Square Market Now Accepts Bitcoin‏

[DAMNMAN]

I guess all the new companies taking bitcoin are stupid, right? Bitcoin is dead now right?

http://thenextweb.com/insider/2014/03/31/square-now-lets-sellers-accept-bitcoin-storefronts/?utm_source=social&utm_medium=feed&utm_campaign=pr ofeed

Bought some more BTC today.

[PR_Glen]

didn't seem to affect the price...

[NewNick]

Originally Posted by DAMNMAN

I guess all the new companies taking bitcoin are stupid, right? Bitcoin is dead now right?

http://thenextweb.com/insider/2014/03/31/square-now-lets-sellers-accept-bitcoin-storefronts/?utm_source=social&utm_medium=feed&utm_campaign=pr ofeed

Bought some more BTC today.

[CyberHustler]

Originally Posted by NewNick

[DAMNMAN]

Originally Posted by PR_Glen

didn't seem to affect the price...

Knee jerk reactions either up or down don't interest me in the least.

I'm all in. I have invested everything I can afford to loose. (nothing ventured, nothing gained)

[ruff]

Originally Posted by DAMNMAN

Knee jerk reactions either up or down don't interest me in the least.

I'm all in. I have invested everything I can afford to loose. (nothing ventured, nothing gained)

I'm all in myself. Everything is looking very good for the long run. This is the time to buy in.

[JerseyPuma]

this guy figured out one of the biggest problems with Bitcoin in the long term as related to the ability for anyone with decent programming knowledge to use the open source code to create their own cryptocurrency (litecoin and dogecoin are probably biggest 2 examples so far).

The Marginal Cost of Cryptocurrency

theres some advanced economic analysis in there, but the jist of it is that as new coins enter they will feature less transaction fees (because of declining rewards for mining and some other reasons) and become more attractive to users, which will ultimately devalue BTC. the theory is that BTCs value will only be equal to the marketing cost of starting a new cryptocurrency -- which is pretty low given its open source nature and distributed hosting model.

all that said -- i think there is still enough interest in bitcoin and media coverage that the value will increase before this long term economic effect is realized, so theres still opportunity for speculators in the shorter term. timing is everything.

[jscott]

Great news. These big online companies are smarter than 99% of gfy'ers, they know what they're doing

[AmeliaG]

Originally Posted by JerseyPuma

this guy figured out one of the biggest problems with Bitcoin in the long term as related to the ability for anyone with decent programming knowledge to use the open source code to create their own cryptocurrency (litecoin and dogecoin are probably biggest 2 examples so far).

The Marginal Cost of Cryptocurrency

theres some advanced economic analysis in there, but the jist of it is that as new coins enter they will feature less transaction fees (because of declining rewards for mining and some other reasons) and become more attractive to users, which will ultimately devalue BTC. the theory is that BTCs value will only be equal to the marketing cost of starting a new cryptocurrency -- which is pretty low given its open source nature and distributed hosting model.

all that said -- i think there is still enough interest in bitcoin and media coverage that the value will increase before this long term economic effect is realized, so theres still opportunity for speculators in the shorter term. timing is everything.

Anyone with a printing press can print paper money, but there are a few other factors in how many people accept it as currency.

One thing to keep in mind with Bitcoin is that most currencies are not accepted globally. The US Dollar is the most global currency and it is not like a person could use it at a random diner just anywhere in the world and get a burger.

[CaptainHowdy]

[mineistaken]

Originally Posted by DAMNMAN

I guess all the new companies taking bitcoin are stupid, right? Bitcoin is dead now right?

http://thenextweb.com/insider/2014/03/31/square-now-lets-sellers-accept-bitcoin-storefronts/?utm_source=social&utm_medium=feed&utm_campaign=pr ofeed

Bought some more BTC today.

Why would it be stupid to get free publicity? I would accept them too even if I did not believe in them. It is a win/win for those who accept btc.

[Jman]

Originally Posted by AmeliaG

Anyone with a printing press can print paper money, but there are a few other factors in how many people accept it as currency.

