Welcome to the Lounge

13-Dec-17 5:49

0H[^] wrote:
Could Central Banks Dump Gold In Favor Of Bitcoin?

"Volatile" Thumbs Up | :thumbsup:

Bastard Programmer from Hell Suspicious | :suss:

If you can't read my code, try converting it here[^]

megaadam13-Dec-17 6:13

megaadam

13-Dec-17 6:13

No they will not. It goes against their job description. Bitcoin will certainly have unforeseen consequences, but this wont be one of them.
My two bit-cents.

... such stuff as dreams are made on

jgakenhe13-Dec-17 6:32

jgakenhe

13-Dec-17 6:32

I am seeing Bitcoin as a PayPal or AliPay competitor rather than a gold replacement.

Munchies_Matt13-Dec-17 7:40

Munchies_Matt

13-Dec-17 7:40

Nothing like those two. Bit coin is an alternative currency, not a payment method.

And it is heading for disaster, on a massive scale.

jgakenhe13-Dec-17 8:37

jgakenhe

13-Dec-17 8:37

If that is the case, then why are these companies accepting Bitcoin payment: Virgin Galactic, Overstock.com, TigerDirect, Dish Network, Expedia, Newegg, Directnic, Microsoft, Zynga, Starbucks, and Subway.

j snooze13-Dec-17 11:45

j snooze

13-Dec-17 11:45

Nice job taking the first google result that showed up but I actually went to the microsoft store sight, put a laptop in the cart, went to checkout and they had 2 selections as form of payment. Visa and Paypal. Let me know how that 15,000 dollar footlong tastes. Most companies don't take it anymore because of the volatility of the bitcoin/us dollar exchange. I believe overstock might still take it. Expedia says if you don't book in 10 minutes they don't guarantee price. Sounds convenient to me. With 1,300+ there may be a couple winners, but more losers. Just like the dot com bubble.

Munchies_Matt13-Dec-17 21:27

Munchies_Matt

13-Dec-17 21:27

If what is the case, Bitcoin NOT being like paypal (a way of paying using a mainstream currency) or bitcoin being about to implode?

Believe me, it is about to implode, big style. Ever heard of the tulip bulb bubble? Bitcoin just got to the frenzied public phase. It has months to last.

megaadam14-Dec-17 4:54

megaadam

14-Dec-17 4:54

Munchies_Matt wrote:
months

Let me bookmark that. Cool | :cool:

I do not disagree that it is inflated but predictions of an immenent crash were made years and many magnitudes ago.
It "crashed 40%" in September.
And quadrupled after that, so exactly how do we define crash?

... such stuff as dreams are made on

jschell14-Dec-17 9:25

jschell

14-Dec-17 9:25

jgakenhe wrote:
If that is the case, then why are these companies accepting Bitcoin payment:

Presumably the same reason as to why companies (yes real companies) manage real estate in the game "Second Life".

Because they think they can make some money doing it.

Doesn't mean they expect it to replace anything.

R. Giskard Reventlov13-Dec-17 6:34

13-Dec-17 6:34

I think there are a number of factors in play with crypto currency not least of which is FOMO - fear of missing out! It is a volatile market and there are way too many coins out there - over 1500 now with more coming - see icowatchlist.com[^]

As an aside, I have a friend who was paid 10 bitcoin for a job a few years back and no longer has any idea what he did with them!!!

Also, there was an article the other day about a guy that bought 25000 when they were a dollar a piece - now worth over 420 million!!!

And, finally, the guy that supposedly invented them, if it is a real person, may be the first trillionaire. Could Satoshi Nakamoto become the world's first trillionaire?[^]

Jeremy Falcon13-Dec-17 6:48

Jeremy Falcon

13-Dec-17 6:48

They may want to protect their assets. Funny thing about tech, most people don't understand it. They just know it's new. The market loves new stuff to play with. People get bored. The same thing happened with the dot com bubble. The people that were smart enough to get in at a great time will hopefully be smart enough to get out or protect their assets before the market corrects itself (via a crash, etc.).

Jeremy Falcon

R. Giskard Reventlov13-Dec-17 7:04

13-Dec-17 7:04

Joe Woodbury13-Dec-17 7:11

Joe Woodbury

13-Dec-17 7:11

On the flip side, you could be paid in bitcoin today only to have the value drop 20% in the time it took you to sell (then there are the fees!)

R. Giskard Reventlov13-Dec-17 9:24

13-Dec-17 9:24

Exactly!

abmv13-Dec-17 6:40

abmv

13-Dec-17 6:40

Are bit coin stored on hard disks?

Caveat Emptor.

"Progress doesn't come from early risers – progress is made by lazy men looking for easier ways to do things." Lazarus Long

lopatir13-Dec-17 6:50

lopatir

13-Dec-17 6:50

coins are such small value, why not bitgold, bitplatinum, or for something really volatile bitpotassium or a bit warmer bitplutonium. (The latter also self regulates hoarding.)

Signature ready for installation. Please Reboot now.

R. Giskard Reventlov13-Dec-17 7:03

13-Dec-17 7:03

Depends on the owner. Most people either leave them on the exchange where hey bought them or transfer them to a wallet of some description.

[^]

raddevus13-Dec-17 7:28

raddevus

13-Dec-17 7:28

They can be. There are bitcoin wallets which are containers for them and those wallets run as software on various types of hardware.
There are, of course, also bitcoin-dedicated hardware out there.

Eddy Vluggen13-Dec-17 7:31

13-Dec-17 7:31

Yes. If it crashes, it's gone.

Bastard Programmer from Hell Suspicious | :suss:

If you can't read my code, try converting it here[^]

"Render unto Caesar the things that are Caesar's, and unto God the things that are God's"

abmv13-Dec-17 8:01

abmv

13-Dec-17 8:01

Caveat Emptor.

"Progress doesn't come from early risers – progress is made by lazy men looking for easier ways to do things." Lazarus Long

Eddy Vluggen13-Dec-17 9:37

13-Dec-17 9:37

"And they were engaged in religion. You could tell by the knives (it’s not murder if you do it for a god)"

(Small Gods)

Bastard Programmer from Hell Suspicious | :suss:

If you can't read my code, try converting it here[^]

jschell14-Dec-17 9:33

jschell

14-Dec-17 9:33

or stolen.

Eddy Vluggen14-Dec-17 9:46