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Ireland should we embrasse Bitcoin !

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Comments

  • #32
    Cen taurus
    Registered Users Posts: 476 ✭✭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.


  • #33
    weldoninhio
    Closed Accounts Posts: 14,311 ✭✭✭✭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??


  • #34
    LaVail
    Registered Users Posts: 1,619 ✭✭✭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.


  • #35
    alb
    Registered Users Posts: 1,259 ✭✭✭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.


  • #36
    sleepyheadh
    Banned (with Prison Access) Posts: 582 ✭✭✭sleepyheadh


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


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  • #37
    KpsCowley
    Registered Users Posts: 173 ✭✭KpsCowley


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


  • #38
    Wompa1
    Registered Users Posts: 8,164 ✭✭✭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


  • #39
    KpsCowley
    Registered Users Posts: 173 ✭✭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


  • #40
    Buona Fortuna
    Closed Accounts Posts: 3,507 ✭✭✭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?


  • #41
    Lingua Franca
    Registered Users Posts: 2,800 ✭✭✭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?


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  • #42
    folamh
    Registered Users Posts: 787 ✭✭✭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.


  • #43
    alb
    Registered Users Posts: 1,259 ✭✭✭alb


    sleepyheadh wrote: »
    Bitcoin is dead, it had its fun, now its gone.

    What brought you to this conclusion?


  • #44
    caff
    Registered Users Posts: 954 ✭✭✭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.


  • #45
    [Deleted User]
    Posts: 0 ✭[Deleted User]


    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.


  • #46
    folamh
    Registered Users Posts: 787 ✭✭✭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.


  • #47
    Tugboats
    Banned (with Prison Access) Posts: 2,011 ✭✭✭Tugboats


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


  • #48
    Rhea Lively Sewage
    Posts: 17,381 ✭ Rhea Lively Sewage


    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.


  • #49
    Brussels Sprout
    Registered Users Posts: 6,471 ✭✭✭Brussels Sprout


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


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


  • #50
    KpsCowley
    Registered Users Posts: 173 ✭✭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.


  • #51
    UCDVet
    Closed Accounts Posts: 2,894 ✭✭✭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!


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  • #52
    KpsCowley
    Registered Users Posts: 173 ✭✭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’.


  • #53
    alb
    Registered Users Posts: 1,259 ✭✭✭alb


    KpsCowley wrote: »
    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’.

    Think of it as beta-testing. Bitcoin was new and untested and only used by the few die-hard enthusiasts that knew about it, it wasn't user friendly and there was little to no ecosystem to provide user-friendly services or even ways to obtain it. It was going to take people with a huge incentive to try Bitcoin for it to get tested in a comprehensive real-world market. The dark markets were inevitable once possible, and they needed Bitcoin.

    I've said earlier in this thread that Bitcoin will be adopted first where it fills the biggest need, and this is an example of that, along with online poker/gambling, and any privacy-sensitive transactions. This stuff all helps to bootstrap the ecosystem though, until more legal use-cases become widespread, what the first of those will be, and what will catalyse it I'm not sure, but it feels like it's just a matter of time now.

    I remember seeing this talk by Balaji Srinivasan a couple of years ago, and being really impressed with it. It's not Bitcoin specific, if you've 15 minutes free I recommend it:



    I'd never heard of him before or since, but was excited when I heard he's behind a company called 21.com which secured $116 million in venture capital investment a month ago. This is the most any Bitcoin company has received to date, and they haven't even announced what products/services they'll provide yet. I can't wait to find out.

    If you think the only people that care about Bitcoin are prepper libertarians, neckbearded nerds in their basements and drug dealers you might want to think about why a guy with this CV is going to be working fulltime on a Bitcoin company, and he's just one of many.


  • #54
    KpsCowley
    Registered Users Posts: 173 ✭✭KpsCowley


    Can we have a Cryptocurrency/Bitcoin section on boards.ie?

    Does anyone know the procedure for suggesting a new forum section?


  • #55
    KomradeBishop
    Closed Accounts Posts: 4,981 ✭✭✭KomradeBishop


    There's the Forum Requests forum:
    http://www.boards.ie/vbulletin/forumdisplay.php?f=461

    I suggested a Political Economy forum a while ago, which is still an active suggestion - I think discussion of Bitcoin/Cryptocurrency, and its political/economic implications, would fit in quite well there - could post +1 to that if you think it's a good forum idea:
    http://www.boards.ie/vbulletin/showthread.php?t=2057313876

    There's also the existing Economics forum - which is mostly dead:
    http://www.boards.ie/vbulletin/forumdisplay.php?f=858


  • #56
    alb
    Registered Users Posts: 1,259 ✭✭✭alb


    I'm not even sure boards needs a crypto/bitcoin board. If you really want to get into the nitty gritty the dedicated bitcointalk.org forums already exist, and have nearly the same number of users as the entirety of boards.

