[Chugalug] Chugalug Digest, Vol 14, Issue 36

Stephen Kraus ub3ratl4sf00 at gmail.com
Fri Sep 6 13:52:30 UTC 2013


John, that means either: Butterfly has no faith in Bitcoins OR they cannot
purchase their supplies with Bitcoins.

It just further proves why Bitcoin is only worth something to someone who
can change bitcoins into an actual physical currency.

Butterfly Labs wants ONLY USD. Whether or not a third party can do the
exchange for you does not change that they see no inherent value in
accepting bitcoins directly.


On Fri, Sep 6, 2013 at 9:46 AM, John Aldrich <jmaldrich at yahoo.com> wrote:

> Quoting Mike Robinson <miker at sundialservices.com>:
> [mega-snip]
>
>> The "scam" issue arises from, not any technical fault of bitcoin  per-se,
>> but rather of human nature:  "money for nothing."  People  can be and are
>> persuaded to pay $5,000 USD for, literally, "a  money-making machine."  The
>> system is based on "trust," basically in  the complexity of a computer
>> algorithm and on "one another" (most of  whom are people you have never met
>> and never will), yet it lacks  recourse.  Thus, the perception that "this
>> IS a nugget of gold" can  be fostered, and, having thus been fostered, it
>> can and therefore  will be abused.  The one sure-fire way to turn a bitcoin
>> into a  fungible unit of currency is to build and to sell a money-machine
>>  for $5,000.  (I don't see them saying that you can pay for 'em in
>>  bitcoin.)
>>
>>  Technically, you are correct. You cannot **DIRECTLY** pay for a Monarch
> or other Bitcoin mining device in Bitcoins. However they have a 3rd-party
> who will exchange your Bitcoins for $USD and allow you to purchase from
> Butterfly Labs using your Bitcoins. Likely for a small exchange fee.
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