Ireland should we embrasse Bitcoin !

handlemaster

http://www.independent.ie/business/technology/news/uk-aims-to-cash-in-as-a-world-bitcoin-capital-31080539.html


Should Ireland steal a march on the rest of Europe and encourage companies like Bitcoin to have exchanges in Ireland

darkpagandeath

Sure why not, We already allow MN companies Avoid tax.

alb

handlemaster wrote: »

http://www.independent.ie/business/technology/news/uk-aims-to-cash-in-as-a-world-bitcoin-capital-31080539.html


Should Ireland steal a march on the rest of Europe and encourage companies like Bitcoin to have exchanges in Ireland

Bitcoin is not a company, it's a protocol - an invention.

handlemaster

Crooked Jack wrote: »

Oh, I'm really sorry to make the first reply about "embrasse" but here we are

I was waiting for that

Dep!

I'd embrasse a spellchecker before embrassing a made up currency that could go bang any day without warning.

Mint Aero

Wow is it 2013 again? :rolleyes:

alb

Dep! wrote: »

Im embrasse a spellchecker before embrassing a made up currency that could go bang any day without warning.

Lets leave the Ukrainian Hryvnia out of this.

handlemaster

Dep! wrote: »

Im embrasse a spellchecker before embrassing a made up currency that could go bang any day without warning.

kneemos

We should embrasse litres of beer . What's up with that?

alb

On a serious note it would be an interesting idea, buy up some reserves on the quiet, then open the gates to the Bitcoin industry, try to become the silicon valley of Bitcoin companies, there's already a couple in Ireland anyway, and the recent regulation for digital currencies from the New York financial regulator was a bit more restrictive than many would like. It's a new industry looking for a home, what would Ireland have to lose by trying to capture it?

EDIT: Isle of Man already trying it http://uk.businessinsider.com/the-isle-of-mans-plan-become-bitcoin-fintech-paradise-2015-3?r=US

diomed

This is "Jack and the Beanstalk" but with computers?

strobe

Dep! wrote: »

I'd embrasse a spellchecker before embrassing a made up currency that could go bang any day without warning.

All other currencies of course having the double whammy of not being made up, and not being at risk of going bang any day without warning?
All those not made up currencies that are impervious to collapse. Like the flangdoodle, and the skipablopo?

porsche959

Bitcoin is quite capable of embarassing itself. Doesn't need our help.

http://www.theguardian.com/technology/2015/mar/18/bitcoin-deep-web-evolution-exit-scam-12-million-dollars

alb

porsche959 wrote: »

Bitcoin is quite capable of embarassing itself. Doesn't need our help.

http://www.theguardian.com/technology/2015/mar/18/bitcoin-deep-web-evolution-exit-scam-12-million-dollars

People gave their bitcoins to an anonymous illegal drug market acting as an escrow. The anonymous illegal drug market stole them.

If you gave your euros to a junkie on O'Connell street who said he'd be right back with your product, but did a legger would you say it embarrassed the euro?

The lesson here is don't give your money to anonymous strangers, if you don't want to risk losing it.

TheLastMohican

How To Embarrass A Bitcoin?

weldoninhio

An unregulated financial system. What could go wrong??

Buona Fortuna

Dep! wrote: »

I'd embrasse a spellchecker before embrassing a made up currency that could go bang any day without warning.

Yeah we want some of that action. If it all goes base over apex we can get the Troica (grand bunch o'lads) back in,

alb

weldoninhio wrote: »

An unregulated financial system. What could go wrong??

What are you afraid of?

Spunge

alb wrote: »

People gave their bitcoins to an anonymous illegal drug market acting as an escrow. The anonymous illegal drug market stole them.

If you gave your euros to a junkie on O'Connell street who said he'd be right back with your product, but did a legger would you say it embarrassed the euro?

The lesson here is don't give your money to anonymous strangers, if you don't want to risk losing it.

