Bitcoin - online fad or the future?

This is a discussion on Bitcoin - online fad or the future? within the Cryptocurrencies forums, part of the Markets category; I am not sure about it. There have been plenty of e-currencies which have failed terribly. While I understand that ...

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Old Apr 10, 2013, 4:24pm   #16
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Re: Bitcoin - online fad or the future?

I am not sure about it. There have been plenty of e-currencies which have failed terribly. While I understand that it is different than Zeek Rewards which was a big scam I don't get why people are so interested in using a fake currency.

I am sure it will continue to increase in popularity until the day it will blow up.
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Old Apr 16, 2013, 9:36am   #17
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Re: Bitcoin - online fad or the future?

IG Index joined in and allows to place binary bets on the last price at https://mtgox.com/

I am wondering how easy is to manipulate the market. One could take a huge position at IG Index and then try to move the price at mtgox. The size of the market at mtgox is relatively small.
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Old Apr 16, 2013, 9:39am   #18
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Re: Bitcoin - online fad or the future?

Quote:
Originally Posted by Hoggums View Post
If you make a profit using bit-coins - do you have to pay tax?
and can you pay it in bit-coins ?

N
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Old Apr 16, 2013, 9:45am   #19
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Re: Bitcoin - online fad or the future?

Quote:
Originally Posted by 6am View Post
IG Index joined in and allows to place binary bets on the last price at https://mtgox.com/

I am wondering how easy is to manipulate the market. One could take a huge position at IG Index and then try to move the price at mtgox. The size of the market at mtgox is relatively small.
Interesting , daily binaries or monthly ?

Just noticed it already took a big hit !
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Old Apr 16, 2013, 9:47am   #20
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Re: Bitcoin - online fad or the future?

Quote:
Originally Posted by Hoggums View Post
If you make a profit using bit-coins - do you have to pay tax?
As they are currently not and are unlikely ever to be recognised as currency from a regulatory viewpoint, no tax is payable on profit through indirect appreciation.
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Old Apr 16, 2013, 9:49am   #21
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Re: Bitcoin - online fad or the future?

Interesting piece in last week's Economist on them. Should be of interest to new_trader as with a fixed circulation of 21 million, they get as close to a genuine gold standard as anything.
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Old Apr 16, 2013, 10:23am   #22
 
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Re: Bitcoin - online fad or the future?

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Originally Posted by Purple Brain View Post
As they are currently not and are unlikely ever to be recognised as currency from a regulatory viewpoint, no tax is payable on profit through indirect appreciation.
So IG takes bets in real money trading a currency that doesn't exist -tulipmania?
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Old Apr 16, 2013, 11:22am   #23
 
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Re: Bitcoin - online fad or the future?

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Originally Posted by NVP View Post
and can you pay it in bit-coins ?

N
only if you get stuck and have to pay, ya know, bit-by-bit

they write themselves....comedy-gold better than comedy-bit
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Old Apr 16, 2013, 11:26am   #24
 
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Re: Bitcoin - online fad or the future?

wot? no one got any decent puns? bit too close to the bone?

bit silly, bit beyond belief, bit on the nose ?

bit me!
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Old Apr 16, 2013, 11:29am   #25
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Re: Bitcoin - online fad or the future?

I've researched the subject, but still don't understand why anyone would agree to accept payment in BitCoins. I understand if I can find people who are willing to accept exchange based on a nominal medium then we have a currency, but how do you go about finding such people? Outside of asylums. Or governements.
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Old Apr 16, 2013, 11:33am   #26
 
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Re: Bitcoin - online fad or the future?

http://mashable.com/2013/04/15/bitcoin-cryptocurrency/
Bitcoin Isn't the Only Cryptocurrency in Town




Click the image to open in full size.





bit coin in actual retail use, video:
Buying With Bitcoins - CNBC
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Old Apr 16, 2013, 11:48am   #27
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Re: Bitcoin - online fad or the future?

I guess we will all find out if bitcoin will stand the test of time. More and more places offer them as a form of payment and those who do actually make more profit from those transactions as compared to credit cards. Prices have been on a wild ride, but def worth to remain on my radar screen.
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Old Apr 16, 2013, 11:52am   #28
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Re: Bitcoin - online fad or the future?

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Originally Posted by ffsear View Post
That what i was think. I guess for it to really take off it would require someone like amazon to accept them.
Don't understand how this can work as payment for online goods. If you pay $100 today for something that was $50 yesterday and then go to someone who accepts it, such as Amazon, or ebay, buy $40 of goods, how is the change sorted out? It's like bartering a Rembrandt. It's possible for something of equal value but, otherwise, very difficult, if not impossible.

I'm getting too old for this!

It seems like some kind of barter system and would, I think, be limited to a smallish community. For instance, a baker making a hundred loaves for a butcher for so many kilos of meat. I don't know how that would be sorted out, either. This is why money was invented, in the first place.
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Old Apr 16, 2013, 12:31pm   #29
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Re: Bitcoin - online fad or the future?

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Don't understand how this can work as payment for online goods. If you pay $100 today for something that was $50 yesterday and then go to someone who accepts it, such as Amazon, or ebay, buy $40 of goods, how is the change sorted out? It's like bartering a Rembrandt. It's possible for something of equal value but, otherwise, very difficult, if not impossible.

I'm getting too old for this!

It seems like some kind of barter system and would, I think, be limited to a smallish community. For instance, a baker making a hundred loaves for a butcher for so many kilos of meat. I don't know how that would be sorted out, either. This is why money was invented, in the first place.
Well, I think it is a bit different (I may be totally wrong here so please feel free to correct me). Let's say you buy bitcoins and they currently trade at $80 per coin. You then go to Amazon and buy merchandise worth $800 or 10 bitcoins (not sure how a place like amazon would handle the change, maybe give you credit in your account for later purchases?).

Amazon either risks the value of the 10 coins to drop while also wagers the chances for the bitcoins to rise in value and then sell them in the market for cash or others who seek to buy bitcoins.

I guess each business needs to evaluate if they would like to take the risks and weigh the benefits.

Any thoughts?
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Old Apr 16, 2013, 12:44pm   #30
 
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Re: Bitcoin - online fad or the future?

ffsear started this thread They would just keep their prices in line with the market value. The BTC/USD rate
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