No, totally the opposite

Most speculators are out, some after wasting money on mining and/or trading (like Hondaracer is about to do)

Meanwhile, it's becoming more and more legitimate. Paypal, Microsoft, etc

This is like people who bought a computer in the 80's and got rid of it because it was too confusing. Early on, it wasn't ready for the mainstream. But that didn't mean it wouldn't eventually become such a huge part of everyone's lives.

If companies that accepted bitcoin had to hold them for 7 days do you think and company would accept them. Also why would anyone pay by bitcoin if you could just whip out a credit card.


Check out this video.

Where did bitcoin go wrong? - Video - Technology

First of all, credit cards have an inherent cost of 3-5% that the merchant has to eat. Bitcoin works better than credit card for small transactions under $5, which is perfect for small digital purchases like apps, songs, etc.

For bigger purchases, bitcoin is more secure because payments can't be reversed. And again, the fee works out to about 0.01% for most of these transfers.

Not sure what you're talking about with regards to holding for 7 days.

It's really complicated right now, which is why "any company" isn't accepting them. Once Paypal flips that switch though, you'll see a lot more adoption. Bitcoin is not the most convenient or the best way to spend money online right now. But everything about it suggests that it absolutely will be the way purchases and transfers are done in the future.

It's not 3-5%. It's less. Companies that except bit coin sell them right away. If they had to hold them for 7 days no one would except them because the prices change so much. It also shows that companies don't think the currency has any long term value. It's a pain in the a$$ right now for a person to buy bitcoins and use them compared to using paypal or a credit card.

i was watching news a few weeks ago & they said it was dying

It's at least 3%, usually with a flat $0.30 or so tacked on. So if you want to sell something like a song for $1, you actually only get $0.67. That doesn't sound like a lot, but if you are counting on a lot of volume, it's ridiculous. Say you do 100K in sales of a song or an app - that means you are paying $33,000 in fees. With bitcoin, the fees would be about $10.

Companies that "accept" bitcoin can sell them or keep them right away, depending on preference. That doesn't show that "there's no long term value". (the fact that they're accepting it at all indicates the opposite). What it shows is that they have to buy products in a currency other than bitcoin and thus need to liquidate income at the rate they charge immediately. The same thing happens when you sell something in USD but the buyer spends in CAD. You have to give that rate right away, and convert it back immediately. Otherwise you may lose out on currency fluctuations. Also note that there are ridiculous fees for both the buy AND the seller when different currencies are used in addition to the credit card processing fees..

Yes, like I said, it's a pain in the ass to buy bitcoin. Just like it was a pain in the ass to get on the internet before AOL and ISPs existed.

During those times, if you wanted to show your mom in Toronto what your christmas tree looked like, you would have to take a photo, go to the store and have it developed, wait a few days and pick it up, paying $5-10 or whatever. Then you would have to put it in an envelope, walk to the post office, buy a stamp, pay $0.33 or whatever, and wait a few days for them to receive it. Now you can just take a picture of it with your phone, and immediately send it to them via email or instant messenger - or even stream it live.

We'll be looking at banks and credit cards the same way 10 years from now.

It depends on the size of your company and If the purchase is online or in person. Our rate is 1.7%. Paypal Charges 2.9% plus 30 cents and I think it will be the same rate they will charge for bitcoins.

Vault of Satoshi is closing down.

Looking for a trustworthy, well-known member who is wanting to sell... PM me!

Which atm machines have the best rate? I used to go to indus vapes on joyce for 0.5 but they changed it to 5% and is now closed!!! My back up place is Steamrollers but its so far in downtown whaaaa

Anybody still interested in this?

I've been getting into Ethereum too and it seems to have a lot more potential than Bitcoin at the moment.

Ethereum can do everything Bitcoin can, but it also has its own programming language built into their version of the blockchain, so the vision is to eventually become a platform for the next generation of websites and computer hardware.

A lot of giant corporations like Microsoft and Intel have expressed their interest in Ethereum -- Big Corporates Unite for Launch of Enterprise Ethereum Alliance - CoinDesk . It's fascinating stuff and the development is happening very rapidly. I highly encourage all of you to keep up to date with the Blockchain technology because the value it brings will inevitably be baked into all the "internet of things" devices of the future.

Keep up to date:
http://coindesk.com
http://cointelegraph.com
http://ethersummary.info
http://ethnews.com
http://reddit.com/r/ethereum
http://reddit.com/r/bitcoin

since this thread is bumped.

its 2017 now. speculator still rules the bitcoin market. Mining has long been a lost cause. People still trade bitcoin with other fiat currency more than actually spent it on legitimate purchases.

ofc its not just skinnypupp thats supporting the legitimacy of btc as a currency. Supporters has been saying this from the the very beginning.

the price of bitcoin has more than double since 2014 of course the price fluctuate and isn't stable. In the same amount of time BTC did not get easier buy or to exchange for goods and other currency. Everybody has heard of bitcoin at this point. We all know someone that has dabble in bitcoin whether its trading, mining or being an international criminal but how many of us actually know someone that has purchase legitimate things with bitcoin and find that a pleasure experience that they look forward to doing again?

