Topic: The Bitcoins client is going to have to be updated soon, to allows smaller transactions.
Anonymous A started this discussion 15 years ago #7,748
Right now, 0.01 Bitcoin is worth ~a quarter.
Bitcoins can be divided up into 0.00000001 pieces (1 bitcoin can be divided into 100 million pieces).
The client will soon support smaller divisions, and people will use this as the unit of trade.
Soon Bitcoins will hit $100, especially with the influx of new users and merchants (even a IRL restaurant in NYC is accepting bitcoins now).
Bitcoins can be divided up into 0.00000001 pieces (1 bitcoin can be divided into 100 million pieces).
The client will soon support smaller divisions, and people will use this as the unit of trade.
Soon Bitcoins will hit $100, especially with the influx of new users and merchants (even a IRL restaurant in NYC is accepting bitcoins now).
Voice of !WisdomHsuU joined in and replied with this 15 years ago, 10 minutes later[^] [v] #134,339
If this shit stays legal, then the Federal Reserve is fucked.
Anonymous A (OP) replied with this 15 years ago, 2 minutes later, 12 minutes after the original post[^] [v] #134,342
@previous (Voice of !WisdomHsuU)
It's fucked either way. Making it illegal won't do anything, it's P2P like bittorrent (the gov hasn't had any success in taking that down). You can remain completely anonymous, and send all your transactions over Tor. The software can be developed in other countries, hosted on Tor, etc.
It's fucked either way. Making it illegal won't do anything, it's P2P like bittorrent (the gov hasn't had any success in taking that down). You can remain completely anonymous, and send all your transactions over Tor. The software can be developed in other countries, hosted on Tor, etc.
Anonymous C joined in and replied with this 15 years ago, 13 minutes later, 25 minutes after the original post[^] [v] #134,358
Do you really think Bitcoins will hit $100? Really?
Anonymous A (OP) replied with this 15 years ago, 4 minutes later, 30 minutes after the original post[^] [v] #134,364
@previous (C)
Have you seen it's growth? There were only a few merchants, and it hit $30. Now that the Gawker article came out, people know about SR, and real life restaurants are using it, and it's still very early in the game, yes, I am positive it will hit $100. It won't stop there either.
Have you seen it's growth? There were only a few merchants, and it hit $30. Now that the Gawker article came out, people know about SR, and real life restaurants are using it, and it's still very early in the game, yes, I am positive it will hit $100. It won't stop there either.
Anonymous C replied with this 15 years ago, 3 minutes later, 33 minutes after the original post[^] [v] #134,367
@previous (A)
Meh, I guess so. Maybe I'll keep a couple coins in my wallet and hope for the best. Won't it be weird if/when they hit $100? Everything will cost tiny fractions of a Bitcoin... "Coffee: $2 or ฿0.0001"
Meh, I guess so. Maybe I'll keep a couple coins in my wallet and hope for the best. Won't it be weird if/when they hit $100? Everything will cost tiny fractions of a Bitcoin... "Coffee: $2 or ฿0.0001"
Anonymous A (OP) replied with this 15 years ago, 6 minutes later, 39 minutes after the original post[^] [v] #134,375
@previous (C)
They can't create more Bitcoins than are planned (there will never be more than 21 million), because it would inflate the cons that already exist, but...
They could move the decimal place over, and 1 bitcoin could become 10 or 100, this would make things easier, without inflating the value.
They can't create more Bitcoins than are planned (there will never be more than 21 million), because it would inflate the cons that already exist, but...
They could move the decimal place over, and 1 bitcoin could become 10 or 100, this would make things easier, without inflating the value.
Nexus !jNexusRe/. joined in and replied with this 15 years ago, 1 minute later, 41 minutes after the original post[^] [v] #134,377
@previous (A)
What is going on now is artificial inflation.
Like all great bubbles, this one will pop too, eventually.
What is going on now is artificial inflation.
Like all great bubbles, this one will pop too, eventually.
Anonymous A (OP) replied with this 15 years ago, 7 minutes later, 49 minutes after the original post[^] [v] #134,386
@previous (Nexus !jNexusRe/.)