It was basically the same as ebay (with lots of feedback and reviews), only if you left your funds on the site itself were you at any real risk of loss from the site being gone.

darkpagandeath

weldoninhio wrote: »

An unregulated financial system. What could go wrong??

Ha, The highly regulated Fiat currency system works a treat does it not ..... :pac::pac::pac:

alb

Spunge wrote: »

It was basically the same as ebay (with lots of feedback and reviews), only if you left your funds on the site itself were you at any real risk of loss from the site being gone.

Except ebay is a non-anonymous company which means there are consequences for them if they just decide to steal all the escrowed funds, which acts as an incentive for them not to do that.

If you want to buy from a market place where you can trust neither the seller nor the market middleman itself you need a trustless escrow. The funny thing is that since bitcoin is programmable money they technically could have made transactions that can by held in escrow by the market but *only* be either paid to the seller or refunded to the client, with no possibility of the market keeping the money.

I've never used any darknet markets but I would guess that one using trustless escrow is inevitable as soon as customers understand the need for it and demand it. It may need to get a bit more user-friendly to implement too.

kowloon

Stocking up on tulip bulbs myself.

johnny osbourne

i have a cool million dollars of bitcoins, will swap for a good van

alb

kowloon wrote: »

Stocking up on tulip bulbs myself.

ding ding ding, winner of first 'tulip' comment goes to kowloon. But don't give up, 'ponzi' and 'scam' and 'mtgox' are still up for grabs.

Desolation Of Smug

Eircom shares are where it's at. Or rental houses. Bitcoin is too risky.

kowloon

alb wrote: »

ding ding ding, winner of first 'tulip' comment goes to kowloon. But don't give up, 'ponzi' and 'scam' and 'mtgox' are still up for grabs.

Did I hit a nerve?

Permabear

This post has been deleted.

alb

kowloon wrote: »

Did I hit a nerve?

yeah you got me. Tulips. There's no comeback to that.

alb

Permabear wrote: »

This post had been deleted.

Not in much of a visible way at least. There's almost no bricks and mortar merchants accepting it here. I used to be hopeful about this aspect, but I no longer am, Bitcoin will have to grow first in the places it provides the most benefit, and that won't be the high-street in Ireland.

kowloon

alb wrote: »

yeah you got me. Tulips. There's no comeback to that.

You seem pretty angry considering how innocuous my post was. No need to be so pissy.

Cen taurus

Bitcoin has been consistently falling in value since the bitcoin hype bubble at the end of 2013.
It's useful for online drug deals on silk road, that's about it.

weldoninhio

alb wrote: »

Not in much of a visible way at least. There's almost no bricks and mortar merchants accepting it here. I used to be hopeful about this aspect, but I no longer am, Bitcoin will have to grow first in the places it provides the most benefit, and that won't be the high-street in Ireland.

But if there's only 21m available at any time ever, how much of that is gonna be in Ireland at any given time?? Is it ever going to be cost effective for retailers to setup and use it??

LaVail

I'd love if more companies gave the option to pay in bitcoin.

Back when they first came about I had a chance to buy 10k of them for $10k so $1 a piece. Decided not to trust my gut and what do you think happens? They went to over $1k per bitcoin at one point.

I'd be like fkn rich bro.

alb

weldoninhio wrote: »

But if there's only 21m available at any time ever, how much of that is gonna be in Ireland at any given time?? Is it ever going to be cost effective for retailers to setup and use it??

Hard to say how much would be here, probably less than countries that more commonly receive remittances as Bitcoin should be useful for that.

As for retailers, for bricks and mortar shops it could be as simple as just installing a wallet app on a phone or tablet for small operations or using a third party company like bitpay or coinbase as a payment processor for bigger outfits. The benefits to the retailer are that the fees will be zero or small compared to credit card fees and there'll be no fraudulent transactions. on the other hand you take time to set it up and train staff.

For online merchants there's a more convincing case, if you're already using a processor that supports bitcoin it's just a matter of turning it on - look at the quick animation on this stripe page showing how nice their bitcoin widget is and how easy it is to enable: https://stripe.com/bitcoin . Online merchants can also then accept payments from a global audience instantly.

sleepyheadh

Bitcoin is dead, it had its fun, now its gone.

