Kolek planning to go pro
With that said, how do you decouple the need for micropayments (or any low-cost, universal method of value transfer) from the crypto structure? In other words... why the hell do you have to mine for cryptos? Why can't they simply be introduced, directly pegged to an existing fiat currency or value store - at least initially - (instead of being indirectly pegged to the cost of electricity), and distributed to anyone who wants to buy?The biggest myth about Bitcoin: there's no cost to transfer or transact BTC. In theory, that may be the case, but look at the US Dollar... how many ways are there to be charged today simply to transfer cash from one person to the next? Credit card fees, ATM fees, bank maintenance fees, broker fees, check printing costs, money order/moneygram/Western Union fees, Coinstar, gift card monthly fees, etc. It's already begun with BTC... the transactional fees being paid to the exchanges are in some cases (e.g. limit orders) ridiculous.I am still failing to see where BTC either fills a void or provides a more cost-efficient solution to an existing need.
The cost of a BTC transaction - in terms of the cost of the electricity used - does not break even with credit card fees until around $900-1,000. Granted, that's at US average prices, but even if you could get electricity at a fraction of that cost overseas, BTC will never be cheaper than credit cards for everyday spending, i.e. purchases under $100.How does BTC fill a security void... Basis security? I feel pretty secure about the USD, I'm sure there are plenty of Brits feeling pretty secure about GBP, etc. despite not being backed by anything of value (except the faith and credit of the respective governments). Physical security? My cash is in FDIC-insured accounts. Value security? I don't know that anything whose chart looks like every Six Flags in the world mashed together could be considered to have any element of value security to it.
Not saying you are wrong, but I heard similar statements about beanie babies, and how they would brag to their friends about how they invested in them.Suggesting that this is a sure thing/guarantee is simply a gross overstatement. As BTC gains popularity, hacking of exchanges and wallets will increase, requiring increasing degrees of security, which will increase the base cost of dealing in BTC. Suggesting that the free market will "save" people from high transaction fees is a bit absurd. When/If the market shifts to BTC, companies will corner the market on transactions and increase the price of a transaction until there is little (from cost to the consumer) perspective difference between a credit card transaction and a BTC transaction.
Two things. Cryptos are filling a critically important economic need. They are challenging the basic function of banking (transferring money) and offering cheaper, safer and more efficient way to move money from one to another. This includes micro-payment which is what the internet needs and the banks cannot provide. So cryptos are a disruptive force to banks.Beanie Babies was an aspirational product like art. And like art, it served no economic purpose. Invoking this analogy suggests you still don’t understand the blockchain and cryptos critical purpose.And your fear of hacking, it is exactly the opposite. The centralized systems we have now are unsafe. How many hacks of personal information have we had in the last few years ... maybe every American in the United States at least once.What is far safer is a decentralized system like the blockchain. Sure system on top of the blockchain like exchanges can and will get hacked. But not the blockchain itself.When Target credit cards were hacked, did you think we should end credit cards? So why do you think every hack of crypto exchange means the entire system is faulty and at risk. This is the argument of the skeptic that is going to let this transformational technology pass them by.
Last week KFC Canada briefly accepted Bitcoin as payment for $20 bucket meals – demand was exceptional!https://aimprogramblog.blogspot.com/2018/01/last-week-kfc-canada-briefly-accepted.html?m=1KFC Canada, the fast-food retailer, offered to accept Bitcoins as payment for a $20 meal in a bucket last Thursday, only for a limited time. For a paltry 0.001156 bitcoin you got fried chicken - and sides. Sound good? Well, the thought of using your bitcoin right now to buy chicken is moot - since the Bitcoin Bucket sold out on KFC's website in less than 30 minutes last Friday.
You do realize that this is a PR student, and likely only involved 1 or 2 actual buckets right? Easy to sell out that way. It is not a good sign, when a currency being used to actually purchase something is a hilarious PR stunt. KFC is known for its absurd and hilarious PR stunt offers.
Why exactly is this not a good sign?
His seemed to imply that this was a good sign in that you can even use it to buy KFC. But it was a joke, meant to be an absurdity. It was meant to invoke the idea of how absurd it is to sell KFC for bitcoin.When is considered absurd, and hilarious, that you could purchase an every day item with a currency, it is not a particularly good take home message for the stability and practicality of your currency.
Bill Harris, former CEO of Intuit and Paypal, calls bitcoin a "colossal pump-and-dump scheme, the likes of which the world has never seen." He goes on to say it is lame as a means of payment, has extreme volatility that makes it a poor store of value, and that there's no actual intrinsic value. About the only thing bitcoin is good for, he says, is criminal activity.https://www.recode.net/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-valueHe might not be the most objective observer, but his comments are still interesting.
Yeah, he is extremely biased. Paypal is a direct competition.
Wow, I'm very concerned for Benny. Being able to mimic Myron Medcalf's writing so closely implies an oncoming case of dementia.
Thought it’s about time that this thread got revived. Anyone still afraid of missing out on the Bitcoin craze?
bovada keeps trying to persuade it's players to switch to a bitcoin account claiming it's faster and you can ask for payouts more often than the one every 3 months i believe it is for u.s. currency. last month i cashed out on $1200 and it took about 2 weeks to get the check. here is the message they sent me, among others. My name is Jed and I’m contacting you from Bovada’s Bitcoin Advisory department. At your convenience, give me a call at 1-888-233-5936, I'm available Saturday to Tuesday, 3p to 11p ET, and ask to be transferred to Jed at extension number 7332. We're contacting you to congratulate you on your winnings and to inform you that we’re currently expediting withdrawals using the Bitcoin method for the first time. There are many benefits to using this option, such as: • It’s Free. • It’s Quick, Easy and convenient. • It’s Secure. • Amount and frequency – You can request a maximum of $9,500 per increment every 3 days. As your personal Bitcoin Advisor, I’ll guide you through the simple steps of requesting a Bitcoin withdrawal and I’ll expedite it for you. I’ll also assist you in having these funds deposited directly to your bank account, to be reflected in approximately 1-4 business days. Alternatively, please visit www.bitpay.com/visa for information regarding a Visa debit card which we will purchase for you. This card can be loaded with your Bitcoins, automatically converted to USD and can be withdrawn at any ATM that accepts Visa. You can also use the link below to locate a Bitcoin ATM near you where you can get your funds today: https://coinatmradar.com/bitcoin-atm-near-me You will also receive a $120 Withdrawable Bitcoin bonus (no rollover/playthrough requirements) for your time. Regards, Bitcoin Advisory Team bitcoinadvisor@bovada.lvhere is another message regarding the cashing of my check-interesting, eyn'a? The FedEx Tracking Number for your $1,201.00 payout with Reference Number 423414977 is 780849430908. Depending on the time of day FedEx begins processing your package, it may take up to 72 hours before your tracking information is posted online. There are some steps you can take to make depositing your check easier. • Deposit your check as soon as received via ATM into your personal bank account. • Do not mention "online gaming". • Please allow normal check clearing time frames as your bank may place a hold on International items. • We do not recommend check cashing outlets as these types of institutions may not honor International items.
This seems super scammy
I have cashef two dozen + checks from Bovada, never had a single issue.And rocket, you can request more payouts via check than once every 3 months, but ya gotta pay a hundo to do it, worth it if you caught a heater and want to get your $$$.
good to know reinko-thanks! that was my first pay-out. i don't play a lot because i get out to vegas enough to take the itch away. i still don't understand how the bitcoin thing would work. we all know how it's value fluctuates by the second, but let's say i put a $1000 and it goes down the chitter...is that considered a donation? i'll stick with the ole "dead presidents"