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Author Topic: bitcoin ? will it help us go indie?  (Read 1516 times)

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« on: May 14, 2015, 09:18 »
0
i was just given a leaflet on Bitcoin . the book they gave me says it's like money without going through the bank. (bitcoin ...more value than 108 national currencies incl panama, malta,etc...
more likely become the value anchor of internet money and finance )

can we disregard this in the same way we did when digital cameras, mobile , etc???
or is this going to help us deal with money for our own indie sites??? esp now oringer is looking very much like istock.
love to hear from those more experienced in finance and dealings.


Fudio

« Reply #1 on: May 14, 2015, 09:34 »
+1
I'm  not a finance expert but the jury is definitely still out on Bitcoin. A couple of major setbacks recently have hurt it a little in many investors eyes. Morgan Spurlock did an interesting bit (pun intended) on bitcoin for CNN a couple of months ago. Try to find it online somewhere...it goes a long way in demystifying an extremely complicated concept!

« Reply #2 on: May 14, 2015, 11:29 »
+2
Bitcoin has an interesting concept, offering an alternative to fiat currency. But in practice your bitcoins are always susceptible of being stolen. Major bitcoin brokerages went bankrupt when the portfolio of their clients went missing. It's more like a speculative stock without regulations. The time of discovery has passed and the bubble has peaked.

Don't bother.

« Reply #3 on: May 14, 2015, 11:39 »
+5
I can't see any value to stock photographers/illustrators etc. in Bitcoin. I realize its boosters are very bullish, but it seems like a speculation, not  a currency

http://www.cato.org/blog/bitcoin-might-not-be-money-cryptocurrencies-are-way-future

http://www.wired.com/2015/05/nasdaq-bringing-bitcoin-closer-stock-market/


« Reply #4 on: May 14, 2015, 12:54 »
+8
Bitcoin in a nutshell.

Bitcoin started as a decentralized alternative currency.On paper it sounded as socialistic or anarchistic as a currency could get. (same as with all other e-coins)
In reality it has become clear now that it is nothing more that another pyramidic sort of scheme,meaning that if you got early on it and jumped out early you propably made money.
If not ,well, you are another sucker.

Mining and production of bitcoins follows a curve,this is the core of its function from the day it was conceptualized, meaning that less and less bitcoins will be produced over time or better yet,that it is becoming more expensive,time and energy consuming to mine bitcoins.At this point it is almost impossible to mine a single coin.

Also the vast majority of bitcoins are held by the first ones that mined them,most of the bitcoins belong to an elite -you could say- that apparently manipulate it like every enlightened elite feels like it should  (remember the boost of price 1-2 years ago? ),so if you take all these into account i dont see what is there that can be beneficial at all for everyone else.

And good luck buying groceries with bitcoin.
« Last Edit: May 14, 2015, 16:25 by gcrook »

« Reply #5 on: May 14, 2015, 16:22 »
0
Oops an edit went down as a quote.

« Reply #6 on: May 16, 2015, 07:05 »
-2
Bitcoin in a nutshell.

Bitcoin started as a decentralized alternative currency.On paper it sounded as socialistic or anarchistic as a currency could get. (same as with all other e-coins)
In reality it has become clear now that it is nothing more that another pyramidic sort of scheme,meaning that if you got early on it and jumped out early you propably made money.
If not ,well, you are another sucker.

Mining and production of bitcoins follows a curve,this is the core of its function from the day it was conceptualized, meaning that less and less bitcoins will be produced over time or better yet,that it is becoming more expensive,time and energy consuming to mine bitcoins.At this point it is almost impossible to mine a single coin.

Also the vast majority of bitcoins are held by the first ones that mined them,most of the bitcoins belong to an elite -you could say- that apparently manipulate it like every enlightened elite feels like it should  (remember the boost of price 1-2 years ago? ),so if you take all these into account i dont see what is there that can be beneficial at all for everyone else.

And good luck buying groceries with bitcoin.


good luck buying groceries with dollars or euroes once THEIR bubbles burst (which will happen as soon as the madmen at the helm at central banks run out of ideas, or steam, or staying power, and are swamped by the markets). Only then will the jury be in on Bitcoin and Alt coins etc as well.

Bitcoin and other P2P Crypto coins are NOT to be evaluated by their price either, but it is about the concept of transaction-free worldwide transmission of value. And THAT might very well help ANY MICROSTOCKER out there because, if I am not mistaken, they are (quite rightly) whining about excessive fees -- as in 10.1% cuts they have to swallow, see right here on MSG: http://www.microstockgroup.com/videoblocks/transaction-fees/msg0/?topicseen#new -- on top of cut-throat agency commissions and competition and that resulting misery.

This is exactly why Bitcoin and Crypto coins will be interesting for us here!

