Bitcoin breaks $200

guerilla said:
The Soviet Union had a similar problem. Because they had no internal economy for pricing, they would copy the price structures of Hong Kong and the US so they could do economic calculation.

In Japan, things are priced in Yen. In America, things are priced in Dollars. In India, Rupees etc etc.

No one is pricing in BTC. They are converting the local currency into BTC.
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And no one is pricing in BTC because pricing something in a currency requires a decent amount of stability, right?
 


As a product seller, the only way I would want to use BTC to sell things right now would be if a merchant service (like BitPay) could do all of the following

- Price the item in USD, show the buyer how much BTC this is at the moment of purchase.
- If the buyer uses USD to buy then his USD is instantly converted to the right amount of BTC. If he's paying in BTC then no need to convert.
- Then, in the same instant of the purchase the BTC is given to the seller and converted right back into USD for him - Instantly.

The advantage to the buyer is anonymity of purchase. The advantage to the seller is no charge-backs, no refunds, no 'unauthorized purchase' scams, etc.
 
dchuk said:
And no one is pricing in BTC because pricing something in a currency requires a decent amount of stability, right?
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Stability, confidence, familiarity etc.

We all know a Coke say, should be $1. We know that next week it will probably still be $1. We have no idea what it will cost in BTC in 2 days.

That sort of confidence and knowledge is ESSENTIAL to a functioning economy.

The crazy thing is, people argue for BTC re: the FED manipulating the purchasing power of the USD, and yet rejoice that BTC purchasing power is hyperbolic.

And here is the other thing. These threads, all talk about BTC relative to USD. People buying BTC right now aren't buying it to spend, they are buying it to cash out to the evil USD...

This is a mania. If you can make money in it, great. But if you think it validates BTC, then you're fucking nuts.
 
guerilla said:
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Appreciate the response. Hope all is well.
 
i want ot know whow many btcs lukep has, as imo he was only making threas but didnt gather too many - just liek with thailand threads and other 'go out of usa banks' ones :)


PS> no hate lukep just pure love :*
 
And here is the other thing. These threads, all talk about BTC relative to USD. People buying BTC right now aren't buying it to spend, they are buying it to cash out to the evil USD...
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Exactly. This demand isn't for BTC as a currency, it's for BTC as a commodity. And as a commodity it's HIGHLY unstable (not to mention the fact that it has no objective value in the way that other commodities do). The exchanges make money on the way up and the way down, but to make money on this as an individual you have to speculate on the future of BTC. If you think you have that locked down, you're deluding yourself.

Sell, sell, sell.
 
Fuck it, I just applied to a processor. I'm gonna start taking BitCoin payments at my online store. I will only however deal with places that wire me daily. I'll also be very careful introducing it, but it sounds like good link bait, a tiny competitive advantage if I can work it out, and small risk (I'll limit the sales on bitcoin and only increase as I see profit in USD in my bank)
 
greenleaves said:
Fuck it, I just applied to a processor. I'm gonna start taking BitCoin payments at my online store. I will only however deal with places that wire me daily. I'll also be very careful introducing it, but it sounds like good link bait, a tiny competitive advantage if I can work it out, and small risk (I'll limit the sales on bitcoin and only increase as I see profit in USD in my bank)
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bitpay can give you all usd, or usd / btc split. the choice is up to you.
 
igl00 said:
i want ot know whow many btcs lukep has, as imo he was only making threas but didnt gather too many - just liek with thailand threads and other 'go out of usa banks' ones :)


PS> no hate lukep just pure love :*
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guerilla said:
We all know a Coke say, should be $1. We know that next week it will probably still be $1. We have no idea what it will cost in BTC in 2 days.
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That's exactly why I stopped visiting The Road.
 
the bitcoin naysayers where here since 70 on that other thread, and they migrated to this one.

guerilla, you remind me of the smart people that are bearish on stocks. they are often well educated with large knowledge of economics and policy yet have been on the wrong side of the bull market since 2009. People like Gerald Celente, Roubini, Hussman, and Peter Schiff, for example. Sometimes you have to break free the cocoon of your own preconceptions and be open to things that may fly in the face of the logic your otherwise accustomed to. The rules of the game can change and if your mind isn't open you miss out. Often there are subtleties that belie your convictions.
 
cpauser said:
the bitcoin naysayers where here since 70 on that other thread, and they migrated to this one.

guerilla, you remind me of the smart people that are bearish on stocks. they are often well educated with large knowledge of economics and policy yet have been on the wrong side of the bull market since 2009. People like Gerald Celente, Roubini, Hussman, and Peter Schiff, for example. Sometimes you have to break free the cocoon of your own preconceptions and be open to things that may fly in the face of the logic your otherwise accustomed to. The rules of the game can change and if your mind isn't open you miss out. Often there are subtleties that belie your convictions.
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You should read Fooled By Randomness
 
cpauser said:
the bitcoin naysayers where here since 70 on that other thread, and they migrated to this one.

guerilla, you remind me of the smart people that are bearish on stocks. they are often well educated with large knowledge of economics and policy yet have been on the wrong side of the bull market since 2009. People like Gerald Celente, Roubini, Hussman, and Peter Schiff, for example. Sometimes you have to break free the cocoon of your own preconceptions and be open to things that may fly in the face of the logic your otherwise accustomed to. The rules of the game can change and if your mind isn't open you miss out. Often there are subtleties that belie your convictions.
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damn nigga bitcoiners getting all intellectual rite now
 
cpauser said:
Sometimes you have to break free the cocoon of your own preconceptions and be open to things that may fly in the face of the logic your otherwise accustomed to. The rules of the game can change and if your mind isn't open you miss out. Often there are subtleties that belie your convictions.
Click to expand...

95ctweu.png
 
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cpauser said:
the bitcoin naysayers where here since 70 on that other thread, and they migrated to this one.

guerilla, you remind me of the smart people that are bearish on stocks. they are often well educated with large knowledge of economics and policy yet have been on the wrong side of the bull market since 2009. People like Gerald Celente, Roubini, Hussman, and Peter Schiff, for example. Sometimes you have to break free the cocoon of your own preconceptions and be open to things that may fly in the face of the logic your otherwise accustomed to. The rules of the game can change and if your mind isn't open you miss out. Often there are subtleties that belie your convictions.
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Granted rules of the game change, but more often than not fundamentals always end up as the driver of price, in commodities, in currencies, in stocks, in homes and in the end in bitcoins, no reliable or respected currency doubles in 8 days or has moves of 25% in a day
 
It is hard for me to believe that pro-bitcoiners see the extreme fluctuations as a positive thing towards bitcoin's future. It only leads to improper use of a currency; hoarding vs spending. There is a lot of speculation on its integration into the web or offline, but if that integration doesn't happen, you can bet things will tumble.
 
SHGDigitalMedia said:
Granted rules of the game change, but more often than not fundamentals always end up as the driver of price, in commodities, in currencies, in stocks, in homes and in the end in bitcoins, no reliable or respected currency doubles in 8 days or has moves of 25% in a day
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but there could be good reasons for this rally that may only be obvious years from now.

bitcoincharts.com is down..server overload . Mtgox is also inundated with inflows
 
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