Posted on 05/22/2017 12:09:28 PM PDT by Enlightened1
1 Bitcoin equals 2251.00 U.S. dollars, and 1 ounce of Gold is 1.260.85 U.S. dollars.
https://www.google.com/search?client=opera&q=bitcoin+price&sourceid=opera&ie=UTF-8&oe=UTF-8
and
http://goldprice.org/live-gold-price.html
How is that bit coin is more valuable than gold?
(Excerpt) Read more at google.com ...
One of the (many) factors that are influencing the current spike in BTC price is the fact that Japan has recognised BTC as legal tender. Expect your local 7-11 in Tokyo to start accepting BTC soon.
I doubt it. Just because they say it’s legal tender doesn’t anybody’s gonna take it. Try to use a $100 to buy a pack of gum.
Some recent progress towards BTC POS sytems..
http://www.coindesk.com/information/bitcoin-retail-pos-systems/
Big takeaway: It is a ‘chicken and egg’ thing.
We’ve had currency outside of government pretty much forever. What do you think airline miles are? Smokers should remember Camel Cash and Marlboro Miles. S&H Greenstamps anybody.
Not really. The big thing it’s waiting on is for multibillion dollar companies to decide they actually can extract money out of it, and the money they can get is worth the effort. Until then it’s just a cute little sideline.
Bitcoin sounds like something conceived by Bernie Madoff in the joint. And Tony Soprano would give the Bitcoin franchise to Paulie and Christopher.
Oh, bitcoin. That the internet currency the government can’t control at all, and the government is cool with it. Got it.
Wish I had gotten in at the beginning. Didn’t have time to at the time.
I don’t know about any 7-11s but right next door to the 7-11 may be an ATM....
https://coinatmradar.com/bitcoin-atm-near-me/
Put in your city. I bet you will be surprised.
Well, there too, the Bitcoin mining thing is something else I don’t quite get. But understand the concept that there is a finite quantity of Bitcoin .
Nobody in Tucson. Liquor stores and smoke shops in Phoenix. With my favorite being Hacker Accounting.
So far it’s still just a toy. Maybe someday it won’t be. Don’t hold your breath.
Bitcoin will fail in a matter of years if not sooner.
Right now we’re in the middle of a crypto-currency bubble.
A huge threat is hackers breaking in and stealing account code information. Too many exchanges have gone bankrupt because they were hacked & cleaned out. MT Gox is a perfect example.
Also, you have to think about governments who view this type of currency as a competition to the national currencies. Right now Florida is penning legislation that will make use of bitcoin equivalent to money laundering.
So what can you do with your Green Stamps now?
Same thing with bitcoin. No intrinsic value.
The only things in this world that have intrinsic value are things you can eat and use to survive. And because they have intrinsic value they are intrinsically terrible as money. Money needs to be useless for anything but money, otherwise you wind up using it up. Money gets value by the masses agreeing to pretend.
I can own a stock, which is a share of the revenue stream of a company. I can own a dollar, which is a share of the revenue stream of the taxes from producers.
When I own a bitcoin, what do I own? A hope someone buy it from me.
Go trade in your Green Stamps. You might be able to sell it as a collectors item
And that stock is worth no more than what somebody else is willing to buy it from you, or if the company is feeling generous and pays out dividends.
And no that dollar actually has NOTHING to do with the revenue stream of the producer. All a dollar is is a piece of paper with symbols on it that most of the world is willing to trade for goods and services.
For most purposes bitcoins are like stocks. If somebody is willing to buy it from you it has that value, if they aren’t it doesn’t. There’s also the theory of using it like money, but so far that still hasn’t gained traction.
My mom still has crap she bought with Green Stamps. They were an effective alternate currency in this country for decades.
That being the case, why should any business accept the Bitcoin in exchange for their goods or services?
Series on one of the Directv channels called “Dark Net” talked about Bitcoin a while back - there are apparently “miners” all over the world on the internet, including China, who handle the transactions involving bitcoin - taking orders from those who are trying to exchange in bitcoins and making sure the other end of the trade has adequate financing available in bitcoin - they make money by handling as many trades as possible and getting a cut of the action - all very complicated and more than a bit risky....
One EMP event and all that bitcoin wealth goes bye-bye.
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