Thork

Re: Ask Rushy about Bitcoins.
« Reply #140 on: March 01, 2014, 01:51:52 PM »
Bitcoins are the cash of the internet
No, they aren't. They are a minority curiosity but people like amazon and wall-mart and iTunes accept almost any currency across the world apart from bitcoins. They are hardly THE cash of the internet.

Frankly, I'm with the Finland on this issue.
http://r.duckduckgo.com/l/?kh=-1&uddg=http%3A%2F%2Fwww.forexminute.com%2Fbitcoin%2Ffinland-says-bitcoin-is-not-a-currency-but-commodity-22446

Sell your bitcoins dude, I don't think they will ever be worth much more than they are right now. Its just a giant game of the emperor's new clothes and sooner or later the trust is going to go, and that's all bitcoin has. Nothing else backs it.

*

Offline Rushy

  • Planar Moderator
  • *****
  • Posts: 7190
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #141 on: March 01, 2014, 03:47:06 PM »
No, they aren't. They are a minority curiosity but people like amazon and wall-mart and iTunes accept almost any currency across the world apart from bitcoins. They are hardly THE cash of the internet.

That was a pretty terrible argument. It's not even worth typing up a response longer than this.

Frankly, I'm with the Finland on this issue.
http://r.duckduckgo.com/l/?kh=-1&uddg=http%3A%2F%2Fwww.forexminute.com%2Fbitcoin%2Ffinland-says-bitcoin-is-not-a-currency-but-commodity-22446

Sell your bitcoins dude, I don't think they will ever be worth much more than they are right now. Its just a giant game of the emperor's new clothes and sooner or later the trust is going to go, and that's all bitcoin has. Nothing else backs it.

You can't even tell me what a bitcoin is, you sure as hell can't tell me what to do with them. As soon as you learn what they are and how they do what they do, then you'll know why it's not going away. Until then, feel free to not post here ever again.

Thork

Re: Ask Rushy about Bitcoins.
« Reply #142 on: March 01, 2014, 04:30:16 PM »
No, they aren't. They are a minority curiosity but people like amazon and wall-mart and iTunes accept almost any currency across the world apart from bitcoins. They are hardly THE cash of the internet.

That was a pretty terrible argument. It's not even worth typing up a response longer than this.
you might at least make some effort to justify your outlandish claim that bitcoin is the cash of the internet. Its an absurd statement.

Frankly, I'm with the Finland on this issue.
http://r.duckduckgo.com/l/?kh=-1&uddg=http%3A%2F%2Fwww.forexminute.com%2Fbitcoin%2Ffinland-says-bitcoin-is-not-a-currency-but-commodity-22446

Sell your bitcoins dude, I don't think they will ever be worth much more than they are right now. Its just a giant game of the emperor's new clothes and sooner or later the trust is going to go, and that's all bitcoin has. Nothing else backs it.

You can't even tell me what a bitcoin is, you sure as hell can't tell me what to do with them. As soon as you learn what they are and how they do what they do, then you'll know why it's not going away. Until then, feel free to not post here ever again.
From their high of over $1,100 they are now worth about half of that. I hope you haven't put too much of your savings into them.

Saddam Hussein

Re: Ask Rushy about Bitcoins.
« Reply #143 on: March 01, 2014, 05:11:38 PM »
Thork is right on this point.  Bitcoins are nowhere near as accepted as they would need to be to be called the "cash of the Internet."  They might be someday in the future, but they're definitely not now.

*

Offline Rushy

  • Planar Moderator
  • *****
  • Posts: 7190
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #144 on: March 01, 2014, 05:18:44 PM »
you might at least make some effort to justify your outlandish claim that bitcoin is the cash of the internet. Its an absurd statement.

It is the only method of payment on the internet that can not be reversed.

From their high of over $1,100 they are now worth about half of that. I hope you haven't put too much of your savings into them.

This is what people were telling me when bitcoin hit $30 and then dropped to $2. "Wow I hope you sold them all!" You don't know what a Bitcoin is and you don't understand the technology or why it will be worth a lot, lot more in the future. Just wallow in your ignorance if you want, but feel free to wallow quietly as to not disturb me.

