Bitcoin at all time high

[donkdowndonedied]

What people don't understand here is that BTC fill a *very* valid need on the internet. That need is just minor day to day transactions. You want to monetize a website but use micropayments? Well BTC. What does it cost to setup? It isn't that $50 a month for a merchant account It isn't the 4% or whatever paypal charges and lets people reserve-chargeback scam you. It is really pretty simple. I've continually seen more and more places accepting bitcoins.

Most people who make their initial decision on such things are not very quick to change. Most people who hear about BTC are like, WTF? ( I know I was.. I am pretty sure I made fun of Micon.. but then as I actually read about them and understand how they work, I changed my mind to one of just being cautious ) Most people won't change until they are glaringly wrong. You see that all over in these threads.

The volatility really really sucks for commerce, but we are still on the beginning stages of BTC. No one comments on how BTC introduction compares to the introduction of any currency that is not backed by a precious metal. It is all just straight FUD.

If BTC were as janky as people want to believe, there wouldn't be near as many sharp people creating services based around them.

[4Dragons]

Nice feed brosephus.

Here, I put up a bitcoin news aggregator: Bitcoin News

Education
Environmentalists Call For Banning Water

I can tell you are poised to cash in big on these things.

lol, it's on autopilot and I only pick the feeds, not the stories. I can't add a real time anything. It's a free tool, good for peeking interest, not so much for driving traffic - unless i started writing my own stories and mixing them in with the others and including my own feed. I did put in the polka dot background though.

[cmoney]

What people don't understand here is that BTC fill a *very* valid need on the internet. That need is just minor day to day transactions. You want to monetize a website but use micropayments? Well BTC. What does it cost to setup? It isn't that $50 a month for a merchant account It isn't the 4% or whatever paypal charges and lets people reserve-chargeback scam you. It is really pretty simple. I've continually seen more and more places accepting bitcoins.

Most people who make their initial decision on such things are not very quick to change. Most people who hear about BTC are like, WTF? ( I know I was.. I am pretty sure I made fun of Micon.. but then as I actually read about them and understand how they work, I changed my mind to one of just being cautious ) Most people won't change until they are glaringly wrong. You see that all over in these threads.

The volatility really really sucks for commerce, but we are still on the beginning stages of BTC. No one comments on how BTC introduction compares to the introduction of any currency that is not backed by a precious metal. It is all just straight FUD.

If BTC were as janky as people want to believe, there wouldn't be near as many sharp people creating services based around them.

It may always have a place for non tangible services such as subscriptions to online data services. This is because most merchants who sell a non tangible product rather get something than nothing for their product. The product they are selling is generally already completed and the overheard generally low when dealing with non tangibles (for example the micon system). For example, maybe the cost of updating whatever content service they provide or the cost of hosting it.

It is a completely different situation when you are dealing with tangibles. This is where i think BTC are going to have a real tough time. Unless you can mark you tangible product up to such a degree (like 5-10 times the cost to produce it) you are going to have a hard time justifying taking BTC over USD for it. IMO, the last few days have really hurt its chances of being accepted by merchant as a way for them to take payment for tangible goods.

Actually a bitcoin billing solution for porn sites is a great idea. Maybe it already existd, but if not, I just gave someone a million dollar idea. Porn sites will take ANYTHING they can get at this point. Plus you would avoid the 14 percent rape fee credit card processors charge the sites since they are deemed "high risk"

[donkdowndonedied]

It is a completely different situation when you are dealing with tangibles. This is where i think BTC are going to have a real tough time. Unless you can mark you tangible product up to such a degree (like 5-10 times the cost to produce it) you are going to have a hard time justifying taking BTC over USD for it. IMO, the last few days have really hurt its chances of being accepted by merchant as a way for them to take payment for tangible goods.

Actually a bitcoin billing solution for porn sites is a great idea. Maybe it already existd, but if not, I just gave someone a million dollar idea. Porn sites will take ANYTHING they can get at this point. Plus you would avoid the 14 percent rape fee credit card processors charge the sites since they are deemed "high risk"

I agree 100% with this and thought about making the point, but I am too verbose as it is. A few things.

