Bitcoin breaks $200

Djshorty89 said:
Are there any laws for touting bitcoins? For instance, what would happen if someone were to do a fake press release saying a new Bitcoin ATM was being setup, Amazon now accepts Bitcoins, or some other story that would send Bitcoin demand soaring.

1. Buy Bitcoins
2. Fake Press Release
3. ????
4. Profit
5. SEC rapes you in the ass?
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It could happen to some degree, if the press release can't be verified like Amazon accepting bitcoins. Or if its quickly countered then it couldn't make much of a impact, since the major news outlet wouldn't cover it. As for the SEC, I don't think they have jurisdiction over bitcoins
 


Honest question: doesn't this insane price volatility actually work against the goal of merchant adoption of bitcoins? If you were trying to sell anything right now while accepting bitcoins you'd basically have to rig up a live pricing system based on the current trading price of the coins so you don't end up getting fucked right?
 
dchuk said:
Honest question: doesn't this insane price volatility actually work against the goal of merchant adoption of bitcoins? If you were trying to sell anything right now while accepting bitcoins you'd basically have to rig up a live pricing system based on the current trading price of the coins so you don't end up getting fucked right?
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Bitpay takes care of that:

https://bitpay.com/invoice?id=9EdfGabm-1QZ3h7ORc6cgtYSLBkhHp4WFHGffvOmPk4=

You'll need to access that link within 15 minutes of this post to get the price I got.
 
Interesting Bitcoin article.

“A dollar bill lays claim to no stream of future earnings, yet nobody says there's a ‘dollar bubble’ because somebody's willing to give you a candy bar for one,” he said.

“This even though a dollar is almost certain to buy you less in a few years than it does now. According to the Bureau of Labor Statistics, a 2013 dollar has one-tenth the purchasing power of the 1950 version.”

Bitcoins, in turn, have surged.

“This sounds like a good thing, but for a currency it's really not,” Mr. Fox said.

“An economy where bitcoins were the means of exchange would have experienced 98-per-cent deflation over the past year. No one would be able to repay any loans, or really do business at all. What we want out of a currency is not price appreciation but stability.”

As Mr. Fox put it, it “kind of makes your head hurt” to think about it.

Bitcoins have no “intrinsic value” as an asset, though they’ve climbed too sharply to be used as money.
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Digital currency Bitcoin surges through $200 mark - The Globe and Mail
 
Code: 
Start_rate	End_rate	#_of_days	Dates
$3.125		$6.25		194	2011-12-01 to 2012-06-15
$6.25		$12.5		163	2012-06-15 to 2012-11-25
$12.5		$25		79	2012-11-25 to 2013-02-12
$25		$50		30	2013-02-12 to 2013-03-18
$50		$100		14	2013-03-18 to 2013-04-01
$100		$200		8	2013-04-01 to 2013-04-09

4 days to $400
6 days to $800
7 days to $1600
7 days 12 hours to $3200
7 days 18 hours to $6400
7 days 21 hours days to $12800

So we have one week before the crash.
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https://bitcointalk.org/index.php?topic=171312.20

Interesting theory.
 
productionhead said:
In terms of BTC, yes. But the amount they pay in USD is static.
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As a merchant, that seems like a nightmarish headache for both merchant and consumer to be honest. (Not arguing with you by the way, I'm admittedly ignorant about bitcoins and as someone who sells something for a living I'm curious about the transaction implications of something tech savvy people have growing interest in)
 
dchuk said:
As a merchant, that seems like a nightmarish headache for both merchant and consumer to be honest. (Not arguing with you by the way, I'm admittedly ignorant about bitcoins and as someone who sells something for a living I'm curious about the transaction implications of something tech savvy people have growing interest in)
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You clearly failed to read what bitpay is. It isn't a headache. Neither the merchant nor the payer have to know what the current price of bitcoins are in order to transact. It's probably good for the payer to know, but it's not necessary.
 
dchuk said:
As a merchant, that seems like a nightmarish headache for both merchant and consumer to be honest. (Not arguing with you by the way, I'm admittedly ignorant about bitcoins and as someone who sells something for a living I'm curious about the transaction implications of something tech savvy people have growing interest in)
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Why?

1) As a merchant, you price your shit in USD, and use a payment processor (bitpay) to convert your prices to Bitcoin automatically (on a fixed interval), and they pay YOU in USD so you have no currency risk at all. As a consequence, your processing fees are a couple % lower than CC and you have 0 chargeback or fraud risk. So you pass some of this savings on to the consumer and suddenly, shit is cheaper for the consumer when paying with bitcoin.

2) As a consumer, you buy with bitcoin, and replenish your bitcoin immediately by buying more with USD. This way you get a cheaper price from the merchant, and you get privacy from visa.

Check out how amagimetals.com does it, there is a bitcoin dropdown in the upper right.
 
samgeneric said:
You clearly failed to read what bitpay is. It isn't a headache. Neither the merchant nor the payer have to know what the current price of bitcoins are in order to transact. It's probably good for the payer to know, but it's not necessary.
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Why would anyone want to trade in bitcoins when the value is so unstable?

Why would a buyer pay in bitcoins when the value is skyrocketing?
Why would a seller accept bitcoins when the value could suddenly plummet?
 
samgeneric said:
You clearly failed to read what bitpay is. It isn't a headache. Neither the merchant nor the payer have to know what the current price of bitcoins are in order to transact. It's probably good for the payer to know, but it's not necessary.
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You clearly failed to read dchuk's post. He's commenting on the price fluctuations of BTC, not that both sides need to know the price of BTC.
 
dchuk said:
As a merchant, that seems like a nightmarish headache for both merchant and consumer to be honest. (Not arguing with you by the way, I'm admittedly ignorant about bitcoins and as someone who sells something for a living I'm curious about the transaction implications of something tech savvy people have growing interest in)
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I agree with dchuk. If a merchant has to constantly change their pricing live, it'll not be worth the headache. People will have to wait till the currency stops fluctuating in order to price out correctly their own services. I guess once hardcore assets get tied to this, then the price will stabilize. I didn't realize the value of a bitcoin was dependent on the current stock price.​
 
between the stock market, bitcoins, internet marketing, and housing market ppl are making shiloads of money. 9-5ers are missing out on the greatest wealth boom in human history (unless your a lawyer or CEO then stick with it lol).

Some good news (like netflix accepting bitcoin) can send this above $400 overnight
 
K-Noop said:
Why would anyone want to trade in bitcoins when the value is so unstable?

Why would a buyer pay in bitcoins when the value is skyrocketing?
Why would a seller accept bitcoins when the value could suddenly plummet?
Click to expand...

Goddamnit, you're an idiot, I quit.
 
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