Bitcoin & P2P Crypto coins are also a disruptive technology bringing about overall DECENTRALISATION just like the internet itself did when TCP/IP was invented by Tim Berners-Lee. This is all part of our recent and technological history that Microstock itself is only a part (or by-product) of. It all integrates perfectly with underlying internet and "new economy" technology, and Bitcoin does to an even larger extent!

So, yes, Bitcoin & other (selected) Crypto coins (not each and every one of them, of course) will help going "Indie" in more than one way.

« Reply #7 on: May 16, 2015, 08:14 »
+4
Quote

good luck buying groceries with dollars or euroes once THEIR bubbles burst (which will happen as soon as the madmen at the helm at central banks run out of ideas, or steam, or staying power, and are swamped by the markets). Only then will the jury be in on Bitcoin and Alt coins etc as well.

Bitcoin and other P2P Crypto coins are NOT to be evaluated by their price either, but it is about the concept of transaction-free worldwide transmission of value. And THAT might very well help ANY MICROSTOCKER out there because, if I am not mistaken, they are (quite rightly) whining about excessive fees -- as in 10.1% cuts they have to swallow, see right here on MSG: http://www.microstockgroup.com/videoblocks/transaction-fees/msg0/?topicseen#new -- on top of cut-throat agency commissions and competition and that resulting misery.

This is exactly why Bitcoin and Crypto coins will be interesting for us here!

Bitcoin & P2P Crypto coins are also a disruptive technology bringing about overall DECENTRALISATION just like the internet itself did when TCP/IP was invented by Tim Berners-Lee. This is all part of our recent and technological history that Microstock itself is only a part (or by-product) of. It all integrates perfectly with underlying internet and "new economy" technology, and Bitcoin does to an even larger extent!

So, yes, Bitcoin & other (selected) Crypto coins (not each and every one of them, of course) will help going "Indie" in more than one way.


http://en.wikipedia.org/wiki/File:Total_bitcoins_over_time.png
Im sorry but you dont really understand how currency works and what force drives a currency to function and not crumble down like a paper tower,unlike bitcoin or any other e-coin that will cease existing sooner or later leaving the poor poorer and the rich,richer.And there is an established and rich aristocracy in this so called decentralized currency.In fact bitcoin is such a hideous and dare i say moronic conception that makes even Mario Draghi's euro (talking about currency in terms of politics) look like a socialistic currency,and Obama's trickle down economy seem like it's raining bricks of gold.
I dont read wired a lot, or any of other sites full of technological chiliasts,but i suspect that some of their stupid anarcho-liberal views on the subject have persuaded people that bitcoin is like the david of coins being hit by the goliaths of modern economy.

Care to bet a bitcoin about when the bitcoin bubble will burst?I suggest you try to mine one if you havent one already or just buy one in exchange for usd.Dont worry though.
Either way when you lose the bet and i get the bitcoin you will have lost a lot of money (either by buying or mining) and i will have a nearly worthless and useless algorithm in a wallet on the internet so we both lose.
Too bad silk road is closed.If it was open and bitcoin had any value i would treat you to some wonderfull mushrooms after the bet :)
« Last Edit: May 16, 2015, 09:12 by gcrook »

« Reply #8 on: May 16, 2015, 10:43 »
0
good luck buying groceries with dollars or euroes once THEIR bubbles burst (which will happen as soon as the madmen at the helm at central banks run out of ideas, or steam, or staying power, and are swamped by the markets). Only then will the jury be in on Bitcoin and Alt coins etc as well.

In order for bitcoin to be useful as a currency it would have to be adopted as an asset by the very markets which the economic armageddonist argue it exists as an alternative to. In which case it would be subject to the same stresses and uncertainties as any other asset.

As things stand, the collapse of a major currency would make a bitcoin like system of exchange less rather than more useful to the society. Since bitcoin has no mechanism for creating the liquidity on which growth and recovery could be built. Additionally it is also a very poor way of storing value.

« Reply #9 on: May 21, 2015, 11:49 »
-1
wow thx 4 the insight. i reading on the book they gave me. the intro says...
+ lower fee than credit card or payoneer or whatever middle man
+no devaluation eg 1988 US$ is now cost us double today
+ security. unlike credit card open you to unauthrized usage of your credit card

- leave little margin for error. much like cash. once transaction is done, like cash it's gone
- caution with who you deal bitcoin with

so + -  weighing in. those earning lots in microstock can actually benefit with bitcoin due to
exchange fee.
like as quoted in the book, Roast Station Project in Bali. coffee grower deal directly with consumers
saving fees of middleman.
this is where i thought having your own site for microstock with bitcoin may play a significant part due to exchange rate .
thoughts???

