Fixing the Paypal Problem with BitCoin

samgeneric

samgeneric

New member
Jul 26, 2009
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Deerfield Beach, FL
Has anybody on WickedFire considered accepting BitCoin in exchange for services? Might be a good idea since it removes Paypal's ability to fuck over Indians, and it allows you to hold money in a place where the govt can't get to it for as long as you want. Also exchange rates are tiny.

Anyhow, it's just an idea. We're all tech geeks, we should figure out how to support these Open Source communities... it's especially awesome when it saves us $$$$$$s.
 


I already accepted them and stopped accepting them. Every single signup used fake information and then used their hosting for spamming, warez, etc. I kind of figured that would happen, but decided to give it a shot and make sure I wasn't wrong. I wasn't.
 
sixthcutuan said:
Wasn't bitcoin hacked a while ago? It's also what many hackers use as currency.
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The BitCoin system wasn't "hacked", as no vulnerabilities in its implementation have been found so far. One of the exchanges, MtGox.com, had shitty security and had their database copied. Someone cracked the password hash from that DB dump and logged into an admin account on the site and tried to sell off 500k bitcoins, effectively crashing the price.
 
tdfxx said:
The BitCoin system wasn't "hacked", as no vulnerabilities in its implementation have been found so far. One of the exchanges, MtGox.com, had shitty security and had their database copied. Someone cracked the password hash from that DB dump and logged into an admin account on the site and tried to sell off 500k bitcoins, effectively crashing the price.
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Thanks for the correction. Well anyway, I hate the name "bitcoin".
 
I accept bitcoins on my Directory submission thread over in BST, I would love to accept them on some of my stores, however at the moment it’s not a commonly used payment method for the general public. The last thing I want is a potential customer getting to the check out seeing a “pay via bitcoins” option and leaving the site to google what a bitcoin is... I do mine for coins as they have there uses but untill a major network picks them as a payment gateway i feel it would push away sales.
 
morphy said:
More risky than the dollar.
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Exactly, even though the USD is slipping it's still backed by trust in the most powerful nation the world has ever seen and is used all over the world as a reserve currency vs bitcoin which is pretty much based on how powerful the current crop of ATI graphics cards are and how many drugs or assassinations you could buy on deepweb.
 
well besides all the stupid risks that come with bitcoins... who the hell wants to monitor the going rate for bitcoins? one day its 24$ the next day its 18$ etc etc. So everytime you paid someone you would always have to look at the rate. and btw can you pay someone in like 1.7 bit coins or something? it would become a big pain in the ass if you could only pay in increments of 1 bit coin.
 
you do realize that there's nothing behind bitcoin right? its worth nothing.

At least the US dollar is backed by the US government. Even if you don't trust it, they still have the power of taxation to reinforce its value.
 
erifdekciw said:
well besides all the stupid risks that come with bitcoins... who the hell wants to monitor the going rate for bitcoins? one day its 24$ the next day its 18$ etc etc. So everytime you paid someone you would always have to look at the rate. and btw can you pay someone in like 1.7 bit coins or something? it would become a big pain in the ass if you could only pay in increments of 1 bit coin.
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IIRC bitcoin can be split into millionths. So 1.7 is possible.
 
I am trying it out with my content thread on a small scale. It might work better in a more 1 to 1 situation. We'll see how it goes.
 
ayzo said:
Exactly, even though the USD is slipping it's still backed by trust in the most powerful nation the world has ever seen and is used all over the world as a reserve currency vs bitcoin which is pretty much based on how powerful the current crop of ATI graphics cards are and how many drugs or assassinations you could buy on deepweb.
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This! Bitcoin can never become a mainstream currency for several reasons that people still don't understand.

1) Not backed by a government
2) There is no underwriter
3) Will eventually get banned by US and World bank and since you can't convert a bitcoin into a USD or any other currency, the value will be zero.

Today everyone feels that bitcoin is gaining in value against the USD because its mainly used for black money transactions such as drugs, terrorist financing etc. The moment it can't be converted into USD or any other currency, no one can use it for anything. Who wants your fucking bitcoin if its can't be converted into real money.

Real money will always be a primary currency and just to remind, USD is ultimately pegged to GOLD. Thats the reason every country hold Gold reserves along with foreign currency reserves.

Although if u can get a buttloads of bitcoins and make some quick money, there is still some room for a quick hustle before the party is over.
 
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