[Chugalug] More on Bitcoin:

Lynn Dixon boodaddy at gmail.com
Thu Aug 22 18:07:54 UTC 2013


Chad,
I am not sure how this relates?  You bought a product using an exchange
service.  You exchanged your USD for EUR.  I can do that all day long with
my BTC.

www.mtgox.com

www.coinbase.com

www.campbx.com

Those are just a few.  There are even Bitcoin ATM's being produced.  What
would you have done if that vendor did not accept Paypal?  You would have
had to go and buy EUR somewhere else.

Whe  I buy using BTC, I don';t have to have an antique debit card.  I can
use my phone, scan a barcode, use NFC, or enter their address.  This
argument seems invalid as you are trying to discredit bitcoin because you
cant swipe an old debit card?



On Thu, Aug 22, 2013 at 2:01 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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