You can setup your site to offload the btc to the current market price as soon as you receive them. You don't have to operate in BTC solely. Contrary to what people say, they are fairly liquid. They're just as liquid as any other online currency. You get BTC, then you sell them into whatever currency you want with only a small vig. But yea, selling tangible goods/commodities has an added element of risk. That risk works both ways though, to be fair.

Maybe mtgox is having problems now, but I would hope this will be resolved in the future. There are also other exchanges. My android phone has been quoting hte price for 5 of them for months, but one appears offline. I think as some point, networks that are allowing these DDOS's to originate are just going to be kicked off the net. (Although Im not real certain how it works, but I think it requires IP spoofing, which can be eliminated before packets hit hte backbone..) It is just a problem that can't be allowed to continue. It is a matter of time.

Setting up recurring payments would be very difficult. You basically would need to setup your own wallet site that people keep funded. You have to initiate any outgoing payment. This is different from CCs, etc. This is one of the key reasons BTC is a lot more like gold/cash than people want to admit.

My concern more than anything is lobbyists for paypal/visa/mc get involved. Just like online poker was killed because of B&M interests. meh.

[sonatine]

I think as some point, networks that are allowing these DDOS's to originate are just going to be kicked off the net. (Although Im not real certain how it works, but I think it requires IP spoofing, which can be eliminated before packets hit hte backbone..) It is just a problem that can't be allowed to continue. It is a matter of time.

my fucking sides ache, stop, oh my god

[4Dragons]

Actually a bitcoin billing solution for porn sites is a great idea. Maybe it already existd, but if not, I just gave someone a million dollar idea. Porn sites will take ANYTHING they can get at this point. Plus you would avoid the 14 percent rape fee credit card processors charge the sites since they are deemed "high risk"

I have a direct pay add-on for websites that is set-up for accepting Bitcoin payments for either digital downloads or placing website advertisements.

[donkdowndonedied]

Actually a bitcoin billing solution for porn sites is a great idea. Maybe it already existd, but if not, I just gave someone a million dollar idea. Porn sites will take ANYTHING they can get at this point. Plus you would avoid the 14 percent rape fee credit card processors charge the sites since they are deemed "high risk"

I have a direct pay add-on for websites that is set-up for accepting Bitcoin payments for either digital downloads or placing website advertisements.

It is easy as shit to support bitcoins. The problem is that cmoney is talking about porn and recurring payments. Thats how the porn business works AFAIK. That is a whole different game. You can't just externally request bitcoins from a wallet. I have to have a wallet and send funds from it. THe only way this works with recurring payments is if the wallet is kept funded. So basically you'd end up with another wallet site, and just support recurring payments from it. Then the porn site would have to require you to use that speciifc wallet. I don't see that happening anytime soon.... Who is going to want to use a BTC wallet site because it supports porn sites ? It might be a million dollar idea down the road, but I think there are a lot more better opportunities at the moment.

[BetCheckBet]

I have a direct pay add-on for websites that is set-up for accepting Bitcoin payments for either digital downloads or placing website advertisements.

It is easy as shit to support bitcoins. The problem is that cmoney is talking about porn and recurring payments. Thats how the porn business works AFAIK. That is a whole different game. You can't just externally request bitcoins from a wallet. I have to have a wallet and send funds from it. THe only way this works with recurring payments is if the wallet is kept funded. So basically you'd end up with another wallet site, and just support recurring payments from it. Then the porn site would have to require you to use that speciifc wallet. I don't see that happening anytime soon.... Who is going to want to use a BTC wallet site because it supports porn sites ? It might be a million dollar idea down the road, but I think there are a lot more better opportunities at the moment.

Recurring billing is dying. Porn money now in pay per minute videos, phone, and webcam. BTW several sites are already using bitcoin for such features.

I disagree though that market prices are a result of manipulation (although I think they can be contributing and almost 100% certain that the unregulated markets are scamming users in numerous ways). The guys who post on the bitcoin forums are the same morons who got scammed by the matrix website craze 10 years ago. The average supporter of bitcoins has very little economic knowledged. Yes there are some great minds there but they are far and few between. The rise in bitcoins prices IMO has largely been to ignorant greed. The most recent spike seems to be related to it being spread into the asian market and being treated like a casino.

