Which is to say, if you're hoping that anything, including Bitcoin will lead to some insta-Utopia, you are misguided and likely to do something harmful.
Money and power will always lead to corruption. However, if you have a bitcoin, you keep a bitcoin and if you spend it, it's gone. With the dollar, the government prints them, robbing wealth from savings and gives them to the connected. It doesn't fix everything (or maybe even much) but it's an improvement.
Your argument is naive and immature. Really. Please try to understand a bit more about the issues before commenting further (Hint, the government enforces a monopoly on many of those so-called services).
The IRS expects taxes to be paid for "Payment in kind". I would expect that the author would have accounted for that in the story some how but based on his opinions about Bitcoin, perhaps not.
Inasmuch as there is any "inherent" value in anything (hint, there isn't), Bitcoin has its distributed irreversible transaction ledger. It may be worth a little more than you think.
You don't move the decimal, you merely allow finer divisions. If I can buy a coffee for a dollar and the US Govt suddenly introduced 1/10th cent coins (not gonna happen but bear with me), coffee would still be a dollar.
I am looking onward to an electronic currency, BitCoin, and others like it, are horrid.
It's interesting to see you saying that after displaying a near complete lack of understanding about how it actually works. Pay to have it exist? What relevance does mining costs have to anything?
I try not to be a fanboy. When I read about Bitcoin, I was excited by the possibilities it offered to so many, including people in your position.
If Bitcoin is too volatile for your business right now (and I can hardly blame you for feeling that way), there are ways to mitigate that (Bitpay and others) or you may just want to hold off.
And you are not a speculator but that is not really the issue. If you sold your gadget for 1BTC , worth $1000, the exchange rate drop (assuming you were holding bitcoins for that long) would have been to $500. If you were selling that item back when 1BTC was worth 100, you would have sold it for 10BTC and a similar drop to $50/BTC would have left the value of those BTC holdings at... $500
That is why it is the ratio that is important.
If you would have held on to those bitcoins, by the way, the amount you received for your gadget would currently be worth more than $5000.
The real question is can you feel confident in quantifying your risk and can you mitigate that exposure. You may consider immediate exchange to dollars and charging more to cover any increased expenses and risk. Unlike Visa, Bitcoin doesn't mind you doing that.
Bitcoins are currently divisible to 8 decimal places and could be divided further if needed. Lost bitcoins are not an issue, they just cease to participate in the economy.
Oh lose. For some reason I thought you were going to say gain.
Still, same point, Bitcoin has gained value over the course of the year. Volatile? Sure, the market cap is tiny. It's not staying that way though and the fluctuations are decreasing (as many of us expected) as it grows and it becomes harder to control large amounts of available capital.
Slashdot Mirror
That's a lot of words for "You misspelled 'rein'".
Unless they need it. Or the item can generate more value than waiting the extra time would be worth. Or a bunch of other reasons.
Which is to say, if you're hoping that anything, including Bitcoin will lead to some insta-Utopia, you are misguided and likely to do something harmful.
Money and power will always lead to corruption. However, if you have a bitcoin, you keep a bitcoin and if you spend it, it's gone. With the dollar, the government prints them, robbing wealth from savings and gives them to the connected. It doesn't fix everything (or maybe even much) but it's an improvement.
True. Did someone claim Bitcoin will solve all the ills of the world? I believe I must have missed that.
One who endorses state violence against others is not one who "would not wish any harm or hindrance to other people"
Your argument is naive and immature. Really. Please try to understand a bit more about the issues before commenting further (Hint, the government enforces a monopoly on many of those so-called services).
The IRS expects taxes to be paid for "Payment in kind". I would expect that the author would have accounted for that in the story some how but based on his opinions about Bitcoin, perhaps not.
The baby is not breathing and is oozing putrid fluids.
IMO, for stocks that don't actually pay dividends, it's actually true.
For stocks that don't have returns, your only incentive to buy is to resell for more later.
This makes them an excellent target for a bubble when government is printing huge amounts of money. Like right now.
I prefer "concordant"
Inasmuch as there is any "inherent" value in anything (hint, there isn't), Bitcoin has its distributed irreversible transaction ledger. It may be worth a little more than you think.
Oops. Didn't realize you were quoting. You might want to look into the <quote> tag
You don't move the decimal, you merely allow finer divisions. If I can buy a coffee for a dollar and the US Govt suddenly introduced 1/10th cent coins (not gonna happen but bear with me), coffee would still be a dollar.
I am looking onward to an electronic currency, BitCoin, and others like it, are horrid.
It's interesting to see you saying that after displaying a near complete lack of understanding about how it actually works. Pay to have it exist? What relevance does mining costs have to anything?
I tried buying a sandwich but I sneezed and then the flake was gone.
I think Richard Nixon stole it.
100 million.
Truly, bitcoins are very unevenly distributed.
The difference?
If you have a lot of dollars and spend some, the government gives you more.
Thought experiment:
Alice, Bob and Charlie constitute a complete economy, each have one T-dollar.
It is determined that there are not enough T-dollars for their growing economy, it is decided to increase the number of T-dollars by one.
What is the fair way to distribute this T-dollar?
Know how it happens currently?
The government gives that T-dollar to Charlie.
Every time.
You are not Charlie.
Wait, people won't spend their money because it will be worth more later or people won't take pay cuts because they think they're getting less.
Which is it? I'm confused.
Meh, don't bother answering, the speculation is pointless. Bitcoin don't care. It's either coming or it's not.
With deflation, it's difficult to get people to spend money because the "something valuable" will be cheaper if they buy it later.
Like computers. No wonder they failed so epically.
I try not to be a fanboy. When I read about Bitcoin, I was excited by the possibilities it offered to so many, including people in your position.
If Bitcoin is too volatile for your business right now (and I can hardly blame you for feeling that way), there are ways to mitigate that (Bitpay and others) or you may just want to hold off.
And you are not a speculator but that is not really the issue. If you sold your gadget for 1BTC , worth $1000, the exchange rate drop (assuming you were holding bitcoins for that long) would have been to $500. If you were selling that item back when 1BTC was worth 100, you would have sold it for 10BTC and a similar drop to $50/BTC would have left the value of those BTC holdings at... $500
That is why it is the ratio that is important.
If you would have held on to those bitcoins, by the way, the amount you received for your gadget would currently be worth more than $5000.
The real question is can you feel confident in quantifying your risk and can you mitigate that exposure. You may consider immediate exchange to dollars and charging more to cover any increased expenses and risk. Unlike Visa, Bitcoin doesn't mind you doing that.
Why would anyone care?
Bitcoins are currently divisible to 8 decimal places and could be divided further if needed. Lost bitcoins are not an issue, they just cease to participate in the economy.
Oh lose. For some reason I thought you were going to say gain.
Still, same point, Bitcoin has gained value over the course of the year. Volatile? Sure, the market cap is tiny. It's not staying that way though and the fluctuations are decreasing (as many of us expected) as it grows and it becomes harder to control large amounts of available capital.
1.2% of its value compared to what? Certainly not Bitcoin.