Bitcoin thread anyone?

[MrN]

In reality there is no chance at all that a digital currency would be allowed to flourish, as it would represent possibly the greatest single threat to the welfare state. The US government requires dollar hegemony in order to function.

Taxation on transactions, prosecuting those who accept the competing currency as payment, or freezing bank assets (as in this case) are all inevitable for any competing private market currency that gains traction. A few years back a 100% gold currency successfully launched, and even though that currency had appreciated against the dollar it was shut down on counterfeiting charges. It just isn't going to happen unless unforeseen, extreme scenarios emerge.

 

[Algo_Design_Kid]

Quote from Pekelo:

Beside Amazon coins, now you can send money with gmail too... The competition increases....

http://techcrunch.com/2013/05/15/go...o-gmail-so-you-can-send-money-as-attachments/

Here is a good question. Can you buy a pre-paid debit card and use it to send money through Gmail to MtGox??????????

If this is true, I believe this is potentially huge news.

Btw, amazon coins are just a glorified gift card. This has absolutely nothing to do with btc.

 

[Algo_Design_Kid]

Quote from MrN:

In reality there is no chance at all that a digital currency would be allowed to flourish, as it would represent possibly the greatest single threat to the welfare state. The US government requires dollar hegemony in order to function.

Taxation on transactions, prosecuting those who accept the competing currency as payment, or freezing bank assets (as in this case) are all inevitable for any competing private market currency that gains traction. A few years back a 100% gold currency successfully launched, and even though that currency had appreciated against the dollar it was shut down on counterfeiting charges. It just isn't going to happen unless unforeseen, extreme scenarios emerge.

There are still only 100 ways to obtain btc. It is simply a speedbump. If you have followed btc long enough, there is always some "news" that will immediately destroy btc. I'm still waiting for this to happen. Good luck stopping a decentralized p2p network.

 

[stevegee58]

Exchanging BTC and USD can still be done in face to face transactions. An example of a web site that facilitates this is https://localbitcoins.com.

There are various informal online vendors that will buy BTC and send you a debit card in exchange. Obviously you can't pick a vendor at random. You have to find the ones that are trusted and vouched for.

 

[benwm]

Quote from atticus:

Holy sh*t.

Sounds like you are surprised?

 

[Pekelo]

Quote from stevegee58:

Exchanging BTC and USD can still be done in face to face transactions.

True but defeats the purpose of easy money transferring over the net.... What can be done already by other means...

 

[stevegee58]

Quote from Pekelo:

True but defeats the purpose of easy money transferring over the net.... What can be done already by other means...

Only for exchanging with fiat. If you're directly exchanging BTC for goods and services it doesn't matter.

People living in the old Soviet states did this sort of face to face money exchange all the time. It was illegal but almost unenforceable since everyone did it.

 

[gkishot]

Quote from stevegee58:

Only for exchanging with fiat. If you're directly exchanging BTC for goods and services it doesn't matter.

So how are BTCs better than gold coins for this purposes?

 

[stevegee58]

Quote from gkishot:

So how are BTCs better than gold coins for this purposes?

Well if the world ended and there was no electricity then gold is probably a better choice.

Barring the apocalypse, gold has a local reach (you have to carry it around), BTC has a global reach (electronic transmission). If you get on an airplane with $100K in gold it would trigger all sorts of alarms. If you get on a plane with a BTC electronic wallet (PC or web based) no one would know but you have access to your BTC world-wide.

 

[traitor786]

Im not usre if Amazon could be considered as competition, From what is said about here it could simply be the equivalent to a gift card. Bitcoins value changes and is designed for the soul purpose of being an Alt currency, Amazon coins may simply be a different way of showing your balance Without the $ sign.

Generally a gift card system is used to not make people worry about the $ at the point of purchase (of the item)

If I have a 50$ amazon card, when i go to amazon i am more likely to spend 50$ and focus on what i can get for 50$ instead of looking for my 10$ deal.

Amazon coins are controlled by amazon they are correlated to the dollar and not an alternative.

bitcoins are different they are an alternative,
Gold to is an alternative, there is an exchange system in place that has a lot of history and more way stable then bitcoins. and generally it is harder to control and not dependent on electricity.

But bitcons are a good way to store money as you really do not want to be hauling your money in weight instead of a encrypted code that can easily be hidden.

Each has its benefits, but amazon does not seem like it is part of the same industry.