    I do think there's probably scope for a new board though where posts about bitcoin threads would feel at home. I've posted in bitcoin threads in many forums here already - After Hours, Technology, Investments and Markets, Entrepreneurial & Business Management, Politics, Economics. At any time you can look at the Banking & Insurance & Pensions board and consider how Bticoin could impact any of the problem threads posted there.

    I don't think a new board should necessarily be a Bitcoin specific board, I'm also not sure if it should be a Political Economy board (as Komrade suggested). Other options might be Futurism or Decentralisation. Something like this would include crypto/Bitcoin, and all the areas it touches on (economic, political, technological etc) but would not be limited to it. There might be other threads on related things like Uber, Open Bazaar, Tesla energy.

    In actual Bitcoin news, Circle secured 50m in new funding this week from investors including Goldman Sachs, which raised a few eyebrows. Bitcoin hype is in a trough, but investment in the industry continues to increase and the legacy finanical players are dipping their toe in.


  • #57
    Mint Aero
    Closed Accounts Posts: 3,570 ✭✭✭Mint Aero


    alb wrote: »
    I'm not even sure boards needs a crypto/bitcoin board. If you really want to get into the nitty gritty the dedicated bitcointalk.org forums already exist, and have nearly the same number of users as the entirety of boards.

    I do think there's probably scope for a new board though where posts about bitcoin threads would feel at home. I've posted in bitcoin threads in many forums here already - After Hours, Technology, Investments and Markets, Entrepreneurial & Business Management, Politics, Economics. At any time you can look at the Banking & Insurance & Pensions board and consider how Bticoin could impact any of the problem threads posted there.

    I don't think a new board should necessarily be a Bitcoin specific board, I'm also not sure if it should be a Political Economy board (as Komrade suggested). Other options might be Futurism or Decentralisation. Something like this would include crypto/Bitcoin, and all the areas it touches on (economic, political, technological etc) but would not be limited to it. There might be other threads on related things like Uber, Open Bazaar, Tesla energy.

    In actual Bitcoin news, Circle secured 50m in new funding this week from investors including Goldman Sachs, which raised a few eyebrows. Bitcoin hype is in a trough, but investment in the industry continues to increase and the legacy finanical players are dipping their toe in.

    I'm dying to buy 4 or 5 at the moment, I would if I had a grand spare, I will in a few months when things are more financially stable again for myself but knowing my luck they'll be back to a grand a pop


  • #58
    KpsCowley
    Registered Users Posts: 173 ✭✭KpsCowley


    alb wrote: »
    I do think there's probably scope for a new board though where posts about bitcoin threads would feel at home. I've posted in bitcoin threads in many forums here already - After Hours, Technology, Investments and Markets, Entrepreneurial & Business Management, Politics, Economics. At any time you can look at the Banking & Insurance & Pensions board and consider how Bticoin could impact any of the problem threads posted there.

    I don't think a new board should necessarily be a Bitcoin specific board, I'm also not sure if it should be a Political Economy board (as Komrade suggested). Other options might be Futurism or Decentralisation. Something like this would include crypto/Bitcoin, and all the areas it touches on (economic, political, technological etc) but would not be limited to it. There might be other threads on related things like Uber, Open Bazaar, Tesla energy.

    I really like this suggestion alb. I would definitely +1 that on the Forum Requests forum: http://www.boards.ie/vbulletin/forumdisplay.php?f=461. Regarding your reference to bitcointalk.org, by suggesting a dedicated boards.ie section I was hoping for a more Irish specific place to discuss the issues (the implications here as well as general conversation).


  • #59
    Gazzmonkey
    Registered Users Posts: 816 ✭✭✭Gazzmonkey


    Mint Aero wrote: »
    I'm dying to buy 4 or 5 at the moment, I would if I had a grand spare, I will in a few months when things are more financially stable again for myself but knowing my luck they'll be back to a grand a pop

    Just started doing this during the week and learning all about it, got thousands of satoshi's now but no full bitcoins yet lol.


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