Bitcoin: A Year Later

[Chivas]

Interesting, I've always viewed them as the new gold. Will look more into it. I love investment ideas.

Its Pie in the Sky !! Gold has a physical presence what the hell does this imaginary coin have....??

You tell me that and am happy to rethink Bitcoin.

[JacChang]

I know right, it's crazy.

And who certifies the records of who has what bitcoins. And who honors them?

But most investors are treating them as the new gold. An alternative.

[Chivas]

I know right, it's crazy.

And who certifies the records of who has what bitcoins. And who honors them?

But most investors are treating them as the new gold. An alternative.

I'll correct that for you.......

But most stupid investors are treating them.................

Edited August 2, 2014 by Chivas

[UbonOz]

It is not for me to convince any Luddite what is right or wrong.

I have done my own research, others should do the same. Research is not just reading headlines.

[Chivas]

It is not for me to convince any Luddite what is right or wrong.

I have done my own research, others should do the same. Research is not just reading headlines.

Then when you wake up one morning Potless you'll have nobody to blame but yourself will you............

[UbonOz]

It is not for me to convince any Luddite what is right or wrong.

I have done my own research, others should do the same. Research is not just reading headlines.

Then when you wake up one morning Potless you'll have nobody to blame but yourself will you............

Exactly, I have never in my life blamed others for my decisions.

[Chivas]

And who certifies the records of who has what bitcoins. And who honors them?

I can just picture the conversation at the local Police Station when you walk in and say somebody has stolen my ewallet full of imaginary Bitcoins and the look you'll get.......

I'd love to be a fly on the wall to that conversation

[taiping]

I first got into bitcoin early last year when the price was around $30. I've been buying steadily since then and also accept bitcoin for payment at my business, The Pattaya Beer Garden.

How do I pay in BTC at the Pattaya Beer Garden. I use Electrum as my wallet and don't (at present) have a mobile app for it.

[PattayaPete]

Interesting, I've always viewed them as the new gold. Will look more into it. I love investment ideas. alt=w00t.gif>

Its Pie in the Sky !! Gold has a physical presence what the hell does this imaginary coin have....??

You tell me that and am happy to rethink Bitcoin.

This is the old intrinsic value argument which can be somewhat circular and never really be resolved. For example what is the intrinsic value of a dollar. Most people will say it is guaranteed by the government (not really true since 1971) and some will say it is backed by the might of the American military (more accurate) but its history of losing value is well documented. It's lost 96% of its value since the inception of the Federal Reserve in 1913. It's real value is that people believe in it even with all its faults.

A standard answer for the intinsic value of bitcoin is that the network that supports it is now the most powerful distributed network in the world by several orders of magnitude. This network consisting of millions of nodes distributed throughout the world is made up of millions of computers throughout every country in the world. Anyone can run a bitcoin node and hundreds of thousands of people choose to do so. This network provides the security of bitcoin and because of its distributed de-centralized nature can not be closed down. This network can not be attacked or reproduced without spending millions and millions of dollars. It has many more attributes which I won't go into here but that network is what provides faith and security of bitcoin. Really in one respect its the same as fiat currency, enough people believe in it to give it its present value.

And who certifies the records of who has what bitcoins. And who honors them?

The bitcoin ledger is the true strength behind bitcoin. It is called the blockchain and it the most significant invention in computing since the invention of the internet itself. Bitcoin is only the first application enabled by the blockchain. This ledger is held on the millions of computers mentioned above. The way it is secured and verified is so clever and so secure that you can be assured your ownership of bitcoin is far more secure than your ownership of any other asset. As I said in my first post, most people do not and will never need to know how it works. However if you have an interest in finding this out it is a fascinating and inspiring story of human inventiveness.

If you want a simple introduction to the subject this youtube video is very good.

Edited August 2, 2014 by PattayaPete

[UbonOz]

I first got into bitcoin early last year when the price was around $30. I've been buying steadily since then and also accept bitcoin for payment at my business, The Pattaya Beer Garden.