And at the rate its going why would any go and spent it when it could double again in 2 years? at the same time it could also crash all the way down again.

the volatility and ease of manipulation by big players make btc at least at this moment a trader's game…


and how about the elephant in the room. Satoshi Nakamoto, the anonymous creator that has something like 7-10% of btc. we still don't know any more about Satoshi than we did when btc first appeared. What are his intentions, what is he going to do with his btc? with the amount he has he could easily manipulate the price however he wants.

China is one of the frontier in BTC technology and they are focusing almost all their startup capital and energy on creating more exchanges and technology focus around trading rather than real world usage.

I just want to pick everybody's brain how can btc become a legitimate currency with its many problem, some are flaw that are fundamental to how btc works.

You made some valid points about the overall adoption rate of BTC since half a year ago. BTC is still relatively obscure, and it casts an evangelical light on whoever speaks of it positively in public. I think the reason why BTC is still not widely adopted, and it’s moving at a slower pace than what most of us expects, is because it has to do with money in the traditional sense.

It’s a battle between the rich and the new rich. Bitcoin has a utility, however it’s reliant on the network effect. The more people that use it, the more useful it becomes, the richer the people who use it become. So it’s almost inevitable – perhaps not with Bitcoin itself, but with the underlying Blockchain technology.

Now, having said that, I turn your attention towards Ethereum. I’ve been following the Crypto space since early 2013, and I’ve been up to date on most of the Alternative ‘Coins.’ Ethereum was the only one I didn’t immediately dismiss upon reading about it. Ethereum is extremely unique in its approach to the Blockchain game.

First, and perhaps most important of all, Ethereum has baked inside of its core a relatively simple programming language (that’s similar to Javascript/Python depending on which version you choose) that allows developers to create a sort of distributed Apps on top of the chain. And basing success on past lessons, platforms that allowed easy creation from 3rd party developers usually win over time. The law of large numbers promises that a ‘Netflix’, ‘AirBnB’, ‘Uber’ of the internet age is just around the corner for Blockchain platforms.

Imagine a world where Tesla cars can automatically earn you income by locking its AI Self-Driving cars into an Ethereum blockchain. Because Ethereum is Turing-complete, you can download a ‘smart contract’ and connect that software to your Tesla to begin its job as an ‘Uber’ auto-money-maker 24/7.

The potential..!! Fascinating

Can someone Eli5: ETH? and its potential.

that feel when your co worker said invest in bitcoin back in 2014.... had $10,000 to invest around and he suggested that at $30 per coin

im crying in inside right now

1 BTC is going for anywhere from 1180-1220 right now :lol

USD

There was a one week period where I was in da game where it went from $25 to $1000 I think it was.

Made a nice little profit and got out at a decent time, the problem was not dropping s but more money into it lol

When your wallet is 9years old and think you had bitcoin lying around...

Mfw it's 0 :okay:

like the millions... i was skeptical about it.... like how will this grow? no one thought about it growing in the past :alone:

Better than me... I forgot my password and have one or two btc https://www.revscene.net/forums/imag...ukiddingme.png

that was the problem with all the encryption security etc. if u didnt take pics of that shit or write it down 100% secure spot, it would be almost impossible to recover them

Quick ELI5: Ethereum is a magical computer that lives in the clouds which will not and cannot be shut off. Anyone can build applications into this computer and anyone can interact with these applications.


Long ELI10:

I took the bit below from What is Ethereum? | Ethereum News Summarized but I'll also add some of my own insight:

"Today, our personal data, passwords and financial information are all largely stored on other people’s computers - in clouds and servers owned by companies like Amazon, Facebook or Google. While bitcoin aims to disrupt PayPal and online banking, ethereum has the goal of using a blockchain to replace internet third parties - those that store data, transfer mortgages and keep track of complex financial instruments."

This is a very important distinction between Bitcoin and Ethereum because they aren't necessarily competitors. Although Ethereum can be sent around as currency and can be a store of value, Bitcoin is already dominant in this space because of the first-movers advantage. Furthermore, Ethereum wasn't built to just be a Bitcoin clone with nominal improvements. Instead, it was built to be a platform for developers to build distributed apps.

"Scrolling through a typical app store, for example, you’ll see a variety of colorful squares representing everything from banking to fitness to messaging apps. These apps rely on the company to store your credit card information, purchasing history and other personal data - somewhere, generally in servers controlled by third-parties.

The idea is that one entity will no longer have control over your notes and that no one could suddenly ban the app itself, temporarily taking all of your notebooks offline. Although the apps appear to be possible, it’s unclear which blockchain applications will actually prove useful, secure, or scalable, and if they will ever be as convenient to use as the apps we use today."

This is essentially the vision for Ethereum. To eventually have developers who build on top of the platform where each application can now talk to each other seamlessly without huge obstacles. And the applications that will be built cannot really be imagined today as this is just such a paradigm shifting technology that it will need a lot of time to refine itself.

Were any of you privy to the fact that Uber/AirBnB/Netflix would one day rise from that dial-up black magic tone making device from the 90s? It seems to common sense and natural today for these types of semi-peer2peer businesses to pop up but it was a huge obstacle back then.

The internet of things will be a huge deal soon and it will usher in the future we've only imagined of from cartoons. The ability for each of your hardware device to monitor their value in real time and only charge you for exactly what you use will finally be possible.

Mark my words that Cryptoeconomics will be taught in schools within our lifetime.

I will swap some BTC to ETH and follow along. Found some BTC, LTC, Dogecoin in my wallet still lol

How much ethereum are you going to buy?