> What is going on now is artificial inflation.
It's deflating actually. And there is nothing artificial about it. It's unregulated, and the economy is completely open for anything.
> Like all great bubbles, this one will pop too, eventually.
Just like it was going to pop at $0.50/bitcoin? There are about 6.5mil Bitcoins right now, more and more merchants. These merchants give BC value in the same way merchants give USD value.
Neither are backed up by anything, except the people that accept them.
The number of merchants is shooting up, as is the press about Bitcoins, and the users. All of these things make it more valuable. What makes it less valuable? More Coins. Since coins are created slowly, and only more merchants will join in, there is no evidence that it is a bubble at all.
Psuedo-economists like to pretend that anything that goes up in value (that they missed out on) is a bubble, but in reality bubbles are all about prospecting, and investment, which turns sour. If a currency gains value because of more merchants, and users, that isn't a bubble, that's going mainstream.
What happens when millions of people want to use Bitcoins? They each need some, and many people will hold on to large amounts. When you have 6 million coins, and several million users, each coin has to be divided up, and the coin as a whole is worth more.
The Bitcoin economy cannot both be large and with little value to the coins.
> But the US economy is large, and the dollar isn't worth that much
Aha! Because more is printed to adjust to the economy. Bitcoins have a slow introduction rate, and cap. When millions of people are using a currency, it has to be divided and used in smaller amounts (deflation) instead of adding more llike USD.
> What is going on now is artificial inflation.
It's deflating actually. And there is nothing artificial about it. It's unregulated, and the economy is completely open for anything.
> Like all great bubbles, this one will pop too, eventually.
Just like it was going to pop at $0.50/bitcoin? There are about 6.5mil Bitcoins right now, more and more merchants. These merchants give BC value in the same way merchants give USD value.
Neither are backed up by anything, except the people that accept them.
The number of merchants is shooting up, as is the press about Bitcoins, and the users. All of these things make it more valuable. What makes it less valuable? More Coins. Since coins are created slowly, and only more merchants will join in, there is no evidence that it is a bubble at all.
Psuedo-economists like to pretend that anything that goes up in value (that they missed out on) is a bubble, but in reality bubbles are all about prospecting, and investment, which turns sour. If a currency gains value because of more merchants, and users, that isn't a bubble, that's going mainstream.
What happens when millions of people want to use Bitcoins? They each need some, and many people will hold on to large amounts. When you have 6 million coins, and several million users, each coin has to be divided up, and the coin as a whole is worth more.
The Bitcoin economy cannot both be large and with little value to the coins.
> But the US economy is large, and the dollar isn't worth that much
Aha! Because more is printed to adjust to the economy. Bitcoins have a slow introduction rate, and cap. When millions of people are using a currency, it has to be divided and used in smaller amounts (deflation) instead of adding more llike USD.
(Edited 7 minutes later.)
RonPaul2012 !4EB6xd.Oos joined in and replied with this 15 years ago, 5 hours later, 6 hours after the original post[^] [v] #134,707
Anonymous F joined in and replied with this 15 years ago, 6 hours later, 12 hours after the original post[^] [v] #135,031
But what can you actually buy with Bitcoins?
Anonymous G joined in and replied with this 15 years ago, 2 minutes later, 12 hours after the original post[^] [v] #135,032
@134,386 (A)
> Psuedo-economists like to pretend that anything that goes up in value (that they missed out on) is a bubble
This.
> Psuedo-economists like to pretend that anything that goes up in value (that they missed out on) is a bubble
This.
Anonymous G double-posted this 15 years ago, 1 minute later, 12 hours after the original post[^] [v] #135,033
@135,031 (F)
https://en.bitcoin.it/wiki/Trade
There's also Silk Road (and others) on Tor where you can buy drugs.
https://en.bitcoin.it/wiki/Trade
There's also Silk Road (and others) on Tor where you can buy drugs.
Anonymous F replied with this 15 years ago, 3 minutes later, 12 hours after the original post[^] [v] #135,037
Meta !PARAdoxiHw joined in and replied with this 15 years ago, 15 seconds later, 12 hours after the original post[^] [v] #135,038
Bitcoins are even more stupid than paper currency. At least you can use banknotes as wallpaper or burn them to keep warm if hyperinflation happens.