How do I pay in BTC at the Pattaya Beer Garden. I use Electrum as my wallet and don't (at present) have a mobile app for it.

Open a Blockchain account.

Add their app to your smartphone, pair the app to the account.

Send funds to your smartphone app.

Off to the pub you go.

Only load funds on your smartphone with small amounts, just the same as you would add cash to your wallet in your back pocket for a night out.

Others say Micelium is a good app.

[Chivas]

I first got into bitcoin early last year when the price was around $30. I've been buying steadily since then and also accept bitcoin for payment at my business, The Pattaya Beer Garden.

How do I pay in BTC at the Pattaya Beer Garden. I use Electrum as my wallet and don't (at present) have a mobile app for it.

Open a Blockchain account.

Add their app to your smartphone, pair the app to the account.

Send funds to your smartphone app.

Off to the pub you go.

Only load funds on your smartphone with small amounts, just the same as you would add cash to your wallet in your back pocket for a night out.

Others say Micelium is a good app.

I sure as hell dont even know if you're being serious !! You telling me that a waitress when presenting the bill will be told you're paying in Bitcoins ??

[JacChang]

Thanks Pattayapete, I'll give it a read.

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I know right, it's crazy.

And who certifies the records of who has what bitcoins. And who honors them?

But most investors are treating them as the new gold. An alternative.

I'll correct that for you.......

But most stupid investors are treating them.................

To each it's own. There are fools who are ignorant to new ideas. And there are fools who get involve in something they don't know well about.

What are your perspectives about stocks? Do you invest any?

And who certifies the records of who has what bitcoins. And who honors them?

I can just picture the conversation at the local Police Station when you walk in and say somebody has stolen my ewallet full of imaginary Bitcoins and the look you'll get.......

I'd love to be a fly on the wall to that conversation

There's no need for that. I own NIL.

Never touched bitcoin before.

Will give it a look.

[PattayaPete]

I first got into bitcoin early last year when the price was around $30. I've been buying steadily since then and also accept bitcoin for payment at my business, The Pattaya Beer Garden.

How do I pay in BTC at the Pattaya Beer Garden. I use Electrum as my wallet and don't (at present) have a mobile app for it.

Computer based wallets like Electrum are very good for storing your bitcoin and spending it on the internet. However if you want to pay a merchant at a physical business you will need a wallet on your smartphone as well. I'd recommend blockchain.info to get a wallet for an Android or Iphone. Like a cash wallet it is not wise to keep much in value there, just the spending money you need. Unlike a cash wallet you can backup your smartphone wallet so that if it is lost or stolen you can still retrieve the bitcoin.

Yes at the Pattaya Beer Garden just tell your server you are paying in bitcoin and she will organize the transaction with you (it involves a tablet she will bring to your table and your phone wallet).

Once you have a phone wallet, you simply scan a QR Code at the merchants and press send. The money will be transferred from your smart phone to the businesses wallet and you are done. No need to disclose any personal information or your account number and no risk of your identity being stolen as it can be with credit cards.

Edited August 2, 2014 by PattayaPete

[UbonOz]

I first got into bitcoin early last year when the price was around $30. I've been buying steadily since then and also accept bitcoin for payment at my business, The Pattaya Beer Garden.

How do I pay in BTC at the Pattaya Beer Garden. I use Electrum as my wallet and don't (at present) have a mobile app for it.

Open a Blockchain account.

Add their app to your smartphone, pair the app to the account.

Send funds to your smartphone app.

Off to the pub you go.

Only load funds on your smartphone with small amounts, just the same as you would add cash to your wallet in your back pocket for a night out.

Others say Micelium is a good app.

Apologies, should read "Mycelium".

[DiamondKing]

I know right, it's crazy.

And who certifies the records of who has what bitcoins. And who honors them?

But most investors are treating them as the new gold. An alternative.

I'll correct that for you.......

