Recent content by longshort

This is just a misunderstanding of how central banking works. First of all, the Fed is not a lender of last resort. Simply because it has nothing to lend. It has no savings. If the Fed "buys" something and enlarges its balance sheet, it creates money out of thin air. You believe in free money...

It's really a solved problem with no need for cryptos. For example, SEPA transfers of EUR are actual bank transfers and free for both sides. By EU law, they must complete in a business day. Most Dutch and many European banks are in a network that exceeds this by offering instant SEPA transfers...

They have two ways to make money. One is the 1% fee, the other is coming up with a conversion rate. The conversion doesn't take place instantly, it also includes the time from BitPay providing the BTC quote to the customer fully completing the checkout. That includes time like customer...

I can't believe you're serious but anyway. BitPay sells the crypto and you get dollars or euros.

Okay. Shall we do an example then. Superocean Automatic 46 is quoted as USD 4,750. Say a BTC is $20K bid on exchanges. Selling 0.2375 BTC on exchange would get the potential customer USD 4,750 minus the exchange fee. Now the customer decides to buy the watch via BitPay. This quote isn't handled...

The customer has to pay more, though. BitPay says they're getting their rates from certain exchanges. Whatever the bid-ask spread is is certainly another cost for those who want to sell their BTC through BitPay. Whatever other fees these exchanges charge will likely be baked in as well. In...

You forgot a foreign currency is actually native somewhere. Unlike BTC which doesn't function as a currency in a meaningful capacity anywhere because it's garbage and doesn't work. Tesla tried to sell cars directly for BTC and not a single deal went through from all that's public info. BTC is a...

Big difference here because then you're trading a currency for a currency. Both currencies are also being used in their own right and directly as such in the respective regions. Unlike first having to sell a pseudo-asset that's pretty much nowhere being accepted directly as payment for goods...

That means you first have to trade with BitPay. This third party buys the BTC from you (that Breitling doesn't want, okay?) and may or may not (depending on market conditions, crashes) give you a varying amount of USD/EUR for it that Breitling then takes. You might as well sell a car first for...

Umm what? I just clicked through all the FAQ items and not one contradicts anything I've said.

Wrong. Breitling does not take in your BTC and does not want it. You can't even call this a barter because Breitling has no interest in what you offer and is unwilling to take it. They accept functioning currencies like USD and EUR. They are also fine with you selling other stuff they clearly...

Why do you post such a thread title if you know full well it's a lie? As usual, real merchants do not accept made-up digital tokens for payment. Neither does Breitling. BTC is not a coin, not money, not a currency. It does not function as a currency. BTC transactions by and large are...

The other parts of your post are interesting to me but for now, since I'm somewhat time constrained, I'll choose to reply to just this. As you started out with the US as an example, I disagree that nowadays all money is printed. The US had money historically without the need for government...

Only true if you look at money in a purely nominal sense without any regard for its purchasing power. However, "money" is not "money". As soon as you factor in inflation, government spending is profoundly constrained, obviously by the resources it can siphon from the private sector, which are...

Dumbest question in the world. Can you beat someone who won the lottery? Nobody knew back then that useless made-up digital tokens would develop into the biggest ponzi scheme / pyramid scheme ever.