Buying bitcoins

makeorbrake wrote: »

As regards Bloomberg, I'm open to correction but I believe it was them that had the story about Tethers previous half baked attempt (via their lawyers and a letter from their bank) to show proof of funds.

You can't trust any media anyway. However, over and above that, media continues to be unsettled/disrupted and none of them are making a bean. That leaves them even more susceptible to print any old guff.

On the first point, I would add that actually what they are saying now doesn’t seem very different from the previous story you mention. Essentially someone is saying the saw bank statements showing that tether has a cash amount in a he bank matching all tokens in circulation. Which is good to know but doesn’t guarantee in any way that they could access that money if tomorrow every tether holder wanted to cash out (even assuming the statement are genuine and accurate - which I believe no one is clearly vouching for but I could be mistaken - they could for exemple have other liabilities / creditors with higher priority preventing them from accessing some of that money).

On your second point, also with you on this. Specifically, it is Bloomberg who kind of made a foul out of themselves by publishing and refusing to retract a story on Chinese spy chips even though absolutely everyone else strongly denies it (including the specialist/academic sources they quote, which have come out saying Bloomberg is completely misrepresenting they email/phone exchanges they had). So they are not at the top of my list in terms of media credibility.

BTC and crypto "analysts" got it wrong so many times this year I've lost count. It's a bunch of pseudo-traders with coin-flip short term guesses trying shots in the dark to predict medium term. If the market crashed 25% next week, they'd be all at it again the week after. Comfort predictions.

12 months ago.....

soirish wrote: »

Advice from a guy who made 500k trading crypto. Controversial post but interesting read anyway.

https://www.reddit.com/r/CryptoCurrency/comments/7pgh7u/ive_made_over_500k_in_crypto_here_are_some_good/

cravings wrote: »

https://pastebin.com/a12E3dsh

just quickly copied the text there. still have it open here.

really sound advice at the time considering it was during the Dec 2017 boom, and now even more so with the benefit of hindsight.

I love this bit..

We are definitely due for another large correction, so you must be comfortable with losing 80% of your portfolio value in case of a crash and sitting back and letting it slowly recover. Personally I would recommend that once you double your profit, pull out the principal so you are only playing with profits.

..especially during all the fomo of the time you would have had folk laugh at you

I used the website eircoin few years back to buy a few $$ in bc. Was handy as was Irish based and you could pay for your coin via Irish bank transfer.

Site does not seem to be operating anymore.

Anybody know of similar alternative Irish broker, or whats the least painful way to purchase some coin that all the cool kids use these days.

Thanks

Stuxnet wrote: »

I used the website eircoin few years back to buy a few $$ in bc. Was handy as was Irish based and you could pay for your coin via Irish bank transfer.

Site does not seem to be operating anymore.

Anybody know of similar alternative Irish broker, or whats the least painful way to purchase some coin that all the cool kids use these days.

Thanks

If you want an irish service provider, you could use www.bitcove.ie . However, SEPA transfer opens up a host of european exchanges - such as Bitstamp, Kraken and Belgacoin.

Local Bitcoins is also an option if you'd prefer a peer to peer exchange.

JohnnyFlash wrote: »

Well the value of crypto has fallen off a cliff!!

I’ll get my coat.

I’m waiting for TytanicCoin

Angelo Sparse Sunflower wrote: »

Can't see me spending my Bitcoin for at least 5 years, not because I can't, but because I don't want to.

Mine's staying put until I'm living somewhere the CGT is 0%, not 33%.

Bob24 wrote: »

If yes I personally find it rather convoluted.

Please watch the youtube video halfway down the article and let me know what part of that process is convoluted.

Bob24 wrote: »

If the endgame is to convert crypto into a fiat card paymen

The Bitcoin holder doesn't have to touch FIAT. The processor does that for them. It seems pretty seamless to me.

Bob24 wrote: »

I find actual MasterCard or Visa cards associated to a crypto wallet better, as they will work anywhere (online and in physical shops)

Terrific - if you're happy with that - then keep using it. This gives people another option - and they themselves don't have to touch FIAT. Remember also that in many jurisdictions, the opportunity to hold a card with a crypto account isn't an option.

Bob24 wrote: »

and don't require specific coding for every website

With this browser extension, it doesn't need coding for every specific website - but it does need activation at a processor level. That means that mom and pop ecomm sites can be enabled in the future - without manually activating one at a time.

