Actual Bitcoin commerce vs. speculation

yayayo

legendary

Activity: 1806

Merit: 1024

Quote from: Spaceman_Spiff on October 08, 2013, 05:38:50 PM

Quote from: Gimmelfarb on October 08, 2013, 05:22:31 PM

Quote from: johnyj on October 02, 2013, 07:05:25 PM

Store of value. People will spend inflative fiat and store value in deflative bitcoin

considering that bitcoin's money supply is inflating, and will be for a very long time, i don't think these arguments make any sense.

Give it 10 years and bitcoin is inflating more slowly than above-ground gold reserves have historically. And it will only get better with time.
People still seem to think gold is a decent store of value (me too, except if cryptos completely take over, which I could see happening) despite low but constant inflation.

On topic: bitcoinstore.com ? Probably a lot less action, but still a decent business, no?

The key to bitcoin's attractiveness as a store of value is not that it has a low inflation rate. The key is, that its inflation rate is perfectly predictable. This certainty has a huge psychological impact.

ya.ya.yo!

N12

donator

Activity: 1610

Merit: 1010

Quote from: Spekulatius on October 08, 2013, 05:48:52 PM

Quote from: Spaceman_Spiff on October 08, 2013, 05:38:50 PM

On topic: bitcoinstore.com ? Probably a lot less action, but still a decent business, no?

Any numbers on that?

I mentioned them in my post, they failed to meet their transactional goal to keep their prices multiple times in succession even though they kept BTC and let them appreciate to skew the statistics (the requirement was in USD per timeframe). I'm not sure how much it was anymore, but it's certainly no match for Silk Road.

Spekulatius

legendary

Activity: 1022

Merit: 1000

Quote from: Spaceman_Spiff on October 08, 2013, 05:38:50 PM

Quote from: Gimmelfarb on October 08, 2013, 05:22:31 PM

Quote from: johnyj on October 02, 2013, 07:05:25 PM

Store of value. People will spend inflative fiat and store value in deflative bitcoin

considering that bitcoin's money supply is inflating, and will be for a very long time, i don't think these arguments make any sense.

Give it 10 years and bitcoin is inflating more slowly than above-ground gold reserves have historically. And it will only get better with time.
People still seem to think gold is a decent store of value (me too, except if cryptos completely take over, which I could see happening) despite low but constant inflation.

On topic: bitcoinstore.com ? Probably a lot less action, but still a decent business, no?

Any numbers on that?

Spaceman_Spiff

legendary

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

Quote from: Gimmelfarb on October 08, 2013, 05:22:31 PM

Quote from: johnyj on October 02, 2013, 07:05:25 PM

Store of value. People will spend inflative fiat and store value in deflative bitcoin

considering that bitcoin's money supply is inflating, and will be for a very long time, i don't think these arguments make any sense.

Give it 10 years and bitcoin is inflating more slowly than above-ground gold reserves have historically. And it will only get better with time.
People still seem to think gold is a decent store of value (me too, except if cryptos completely take over, which I could see happening) despite low but constant inflation.

On topic: bitcoinstore.com ? Probably a lot less action, but still a decent business, no?

Gimmelfarb

hero member

Activity: 658

Merit: 500

Quote from: johnyj on October 02, 2013, 07:05:25 PM

Store of value. People will spend inflative fiat and store value in deflative bitcoin

considering that bitcoin's money supply is inflating, and will be for a very long time, i don't think these arguments make any sense.

Spekulatius

legendary

Activity: 1022

Merit: 1000

Quote from: johnyj on October 02, 2013, 07:05:25 PM

Store of value. People will spend inflative fiat and store value in deflative bitcoin

The store of value function is ultimately dependant on the acceptance and convertibility of BTC by merchants into other means of value like Gold or Fiat. It is linked to BTC acceptance so value will go down with dwindling acceptance due to lack of business (velocity) for merchants. Its sad but so far only the SD clones seem to generate any business. The rest is speculation.

PrintMule

hero member

Activity: 980

Merit: 500

FREE $50 BONUS - STAKE - [click signature]

Quote from: N12 on October 07, 2013, 05:04:24 PM

Quote from: N12 on October 02, 2013, 05:36:29 PM

Time to bump this thread.

We now know how much business Silk Road had. Is there any Bitcoin business we know of that is comparable?

Everytime I bump this thread, it's the same thing.

Noone can answer the question. Yet people deny Silk Road was Bitcoin's biggest business.

It's painfull to see it go, there were genuine people buying btc to get stuff. Although sellers later sold that btc back, but maybe someone kept it.

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

I buy about 0.5BTC a month at bitcoin-cigarettes.com

I buy and sell stocks priced in BTC

I bought many many other smaller things like a Diablo 3 Beta testing account, so i could try diablo 3 b4 it came out

dont worry guys, I am supporting the bitcoin economy! Grin

N12

donator

Activity: 1610

Merit: 1010

Quote from: N12 on October 02, 2013, 05:36:29 PM

Time to bump this thread.

We now know how much business Silk Road had. Is there any Bitcoin business we know of that is comparable?

Everytime I bump this thread, it's the same thing.

Noone can answer the question. Yet people deny Silk Road was Bitcoin's biggest business.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

Store of value. People will spend inflative fiat and store value in deflative bitcoin

N12

donator

Activity: 1610

Merit: 1010

Even illicit would interest me.

Walsoraj

hero member

Activity: 686

Merit: 500

Ultranode

Quote from: N12 on October 02, 2013, 05:36:29 PM

Time to bump this thread.

We now know how much business Silk Road had. Is there any Bitcoin business we know of that is comparable?

Illicit or legit? Nothing but bodega shops int he latter category.

N12

donator

Activity: 1610

Merit: 1010

Time to bump this thread.

