Bitcoin - Part 2

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therival58 said:
So are only the super rich trading in these bitcoins? if each costs $250, then to purchase several for a transaction you would need a good $5000 for anything.
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Decimals.


ETA: (If 1 bitcoin costs $250. And something is for sale for $25. The price would be .1 bitcoin.)
 
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^^^ This.

Bitcoin sellers will typically have a minimum purchase level, but this can be as low as a dollar. If you wanted to speculate, currently $100 gets you 0.4 of a bitcoin (approx.) so not a super-rich proposition.
 
therival58 said:
Cool, so overall you are satisfied with using the currency?
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Well, he sure likes saying "here's my two cents" so that must be a measure of satisfaction.

AFAIK he hasn't bought any pizza (or porn or drugs) with his "two cents" and the value of his investment has declined since he made the transaction but like any sensible investor, he decided how much money he was prepared to lose.

:th:
 
therival58 said:
Cool, so overall you are satisfied with using the currency?
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Using it? I haven't actually tried using it yet.

daenku32 said:
How do I go about buying 2 cents worth?
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You find an online broker, such as VirWox and Vircurex, and purchase 0.02 bitcoins to have 2 cents of bitcoin (that's two bitcoin cents, not two cents worth in whatever currency you normally use). It's easy.
 
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AB-1326 (Virtual Currency) is being debated in the Californian legislature.
This bill would prohibit a person from engaging in any virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversight or is exempt from the licensure requirement, as provided.
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“Virtual currency business” means the conduct of either of the following types of activities involving a California resident:
(1) Maintaining full custody or control of virtual currency on behalf of others.
(2) Providing conversion or exchange services of fiat currency into virtual currency or the conversion or exchange of virtual currency into fiat currency or other value, or the conversion or exchange of one form of virtual currency into another form of virtual currency.
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26002. A person shall not engage in this state in any virtual currency business in this state unless the person is licensed or exempt from licensure under this division.

26004. The following are exempt from the licensing requirement described in Section 26002:
..........................................
(f) A merchant or consumer that utilizes virtual currency solely for the purchase or sale of goods or services.
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This legislation would not appear to prevent a somebody from accepting bitcoin as payment for goods or services nor paying somebody for goods or services in bitcoin.

https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1326
 
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I kinda think the value will go down in the long run, I just don't know how long it will take. Could be several years. Could be sooner.

Eventually the hoarders are going to want to cash in, right? And easier to use (and understand) electronic currencies will probably become available too.
 
Puppycow said:
I kinda think the value will go down in the long run, I just don't know how long it will take. Could be several years. Could be sooner.

Eventually the hoarders are going to want to cash in, right? And easier to use (and understand) electronic currencies will probably become available too.
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There's probably not enough money in the BTC system to cash out any of the really big holders, at least not at anything like current valuations. You couldn't sell a half-million BTC at 250; you might get 25.
 
Puppycow said:
I kinda think the value will go down in the long run, I just don't know how long it will take. Could be several years. Could be sooner.

Eventually the hoarders are going to want to cash in, right? And easier to use (and understand) electronic currencies will probably become available too.
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I hope you realize that somebody posting the exact opposite view to what you posted is posting an equally valid view.
 
jhunter1163 said:
There's probably not enough money in the BTC system to cash out any of the really big holders, at least not at anything like current valuations.
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A major BTC holder could crash the price? I wonder how often that has been pointed out in this thread.

jhunter1163 said:
Once upon a time You couldn't sell a half-million BTC at 250; you might get 25. And they all lived happily ever after. The End.
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ftfy.
 
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psionl0 said:
A major BTC holder could crash the price? I wonder how often that has been pointed out in this thread.
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Many times, I'm sure. That doesn't make it any less true, does it?

I hope you realize that somebody posting the exact opposite view to what you posted is posting an equally valid view.
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You're certainly entitled to your opinion; I happen to agree with Puppycow that the BTC wave has crested, and the rise of alternatives like Apple Pay will only hasten the relegation of BTC to niche-product status. There will, no doubt, be some level of demand for BTC for the foreseeable future, but the "rush" is over.
 
Having been digging around in the cryptocurrency world for a couple years now, it seems to me that some coin with superior technology will become more *useful*. I wouldn't be surprised if BTC stays around through familiarity in the same way gold is still a favored investment by some people.

My personal opinon is that one of the design goals of BTC was to attract goldbugs. Though the *reason* they wanted to attract these people is up for debate. :)
 
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