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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #360 on: May 29, 2014, 10:09:25 PM »
If more and more large businesses and services start taking bitcoin as payment, will the currency stabilize?

I'm not psychic, Dave.

Those would be the assets specifically tailored to mine bitcoins, and which become redundant in 6 months? Good luck cashing that in.

By assets I meant Bitcoin. The machines themselves cost significantly little compared to the money they create. Using KnC's pricing as a gauge, they've already made their investment back.

Re: Ask Rushy about Bitcoins.
« Reply #361 on: May 29, 2014, 10:12:21 PM »
By assets I meant Bitcoin.

Oh. I usually measure assets according to a stable form of currency.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #362 on: May 29, 2014, 10:18:51 PM »
Oh. I usually measure assets according to a stable form of currency.

That would leave you incapable of ever measuring assets.

Re: Ask Rushy about Bitcoins.
« Reply #363 on: May 29, 2014, 10:21:46 PM »
Oh. I usually measure assets according to a stable form of currency.

That would leave you incapable of ever measuring assets.

Incorrect. Lets say my laptop is worth £1000. I can depreciate that over 5 years at £200 a year because I can be reasonably sure the £ won't go bat shit insane.

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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #364 on: May 29, 2014, 10:36:23 PM »
Incorrect. Lets say my laptop is worth £1000. I can depreciate that over 5 years at £200 a year because I can be reasonably sure the £ won't go bat shit insane.

It's a shame you don't know what stability is.

Re: Ask Rushy about Bitcoins.
« Reply #365 on: May 29, 2014, 10:43:23 PM »
Incorrect. Lets say my laptop is worth £1000. I can depreciate that over 5 years at £200 a year because I can be reasonably sure the £ won't go bat shit insane.

It's a shame you don't know what stability is.

We should pick up this conversation in your weekly FT article.

Re: Ask Rushy about Bitcoins.
« Reply #366 on: May 30, 2014, 04:38:05 PM »
http://online.wsj.com/articles/dish-network-to-accept-bitcoin-payments-1401363621

Dish network is rolling out Bitcoin as a payment option.

Good, now Canadians can enjoy US satellite service without the hassle of a US credit card.
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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #367 on: June 06, 2014, 01:53:35 AM »
Bitcoin key to future of online payments: EBay CEO

http://www.cnbc.com/id/101734293

Thork

Re: Ask Rushy about Bitcoins.
« Reply #368 on: June 06, 2014, 07:27:17 PM »
Bitcoin key to future of online payments: EBay CEO

http://www.cnbc.com/id/101734293

"I think there are two sides of it, the investment side and the digital currency side,"

What a moron. Either its an investment or its a currency. A currency can't be a highly volatile asset. No one would accept it. Who'd sell a computer on ebay for $1000 to find that by the time they got the money it was only worth $700?

Either its volatile and an investment risk, or its a stable currency. It cannot be both.

Re: Ask Rushy about Bitcoins.
« Reply #369 on: June 06, 2014, 07:48:13 PM »
I agree. Currency traders need to work with millions of dollars to make any potential profit worth the effort.
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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #370 on: June 07, 2014, 12:57:21 AM »
I have no idea what I'm talking about.

Fascinating addition to the thread, Thork. I'm glad we could get it out of the way.

I agree. Currency traders need to work with millions of dollars to make any potential profit worth the effort.

That depends on the currency.


Re: Ask Rushy about Bitcoins.
« Reply #371 on: June 07, 2014, 01:45:11 PM »

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Re: Ask Rushy about Bitcoins.
« Reply #372 on: June 07, 2014, 03:03:32 PM »
Currency traders need to work with millions of dollars to make any potential profit worth the effort.
That's inconsistent with reality. Local currency exchange points are very common in Poland (because of how much the Polish enjoy job tourism, mostly). They need to freeze a few dozen thousand dollars to get things going, but it's a fairly safe business after that.
Read the FAQ before asking your question - chances are we've already addressed it.
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Re: Ask Rushy about Bitcoins.
« Reply #373 on: June 07, 2014, 03:48:22 PM »
Currency traders need to work with millions of dollars to make any potential profit worth the effort.
That's inconsistent with reality. Local currency exchange points are very common in Poland (because of how much the Polish enjoy job tourism, mostly). They need to freeze a few dozen thousand dollars to get things going, but it's a fairly safe business after that.

True, but what they're trading on is not the fluctuations of a currency but a market need for customers to exchange one currency for another. You probably need a fairly stable currency to do this.

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Re: Ask Rushy about Bitcoins.
« Reply #374 on: June 07, 2014, 04:11:05 PM »
You probably need a fairly stable currency to do this.
Well, more stable than Bitcoin, that's for sure.
Read the FAQ before asking your question - chances are we've already addressed it.
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Offline Rushy

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Re: Ask Rushy about Bitcoins.
« Reply #375 on: June 07, 2014, 04:16:45 PM »
Bitcoin is the perfect currency. You're all just haters.

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Offline markjo

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Re: Ask Rushy about Bitcoins.
« Reply #376 on: June 07, 2014, 07:17:06 PM »
Perfect currency is unstable?  ???
Abandon hope all ye who press enter here.

Science is what happens when preconception meets verification.

If you can't demonstrate it, then you shouldn't believe it.

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Re: Ask Rushy about Bitcoins.
« Reply #377 on: June 07, 2014, 07:18:10 PM »
I think the real question here is: what the hell is currency?

Imports/exports? If so, if we had a unified world government would currency even be necessary?

Re: Ask Rushy about Bitcoins.
« Reply #378 on: June 07, 2014, 08:51:56 PM »
if we had a unified world government would currency even be necessary?

You still need some kind of abstract means of indicating wealth. Otherwise you're back to swapping sheep for hens for wood for corn for bricks for clothes etc

Ghost of V

Re: Ask Rushy about Bitcoins.
« Reply #379 on: June 07, 2014, 08:55:49 PM »
if we had a unified world government would currency even be necessary?

You still need some kind of abstract means of indicating wealth. Otherwise you're back to swapping sheep for hens for wood for corn for bricks for clothes etc

Not if we're the United Federation of Planets.