Thork is right on this point.  Bitcoins are nowhere near as accepted as they would need to be to be called the "cash of the Internet."  They might be someday in the future, but they're definitely not now.

He apparently doesn't understand what I meant, and neither do you. Just because someone doesn't take a currency, doesn't make it "not cash." If I didn't take physical dollar bills, would that make dollar bills not cash?

*

Online Lord Dave

  • *
  • Posts: 5514
  • Grumpy old man.
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #145 on: March 01, 2014, 05:23:06 PM »
you might at least make some effort to justify your outlandish claim that bitcoin is the cash of the internet. Its an absurd statement.

It is the only method of payment on the internet that can not be reversed.

From their high of over $1,100 they are now worth about half of that. I hope you haven't put too much of your savings into them.

This is what people were telling me when bitcoin hit $30 and then dropped to $2. "Wow I hope you sold them all!" You don't know what a Bitcoin is and you don't understand the technology or why it will be worth a lot, lot more in the future. Just wallow in your ignorance if you want, but feel free to wallow quietly as to not disturb me.

Thork is right on this point.  Bitcoins are nowhere near as accepted as they would need to be to be called the "cash of the Internet."  They might be someday in the future, but they're definitely not now.

He apparently doesn't understand what I meant, and neither do you. Just because someone doesn't take a currency, doesn't make it "not cash." If I didn't take physical dollar bills, would that make dollar bills not cash?

If by "I" you mean most businesses in America then yes.

*

Offline Rushy

  • Planar Moderator
  • *****
  • Posts: 7190
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #146 on: March 01, 2014, 05:29:32 PM »
If by "I" you mean most businesses in America then yes.

Different currencies are accepted in different places. I can't pay for a pizza in America with a handful of Euros. I can't throw dollar bills at my monitor to buy things from Amazon. But oh wait, I can buy things on Amazon with my bitcoins. Sounds almost like... cash.... for the internet? Weird.

*

Online Pete Svarrior

  • e
  • Planar Moderator
  • *****
  • Posts: 11110
  • (>^_^)> it's propaganda time (◕‿◕✿)
    • View Profile
    • The Flat Earth Society
Re: Ask Rushy about Bitcoins.
« Reply #147 on: March 01, 2014, 06:19:27 PM »
But oh wait, I can buy things on Amazon with my bitcoins.
You can? I never heard of that. If true, that's awesome.
Read the FAQ before asking your question - chances are we've already addressed it.
Follow the Flat Earth Society on Twitter and Facebook!

<Parsifal> I like looking at Chinese Wikipedia with Noto installed
<Parsifal> I don't understand any of it but the symbols look nice

Thork

Re: Ask Rushy about Bitcoins.
« Reply #148 on: March 01, 2014, 07:07:46 PM »
But oh wait, I can buy things on Amazon with my bitcoins.
You are losing the plot. Below is a way to pay with bitcoin when you buy amazon goods.

http://wefivekingsblog.blogspot.co.uk/2011/06/buy-on-amazoncom-with-bitcoin.html

Let me run you through the steps.
Step 1) Find the item you want on Amazon.com and determine its total cost.
Step 2) Email your order to me at sgking37922[at]gmail.com.
Step 3) After sending your email, send a sufficient number of bitcoins to cover the total cost ("Order Total") of the item from step 1, plus a one percent fee for my services, to the bitcoin address at the top left of this page.

What? I have to trust this gonk to order on my behalf, copy and paste screen shots of what I want and then give him my bitcoins + 1% AND hope he doesn't rip me off?

And how does he order the goods for you?
Quote from: http://wefivekingsblog.blogspot.co.uk/2011/06/buy-on-amazoncom-with-bitcoin.html
In providing these services, I am (1) providing liquidity for your Bitcoins (i.e., I purchase goods on your behalf with my US Dollars in exchange for your Bitcoins),
With FUCKING US DOLLARS! >o<
« Last Edit: March 01, 2014, 07:10:16 PM by Thork »

*

Offline Rushy

  • Planar Moderator
  • *****
  • Posts: 7190
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #149 on: March 01, 2014, 07:09:06 PM »
You can? I never heard of that. If true, that's awesome.