But most stupid investors are treating them.................

Yep BILLIONAIRE Investors such as Richard Branson and a bunch of others that are far more intelligent and business savvy that yourself LOL

[ExoticMatter]

1) Most money does not exist, it is already fictional numbers inside machines.

2) Fiat currency is a promisory note to do work in the future and so is subject to those around, honouring that promise

3) Bitcoin coin mining is work done essentially in the past by finding very difficult to generate cryptographic numbers (gold is also work done in the past due to difficult mining conditions)

4) Bitcoin knows no borders and is the true virtual currency

5) almost impossible to fraud due to the fact every wallet holder has the entire blockchain on their computer (you have to attack 51%)

6) it is decentralized meaning there is no collection (in the future) from a single bank at the end of the chain, there is no one person to fraud.This is its proof of work in action. There is no chasing your bank up for payments, this is the genius of the blockchain.

7) due to fiat currency not being gold backed since 1971, the only proof of work the dollar,baht or any other currency has is other people's honour to do the work back (essentially in kind based on a piece of paper backed by the military)

8) the internet had no true virtual currecy until bitcoin, paypal etc do not count as they only work in local currencies.

https://en.bitcoin.it/wiki/Proof_of_work

Btw the coin miners validate the next block of coins by using hash code number generation algorithims. I heard the btc blockchain can only handle the maximum of about 9 transactions per second, this may be an achilles heal of bitcoin. Other coins can do it quicker and better.

[JesseFrank]

I know right, it's crazy.

And who certifies the records of who has what bitcoins. And who honors them?

But most investors are treating them as the new gold. An alternative.

I'll correct that for you.......

But most stupid investors are treating them.................

Yep BILLIONAIRE Investors such as Richard Branson and a bunch of others that are far more intelligent and business savvy that yourself LOL

You did realize that Richard Branson is a billionaire, but that many of his companies are losing money ?

[ExoticMatter]

You can ignore and argue over something that you don't understand till the cows come home, but the fact is bitcoin is here to stay. Gold companies now accept it as payment so if the get physical is your thing then flip it into something more tangible by all means.

See the action visually here, China is loving it

http://fiatleak.com/

[JacChang]

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I'll correct that for you.......

But most stupid investors are treating them.................

Yep BILLIONAIRE Investors such as Richard Branson and a bunch of others that are far more intelligent and business savvy that yourself LOL

Well said, that's why I was skeptical of his continuous negative assumptions. I wonder if he does any investing.

Hope he wasn't one of the guys who said internet was impossible 50 years ago.

Yep BILLIONAIRE Investors such as Richard Branson and a bunch of others that are far more intelligent and business savvy that yourself LOL

You did realize that Richard Branson is a billionaire, but that many of his companies are losing money ?

As long as profit is higher than losses, it is fine. There is not one successful investor who have all companies making money. I don't know Richard Branson, but just saying.

[ExoticMatter]

about 400 bitcoins sent to Richard Branson's wallet will get you a trip into space, now thats spending power,

http://www.coindesk.com/virgin-galactic-will-accept-bitcoin-space-travel-says-billionaire-entrepreneur-sir-richard-branson/

[beb]

I remember in 2000 a website offered to pay me in bitcoins

Hahaha. They didn't exist then.

[beb]

Interesting, I've always viewed them as the new gold. Will look more into it. I love investment ideas.

Its Pie in the Sky !! Gold has a physical presence what the hell does this imaginary coin have....??

You tell me that and am happy to rethink Bitcoin.

Gold's intrinsic value does not equal what you pay for it. There is a hop across your understanding of things to finally get bitcoin. Thinking that gold's value is tied to its physical presence rather than perception is stopping you from making that hop.

[beb]

And who certifies the records of who has what bitcoins. And who honors them?

I can just picture the conversation at the local Police Station when you walk in and say somebody has stolen my ewallet full of imaginary Bitcoins and the look you'll get.......