This is a good interim solution. As volumes grow, that company can approach ecomm sites and make a case for direct integration and support. I hope that people in the crypto community get behind it.

In any event - it takes one of those main criticisms (i.e. you can't buy jack with crypto) off the list. With 353 million products available via Amazon - that alone means that anything can be purchased with BTC ...before others are added. There are many others that will need to follow - but step by step.

makeorbrake wrote: »

Please watch the youtube video halfway down the article and let me know what part of that process is convoluted.

You need a browser extension meaning you have to install it on every single time you install a new browser or use a new computer (and it will never support all browsers, especially mobile ones - and is unlikely to support mobile Apps which many people use to shop nowadays). And it only enables payment on a handful of websites so it is not that practical.

Only someone who care deeply about crypto and/or is curious to try will bother with that. And if they are going to invest time into a crypto to fiat payment solution, why not just go for one which supports any website or physical store?

But what I was saying is more that based on how I understand it, the implementation seems convoluted:

makeorbrake wrote: »

With this browser extension, it doesn't need coding for every specific website - but it does need activation at a processor level. That means that mom and pop ecomm sites can be enabled in the future - without manually activating one at a time.

As I said I am not 100% clear how it works in the background, but the link you posted clearly states there is no partnership with Amazon. Without a cooperation with Amazon how can it work besides using specific code in the extension which fills-out the payment form on Amazon's website (and which therefore will not work with any other website as their payment form will be different).

makeorbrake wrote: »

The Bitcoin holder doesn't have to touch FIAT. The processor does that for them. It seems pretty seamless to me.

Yep I get that, I could be wrong but it is the same with the like of a Coinbase card as far as I know - hence why I mentioned it as an alternative. The reason I find the card more elegant is that the implementation is not specific to any vendor (i.e. it it gives a much better reach out of the box for the user and in terms of maintenance it doesn't require to constantly be tweaked to support more vendors).

Bob24 wrote: »

You need a browser extension meaning you have to install it on every single time you install a new browser or use a new computer

How many times in a year do you install a new browser? When you do so, can you not import browser extensions?

Bob24 wrote: »

and it will never support all browsers, especially mobile ones).

The startup is only up and running a number of months - it supports browsers that are used by 70% of the global public. As for browser extensions on mobile browsers, by all accounts they're coming. It's already possible with many mobile browsers - its just that such extensions are not officially supported on mobile yet by the likes of Chrome, etc.

Bob24 wrote: »

And it only enables payment on a handful of websites so it is not that practical.

I think you are missing the point here. The point is that for holders of Bitcoin - existing holders of Bitcoin - they have a tangible option if they should choose to go out and buy products with their crypto.
You have to walk before you can run. Moon Tech are offering a valid option for people in that situation - of which there are 100s of thousands.

Bob24 wrote: »

Only someone who care deeply about crypto will bother with that.

See above. So in the scenario where I have BTC right now and I don't have a card attached to a crypto account, it's not a question of 'caring deeply' - its a real tangible option.

Bob24 wrote: »

And if they are going to invest time into a crypto to fiat payment solution, why not just go for one which supports any website or physical store?

What TIME????
Secondly, because this is a solution for people that already have BTC and might choose to spend it on goods. Many of them don't want to touch FIAT.
Furthermore, many of them see what the implications are here. i.e. this is a workaround and a precursor to direct integration. It's only with real integration, that startup will make money - so that's the play. Anyone who really believes in crypto would see the value in it.

Bob24 wrote: »

why not just go for one which supports any website or physical store?

Because this is a workaround that will lead to actual integration. Secondly, give them a chance. They're only up and running a few months. As previously posted, they are not going to be activating these store by store - it will be processor by processor.

Bob24 wrote: »

The link you posted clearly states there is no partnership with Amazon. Without a partnership how does it work in the background, besides using specific code in the extension which fills-out the payment form on Amazon's website (and which therefore will not work with any other website as their payment form will be different).

It provides the conversion so you as a crypto holder don't have to. They can do that without having any dealings with the e-tailer. Amazon are oblivious to it. The purchaser is largely oblivious to the conversion - from their perspective, they've paid with BTC.

makeorbrake wrote: »

Because this is a workaround that will lead to actual integration. Secondly, give them a chance. They're only up and running a few months. As previously posted, they are not going to be activating these store by store - it will be processor by processor.