« Reply #10 on: May 21, 2015, 11:58 »
+2

Bitcoin has a lot to like and a lot to dislike. Most of which has been covered in this discussion already. For me, the biggest flaws are the difficulty accessing Bitcoin, the valuation, and the cap on total amount of Bitcoin that will be in circulation. The last point being the real killer, I think. Instead of fostering market use of an alt currency, the cap forced many early adopters to just horde the coins. And as the value went up because of the scarcity of Bitcoin, hoarding increased. No one wants to spend Bitcoin and then find out next month that what they used to buy a pizza is now worth a month's rent. I own Bitcoin and I get that reluctance to use it. It's hard to think about spending it when day to day I don't even really know the true value of it.

Other crypto currencies have emerged that solve the scarcity issue, but none have seen any better adoption in the market either. For now I just don't see it going anywhere. Most likely I'm sitting on some coins that someday I may actually only be able to trade in for a pizza. Maybe even just one slice.

« Reply #11 on: February 15, 2017, 07:38 »
0
Quote

good luck buying groceries with dollars or euroes once THEIR bubbles burst (which will happen as soon as the madmen at the helm at central banks run out of ideas, or steam, or staying power, and are swamped by the markets). Only then will the jury be in on Bitcoin and Alt coins etc as well.

Bitcoin and other P2P Crypto coins are NOT to be evaluated by their price either, but it is about the concept of transaction-fee-free worldwide transmission of value. And THAT might very well help ANY MICROSTOCKER out there because (...)


http://en.wikipedia.org/wiki/File:Total_bitcoins_over_time.png
Im sorry but you dont really understand how currency works and what force drives a currency to function and not crumble down like a paper tower,unlike bitcoin or any other e-coin that will cease existing sooner or later leaving the poor poorer and the rich,richer.And (...)


I am not so sure who's the one "not understanding how currency works" here, but this is yet another example of me having the last laugh (rather, a pretty good one, to say the least).

I was not even among those first-movers, but I am sitting on a pile of nice profits right now, generated since this thread originated. We're only talking $4000 or $5000 here, I admit, but that's a pretty good return in under two years for a laughable investment of just $300 I made. Most other investments cannot even return 1/10th of that. On top, you pay a lot of fees and commissions to "wonderful" brokers in the process. Also, it compares quite nicely with the average Joe's income from microstock :)

With the kind of "openness" to innovation found here, you guys would not even have microstock agencies, nor any internet at all, nor any means of sending an international payment other than with Amex traveler checks or expensive SWIFT telegraphic transfers.

Back in the early 90s, people laughed about the internet, ridiculed e-mail, and said that it was inaccessible and "too hard to use" so would never catch on except for nerds and total nutjobs.

Ok, have another look around, I'd say.

Quote
Care to bet a bitcoin about when the bitcoin bubble will burst?I suggest you try to mine one if you havent one already or just buy one in exchange for usd.Dont worry though. (...) so we both lose.

Too bad silk road is closed.If it was open and bitcoin had any value i would treat you to some wonderfull mushrooms after the bet


You seem to know it all, and I can see you're quite the "economic expert" here, but a bet like that should have been more specific (like having some expiration date or similar). This calls common sense (maybe that would be yet another of your obvious strengths). Every option in whatever market in your apparent home turf (the economy) has that, too.

Besides, Bitcoin speculation doesn't really matter though because, in fact, Crypto and Blockchain technologies are about something wholly different, called decentralization and enabling a peer-to-peer economy without banksters and all the other well-connected you guys love so much, hence it's not important what happens to bitcoins or to dogecoins or whatever -- let alone their dollar price on a given date. That's where Bitcoin's potential of helping us going indie comes in, which was the subject of this thread.

Maybe I should actually have taken you up on a bet similar to the above. Anyway, no need to try and insult me as some "mushroom smoker", it won't stick. Also note that Bitcoin is not -- and never was -- about Silk Road which was nothing more than just background noise. Concentrate on the core facts of any matter you discuss and you'll do just fine.

A final note for the know-it-alls here: it's not just DASH or ETH (Ethereum) having seen really nice moves lately, but Bitcoin itself will very likely see another steep upward move this spring. So it's definitely not just for "elites", nerds, freaks -- but for everyone smart enough to understand and cease the opportunity when there is one.

Listen to me now, believe me later.
« Last Edit: February 15, 2017, 08:18 by stuttershock »

outoftheblue

« Reply #12 on: February 15, 2017, 08:17 »
+1
I'm not into Ponzi schemes. So I won't use BitCoin.

Microstock is enough gambling in itself, no need to add more uncertainties in the chain.
« Last Edit: February 15, 2017, 08:52 by outoftheblue »

« Reply #13 on: February 15, 2017, 09:51 »
+1
Ancient thread alert.


 

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