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Bitcoin - ###Mod Note in 1st Post - Please Read###

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    #212
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    I am pie wrote: »
    It would be great if you could actually "cash out"

    Apparently if you try to cash out on the most popular exchange mgtox they say it will take several months for the money to hit your irish bank account.

    Now, given that this currency is generated for free or has been bought by people at anything from 5 to 10% of it's current value, where do people think the money is coming from to pay up when people want to cash out?

    If you can't cash out, it's all for nothing surely.


    When I sold mine it took 3 days to hit my PayPal account and I got full value.


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    #213
    alb
    Registered Users Posts: 1,259 ✭✭✭alb


    I am pie wrote: »
    It would be great if you could actually "cash out"

    Apparently if you try to cash out on the most popular exchange mgtox they say it will take several months for the money to hit your irish bank account.
    Yes, the mtgox exchange appears to be having problems, related to the snail banking system, and US regulation. I would not recommand anyone try to convert bitcoins to fiat money there until it's clear that their problems have been sorted out. There are plenty of other exchanges to try instead, bitstamp.com, bitcoin.de to name just two. You can even arrange face to face cash transactions with people on localbitcoins.com
    I am pie wrote: »
    Now, given that this currency is generated for free or has been bought by people at anything from 5 to 10% of it's current value, where do people think the money is coming from to pay up when people want to cash out?

    If you can't cash out, it's all for nothing surely.

    It's not generated for free, it takes computational work to generate.

    The idea is that eventually you don't need to 'cash out' as Bitcoin itself can be used to make payments. We're still in the early stages so it's not very widespread yet. But if you are a merchant in Ireland, and accept Bitcoins you are already more likely to get my custom than someone who doesn't, and you'll pay less fees too, so you make more profit.

    There are huge incentives for merchants to adopt this, all those Bitcoin millionaires may want to spend some of their coin no?

    A possible scenario: The system grows as more people discover it and acquire bitcoin, the price rises, it's volatile at first as any large buy or sell can affect it. It stablises over time as it grows, volatility decreases and merchant adoption increases. Eventually there is a whole ecosystem exchanging goods and services for Bitcoin, and there is often no need for people to convert to government money at all, if their customers and suppliers both use bitcoin.


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    #214
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Seaneh wrote: »
    When I sold mine it took 3 days to hit my PayPal account and I got full value.

    MtGox takes several months to "cash out", this is the exchange with the most volume and highest price at the moment.


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    #215
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    Nemeses2050 wrote: »
    There's your answer

    No, that isn't an answer. It just highlights your ignorance even more. Bitcoin has just as much to back it up as fiat money does. If anything it's less of a ponzi scheme.


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    #216
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    srsly78 wrote: »
    MtGox takes several months to "cash out", this is the exchange with the most volume and highest price at the moment.

    Then don't use MtGox.


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    #217
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Nemeses2050 wrote: »
    This sums up what a load of bollix this bitcoin is. You earn them by solving puzzles :eek:. In real world you need to work to earn money unless you're a dodgy dealer or some speculator.

    It is not up to you alone to decide the market value of things. Personally I don't think that kicking a pigs bladder around counts as work either, but the market would seem to disagree.


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    #218
    Nemeses2050
    Registered Users Posts: 1,568 ✭✭✭Nemeses2050


    Seaneh wrote: »
    No, that isn't an answer. It just highlights your ignorance even more. Bitcoin has just as much to back it up as fiat money does. If anything it's less of a ponzi scheme.


    So bitcoin is backed up by eh..... meh. It's simply another tool for speculators, doesn't matter how much you deny it.


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    #219
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    That's all any currency is, ffs.


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    #220
    Nemeses2050
    Registered Users Posts: 1,568 ✭✭✭Nemeses2050


    With other currencies you can do many other things like buying food, paying for bills et al.


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    #221
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Nemeses2050 wrote: »
    With other currencies you can do many other things like buying food, paying for bills et al.

    I just cashed in my bitcoins and am now about to do my shopping with the euros.


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    #222
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    Nemeses2050 wrote: »
    With other currencies you can do many other things like buying food, paying for bills et al.

    You can use Bitcoin to pay for endless services online. It's not only accepted by internet drug dealers.

    You can also cash them in for whatever fiat currency you want and spend that as you please.


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    #223
    alb
    Registered Users Posts: 1,259 ✭✭✭alb


    Nemeses2050 wrote: »
    With other currencies you can do many other things like buying food, paying for bills et al.

    People are speculating that Bitcoin will be used for this in future. It's still young and this growth and adoption takes time.

    Bitcoin is *already* able to be used as money to buy these things and some merchants do accept it. You can buy beer in some pubs in the UK with it for example, you can buy many things online.

    Yes, it seems no business in Ireland yet takes it but there's an argument that they will in future because it's better in many ways than the current payment systems they use.