KpsCowley

www.forbes.com/sites/steveforbes/2015/04/02/how-bitcoin-will-end-world-poverty/

Wompa1

There's Bitcoin ATMs where I am.

I don't think it will last. It's too volatile...there's competitors trying to spring up which is against the notion of Bitcoin in the first place. If everybody could agree to use one, we could do away with currency exchange rates and even exchanges in general. It would give the US much less power too, as trades could be done without using the dollar

I reckon, it would be best if a large group of nations agreed to standardize on one. It will still breed corruption but it would at least be more secure than the current Bitcoin

KpsCowley

For you guys that have doubts, its well worth doing reading more about Bitcoin and hopefully this will change your minds

Reddit is a great source of up to date information
https://www.reddit.com/r/bitcoin

Buona Fortuna

KpsCowley wrote: »

For you guys that have doubts, its well worth doing reading more about Bitcoin and hopefully this will change your minds

Reddit is a great source of up to date information
https://www.reddit.com/r/bitcoin

Reddit, sure. Where do I send the cheque?

Lingua Franca

You seem to be a vocal proponent of Bitcoin there, KpsCowley, is that anything to do with your business page in your profile?

folamh

Cen taurus wrote: »

Bitcoin has been consistently falling in value since the bitcoin hype bubble at the end of 2013.
It's useful for online drug deals on silk road, that's about it.

I don't really care that the price of one particular cryptocurrency happened to soar and crash. The most valuable thing about Bitcoin and the reason to embrace it is the blockchain technology which supports it and which will be a driving force in the future global economy.

alb

sleepyheadh wrote: »

Bitcoin is dead, it had its fun, now its gone.

What brought you to this conclusion?

caff

Bitcoin is more interesting for its transaction technology than as a currency in of itself. If it allows cheaper more transparent transactions due to the blockchain and decentralized nature it could compete with visa/mastercard and possibly swift, I think that is the key to bitcoin rather than as a currency.

I still don't understand Bitcoin. If there are only 21 million Bitcoin but there are billions of people, how many fractions of a bitcoin will there have to be and what if it still isn't enough? Do you just make a new fraction and give it a name?

I'm seriously dumb when it comes to this stuff.

folamh

Strawberry Milkshake wrote: »

I still don't understand Bitcoin. If there are only 21 million Bitcoin but there are billions of people, how many fractions of a bitcoin will there have to be and what if it still isn't enough? Do you just make a new fraction and give it a name?

I'm seriously dumb when it comes to this stuff.

What if it isn't enough? It's infinitely divisible.

Tugboats

Can you buy Bulgarian apartments with Bitcoin? That will get the Irish interested:cool:

LaVail

LaVail wrote: »

I'd love if more companies gave the option to pay in bitcoin.

Back when they first came about I had a chance to buy 10k of them for $10k so $1 a piece. Decided not to trust my gut and what do you think happens? They went to over $1k per bitcoin at one point.

I'd be like fkn rich bro.

Except you'd have sold at $2/3.

Brussels Sprout

Economist Milton Friedman predicting the creation of bitcoin back in 1999:

https://www.youtube.com/watch?v=6MnQJFEVY7s

KpsCowley

Lingua Franca wrote: »

You seem to be a vocal proponent of Bitcoin there, KpsCowley, is that anything to do with your business page in your profile?

Hi Lingua, I am not promoting my business here, just trying to provide more information for people so that they can make their own minds up.

Regards,
Kevin.

UCDVet

Bitcoin - perfect for all those things you want to buy but are afraid to use your credit card for. Silk Road 2.5 here we come!

KpsCowley

I cringe every time I see Bitcoin being associated with unscrupulous activates, and it is saddening that such a beautiful technology is being used irresponsibly. Bitcoin can do a lot of good. ‘With great power comes great responsibility’.