Even if bitoins did provide a use they have no unique advantage over many other crypto currencies and are seen inferior in numerous ways. I think their true value is at most 5 bucks a pop. Probably much less though as I feel they have no lasting appeal.

[cmoney]

I have a direct pay add-on for websites that is set-up for accepting Bitcoin payments for either digital downloads or placing website advertisements.

It is easy as shit to support bitcoins. The problem is that cmoney is talking about porn and recurring payments. Thats how the porn business works AFAIK. That is a whole different game. You can't just externally request bitcoins from a wallet. I have to have a wallet and send funds from it. THe only way this works with recurring payments is if the wallet is kept funded. So basically you'd end up with another wallet site, and just support recurring payments from it. Then the porn site would have to require you to use that speciifc wallet. I don't see that happening anytime soon.... Who is going to want to use a BTC wallet site because it supports porn sites ? It might be a million dollar idea down the road, but I think there are a lot more better opportunities at the moment.

You are 100 percent right. There is also another big issue I thought of after I made the post.

I would say 80 percent of traffic sent to porn sites is via affiliates (other sites that promote the porn site) so you would also need to figure a way to pay them out if they made a sale. That would be a mess and I not sure how you would work around that. For example, affiliate A sends Joe Blow to fuckmeinass123.com and he pays with a Credit Card. The problem is that Affiliate A is signed up with an affiliate code that tracks a bitcoin sale. So you would probably actually need to integrate a bitcoin service with another processing company to make this work.

If the site ONLY took bitcoins that is another story, but the site owner would lose a shitload of sales for people that want to use mastercard/visa and other standard ways to pay.

Anyway, maybe some day but it would be a mess to sort out at the moment.

[donkdowndonedied]

Even if bitoins did provide a use they have no unique advantage over many other crypto currencies and are seen inferior in numerous ways. I think their true value is at most 5 bucks a pop. Probably much less though as I feel they have no lasting appeal.

I agree with a lot of what you say. Speculation is driving prices. The transferring of assets. However you wish to frame it. I don't know this, but I think there is more reason to believe this than some weird market manipulation everyone talks about but can't explain except DDOS of exchanges = lowering of BTC values.

Bitcoins obviously "provide a use". I would like you to expound on the above quote of yours. What are the other crypto currencies that are better ? And why? Any links to a thoughtful discussion on this matter would be appreciated. (and needed in this thread..)

I can't begin to fathom how you know what their "true value" is. Unlike a traditional currency, it is international in scope. Unlike traditional currency, BTC has this elastic nature. You can drop down to really low fractional amounts. That is why they could continue to inflate. So 1 bitcoin trades at $800, so you use .01 btc instead. it is just a matter of more and more services using them as payment.....

[Corrigan]

There are other crypto currencies popping up such as "litecoin"

[4Dragons]

It is easy as shit to support bitcoins. The problem is that cmoney is talking about porn and recurring payments. Thats how the porn business works AFAIK. That is a whole different game. You can't just externally request bitcoins from a wallet. I have to have a wallet and send funds from it. THe only way this works with recurring payments is if the wallet is kept funded. So basically you'd end up with another wallet site, and just support recurring payments from it. Then the porn site would have to require you to use that speciifc wallet. I don't see that happening anytime soon.... Who is going to want to use a BTC wallet site because it supports porn sites ? It might be a million dollar idea down the road, but I think there are a lot more better opportunities at the moment.

You are 100 percent right. There is also another big issue I thought of after I made the post.

I would say 80 percent of traffic sent to porn sites is via affiliates (other sites that promote the porn site) so you would also need to figure a way to pay them out if they made a sale. That would be a mess and I not sure how you would work around that. For example, affiliate A sends Joe Blow to fuckmeinass123.com and he pays with a Credit Card. The problem is that Affiliate A is signed up with an affiliate code that tracks a bitcoin sale. So you would probably actually need to integrate a bitcoin service with another processing company to make this work.

If the site ONLY took bitcoins that is another story, but the site owner would lose a shitload of sales for people that want to use mastercard/visa and other standard ways to pay.