We now know how much business Silk Road had. Is there any Bitcoin business we know of that is comparable?

vokain

legendary

Activity: 1834

Merit: 1019

Press      0.7140%
Speculation      0.4382%
Economics      0.1622%
Service Discussion      0.1600%
跳蚤市场      0.1410%
Long-term offers      0.0845%
Project Development      0.0829%
Mining speculation      0.0786%
Legal      0.0578%
Goods      0.0494%

what does this say about me!
but i don't even speak chinese? or, am, for that matter
I do like supporting the community by buying cool things with bitcoin that are worth it

Kazu

full member

Activity: 168

Merit: 100

I've noticed some fun things going on here.

Quote from: n4ru on August 05, 2013, 01:52:33 PM

I use Bitcoin daily to buy myself food via foodler, I use Bitcoin at a local shop around here, I bought the Humble Bundle via Bitcoin, I buy electronics via bitcoinstore. and every chance I can I pay with Bitcoin instead of fiat. For me, it's been a very meaningful way to conduct transactions.

Most Popular Boards by Activity
Currency exchange      0.1048%
Reputation      0.0629%
Group buys      0.0552%
Services      0.0527%
Alternate cryptocurrencies      0.0393%
Service Discussion      0.0197%
Development & Technical Discussion      0.0181%
Mining support      0.0172%
Project Development      0.0170%
Custom hardware      0.0149%

Quote from: ElectricMucus on August 03, 2013, 07:02:56 AM

What are the incentives to spend Bitcoin rather than selling them and spending the Fiat anyway?

Most Popular Boards by Activity
Speculation      1.5237%
Economics      0.4683%
Off-topic      0.3512%
Meta      0.3431%
Trading und Spekulation      0.3181%
Mining speculation      0.3143%
Politics & Society      0.3047%
Off-Topic (Deutsch)      0.2985%
Bitcoin Discussion      0.2227%
Scam Accusations      0.2053%

To be fair:

Me
Speculation      0.4992%
Press      0.1283%
Economics      0.0620%
Development & Technical Discussion      0.0290%
Securities      0.0155%
Legal      0.0145%
Newbies      0.0131%
Mining speculation      0.0098%
Trading Discussion      0.0081%
Politics & Society      0.0051%

Impaler

sr. member

Activity: 826

Merit: 250

CryptoTalk.Org - Get Paid for every Post!

Quote from: n4ru on August 05, 2013, 01:52:33 PM

I use Bitcoin daily to buy myself food via foodler, I use Bitcoin at a local shop around here, I bought the Humble Bundle via Bitcoin, I buy electronics via bitcoinstore. and every chance I can I pay with Bitcoin instead of fiat. For me, it's been a very meaningful way to conduct transactions.

Unless you have a hoard of coins that you mined yourself or got at an earlier date and are thus benefiting from a valuation increase, you would be buying thouse BTC's with the very same Fiat currency you claim to be avoiding and are effectively paying Gox or other exchanges several percent for the privilege of transmitting your fiat payments.

vokain

legendary

Activity: 1834

Merit: 1019

Quote from: ElectricMucus on August 05, 2013, 04:45:27 PM

Quote from: vokain on August 05, 2013, 04:34:41 PM

Quote from: phelix on August 05, 2013, 04:27:46 PM

The more I use it myself the more I am convinced.

+1

Sounds awful. I would not like my money to require conviction.

well on paper the dollar sucks but I use it everyday

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

Quote from: vokain on August 05, 2013, 04:34:41 PM

Quote from: phelix on August 05, 2013, 04:27:46 PM

The more I use it myself the more I am convinced.

+1

Sounds awful. I would not like my money to require conviction.

vokain

legendary

Activity: 1834

Merit: 1019

Quote from: phelix on August 05, 2013, 04:27:46 PM

The more I use it myself the more I am convinced.

+1

phelix

legendary

Activity: 1708

Merit: 1020

Quote from: ElectricMucus on August 04, 2013, 09:07:30 AM

Quote from: niothor on August 04, 2013, 04:58:44 AM

Quote from: phelix on August 04, 2013, 03:38:30 AM

Quote from: N12 on August 03, 2013, 06:38:31 AM

Do you guys know of any other stats?

Today, is there anything Bitcoin is actually used for in meaningful transactional volumes besides drugs (SR), gambling (SD), speculation and mining equipment?

Buying drinks at bars.

In Munich/Germany/EU there is a bar called "Niederlassung" (http://niederlassung.org). In the last five month they have made approximately 3.7BTC, ~$370 in Bitcoin. I am sure, they made an additional turnover of at least $700 in € from Bitcoin regulars that payed in €. This does not yet include free advertising. So they made a turnover of more than $1000 at what cost? Virtually nothing. They are running a laptop for other purposes anyway and simply installed Multibit. They printed a QR code on a piece of paper and put it up on the wall.

If you have a computer at the counter accepting Bitcoin comes at such a small effort it will always pay off.

370$ in 5 months.How much is a beer there?
On their price list it comes at 3euros ... make that 4$.

So you're telling me that they sold 90 of the cheapest beers in 5 months via bitcoin ?
Just to cash out those bitcoins it will cost them more than giving a free beer a day

)))))

Ps. Bitcoin regulars that payed in euros are more like Euro Regulars.

It's probably worse. That 370Euro would come from a single regular who recently has become a Bitcoin zealot and the owner plays along to keep him.
So it's not an actual increase in turnover.

I saw with my own eyes that is not the case but it is like I described.

Accepting Bitcoin is still a very cheap and riskless way to make a tiny additional profit and get a small to medium publicity plus. Because it is so easy, cheap and riskless more and more real life places will accept it. The more I use it myself the more I am convinced.

Topic: Actual Bitcoin commerce vs. speculation (Read 5468 times)