Peterdalkey wrote: » Sorry for being less than clear. I think bitcoins and it's markets are a crock. There is no Voodoo and Occult location on boards.ie but I can't see that discussions about speculating in or on them them has a place in a business and enterprise forum. You may be proven right of course, if so well done, I never bother arguing the toss when the result is of no interest or the other side is a zealot. I bought Baidu at 82, happy days...
Peterdalkey wrote: » Sorry for being less than clear. I think bitcoins and it's markets are a crock. There is no Voodoo and Occult location on boards.ie but I can't see that discussions about speculating in or on them them has a place in a business and enterprise forum. You may be proven right of course, if so well done, I never bother arguing the toss when the result is of no interest or the other side is a zealot.
thunderdog wrote: » For those who have money invested. Bitcoin dropping fast. Currenlty worth 617 dollars. A good time to buy
Peterdalkey wrote: » Here is a 1950s version of such wonderful investment and trading beads http://www.independent.ie/business/remember-irelands-infamous-stamp-act-26130087.html
Desmond Shanahan was sentenced to 15 months. He later became a barrister, practising in London.
Peterdalkey wrote: » By a crock I mean that something that can be worth 500 one day and 1100 within a few weeks then falling back over a couple of daysto under 700 is not a currency. Even the Zimbabwian $ is more stable than it! though it too has little intrinsic value supporting it or backing it up! If I were selling a Lamborghini for say 200k, I take bit coins on Wednesday and by Friday they are only worth say 120k. Try running a business on this kind of profitability and cash flow! I am sorry, I thought the market behavious, easy money merchants investing and irrational values attributed to it would have rendered my points obvious. My mistake is making this assumption, and for that I am quite happy to apologise. I prefer Paddy Power or a casino when I wish to gamble in this way.
Peterdalkey wrote: » Hi Mick I get all the bits that save money on speed, fees and charges etc, the problem I have is with the 80k I just lost on the sale of my Lamborghini. Is there a bitcoin angel/genie/god who has my dough and a will give it to me. Or is That the minor flaw? Cheers Peter
Mickk wrote: » Hey Peter, One of the main benefits of bitcoin is just as a vehicle for transferring existing currencies. The banking system is cumbersome and expensive (I once had a payment of 20k held in limbo and 10 days and later returned to me while a container was sitting in port and costing me demurrage because the company I was sending to wasn't the exact company name on the chinese bank account) Also western union and moneygram are extortionate both on the fee's and the exchange rate they offer. The way I came to have some bitcoin was that I let a mate put something on my credit card and then he asked me how he could pay me back. He only has a hong kong bank account in USD, he asked me for my swift and iban and bank address and in 3 days it should hit my account, instead of all the messing I just gave him my bitcoin wallet address and 2 mins later it was paid with neither of us paying any fees. So for me it had a real use, I'm not just jumping on a bandwagon and hoping to use it to speculate, it's a better way to transfer and move money. Admittedly it's still awkward enough to change euro or usd in and out of bitcoin but if it spreads it will become easier and also the more people who use it's network to transfer wealth the less need there will be to change it in or out of bitcoin. In a year or two I'd say the exchange rate will have stabilised and that element wont be as much of a concern.
AtomicHorror wrote: » The risk is on buyer's side with BTC. Why would you give someone a car without getting the money first? As a seller, you're better off with BTC than say PayPal where the buyer can fraudulently claim they didn't receive the item and reverse the payment. If non-reversible transactions bother you, there are plenty of ways around that with BTC just as there are with cash.
Peterdalkey wrote: » Well put relaxed. The problem is that the bitcoin has failed in its intention to be become a stateless low fee digital currency. Rather it has morphed into an extremely high risk funds handling system favoured by those who wish to move money surreptitiously or just speculate. It has failed in it's basic raison d'etra The reality is that only a few % of bitcoin transactions are for trade, the rest are for spec investments or moving cash in an opaque fashion.
Peterdalkey wrote: » That all you described happened, only serves to confirm the dangerous and unstable nature of the product.
relaxed wrote: » In fairness you probably had 6 weeks since the container left China to make the payment, so its not entirely the banks fault (happened to me too BTW) Once the company details are correct on you online banking system then things should be smoother. So lets say I import a container from China for $50000 Bloomberg rate says €/$1.350 thats €37037.04 Bank charge a spread of 0.003%, (so I get €/US1.34595 rather than $1.35)so it costs me €37148.48 Total bank cost = ~€111 + €12.50 bank charge What would Bitcoin do it for, and is there any risk of it moving against you by say 2 or 3 or 5% during the trasaction If I ring the bank they give the rate and lock it in, so if the Euro goes up or down by 10% during the transfer process it won't matter.
AtomicHorror wrote: » That doesn't address my point at all.
Stamply wrote: » Addressing points is not his style...
Peterdalkey wrote: » As I just don't get them it as they relate to being a safe and useful tool to me, I was always going to be unable to provide you with the answers you seek. I do note, however, that you have nothing to say on the alternative that I proffered in the same post. Tells me loads!
In fairness you probably had 6 weeks since the container left China to make the payment, so its not entirely the banks fault (happened to me too BTW) Once the company details are correct on you online banking system then things should be smoother. So lets say I import a container from China for $50000 Bloomberg rate says €/$1.350 thats €37037.04 Bank charge a spread of 0.003%, (so I get €/US1.34595 rather than $1.35)so it costs me €37148.48 Total bank cost = ~€111 + €12.50 bank charge What would Bitcoin do it for, and is there any risk of it moving against you by say 2 or 3 or 5% during the trasaction If I ring the bank they give the rate and lock it in, so if the Euro goes up or down by 10% during the transfer process it won't matter.