Anyway, maybe some day but it would be a mess to sort out at the moment.

It's not a mess, it's just an add-on service that is the bitcoin processor that can be selected the same as selecting paypal or visa, it just directs to a different checkout page.

Oh and..

[BetCheckBet]

Even if bitoins did provide a use they have no unique advantage over many other crypto currencies and are seen inferior in numerous ways. I think their true value is at most 5 bucks a pop. Probably much less though as I feel they have no lasting appeal.

I agree with a lot of what you say. Speculation is driving prices. The transferring of assets. However you wish to frame it. I don't know this, but I think there is more reason to believe this than some weird market manipulation everyone talks about but can't explain except DDOS of exchanges = lowering of BTC values.

Bitcoins obviously "provide a use". I would like you to expound on the above quote of yours. What are the other crypto currencies that are better ? And why? Any links to a thoughtful discussion on this matter would be appreciated. (and needed in this thread..)

I can't begin to fathom how you know what their "true value" is. Unlike traditional currency, BTC has this elastic nature. Unlike a traditional currency, it is international in scope. You can drop down to really low fractional amounts. That is why they could continue to inflate. So 1 bitcoin trades at $800, so you use .01 btc instead. it is just a matter of more and more services using them as payment.....

Its been caculated that bitcoins cost approximately 5 dollars to make. Now with more efficient computer set ups and higher difficulty levels that could change. Additonally it we calculate total value of bitcoin network based at 100m based off of 20 coins it would be about the same. Now calculating vale of bitcoin as a whole may not be so simple as calculating total value of bitcoins in circulation but its a start.

[kmksmkn]

mtgox.com is now offline

[BeerAndPoker]

mtgox.com is now offline

Either they are doing this so called upgrade or shit hit the fan.

[sonatine]

That they couldnt keep a web presence up during their upgrade more or less defines the level of sophistication behind this operation.

[donkdowndonedied]

Its been caculated that bitcoins cost approximately 5 dollars to make. Now with more efficient computer set ups and higher difficulty levels that could change. Additonally it we calculate total value of bitcoin network based at 100m based off of 20 coins it would be about the same. Now calculating vale of bitcoin as a whole may not be so simple as calculating total value of bitcoins in circulation but its a start.

Well, BTC have to be distributed in some manner. Otherwise it would never work. Thats why someone showed up and thought there should be a big pool with a market cap and people buy from it. That view seems to come from someone with a traditional background and doesn't understand how distribution creates incentives to create services which creates a market. Just like most things.. things early to market are very very hard to overtake.

So I read about litecoins since Corrigan mentioned them. They have 2 "advantages" that I saw. One is confirmation time is 20% of that of btc... but is that because superior network algorthms... or simply because their network currently has far far fewer nodes to propagate payments through? (lol page didnt explain that!) The other "advantage" is you can still get in on mining them early and the algorthm to create them requires memory and not all this specialized hardware. That is an advantage to some, but really all it seems like is someone trying to start up their own version of a crypto currency to get in on the market early. It doesn't really seem superior except it is more egalitarian in the distribution because GPUs/ASICs aren't as useful..... and maybe from a environmental perspective/electricity use.

If people want to stop mining BTC because it costs too much, then we still have the existing pool to trade with.

Still waiting to find a crypto currency that really is clearly superior to bitcoins....

[BeerAndPoker]

SHITCOINS WILL PREVAIL THEY ARE KIND OF A BIG DEAL NOW

[donkdowndonedied]

That they couldnt keep a web presence up during their upgrade more or less defines the level of sophistication behind this operation.

Stop acting like you have a clue. yea ,they could have a better landing page. LOL.

Obviously you can't just pack up a currency exchange and start it up on another server like a forum or something.. where a few missing posts or whatever is no big deal. No landing page... Gee, they must be incompetent, because even *you* could make a landing page, huh ?

Fucking idiot.

[Deal]

That they couldnt keep a web presence up during their upgrade more or less defines the level of sophistication behind this operation.

I would not expect sophistication in such a new unregulated market. It didn't even spawn from a legitimate business. We have banks using much less sophisticated technology. Your expectations are too high. The world is full of idiots.