I admit that Amazon doesn't take them directly, I have to buy an Amazon gift card from Gyft.com and then use it on Amazon. I can buy things on Amazon with Bitcoin, it just takes a few extra steps.

Overstock and TigerDirect take Bitcoin directly, so I'll give it a few years before Amazon does the same. Bitcoin has very low fees compared to PayPal and credit cards, so Amazon, being a business that has a profit margin of less than 1%, won't ignore Bitcoin forever. It just doesn't make business sense not to take it.

What? I have to trust this gonk to order on my behalf, copy and paste screen shots of what I want and then give him my bitcoins + 1% AND hope he doesn't rip me off?

And how does he order the goods for you? With FUCKING US DOLLARS! >o<

You are literally the dumbest.

Thork

Re: Ask Rushy about Bitcoins.
« Reply #150 on: March 01, 2014, 07:13:19 PM »
But oh wait, I can buy things on Amazon with my bitcoins.

Overstock and TigerDirect take Bitcoin directly, so I'll give it a few years before Amazon does the same.

You are literally the dumbest.
No, you are here ensuring I can't possibly claim that title.

*

Offline Rushy

  • Planar Moderator
  • *****
  • Posts: 7190
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #151 on: March 01, 2014, 07:25:55 PM »
No, you are here ensuring I can't possibly claim that title.

Go ahead and tell me what you think is wrong with those three sentences and I'll correct your poor reading comprehension afterwards.

*

Online Lord Dave

  • *
  • Posts: 5514
  • Grumpy old man.
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #152 on: March 01, 2014, 08:54:06 PM »
You can? I never heard of that. If true, that's awesome.

I admit that Amazon doesn't take them directly, I have to buy an Amazon gift card from Gyft.com and then use it on Amazon. I can buy things on Amazon with Bitcoin, it just takes a few extra steps.

Overstock and TigerDirect take Bitcoin directly, so I'll give it a few years before Amazon does the same. Bitcoin has very low fees compared to PayPal and credit cards, so Amazon, being a business that has a profit margin of less than 1%, won't ignore Bitcoin forever. It just doesn't make business sense not to take it.

What? I have to trust this gonk to order on my behalf, copy and paste screen shots of what I want and then give him my bitcoins + 1% AND hope he doesn't rip me off?

And how does he order the goods for you? With FUCKING US DOLLARS! >o<

You are literally the dumbest.
I'm sorry but Thork is right.  If you have to convert bitcoins into another currency prior to using them, you aren't buying anything with them.  At best you can say "I can buy gift cards with bitcoins from this one place".  And that's all well and good if all you want are gift cards and the website doesn't go out of business.

*

Offline Rushy

  • Planar Moderator
  • *****
  • Posts: 7190
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #153 on: March 01, 2014, 08:57:29 PM »
I'm sorry but Thork is right.  If you have to convert bitcoins into another currency prior to using them, you aren't buying anything with them.  At best you can say "I can buy gift cards with bitcoins from this one place".  And that's all well and good if all you want are gift cards and the website doesn't go out of business.

Because there are places outside the internet, obviously you can't use internet currency everywhere. If I go to the UK I have to convert my dollars to pounds. That doesn't mean the dollar isn't a currency. The Overstock CEO even stated he has to convert some of the coins in order to pay his employees. The cash of the internet is only used on the internet. Go figure.

*

Online Lord Dave

  • *
  • Posts: 5514
  • Grumpy old man.
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #154 on: March 01, 2014, 09:13:15 PM »
I'm sorry but Thork is right.  If you have to convert bitcoins into another currency prior to using them, you aren't buying anything with them.  At best you can say "I can buy gift cards with bitcoins from this one place".  And that's all well and good if all you want are gift cards and the website doesn't go out of business.

Because there are places outside the internet, obviously you can't use internet currency everywhere. If I go to the UK I have to convert my dollars to pounds. That doesn't mean the dollar isn't a currency. The Overstock CEO even stated he has to convert some of the coins in order to pay his employees. The cash of the internet is only used on the internet. Go figure.
Except it's not.
Amazon.com is pure internet.  There is no physical store yet they won't take bitcoins.

