Bitcoin: global peer-to-peer currency system

[jsmaze]

I was dumb again, and just took about 1.4Mh offline because I can't *not* tweak with crap when I'm not physically at the machines.

le sigh. Might swing by tomorrow morning to reboot.

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[kinkinhood]

Originally Posted by eNx

Rastamon for president!

THat seems like a perfect way to make questionable backdoor contributions in the standard quid pro quo way, but with even more ways to make it not easily traceable.

[jsmaze]

BTC is up to 587 right now, if anybody was waiting for the rebound from 450ish a few weeks ago.

[nab911]

Originally Posted by jsmaze

BTC is up to 587 right now, if anybody was waiting for the rebound from 450ish a few weeks ago.

Happened 2 days after I went ahead and bought a new area rug from overstock... cost me about $20 more

[eNx]

While some companies are steering clear of Bitcoin, others, like Dish, are now getting ready to welcome the digital currency into the fold. Today, the satellite provider revealed that it plans to start accepting Bitcoin later this year, allowing customers to easily pay their bill online using virtual money.

http://www.engadget.com/2014/05/29/d...ccept-bitcoin/

[poison]

What do you guys think about West Coast roasting accepting Bitcoin? My store has BIPS payment processing integrated, should be easy to set up, but the fees seem a bit high. GoCoin has seemingly better rates, but I have no clue how to integrate it to BigCommerce. Or is the whole idea dumb?

[Spheris]

Yes to dumb.

[jsmaze]

It's not dumb at all, but you do need to make sure you don't price anything in bitcoins, since the value fluctuates so much. Accepting payment via bitcoins is fine, the payment system should be using the current market value for them to calculate the coin needed to purchase whatever item.

FYI, value is still holding at 635 or so. Mining profitability has tanked over the last month, though.

[XanRules]

Waiting for them to crash again so I can scoop some up for cheap.

[jsmaze]

Originally Posted by XanRules

Waiting for them to crash again so I can scoop some up for cheap.

Not likely, BTC is the standard conversion for mining, and there's no new supply since bitcoin difficulty is so high. To the point where bitcoins are now being split up into huge decimals. Payouts for mining altcoins sometimes are in the .000000xx kind of BTC fragments.

[etothen]

Originally Posted by jsmaze

It's not dumb at all, but you do need to make sure you don't price anything in bitcoins, since the value fluctuates so much. Accepting payment via bitcoins is fine, the payment system should be using the current market value for them to calculate the coin needed to purchase whatever item.

FYI, value is still holding at 635 or so. Mining profitability has tanked over the last month, though.

One reason why it is dumb.

[jsmaze]

Originally Posted by etothen

One reason why it is dumb.

If you have an online payment system that accepts bitcoins, it's just as if paying with a foreign currency. Widget for sale at $100, you can pay via bitcoin. When you go to pay, the $100 USD is calculated in BTC, which at one time is valued at say, $500 USD, so you pay .2 bitcoin. If BTC was valued at $100, you would pay 1 bitcoin.

Exactly how is this dumb as a vendor? There's no risk for the vendor.

[Spheris]

What's the point in accepting bitcoins? Unless you have high demand for it from your customer base, why bother? Will he be raking in mad profit off the bitcoins he gets?

[jsmaze]

Originally Posted by Spheris

What's the point in accepting bitcoins? Unless you have high demand for it from your customer base, why bother? Will he be raking in mad profit off the bitcoins he gets?

Vendors may want to offer payment with bitcoins to attract buyers who have bitcoins, so they can avoid the fees to convert to USD. That's really the only benefit, the seller ends up paying the conversion fee (1.5-2%) instead of the buyer, and possibly attracting buyers that have a lot of bitcoins to spend.

It's also a targeted market. I'm surprised amazon and newegg, for example, don't accept bitcoins yet, because some customers may have bitcoins to spend.

Dish network, umm, ok, that one is kinda out there.

[chulooz]

Originally Posted by Spheris

What's the point in accepting bitcoins?

It can be like alchemy.

[poison]

Originally Posted by Spheris

What's the point in accepting bitcoins? Unless you have high demand for it from your customer base, why bother? Will he be raking in mad profit off the bitcoins he gets?

Apparently people have bitcoins and limited place to spend em. And apparently its a decent marketing tactic, even if there aren't many sales.

[nab911]

Yep. I bought a lot of stuff on overstock simply because I had BTC and no where to pull it out. Not sure how the coinbase stuff works. Im down to like $20 worth now and have not been mining. I think I am about out of the game at this point.

[RastaMon]

Originally Posted by poison

What do you guys think about West Coast roasting accepting Bitcoin? My store has BIPS payment processing integrated, should be easy to set up, but the fees seem a bit high. GoCoin has seemingly better rates, but I have no clue how to integrate it to BigCommerce. Or is the whole idea dumb?

Do it, have you looked into bitpay?

Originally Posted by jsmaze

It's not dumb at all, but you do need to make sure you don't price anything in bitcoins, since the value fluctuates so much. Accepting payment via bitcoins is fine, the payment system should be using the current market value for them to calculate the coin needed to purchase whatever item.

FYI, value is still holding at 635 or so. Mining profitability has tanked over the last month, though.

Yeah

Originally Posted by Spheris

What's the point in accepting bitcoins? Unless you have high demand for it from your customer base, why bother? Will he be raking in mad profit off the bitcoins he gets?

It has jumped back up like $200 in the last couple months.


Oh and it never hurts to diversify.

http://i.imgur.com/gAKxlIL.gif

[Badler]

Originally Posted by Spheris

What's the point in accepting bitcoins? Unless you have high demand for it from your customer base, why bother? Will he be raking in mad profit off the bitcoins he gets?

So you can immediately convert them into cash? I doubt any of these place accepting bitcoins are actually holding on to them.

[poison]

I haven't lookedinto bitpay. Bigcommerce, who hosts my site,uses bips to accept bitcoin payments. Its the easiest option,but fees look high,unless I'm not understanding.

https://bips.me/pricing

It says 0 fees,but then that page.

[poison]

Well, bitcoin account was just approved, and it's integrated on my site. My body is ready.

[RastaMon]

Originally Posted by poison

Well, bitcoin account was just approved, and it's integrated on my site. My body is ready.

[poison]

Not that awesome. Anyone want to be my bitch and order a lb with bitcoin? I'll send two, or I can make a coupon code or something.

[Soon2Bgreat]

Originally Posted by dmross

Official trailer released!

http://mashable.com/2014/04/16/rise-...film-festival/

I was watching Taking Stock with Pimm Fox last night and I saw you on there - I was like "Whoa, I know that dude...kind of. I mean, he's got a nice RS."

...it reminded me of the good old days when we were both trying to buy that burnt out white '02 wagon for swap parts, ha. Hope things are good.

[RastaMon]

Don't think this has been brought up, so here:


https://startcoin.org