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    #224
    usersame
    Registered Users Posts: 179 ✭✭usersame


    I'll sell litecoin if anyone wants it, I charge 50% commission, PM if interested I'll take bank transfer or paypal


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    #225
    Nemeses2050
    Registered Users Posts: 1,568 ✭✭✭Nemeses2050


    Seaneh wrote: »
    You can use Bitcoin to pay for endless services online. It's not only accepted by internet drug dealers.

    You can also cash them in for whatever fiat currency you want and spend that as you please.

    Can you please quote a few usefull services from your endless services list
    alb wrote: »
    People are speculating that Bitcoin will be used for this in future. It's still young and this growth and adoption takes time.

    Bitcoin is *already* able to be used as money to buy these things and some merchants do accept it. You can buy beer in some pubs in the UK with it for example, you can buy many things online.

    Yes, it seems no business in Ireland yet takes it but there's an argument that they will in future because it's better in many ways than the current payment systems they use.

    I doubt It'll have long future though, but the folks who invested in it speculating - good luck to them.

    Finding a retailer who'll accept bitcoin is like looking for a needle in a haystack. Anyway all the best for people who believe in it's future and when I can run to my local and buy a can of milk, I'll accept it as legitimate currency.


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    #226
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    You will have trouble finding someone to take Sterling here as well, but that does not invalidate it's use as a currency.


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    #227
    Mint Aero
    Closed Accounts Posts: 3,570 ✭✭✭Mint Aero


    God I hope this guy made a fortune http://www.boards.ie/vbulletin/showthread.php?p=73183063


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    #228
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    We all do, because 33% of his gains will go to bailing out our banks and paying our public sector.


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    #229
    Nemeses2050
    Registered Users Posts: 1,568 ✭✭✭Nemeses2050


    that Question typifies your denial about bitcoin being a load of ......


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    #230
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Nemeses2050 wrote: »
    that Question typifies your denial about bitcoin being a load of ......

    It is likely that our Office of the Revenue Commissioner's has already taken in some money from Capital Gains Tax on bitcoin earnings. It gets treated just like gains from other "foreign exchange" of currencies.

    This could be paying for your dole, so don't knock it.


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    #231
    Nemeses2050
    Registered Users Posts: 1,568 ✭✭✭Nemeses2050


    srsly78 wrote: »
    It is likely that our Office of the Revenue Commissioner's has already taken in some money from Capital Gains Tax on bitcoin earnings. It gets treated just like gains from other "foreign exchange" of currencies.

    This could be paying for my dole, when I loose all my hard earnings on this speculative commodity. so don't knock it.

    Fixed it for you :D


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    #232
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    I'm self employed so no dole for me unfortunately! Just lots of tax.

    There is no capital gains on amounts up to e1270, and in this years form 11 my declared FX gains are under this threshold.

    I've cashed out, done and dusted.


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    #233
    Nemeses2050
    Registered Users Posts: 1,568 ✭✭✭Nemeses2050


    Well then you can help your other brethren


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    #234
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    I am already paying for you, there is no need to rub it in. You seem to think it's "imaginary" tax I would be paying, on these "imaginary" bitcoins tho...


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    #235
    alb
    Registered Users Posts: 1,259 ✭✭✭alb


    Nemeses2050 wrote: »
    Finding a retailer who'll accept bitcoin is like looking for a needle in a haystack. Anyway all the best for people who believe in it's future and when I can run to my local and buy a can of milk, I'll accept it as legitimate currency.

    Fair point, and waiting until you can use it in your daily life (and indeed until it's easier to do so) is a valid reason for not buying any now if you don't want to speculate.


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    #236
    Nemeses2050
    Registered Users Posts: 1,568 ✭✭✭Nemeses2050


    Jeez didn't know my boss had a love child.


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    #237
    c_man
    Closed Accounts Posts: 4,436 ✭✭✭c_man


    Nemeses2050 wrote: »
    a can of milk

    :eek:


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    #238
    thunderdog
    Registered Users Posts: 2,675 ✭✭✭thunderdog


    srsly78 wrote: »
    I just cashed in my bitcoins and am now about to do my shopping with the euros.

    Out of curiosity is there any particular reason why you cashed out at this point?


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    #239
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Because I am a dumbass obviously.

    I actually sold the coins a few months ago (DOH), and have had the euros sitting in mtgox until recently. Takes several months to actually withdraw euros for mt gox.

    I never got into this for speculation, I bought a few coins last year to buy stuff online. Now I'm just cashing in the "loose change".


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    #240
    xploderz
    Registered Users Posts: 128 ✭✭xploderz


    Thankfully the Irish government don't know anything about bitcoins otherwise we'd be expecting a "soft landing" and anybody who doesn't believe in bitcoins should go off and commit suicide.

    From an investment point of view, this graph is very worrying:
    http://oi39.tinypic.com/2ajdnra.jpg


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    #241
    Mint Aero
    Closed Accounts Posts: 3,570 ✭✭✭Mint Aero


    xploderz wrote: »
    From an investment point of view, this graph is very worrying:
    http://oi39.tinypic.com/2ajdnra.jpg

    What d'ya find worrying about it?


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