[Chugalug] More on Bitcoin:

Randy Yates lpcustom at gmail.com
Thu Aug 22 18:05:50 UTC 2013


http://www.coindesk.com/bitcoin-debit-card-ibtcard-will-offer-lower-processing-fees-for-merchants/

It's coming :)


On Thu, Aug 22, 2013 at 2:03 PM, Chad Smith <chad78 at gmail.com> wrote:

> *sigh* no one ever pays me in Gum!
>
> *- Chad W. Smith*
>
>
> On Thu, Aug 22, 2013 at 1:01 PM, Chad Smith <chad78 at gmail.com> wrote:
>
>> You could buy lunch with Pesos if you're Pesos were in the bank and you
>> had a debit card that automatically converted for you (like I paid for
>> software in Euros yesterday through PayPal without ever owning a Euro in my
>> life).  The same cannot be said for BitCoins - or POGs - or Beanie Babies -
>> or Baseball cards - or Star Wars action figures - or Yugioh cards - or
>> Pokemon - or Level 80 WoW characters...
>>
>> All of those things have some value to some people - and they will gladly
>> trade with you for them - but they are not actual currency.  You can't take
>> your comic book collection to the bank and ask them to give you the
>> equivalence in Pounds Sterling.
>>
>> *- Chad W. Smith*
>>
>>
>> On Thu, Aug 22, 2013 at 12:55 PM, Lynn Dixon <boodaddy at gmail.com> wrote:
>>
>>> Chris,
>>> This is an excellent point! Peso are a "world recognized currency", but
>>> yet, I can't buy my lunch with Pesos.  Well I probably could here in Dalton
>>> (local yocals will get that joke), but in Benton, probably not.
>>>
>>>
>>> On Thu, Aug 22, 2013 at 1:37 PM, Chris Mowery <cmowery at gmail.com> wrote:
>>>
>>>> If you take pesos to a gas station, do they take those?
>>>>
>>>>
>>>> On Thursday, August 22, 2013, Stephen Kraus wrote:
>>>>
>>>>> Lynn.
>>>>>
>>>>> Doesn't matter. Its still a fiat currency and non-negotiable at any
>>>>> major retailer that cannot convert it to cash.
>>>>>
>>>>> Its like you went to the arcade and cashed in for some tokens and
>>>>> expect everyone to accept them because of the value the arcade places on
>>>>> the token
>>>>> On Aug 22, 2013 1:32 PM, "Stephen Kraus" <ub3ratl4sf00 at gmail.com>
>>>>> wrote:
>>>>>
>>>>> Go to a gas station. Right now. Pay for gas and a soda with bitcoins.
>>>>>
>>>>> Don't take out your credit card. Don't use cash. Use bitcoins.
>>>>>
>>>>> Why can't you? Because they don't understand its value?
>>>>>
>>>>> I could say I have sea shells. I believe they have some value to me,
>>>>> but people don't understand their value, so I can't use them to pay for
>>>>> products immediately. But maybe I can trade someone else who values sea
>>>>> shells in trade for cash. Suddenly my sea shells have worth, despite the
>>>>> apparent lack of actual value as a wide currency.
>>>>>
>>>>> But that does not mean I can magically declare the major currency
>>>>> accepted globally as dead becauwe my sea shells hava negotiable value among
>>>>> a select group
>>>>> On Aug 22, 2013 1:26 PM, "Tyler Mittan" <flashbatmanquestion at gmail.com>
>>>>> wrote:
>>>>>
>>>>> Randy and Lynn are right on.
>>>>>
>>>>> The more important part of this is that we ought to have competing
>>>>> currencies to keep whomever the issuers are honest. No one wants bad money.
>>>>> This criticism of no one taking Bitcoins is totally off base. First, not
>>>>> everyone knows about bitcoins or how it works. Secondly, the dollar is
>>>>> propped up for two reasons.. People have to use dollars because that's what
>>>>> the government forces banks to accept and because people think the
>>>>> government's handling of the money supply us trustworthy because most
>>>>> people don't understand the political motive to devalue currency
>>>>> On Aug 22, 2013 1:19 PM, "Stephen Kraus" <ub3ratl4sf00 at gmail.com>
>>>>> wrote:
>>>>>
>>>>> Lynn, while you may MAKE money off bitcoins, the value of the traded
>>>>> bitcoins and the inherint value you get from them is.....in dollars.
>>>>>
>>>>> While some (very few) retailers may accept bitcoin, even their
>>>>> expectation is to either gain more bitcoins which they can then launder
>>>>> into dollars or exchange them as well for another service, but even THAT
>>>>> service expects the value of the bitcoins they pay to transfer to dollars
>>>>> somehow.
>>>>>
>>>>> Until you can go to a local grocer or gas station and directly pay
>>>>> with bitcoins, its going to remain a neat, yet niche idea.
>>>>> On Aug 22, 2013 1:15 PM, "Lynn Dixon" <boodaddy at gmail.com> wrote:
>>>>>
>>>>> Chad,
>>>>> I disagree.  Bitcoins are just like anything, the value of it is
>>>>> determined by the demand/supply for it.  The supply is very fixed by the
>>>>> network, and cannot be manipulated.  Therefore the value is directly linked
>>>>> to the demand of the currency.
>>>>>
>>>>> The exception with Bitcoin is that people are actually using as a
>>>>> medium of exchange for goods, services, and even currency exchange.  I use
>>>>> it for all 3 of these.  I don't think people used POGs as a medium of
>>>>> exchange.
>>>>>
>>>>>
>>>>> On Thu, Aug 22, 2013 at 12:52 PM, Chad Smith <chad78 at gmail.com> wrote:
>>>>>
>>>>> It's like POGs.
>>>>>
>>>>> Remember POGs?
>>>>>
>>>>> BitCoins are like POGs.  Really, in and of themselves, that have
>>>>> absolutely no value.  But, for a while in the 90s, some people got RICH off
>>>>> of POGs.  Why?  Because they were able to convince people they needed to
>>>>> have them.
>>>>>
>>>>> People bought into it - and some of *those *people also got rich -
>>>>> because they collected and traded and sold them.
>>>>>
>>>>> Eventually, it all came crashing down, because it is very hard to keep
>>>>> convincing people they need to spend actually real-world money on little
>>>>> cardboard discs.
>>>>>
>>>>> BitCoin is POGs for the Twenty-Teens Tech Geek.  It won't last.  But
>>>>> there will be people who make
>>>>>
>>>>>
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