The card also is a workaround, but IMO a much better one as it works with any online and offline retailer from day 1 compared to just a few online ones (and they can't possibly grow fast if their implementation works the way I understand it). People will go for what serves them best.

Now of course I have nothing against them and lets see how the do. But I am pretty sure their transaction volumes will be tiny in comparison to the likes Coinbase or crypto.com cards.

makeorbrake wrote: »

It provides the conversion so you as a crypto holder don't have to. They can do that without having any dealings with the e-tailer. Amazon are oblivious to it. The purchaser is largely oblivious to the conversion - from their perspective, they've paid with BTC.

And once converted, how is the fiat amount paid to Amazon, if not with specific code in the extension which will input a virtual payment card on the payment form? (which is what I keep saying is very convoluted in terms of growth/maintenance as it requires specific code for every single online retailer's payment form)

Deleted User wrote: »

Dude.. some people believe the Earth is flat..

Don't worry - one of these days you'll have that Eureka! moment. Don't be so hard on yourself.

Bob24 wrote: »

The card also is a workaround, but IMO a much better one as it works with any online and offline retailer from day 1 compared to just a few online ones (and they can't possibly grow fast if their implementation works the way I understand it). People will go for what serves them best.

I guess the difference is as follows;
1. Not everyone has access to these cards you mention.
2. Not everyone wants access to them - some want to spend Bitcoin directly.
3. If the largest ecomm portals globally are enabled to begin with, how much online purchasing do you think that accounts for?

It's more important from the point of view of the growth of crypto - as from the spenders point of view - as far as they're concerned, they've paid with crypto. The startups play is to approach vendors with tangible results and then assist them with directly integrating that payment option. For the development of the eco-system, this can lead to greater things.

Bob24 wrote: »

Now of course I have nothing against them and lets see how the do. But I am pretty sure their transaction volumes will be tiny in comparison to the likes Coinbase or crypto.com cards.

This startup kicked off with 100k seed money. That doesn't mean that they cant have an impact but they don't have the current resources of Coinbase - albeit that they do have access in a way to their customer base as anyone with a Coinbase account can pay via this extension (in addition to paying with a lightning wallet).

Bob24 wrote: »

And once converted, how is the fiat amount paid to Amazon, if not with specific code in the extention which will input a virtual payment card on the payment form?

Well if you are looking at this from the point of view of the spender, who cares?

JohnnyFlash wrote: »

People don’t use bitcoin to buy things. They hodl hoping it goes up in value so they can sell it to another person for more money than they paid for it.

It’s a Rube Goldberg machine. Using PayPal or some other payment mechanism is far far easier. Easier wins.

So Bitcoins are not unlike gold, equities, real estate, Van Gough's and Monet's then? I'll confess to owning some equities in the hope they may appreciate in value, a la your Rube Goldberg machine. I once purchased a platinum coin for the same purpose. I did indeed sell it for more than I paid for it. I'd say Monet's and Van Gough's are a no-brainer, along with anything by Jackson Pollock, Picasso and Caravaggio.

A few weeks ago, I wanted to buy some coffee beans from Luxembourg. When I went to use Paypal, I found I couldn't. It turned out that Paypal had screwed the shops entire payment system because Cuba sells coffee beans and they were concerned this shop might try to help them sell their beans, even though they were told they don't sell Cuban beans. In the end i just sent them payment via bank transfer. Had they accepted Bitcoin, I could have paid them with that and it would have been a lot faster and they could have shipped the same day instead of the following day, as they are not subject to the whims of Orangutans who think they are Presidents.

The very first Bitcoin I bought was precisely to buy something with, and I did. That's how It first came to my attention. Then I noticed that the next lot I bought were more expensive than the first lot. Then I looked at my bank account and asked the Euro's just sitting there doing nothing, why weren't they f'n doing something like the bitcoin? They just gave me the finger so I got mad and emptied the account and found some sucker to take those lazy useless Euros off me and bought more energetic Bitcoin.

Unlike those stupid Euros, the Bitcoins have been climbing mountains, tobogganing down the other side at high speed, hitching rides on fireworks and then parachuting off. They have provided far more entertainment than the Euros ever did.

About gold: who do you think you are kidding? It's a speculative asset and it's price entirely reflects that, not the minimal real world industrial usefulness of it.