness is entirely dependent on your ability to use them and how superior they are to alternatives.

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10-25-2012 , 08:36 PM

#2760

onemoretimes

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Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by microstakesrave

Ya.. I was looking to pick up some bitcoins and so far it seems like a real hassle to get them.

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10-25-2012 , 09:15 PM

#2761

ALawPoker

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Join Date: Jul 2005 Posts: 5,269

Quote:

Originally Posted by Freakin

They can go after the illegal activity without trying to uproot the use of Bitcoin. It's easy enough to catch a few drug dealers in the act and thump their chest about it, if they try to stop people from using a decentralized, peer-to-peer network they have a much different task on their hands.

The government doesn't really care about stopping all illegal things anyways, they just need to stop it enough to fill the jail cells and keep the prison industry thriving.

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10-25-2012 , 09:22 PM

#2762

ALawPoker

Pooh-Bah

Join Date: Jul 2005 Posts: 5,269

Quote:

Originally Posted by onemoretimes

Ya.. I was looking to pick up some bitcoins and so far it seems like a real hassle to get them.

Best method is probably Bitinstant.com if you want them quickly. It's pretty easy but there's a fee. Trading with someone is perfect if you trust them. I'm looking to sell bitcoins sometimes so anyone can PM me if they're buying.. no guarantee but I'll help if I can.

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10-26-2012 , 12:43 AM

#2763

Freakin

bacon wannabe

Join Date: Sep 2004 Posts: 17,153

Quote:

Originally Posted by ALawPoker

As you said, the drug war has been wholly ineffective. If they can largely stop the flow of money they can shut down the majority of the activity.

Anyone have stats on global poker business?

Fwiw u think it's unlikely they will stop bitcoin, but I (like many others) hope it is more widely adopted for legit purposes so it can hit critical mass.

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10-26-2012 , 10:14 AM

#2764

TomCollins

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Quote:

Originally Posted by Freakin

But what advantage does it have for mainstream use? Or how does it get to be advantageous to use. I agree it's advantageous for certain cases, though.

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10-26-2012 , 01:14 PM

#2765

Unabridged

old hand

Join Date: Jun 2005 Posts: 1,401

Quote:

Originally Posted by TomCollins

But what advantage does it have for mainstream use? Or how does it get to be advantageous to use. I agree it's advantageous for certain cases, though.

remittance. everything western union does can be replaced with bitcoin. and if the receiver is in an area where confidence in the local currency is low they may stop converting out of bitcoin.

it may never get to point where im using bitcoins directly at walmart, in the US and Europe where the currency is relatively stable and banks are relatively trustworthy there is not much need to switch. but mainstream use is definitely possible in other parts of the world. in time as national banks fail and currencies are replaced, you will have areas where bitcoin is an older and more trustworthy store of value then the local currency.

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10-26-2012 , 01:51 PM

#2766

ADK

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Join Date: Sep 2006 Posts: 3,655

Anyone able to help out with some bitcoins for carbon/lock? (milktilt)
Or does anyone know a good place in the UK to get them easily?

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10-26-2012 , 04:03 PM

#2767

microstakesrave

old hand

Join Date: Mar 2010 Posts: 1,719

Quote:

Originally Posted by Unabridged

remittance. everything western union does can be replaced with bitcoin. and if the receiver is in an area where confidence in the local currency is low they may stop converting out of bitcoin.

+5000.

Now, if I can just market this to the local shady convenient stores around me and/or walmart (moneygram)

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10-26-2012 , 05:15 PM

#2768

TomCollins

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Quote:

Originally Posted by Unabridged

Quote:

Originally Posted by microstakesrave

+5000.

Now, if I can just market this to the local shady convenient stores around me and/or walmart (moneygram)

But do you have any idea why remittance is so expensive in those countries? It's certainly not super expensive in other countries. (Hint: Could it be the law/taxes/fees?). It needs to be shown why it would be cheaper to do this with Bitcoin. Of course you also need to manually staff these places and to do so would only work with fees and then working with currency exchanges and other operations that would be exposed to many of the same expenses.

If local currencies are not stable in other parts of the world, why do they not use stable currencies for exchanges right now? (Hint: Could it be the law?)

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10-26-2012 , 08:15 PM

#2769

AlbertoKnox

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Join Date: Oct 2007 Posts: 3,676

Ultimately (far future) you don't need to have the-bitcoin-version-of-western-union you just remit the money (bitcoin) yourself and it is done now they spend or save or pass it on or whatever.

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10-26-2012 , 10:30 PM

#2770

TomCollins

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Quote:

Originally Posted by AlbertoKnox

Ultimately (far future) you don't need to have the-bitcoin-version-of-western-union you just remit the money (bitcoin) yourself and it is done now they spend or save or pass it on or whatever.

I agree that's where the real benefits kick in. The key is getting to that.

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10-27-2012 , 04:48 AM

#2771

ALawPoker

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Join Date: Jul 2005 Posts: 5,269

The point is getting to that.

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10-27-2012 , 06:17 AM

#2772

shoemaker

adept

Join Date: May 2007 Posts: 825

I'm selling bitcoins for moneybookers, neteller, bank transfer in Norway, pokerstars, partypoker, 888poker etc.

Only posting because people are asking for ways to aqcuire btc.

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10-27-2012 , 11:00 AM

#2773

TomCollins

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Quote:

Originally Posted by ALawPoker

The point is getting to that.

LOL No. Not even close.

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10-27-2012 , 11:11 AM

#2774

ALawPoker

Pooh-Bah

Join Date: Jul 2005 Posts: 5,269

Quote:

Originally Posted by TomCollins

LOL No. Not even close.

Good one, troll.

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10-27-2012 , 11:44 AM

#2775

TomCollins

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Quote:

Originally Posted by ALawPoker

Good one, troll.

So someone in India or Mexico gets Bitcoins from relatives here. Where can they spend it? What % of their expenses does that account for? They buying food with it? Medicine? Housing? Clothing?

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