One thing to keep in mind with Bitcoin is that most currencies are not accepted globally. The US Dollar is the most global currency and it is not like a person could use it at a random diner just anywhere in the world and get a burger.

[edgeprod]

Originally Posted by PR_Glen

didn't seem to affect the price...

I'd argue that it shouldn't. Bitcoin hasn't proven that it's a viable transactional vehicle. Dogecoin, a joke meme "currency", is seeing better transactional use than Bitcoin, which is held predominantly by speculators and idealists. That should say something right there.

My bet is that currency is NOT the "killer app" for the Bitcoin system. It will likely be adapted to an unforeseen usage similar to the talk about patent/copyright timestamping, etc.

The price is so inflated right now in the current bubble that if anything, we'll see vendors soon NOT taking BTC who previously took it, which should shake investor confidence (rightfully or not) and cause a tumbling of the price medium-term.

[PR_Glen]

Originally Posted by edgeprod

I'd argue that it shouldn't. Bitcoin hasn't proven that it's a viable transactional vehicle. Dogecoin, a joke meme "currency", is seeing better transactional use than Bitcoin, which is held predominantly by speculators and idealists. That should say something right there.

My bet is that currency is NOT the "killer app" for the Bitcoin system. It will likely be adapted to an unforeseen usage similar to the talk about patent/copyright timestamping, etc.

The price is so inflated right now in the current bubble that if anything, we'll see vendors soon NOT taking BTC who previously took it, which should shake investor confidence (rightfully or not) and cause a tumbling of the price medium-term.

I can go along with that, seems to make sense. You at least have the ability to discuss it with an open mind and can admit the risks.

Originally Posted by jscott

Great news. These big online companies are smarter than 99% of gfy'ers, they know what they're doing

unlike this shill...

[edgeprod]

Originally Posted by PR_Glen

I can go along with that, seems to make sense. You at least have the ability to discuss it with an open mind and can admit the risks.

Well, I'll admit that I'm biased against Bitcoin as a currency (I think it's got no chance of staying anonymous, and if that's the case, then why use it?) but I try to keep an open mind. I'm willing to listen to the pro-Bitcoin crowd, but I use my own judgment to make decisions.

I've been happy to participate in the Bitcoin bubble, but I believe it's just that: a bubble, bound to collapse eventually. In the meantime, I am running quants on the markets to turn a profit .. so I have no dog in the game regarding the currency's value itself. I make money whether it goes down relative to other crypto currencies, or rises, based on facilitating trades (closing trade book gaps) and providing liquidity to the markets.

I hope everyone's investments work out, but I've counseled regularly against buying and HOLDING Bitcoin at its inflated prices (my dollar-cost-average on my longer-term holdings was roughly $83, and I liquified the majority of that as the currency fell through the $800's). I've advocated short-term trading in a variety of crypto currencies, but this board doesn't have many people intellectually qualified of financially versed enough to participate in that.

The sad fact is that if people had just followed my trades (stock market, crypto, etc) that I've posted here, they would have seen an enormous gain -- not to sound egotistical, but I don't think I've made a bad "public" call yet (I have backed plenty of losing horses privately), and am definitely on the large-percentage scale gain-wise if you look at my post history of suggestions.

[jscott]

Originally Posted by PR_Glen

I can go along with that, seems to make sense. You at least have the ability to discuss it with an open mind and can admit the risks.

unlike this shill...

Hey man, you've been chasing me around all the bitcoin threads talking shit. I was simply pointing out that this is yet another positive thing for bitcoins. You tossing around insults to anyone who hopes to see bitcoins have a place in the future is just a sign of ignorance.

[DAMNMAN]

Originally Posted by mineistaken

Why would it be stupid to get free publicity? I would accept them too even if I did not believe in them. It is a win/win for those who accept btc.

Not true.... as this company accepts bitcoin for you and give you dollars. Therefor they can get stuck with bitcoins. If they just want it for advertising reasons, it's too risky.

They want the bitcoins.

[ZeroHero]

Originally Posted by CaptainHowdy

speachless..