You can spend bitcoins at your local mall

CNN Money ^ | May 16, 2013 | Steve Hargreaves

[Errant]

Last week, bitcoin payment processor BitPay announced a deal with Gyft, a seven-month-old Google Ventures-backed software app that lets users buy and upload retail gift cards to Android-based smartphones.

The partnership will allow customers to use bitcoins to buy gift cards for stores such as Gap (GPS, Fortune 500), Lowe's (LOW, Fortune 500), Sephora, GameStop (GME, Fortune 500), Burger King (BKW) and over 200 other retailers.

While those stores won't handle the bitcoin transactions themselves -- that's done by Gyft and BitPay -- it brings the number of locations where customers can effectively pay with bitcoins from around 8,000 nationwide to over 50,000, according to BitPay co-founder and CEO Tony Gallippi.

[Errant]

FYI,

This article was posted on the 16th. The following came out on the 14th: http://arstechnica.com/tech-policy/2013/05/feds-seize-money-from-top-bitcoin-exchange-mt-gox/

[E. Pluribus Unum]

A currency that governments can’t control or manipulate would save lives and raise the standards of living of everyone except government bureaucrats, who would hopefully either starve or find honest work.

[Errant]

:)

[Errant]

Totally

[Errant]

Something strange has been taking place over at the bitcoin exchanges recently - stability. Price has slowly risen to a little over $130 now. One would think in a totally unregulated market, there would be much more volatility.

Maybe a free market is the best means for price discovery?

[Errant]

Ref:

Published on May 24, 2013

This video advocates for a return to a Gold standard by http://www.soundmoneycampaign.com. IMO, both crypto currencies and precious metals, each have their pros an cons.

The Fiat End Game: Preparing For A Way Forward, is a our latest micro-documentary focused on solutions to our current economic problems. Our current fiat currency standard is terminal, nations around the world are dropping the U.S. dollar as a medium of exchange, central banks are buying gold, and Americans are seeing price inflation during an economic downturn. In order to avoid a systemic financial crisis here in the U.S., we need to focus on solutions. Please watch this important video and join us in a new financial awakening happening right now all across America.

Link: http://www.youtube.com/watch?v=ZbnFqwdNUWo

[Paine in the Neck]

...BitPay announced a deal with Gyft, a seven-month-old Google Ventures-backed software app ...

One touted advantage of BitCoin is maximizing anonymity. If Google is involved tracking is involved. "Do more evil.®"

[Errant]

I don't get the anonymity bit, unless one is using false ID's/accounts and etc. Otherwise, every transaction is recorded, no matter the size, and there are other methods for discovering who it was that made a transaction.

IMO, utility due to speed, convenience and low cost per transaction, as well as a finite quantity (unlike fiat) are a crypto-currency's primary advantages.

[GreenHornet]

The servers present the customer with a bill on a tablet that has a bar code attached. The customer scans the bar code with a smartphone, and the amount in bitcoins is subtracted from their account.

It would be even easier to conduct transactions using bitcoins if everyone had a chip inserted under their skin that could be scanned each time a transaction took place. However, one drawback would be that you couldn't buy or sell unless you had the mark of.......HEY! WAIT A MINUTE!!!

[Democrat_media]

sounds good

[Paine in the Neck]

I don't get the anonymity bit, .... a crypto-currency's primary advantages.

Is it crypto or isn't it? As I understand it, coins and wallets are encrypted and anonymous but transactions will inevitably be tagged with the transactor's identity.

Don't get me wrong. I'd love to see BitCoin succeed as touted. I almost jumped in when it was younger. Now I'm holding off to see how the infrastructure develops and how it survives the growing pains of having drawn the attention of TPTB.

[Errant]

HEY! WAIT A MINUTE!!!

LOL, I've wondered the same, but the same can be said for our current fiat/debt money system.

[Errant]

Is it crypto or isn't it?

It is, but the public key can be traced back to the originator by various means, unless elaborate and sophisticated means are used. Same as with any other currency transaction.

[TArcher]

Trouble at the Laundromat?

[Errant]

I have my own washer and dryer. ;)

[Vermont Lt]

I bought a few just to see how it works. They still sit there. The good thing is they are “worth” more today than when I bought them. I am just not sure what to do with them.

[Errant]

Same as with any other currency transaction.

That's not right; cash, bartering, or anything not recorded, is the best means of ensuring anonymity.

[TArcher]

Do you launder by hand or by Botnet?

Either way, enjoy it while it lasts.

{ Ponzi, Dr. Ponzi - please come to the nearest coin operated courtesy phone... }

[Errant]

Enjoy the dollar, while it still has 4% of its original value, as well.

[TArcher]

Can the Communist Chinese buy petroleum from OPEC using bot-coins yet, or are they (and others) still stuck trading in currency-X for Petro-Dollars?