Ireland should we embrasse Bitcoin !

handlemaster · 20-03-2015 6:38pm #1

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 · 20-03-2015 6:39pm

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

alb · 20-03-2015 6:39pm

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 · 20-03-2015 6:40pm

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! · 20-03-2015 6:42pm

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

Mint Aero · 20-03-2015 6:44pm

Wow is it 2013 again? :rolleyes:

alb · 20-03-2015 6:44pm

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 · 20-03-2015 6:46pm

Dep! wrote: »

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

kneemos · 20-03-2015 6:46pm

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

alb · 20-03-2015 6:48pm

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 · 20-03-2015 7:01pm

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

strobe · 20-03-2015 7:04pm

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 · 20-03-2015 7:06pm

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 · 20-03-2015 7:08pm

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 · 20-03-2015 8:08pm

How To Embarrass A Bitcoin?

weldoninhio · 20-03-2015 8:17pm

An unregulated financial system. What could go wrong??

Buona Fortuna · 20-03-2015 8:26pm

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 · 20-03-2015 8:32pm

weldoninhio wrote: »

An unregulated financial system. What could go wrong??

What are you afraid of?

Spunge · 20-03-2015 9:18pm

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 · 20-03-2015 9:27pm

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 · 20-03-2015 9:35pm

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 · 20-03-2015 10:18pm

Stocking up on tulip bulbs myself.

johnny osbourne · 20-03-2015 10:21pm

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

alb · 20-03-2015 10:32pm

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 · 20-03-2015 10:41pm

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

kowloon · 20-03-2015 10:48pm

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 · 20-03-2015 11:00pm

This post has been deleted.

alb · 20-03-2015 11:00pm

kowloon wrote: »

Did I hit a nerve?

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

alb · 20-03-2015 11:04pm

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 · 20-03-2015 11:11pm

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 · 20-03-2015 11:14pm

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 · 20-03-2015 11:17pm

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 · 20-03-2015 11:36pm

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 · 20-03-2015 11:41pm

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 · 03-04-2015 3:30pm

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

KpsCowley · 03-04-2015 3:31pm

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

Wompa1 · 03-04-2015 3:50pm

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 · 03-04-2015 4:01pm

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 · 03-04-2015 4:04pm

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 · 03-04-2015 4:09pm

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

folamh · 03-04-2015 4:22pm

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 · 04-04-2015 12:55pm

sleepyheadh wrote: »

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

What brought you to this conclusion?

caff · 04-04-2015 1:00pm

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.

04-04-2015 1:11pm

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 · 04-04-2015 1:54pm

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 · 04-04-2015 1:58pm

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

05-04-2015 4:54am

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 · 05-04-2015 9:48pm

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

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

KpsCowley · 12-04-2015 3:38pm

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 · 12-04-2015 3:52pm

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 · 12-04-2015 4:11pm

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’.

Ireland should we embrasse Bitcoin !

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