I see, i looked around read and stuff, its a bit of a gamble because the bitcoin prices go up and down so buying bitcoins are slightly risking for some.. but can be profit.
I see why its a good currency for sythe sellers/buyers though.
I see, i looked around read and stuff, its a bit of a gamble because the bitcoin prices go up and down so buying bitcoins are slightly risking for some.. but can be profit.
I see why its a good currency for sythe sellers/buyers though.
Well is it more or less risky than paypal chargebacks? Lol.
Is there any data on how much the exchange rates have fluctuated over the past few years, just so potential users can understand how volatile a currency investment this creates?
Is there any data on how much the exchange rates have fluctuated over the past few years, just so potential users can understand how volatile a currency investment this creates?
It's a very new currency. You can think of it as just having been floated in the last 6 months.
Injustice anywhere is a threat to justice everywhere.
Join Date: Mar 2011
Location: NYC
Posts: 3,014
Re: BitCoin -- why you should accept it
I was actually considering getting into this, but I'm not sure how sustainable this currency is for 3 reasons:
1. There is nothing actually backing it up, aside from people's desire to use them
2. Seems a lot like a giant pyramid scheme
3. What happens if governments start cracking down on something like this
I was actually considering getting into this, but I'm not sure how sustainable this currency is for 3 reasons:
1. There is nothing actually backing it up, aside from people's desire to use them
There's nothing backing any currency anywhere in the world right now. But bitcoin is at least an honest currency -- you can't just print it willynilly.
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2. Seems a lot like a giant pyramid scheme
Not sure how you get to that conclusion.
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3. What happens if governments start cracking down on something like this
This is unknown, but bit torrent is still around. P2p systems are hard to shut down and harder still to monitor.
Injustice anywhere is a threat to justice everywhere.
Join Date: Mar 2011
Location: NYC
Posts: 3,014
Re: BitCoin -- why you should accept it
Quote:
Originally Posted by Sythe
There's nothing backing any currency anywhere in the world right now. But bitcoin is at least an honest currency -- you can't just print it willynilly.
That's true to a certain extent, but there are still heavy incentives in place behind others,
ie. US military, laws requiring they be accepted at stores
Quote:
Originally Posted by Sythe
Not sure how you get to that conclusion.
This isn't really relevant to the long-term feasibility of the currency, but it seems to be riding a huge bubble right now. Additionally, the early entry price that many people got may lead to valuation issues.
Quote:
Originally Posted by Sythe
This is unknown, but bit torrent is still around. P2p systems are hard to shut down and harder still to monitor.
Still another variable of concern. If it's illegal, then it will fail to catch on with major businesses and further destabilize it.
I think Liberty Reserve is a more popular alternative to this, same concept, no chargebacks and low fees. I doubt this will catch on for runescape trades just as LR.
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I do not thing it is a scam, but as an avid/relatively experienced investor I would recommend no sythers use this system as a currency.
Looking at the graph, the currency is EXTREMELY VOLATILE and therefore a high risk high return investment that is not what you want out of a currency, it is actually the opposite. Currencies are supposed to barely fluctuate at all.
I do not thing it is a scam, but as an avid/relatively experienced investor I would recommend no sythers use this system as a currency.
Looking at the graph, the currency is EXTREMELY VOLATILE and therefore a high risk high return investment that is not what you want out of a currency, it is actually the opposite. Currencies are supposed to barely fluctuate at all.
That's true to a certain extent, but there are still heavy incentives in place behind others,
ie. US military, laws requiring they be accepted at stores
Actually there is no such law. Legal tender simply means that its valid money for payment of debts. It doesn't mean that you have to accept it in your shop.
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This isn't really relevant to the long-term feasibility of the currency, but it seems to be riding a huge bubble right now. Additionally, the early entry price that many people got may lead to valuation issues.
Bubbles are for established currencies. A float coming from zero is not a bubble. It's much closer to an upward correction.
Well you guys are apparently quite risk averse. But if you did accept payments in bitcoin, perhaps you would have a couple sitting there. And when they even out at whatever they'll eventually be worth (probably $50-100 per coin) then you'll be more interested.
Injustice anywhere is a threat to justice everywhere.
Join Date: Mar 2011
Location: NYC
Posts: 3,014
Re: BitCoin -- why you should accept it
Quote:
Originally Posted by Busta305
I think Liberty Reserve is a more popular alternative to this, same concept, no chargebacks and low fees. I doubt this will catch on for runescape trades just as LR.
LR seems to make a lot of sense for most GP traders
Quote:
Originally Posted by rsaccounttrader
I do not thing it is a scam, but as an avid/relatively experienced investor I would recommend no sythers use this system as a currency.
Looking at the graph, the currency is EXTREMELY VOLATILE and therefore a high risk high return investment that is not what you want out of a currency, it is actually the opposite. Currencies are supposed to barely fluctuate at all.
Exactly, one would have to carefully watch the rsgp market AND the bitcoin market.
Quote:
Originally Posted by Sythe
Actually there is no such law. Legal tender simply means that its valid money for payment of debts. It doesn't mean that you have to accept it in your shop.
Legal tender laws indicate that dollars must be accepted for all debts, the point holds true.
Quote:
Originally Posted by Sythe
Bubbles are for established currencies. A float coming from zero is not a bubble. It's much closer to an upward correction.
Well you guys are apparently quite risk averse. But if you did accept payments in bitcoin, perhaps you would have a couple sitting there. And when they even out at whatever they'll eventually be worth (probably $50-100 per coin) then you'll be more interested.
It is difficult to tell whether or not it will catch on. The point is that people may be overspeculating now.
Another risk that will be faced is whether the bitcoin succeeds and becomes a viable currency, or if it fails overall (perhaps even to a similar, better structured competitor).
This is a very interesting situation that I will definitely be following and hope to be learning from.
BitCoin -- why you should accept it
BitCoin -- why you should accept it
Re: BitCoin -- why you should accept it
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