Anonymous G replied with this 15 years ago, 1 minute later, 12 hours after the original post[^] [v] #135,040
RonPaul2012 !4EB6xd.Oos replied with this 15 years ago, 1 hour later, 14 hours after the original post[^] [v] #135,058
Anonymous I joined in and replied with this 15 years ago, 2 minutes later, 14 hours after the original post[^] [v] #135,059
@previous (RonPaul2012 !4EB6xd.Oos)
You have been banned. Please respect your ban and do not post for its duration. Thanks.
You have been banned. Please respect your ban and do not post for its duration. Thanks.
RonPaul2012 !4EB6xd.Oos replied with this 15 years ago, 33 minutes later, 14 hours after the original post[^] [v] #135,069
Nega !34Kas0OdzM joined in and replied with this 15 years ago, 9 minutes later, 15 hours after the original post[^] [v] #135,070
Anonymous A (OP) replied with this 15 years ago, 4 hours later, 19 hours after the original post[^] [v] #135,152
@135,037 (F)
Because if you are selling drugs online, normal money leaves a trail. Bitcoins are anonymous.
Also, Bitcoins can be transferred quickly across the world, without fees, and without the worry of getting your account frozen. Not only that, but your money will go up in value over time, instead of down like US $.
Because if you are selling drugs online, normal money leaves a trail. Bitcoins are anonymous.
Also, Bitcoins can be transferred quickly across the world, without fees, and without the worry of getting your account frozen. Not only that, but your money will go up in value over time, instead of down like US $.
The Truth !!vSp31CfSr joined in and replied with this 15 years ago, 4 hours later, 23 hours after the original post[^] [v] #135,343
> Soon Bitcoins will hit $100, especially with the influx of new users and merchants (even a IRL restaurant in NYC is accepting bitcoins now).
> My face when they are now 1 cent a bitcoin.
LOL
> My face when they are now 1 cent a bitcoin.
LOL
Anonymous C replied with this 15 years ago, 2 minutes later, 23 hours after the original post[^] [v] #135,351
@previous (The Truth !!vSp31CfSr)
> they are now 1 cent a bitcoin.
Hm? The current value is ฿1 = $17.51.
> they are now 1 cent a bitcoin.
Hm? The current value is ฿1 = $17.51.
Possibly !4et0YaTXO. joined in and replied with this 15 years ago, 5 minutes later, 1 day after the original post[^] [v] #135,360
The Truth !!vSp31CfSr replied with this 15 years ago, 3 minutes later, 1 day after the original post[^] [v] #135,364
........
(Edited 57 seconds later.)
The Truth !!vSp31CfSr double-posted this 15 years ago, 38 seconds later, 1 day after the original post[^] [v] #135,365
@135,351 (C)
LOL, no, here is the live crash a few moments ago: http://www.youtube.com/watch?v=T1X6qQt9ONg
LOL, no, here is the live crash a few moments ago: http://www.youtube.com/watch?v=T1X6qQt9ONg
Anonymous A (OP) replied with this 15 years ago, 4 hours later, 1 day after the original post[^] [v] #135,642
@135,343 (The Truth !!vSp31CfSr)
Are you retarded? The are selling for $17-$20 each.
@135,360 (Possibly !4et0YaTXO.)
They were $13 2 days ago.
By your own logic, I should be a millionaire very soon.
@previous (The Truth !!vSp31CfSr)
That appeared like that because of the Hack, one guy was selling them to himself.. Tradehill is still selling for 17-20$ each, try buying them for a penny, no one will sell them to you.
Are you retarded? The are selling for $17-$20 each.
@135,360 (Possibly !4et0YaTXO.)
They were $13 2 days ago.
By your own logic, I should be a millionaire very soon.
@previous (The Truth !!vSp31CfSr)
That appeared like that because of the Hack, one guy was selling them to himself.. Tradehill is still selling for 17-20$ each, try buying them for a penny, no one will sell them to you.