hmmm,So tasty
Damn you guy, the price downs because you are using DGB to pay your stuffs.
Nahh i dont think so,I have been following the exchanges,Placed a few buy orders (~2btc) and i did not see any sell order with that amount and I even think that the payment processor (Litepaid) holds all the Digibytes themself.
So what i really did is bought my food with Digibytes and exchanged the money i would normally spend for my food (and more) to BTC->DGB.
What i'm doing here is part of a bigger plan and it's just to show my fellow merchants that it really works and what we are doing over here. Some of them even follow this thread and the Digibyte social media accounts;)
There's no incentive what-so-ever to buy with DGB. In fact, it's the opposite. If you factor in bank transfer/wire and commission costs, and the time and effort you put into buying your DGB, it's absurd (in my opinion) to then turn around and spend it at a loss since a fiat purchase would be cheaper to begin with (and you also lose again with the actual purchase since you will be charged a premium by the seller in order to cover their costs of converting back to fiat).
Buying with DGB makes no rational sense at this point in time. Neither does buying with BTC for that matter - unless you bought BTC long ago when it was valued in single digits. If you're buying BTC to then buy something else that you could have bought with fiat in the first place, you'd better start giving it a second thought.
Add: and if you're mining, the math gets radically worse, unless your electricity is free . . .
HR, I sure do get your point but i do not fully agree with you about spending a little Digibytes in early stage/low price when you have a reasonable size longterm "Investment" / amount of coins or what name you want to give it for now.
I bought some Digibytes around 10 sat and i'm almost 100% shure you did the same,So let's say i bought my dinner with these coins,What did this transaction costs me now? Let it be 10% of 12$, Why should i worry about this small amount of Digibytes for supporting and really work towards the adoption of Digibyte?
When Digibyte gets to the high prices where it is in your opinion reasonable to exchange for goods/services,All of the longterm community members don't even have to worry about this small "loss".
It is not just buying myself a nice dinner but i did make this transaction at Mijn Restaurant (Already accepting Digibyte restaurant in my street) and guess who stands next to me? Yes, Another merchant and thanks to this we have a new Digibyte accepting store. Do you see the part of the bigger plan?
If i need to pay 1,20$ to get 1 accepting merchant in the street where i have my own store i really have no problem to pay this out of my own pocket.
We maybe have diffrent thoughts and reasons for supporting Digibyte and so will have many others but i'm sure we see Digibyte as a future.May it be as a invest or anything else.It's all for the goods of Digibyte.
Best,
24
I'm not criticizing you for spending your DGB as you like, and much less so for all the positive work you're doing to promote merchant adoption. Quite the contrary, my hat's off to you. Nevertheless, and moving beyond the fact that the theoretical uses for DGB can be materially demonstrated (and that's good), I think we also need to be very clear about the fact that it still makes no economic sense to spend DGB on a regular basis. Demonstrating that it works is one thing, using it on a daily basis is quite another. I just want to do my part to help make that as clear as we can. There's a lot of work to be done, and it will take
time as well as effort to get that work done, before we can say that it's smart to spend DGB for ordinary items on a daily basis. Mass adoption is first, and I don't think that comes from knowing you could spend DGB if you wanted to - I think it comes from knowing that if you put your money into DGB, it won't go down in value. That's the first hurdle in my opinion: creating a stable cryptographic digital currency that people see as a place to put their money where it will increase in value and not lose value - as long as there's a high risk element involved, it will never see mass adoption. Once that's achieved, I see larger transactions, especially international cross border transactions, becoming the first widely used aspect of DGB (on a "service" kind of level, but not to be confused with a service since it's really due to the inherent P2P nature of the currency). In that sense, Western Union would be the first major financial services provider who would be threatened. VISA, in spite of being the ultimate goal, is much farther off. Incorporating faster transactions speeds that rival those of VISA now should not be a problem even if it won't be fully utilized for years, but we shouldn't confuse the fact that it's being done now with the fact that it will be immediately used. This is kind of a "Field of Dreams", but we do need to be practical, and, again, I think that starts with a clear focus on creating the stable, low risk, basis that is needed for people to be willing to first use DGB as a reliable store of wealth. Without that foundation, everything else is a no go, in my opinion.
