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Cyprus University Accepts Bitcoin For Tuition Fee Payments
An anonymous reader writes "The University of Nicosia has begun accepting bitcoins as payment for its courses, as well as launching a Master of Science degree focusing on digital currencies. The announcement is part of a proposal set up by the university to develop the Mediterranean island into a hub for bitcoin trading, processing and banking, as use of the virtual currency continues to gain traction." Warning: Auto-playing ad, with sound.
It was good advice at the time. The chances of it being so successful were rather slim.
The jury is still out on long term viability. BTC is just barely starting to make the transition from tech elite plaything to something a wider audience finds utility in. There is a lot of hype and a lot of fiat money being poured into BTC right now, but telling if something is ramping up or a bubble is difficult. After all, tulips were a great investment too, till they crashed. On the other hand, things like credit cards, where people were skeptical that they would ever be mainstream and anything other then a passing fad have found a permeant and profitable place in the economy.
So still too soon to tell.
Normally I'd respond with snark about tulips and CROX, but Cyprus is a financial post-apocalyptic wasteland where neither the people nor the institutions trust the kleftes, the bankers and the Russians who now run the smoldering remains of the bank. Plus, Cyprus has been in corralito since the meltdown, which effectively means the Cypriot Euro is worth less than the EU Euro, since the two are not functionally interchangeable across the capital control lines. In Cyprus, Bitcoins actually make sense for all parties to a transaction, because nothing else is safe (Cyprus even lost its gold during the meltdown).
Seriously when will people recognise it's just a ponzi scheme and not a real currency. It's not real because you can't buy things with it (TFA must be a lie because I know bitcoin is not a real currency). I can't pay my taxes with it, just like Euros, and frankly they even sound fake. And it's not recognised by any governments. I don't trust the recent article about the US government and bitcoin because governments lie.
It's not a real currency!!!
Please can we see an end to the "it's not a real currency" posts. It's money and you can buy stuff with it. The end.
SJW n. One who posts facts.
http://en.wikipedia.org/wiki/University_of_Cyprus
This is a "close cover before striking" diploma mill in the middle of the Mediterranean Sea. Taking BitCoin is just out of a desire to avoid the costs of getting money into/out of Cyprus which is in serious trouble. Looking at their website though proves that it's all Greek to me...
"File to fit, pound to insert, paint to match" - Aircraft Maintenance 101
Given how unstable this "currency" has been in the recent past, how can anyone set price points without needing hourly updates to make sure they get a consistent payment?
Right now it's valued at $730, 2 weeks ago it was $200 and a few months ago it crashed.
You cannot run a business with currencies this volatile.
MABASPLOOM!
Neither is a ponzi scheme:
Wikipedia: "A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation."
This is what Madoff did exactly. He got new investors, skimmed money, and paid off other investors to make it look like money was being earned.
Bitcoin (or any national currency) doesn't fit the definition in any way. If you want to argue that Bitcoin is a scam then do it with facts, but arguing that it's a "ponzi" scheme is an attempt to scare with loaded words and it's a fallacy.