I'd love to be a fly on the wall to that conversation

Hey Chivas, I don't usually say this to people here but you're kind of acting like a real jerk. What's the point?

[beb]

I heard the btc blockchain can only handle the maximum of about 9 transactions per second, this may be an achilles heal of bitcoin. Other coins can do it quicker and better.

There are work arounds.

[beb]

I'm a fan of btc but also think it has a long way to go before it is ready for the mainstream. And frankly I'm a lot more interested in its development right now than the price. As long as so called experts are telling people to resort to paper wallets for security, bitcoin is not ready for the mainstream.

I thought it would be further along by now but clearly it is taking longer. And when it is ready then it will be awesome.

It already is of course (ask anybody doing international transfers with it) but there is so much more ahead.

For those of you who keep coming on here to belittle it, that's fine to me and your lack of involvement is totally ok. I don't think anybody is going to be upset.

I do find it odd though how some people seem so passionate about trashing bitcoin here (TULIPS! Wow! that's so completely original!). It's not bothering them or causing them any harm or grief. Why bother?

[slygeeza]

It is not for me to convince any Luddite what is right or wrong.

I have done my own research, others should do the same. Research is not just reading headlines.

Then when you wake up one morning Potless you'll have nobody to blame but yourself will you............

what an interesting concept, I bet you spent quite some time coming up with that idea

[taiping]

I first got into bitcoin early last year when the price was around $30. I've been buying steadily since then and also accept bitcoin for payment at my business, The Pattaya Beer Garden.

How do I pay in BTC at the Pattaya Beer Garden. I use Electrum as my wallet and don't (at present) have a mobile app for it.

Open a Blockchain account.

Add their app to your smartphone, pair the app to the account.

Send funds to your smartphone app.

Off to the pub you go.

Only load funds on your smartphone with small amounts, just the same as you would add cash to your wallet in your back pocket for a night out.

Others say Micelium is a good app.

Apologies, should read "Mycelium".

Many thanks - Mycelium looks interesting . . . https://play.google.com/store/apps/details?id=com.mycelium.wallet&hl=en

Anybody know of bars or restaurants in BKK which accept BTC?

Next time I'm in Pattaya I will try this at the Pattaya Beer Garden.

[PattayaPete]

Eat Me restaurant in Bangkok accepts bitcoin. http://www.eatmerestaurant.com/

You can find other Bangkok merchants here: http://www.bitcoinrealmthai.com/city/bangkok#

[slygeeza]

I have bought Bitcoins since March 2013, and my average cost is USD 70, including the amount I lost with the MtGox bankruptcy (now written off).

What concerns me is government efforts to limit bitcoins by making it difficult to exchange fiat money with bitcoins, so that some banks refuse to have financial arrangements with bitcoin exchanges.

Governments cannot shut down bitcoins themselves unless they shut down the Internet, but they could make it impracticable or illegal to trade bitcoins with fiat currency like USD.

It seems to me that the bitcoin protocol is solid, but the weak point is the fiat/bitcoin exchange mechanism.

Comments welcome from knowledgeable bitcoin users.

governments can make it illegal or impracticable but unless we revert back to a police state situation it will be pretty much impossible to stop people and small businesses using it between themselves. also many politicians are going to find that its a great way to accept donations. and some countries eg. Singapore, have declared that they will allow btc so other countries that dont follow will be at a disadvantage. but certainly it will take away the banking systems monopoly and they will fight as they slowly adapt. but who knows, I personaly think its unstoppable.

[slygeeza]

But for the purposes of investment how do you know that it is bitcoin not some future paypalcoin or applecoin google coin etc that is accepted...for those in bitcoin it could be important...I am not in it but do u see competition to it...I guess if there was reliable competition the risks would be brought more into focus- bringing the price down...just a thought- I don't understand it much just read the articles that I could find on the subject at the time...

one of the things about bitcoin is that it can be changed and will have to be changed as it grows, so it can adapt to any competition that comes along