Topic: Bitcoin price is too high at 20$/BTC - page 2. (Read 10859 times)

Considering Kenya only got international fiber connection a few years ago, and India's wages are increasing about 10% a year, Kenya is posed to be the new India within a few short years. So the killer app is for anyone who's planning to do some outsourcing or business in Kenya.

transferring money to kenya is a killer app for whom?
obama and his uncle?

killer app: jargon of marketing teams, has been used to refer to any computer program that is so necessary or desirable that it proves the core value of some larger technology

I do not hate Bitcoin and am invested in the commodity.  My brain is clearly not a commodity, by definition. 

Your head is filled with electric impulses. I can't use those to light a flashlight, power a motor, or any other electrical device. I guess that means your brain has no intrinsic value.

Do you have any other purpose here other than trolling with your alleged 'Economist' title? If you hate bitcoin so much, why even bother spewing out your bile? Wouldn't your services be needed with that 'real' currency you keep rambling on about?

This is all well and good, but why not just figure out a way to use the same platform for, you know, actual currency like the US dollar.  Bitcoin is a commodity with zero intrinsic value.

It's not zero costs - doing so securely requires miners, which requires electricity and expensive hardware. Currently, those costs are subsidized by new Bitcoins entering the market, but it's idiotic to think that it's without cost.

Also, as others have said, you have to have a way to redeem that value at the end of the line, otherwise all you're doing is transferring Bitcoins across long distances.

Or maybe they, you know, want to spend their bitcoins.

That is great and all, but until a large amount of people on the street in Kenya or Azerbaijan or wherever are willing to accept those bitcoins, or make it easy to convert those bitcoins into the local currency, then it really doesn't matter.  That's the direction things need to go before this supposed "killer app" of zero transfer costs will actually matter to anyone in practice.

You forgot the word 'instantly'.

Bitcoin does have a killer app, and it's one we all use.  The near zero costs of transfering value across limitless distances.  If you don't think that this is a revolutionary core feature, try sending 20 Euros to Kenya.

"You guys have heard me say this before,, we need a game like Second Life, with it's own economy. Something that allows everyone to earn/sell something of value BTC."

Bitville comes to mind.

Allow me to brainstorm for a sec. Start small like Farmville, but instead of farming, you're mining. Get paid exponentially for each level reached with each level harder to obtain but pays out more. Start off with the mining aspect where you have to mine a certain amount before you can buy virtual goods. Or, instead of being a miner, you can open up a virtual shop (paid for with REAL bitcoins) to sell your virtual stock. Whether you're a miner, shop owner, brother or casino operator. etc., the challenges are equal to advance to the next level.

Feel free to take my idea and run with it.

Seriously -- you can't go by the "historical average" because for most of that time, NOBODY knew about Bitcoin -- there was even less Bitcoin economy than there is today (if that's possible!) and much less demand.

I understand your point, there could be a lot of speculation built into the price. But 15 cents? Difficulty was pretty low back then -- if you wanted 20 BTC, you just fired up your old Pentium-133 from 1996, installed CPU miner, and ran it for a day!

Of course such a Bitcoin can't be worth much.

You're either going to change this position eventually or be bitcoin poor.

Who wouldn't buy them at 5 or 10 cents each? I'm still pissed off that I was on vacation last Sunday when the whole mtgox affair happened.

That said, we are still in the very early days of Bitcoin. A year from now when a BTC costs $500, we'll all be dreaming of the days when we could have bought them for $20.

Bitcoin will probably continue to appreciate in value, and the exchanges will be very volatile, until a superior successor to bitcoin is introduced or the speculative bubble that props up 99% of bitcoin's value collapses.  I'd definitely buy them at 5-10 cents a coin, but I think that anything over 25 cents/coin is pure speculation, based upon their historical average price. 

If you mean a barely visible to 'first world' citizens but nonetheless thriving second/third world use is enough to sustain Bitcoin and the current speculative pricing, I'm not sure this could be reached without the 'mainstream' taking off before.

As long as the exchange rate for that $20k is fueled by speculators for lack of a stabilizing, legitimate economy, noone in their right mind will use it for large sums that could move the market and lose quite a bit on exchange, or during regular swings over time if it was offloaded slowly to prevent market swings. Chicken and egg I'm afraid.

Also, if you exchange the USD to Bitcoin for transfer into Azerbaijan, unless they are going to use the BTC themselves, they need to exchange it back out. If they can do that, they could have probably done a straight USD transfer without Bitcoin as intermediary. It would only be interesting if USD wire to local exchange + USD wire from exchange closer to Azerbaijan with Bitcoin in between would be quicker or cheaper than USD wire to Azerbaijan directly.

The only way I can see a non-mainstream economy taking off earlier is if maybe druglords or similar will use it and set their own prices for stability, but if they do they'll probably fork the blockchain and make sure noone interferes with pricing by running their own private exchanges.

I have a headache.

Amusingly the founded and primary candidate of "The Rent is Too Damn High" party lives in a rent controleld apartment, and pays about 50% the going rate lol.

If I and grow one of those weird mustaches thats is halfway up my face and then put on a tuxedo or whatever
can i be a that guy and get a million $$$

how come in politics people can wear a bow tie or whatever like that one weird senator from illinois or other things like in politics u can wear a mr peanut monocle for real and people have to not laugh cuz yer like a real guy in politics...

the more retarded u the more they have pretend yer a real person... but if yer just a regular person u cant get anywhere in politics cuz u got no 'zazz'