And it's not even just them.  I could agree with you if 10% of websites took bitcoin but they don't.  You can probably count on two hands the number of sites that accept bitcoin as payment.  Worse yet, bitcoin is too unstable to be a usable currency.  With US Dollars to British Pounds, the ratio is roughly the same for a long time.  It might change from 2x to 3x but that's it. 
Bitcoin, as we've seen, has went from 100x the US dollar to 30x in only a few days. 

*

Offline Rushy

  • Planar Moderator
  • *****
  • Posts: 7190
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #155 on: March 01, 2014, 09:18:12 PM »
Amazon.com is pure internet.  There is no physical store yet they won't take bitcoins.

Except that part where they ship physical products to people and pay people and... yeah. "Pure internet." Totally.

And it's not even just them.  I could agree with you if 10% of websites took bitcoin but they don't.  You can probably count on two hands the number of sites that accept bitcoin as payment.  Worse yet, bitcoin is too unstable to be a usable currency.  With US Dollars to British Pounds, the ratio is roughly the same for a long time.  It might change from 2x to 3x but that's it. 
Bitcoin, as we've seen, has went from 100x the US dollar to 30x in only a few days.

The market is growing, so the price volatility is an irrelevant argument. Volatility decreases as the amount of users increase.

*

Online Pete Svarrior

  • e
  • Planar Moderator
  • *****
  • Posts: 11110
  • (>^_^)> it's propaganda time (◕‿◕✿)
    • View Profile
    • The Flat Earth Society
Re: Ask Rushy about Bitcoins.
« Reply #156 on: March 01, 2014, 11:17:58 PM »
I admit that Amazon doesn't take them directly, I have to buy an Amazon gift card from Gyft.com and then use it on Amazon. I can buy things on Amazon with Bitcoin, it just takes a few extra steps.
Fair enough. That's still pretty neat.
Read the FAQ before asking your question - chances are we've already addressed it.
Follow the Flat Earth Society on Twitter and Facebook!

<Parsifal> I like looking at Chinese Wikipedia with Noto installed
<Parsifal> I don't understand any of it but the symbols look nice

Saddam Hussein

Re: Ask Rushy about Bitcoins.
« Reply #157 on: March 02, 2014, 01:14:16 AM »
Amazon.com is pure internet.  There is no physical store yet they won't take bitcoins.

Except that part where they ship physical products to people and pay people and... yeah. "Pure internet." Totally.

Instead of actually addressing his point, you nitpick his choice of words.  What a great argument.

*

Offline Rushy

  • Planar Moderator
  • *****
  • Posts: 7190
    • View Profile
Re: Ask Rushy about Bitcoins.
« Reply #158 on: March 02, 2014, 01:22:50 AM »
Instead of actually addressing his point, you nitpick his choice of words.  What a great argument.

This entire argument is about my choice of words. Trying to be meta about the same kind of argument you commented on is laughable at best.

Thork

Re: Ask Rushy about Bitcoins.
« Reply #159 on: March 02, 2014, 11:49:23 AM »
I admit that Amazon doesn't take them directly, I have to buy an Amazon gift card from Gyft.com and then use it on Amazon. I can buy things on Amazon with Bitcoin, it just takes a few extra steps.
Fair enough. That's still pretty neat.
Why is it neat? Why take all the extra steps when you can just use your local currency? A currency that likely hasn't lost half its value in the last 2 months and didn't require a third party broker who took a slice?
And a gift card? How annoying. If I want something that is £7.49 what happens to my £2.51 change? Oh, Amazon hold that money for me offering no interest until my next purchase. What if instead I want to use that £2.51 to buy a cup off coffee? With regular cash, no problem.

The biggest problem with bitcoin, and it hasn't been addressed yet, is that it is only accessible to the technically astute. You can't have a currency that isn't accessible to everyone. Money as we know it, is recognised and used by everyone. Its an easier way to trade than barter, which is why we use it. Bitcoin isn't.

I'm sure Rushy will rush back saying how easy it is and that only a moron couldn't use it and blah blah, but its not as easy to use as cash. And there in, will lie its downfall.