No one wants to spend 10,000 of their Altcoins for a Pizza

Sweetbtc

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Quote from: paramind22 on November 25, 2016, 10:25:39 AM

Quote from: JasonXG on November 25, 2016, 10:11:23 AM

Quote from: paramind22 on November 22, 2016, 03:36:30 PM

I think this seems to be the problem with most altcoins. None of the people want to follow the example of Bitcoin.
I guess they don't want to fathom that right now it would take 10,000 of them to buy a pizza.

Are we ment to be taking you seriously ? You not making sense son.
It would take 10000 of what to buy a pizza? 10000 bagholders ? That is what ot sounds like you are saying but I think you mean 10000 coins.

So 10000 shitcoin for a pizza ? Ok I'll send you some shitcoin then you go buy a pizza for yourself k ?

You got my point. The people who have coins that they believe in don't seem to realize that for them to be valuable they have to have
a real world value today. So, if a Pizza is $15, and their coin is worth .0015, then they need to spend 10,000 of them to buy one. Not bad
if it took a day mining something for some people. Then, maybe the next pizza takes 8,000 coins because people are aware that they are
having a value. In a week, it would take 5,000 coins, and lesser and lesser until a coin is worth much more.

Well, may be a whale or the developers of a coin might do it just to create a hype or to get attention of the market.
Lot of artificial pumps available these days

salmanahmedone

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Quote from: paramind22 on November 25, 2016, 10:25:39 AM

Quote from: JasonXG on November 25, 2016, 10:11:23 AM

Quote from: paramind22 on November 22, 2016, 03:36:30 PM

I think this seems to be the problem with most altcoins. None of the people want to follow the example of Bitcoin.
I guess they don't want to fathom that right now it would take 10,000 of them to buy a pizza.

Are we ment to be taking you seriously ? You not making sense son.
It would take 10000 of what to buy a pizza? 10000 bagholders ? That is what ot sounds like you are saying but I think you mean 10000 coins.

So 10000 shitcoin for a pizza ? Ok I'll send you some shitcoin then you go buy a pizza for yourself k ?

You got my point. The people who have coins that they believe in don't seem to realize that for them to be valuable they have to have
a real world value today. So, if a Pizza is $15, and their coin is worth .0015, then they need to spend 10,000 of them to buy one. Not bad
if it took a day mining something for some people. Then, maybe the next pizza takes 8,000 coins because people are aware that they are
having a value. In a week, it would take 5,000 coins, and lesser and lesser until a coin is worth much more.

In my humble opinion, not everyone would want to buy pizza or anything with 10,000 coins. They don't want to be the guy who decided to by pizza for 10,000 bitcoin in the coming years.

fortunecrypto

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Back then,there's only bitcoin and what they did was experimental,the guy is curious on Bitcoin but now with almost 1000 altcoins in the market I doubt if any pizza maker or establishment will accept 10000 doge,or coins worth 5 to 20 sats,but if it's ethereum it's a different story.

RoommateAgreement

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Bazinga!

even if someone wanted to spend 10,000 of their altcoins to buy a pizza like that bitcoin guy who did this once, nobody is going to accept it because even back then you could easily sell your bitcoins to fiat on an exchange and get the money but with altcoins you have to sell to bitcoin then withdraw to another exchange and sell to fiat ....

shanem

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Now there are many cryptocurrencies compared to 2010. Unless the pizza seller is trading with his friend, I don't see any reason why he/she will accept altcoins when he/she can accept cash or bitcoin.
Altcoins are very unstable and the seller will choose not to accept them unlike 6 years ago when there are only a few coins.

JeffBrad12

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Quote from: paramind22 on November 26, 2016, 05:08:45 PM

Quote from: The Sceptical Chymist on November 26, 2016, 04:56:33 PM

This brings up a fundamental problem of altcoins in general...no one who makes pizza is going to want to accept some shitty shitcoin. Even 10,000 of them. Not Dominos, Papa John's, Pizza Hut, or any of my local pizza places. I'd be happy to spend some DOGE or whatever to buy pizza and breadsticks. Tell Dominos!!

The pizza maker doesn't have to accept altcoins. I accept the altcoins from the person who trusts me for the deal. I essentially convert it into fiat in value, and I call the pizza maker and have them deliver a person to that person's snail mail address.

You mean about to be a middleman between of them? It is too far from speculation about spend the direct to the pizza maker.

paramind22

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Quote from: The Sceptical Chymist on November 26, 2016, 04:56:33 PM

This brings up a fundamental problem of altcoins in general...no one who makes pizza is going to want to accept some shitty shitcoin. Even 10,000 of them. Not Dominos, Papa John's, Pizza Hut, or any of my local pizza places. I'd be happy to spend some DOGE or whatever to buy pizza and breadsticks. Tell Dominos!!

The pizza maker doesn't have to accept altcoins. I accept the altcoins from the person who trusts me for the deal. I essentially convert it into fiat in value, and I call the pizza maker and have them deliver a person to that person's snail mail address.

The Sceptical Chymist

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This brings up a fundamental problem of altcoins in general...no one who makes pizza is going to want to accept some shitty shitcoin. Even 10,000 of them. Not Dominos, Papa John's, Pizza Hut, or any of my local pizza places. I'd be happy to spend some DOGE or whatever to buy pizza and breadsticks. Tell Dominos!!

ArticMine

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10,000 XMR for a pizza at current exchange rates makes for a very expensive pizza.

Dassi

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Countries where you can buy anything with altcoins are soooo limited in number Roll Eyes

People in my country don't even know about bitcoin not to talk of an altcoin.

Pine Cone Scent

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It would really depend what alt coins you were talking about and how they compare to BitCoins price when 10k of them could buy a Pizza.

BioMike

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Have used Gulden (NLG) quite some times in the past to buy Fast food (not only pizza's).

paramind22

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Quote from: aioc on November 26, 2016, 01:49:06 PM

OK is there already one if there is,I'm going to order pizza every day using my 1 to 2 sats coin stored here in my computer,I don't think it can be duplicated,it is just a stroke of luck,the guy is just so lucky it's like hitting a lottery .

What coins are you willing to spend?

Omura

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I would spend 10k Doge for a pizza Cheesy

aioc

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OK is there already one if there is,I'm going to order pizza every day using my 1 to 2 sats coin stored here in my computer,I don't think it can be duplicated,it is just a stroke of luck,the guy is just so lucky it's like hitting a lottery .

paramind22

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There is a network of people who their trade art with each other in the mail. The only cost is for supplies and postage. The same thing could be done with lesser altcoins. One could set up a trading network with other holders. Trade 50,000 Pizzacoins for 50,000 of your coin.

Also, one could sell digital products for "free" for some altcoins. It could be agreed that instead of real dollar values that one previously had on their items, one could trade them at a pre-defined discount price by the intellectual property holder, like 40% of fiat value of the item is all you'll have to receive in an altcoin value, or even 20% to encourage altcoin use. I believe that intelligent generosity more often leads to prosperity than stinginess (although some rich people seem to be proving the opposite, maybe it's a calculated generosity/stinginess ratio).

Snorek

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Quote from: dinofelis on November 26, 2016, 11:59:48 AM

Quote from: btc_zero_sum on November 25, 2016, 10:50:46 AM

No one can spend 10,000 of their Altcoins for a Pizza (fixed)

Altcoins are pure speculation tool, name me one damn altcoin you can use today to buy a pizza. none of them has an infrastructure, none of them is accepted by merchants

The pizza sold for 10 000 bitcoin wasn't "a merchant with infrastructure" either, I think.

With bitcoin everything was slightly different back then, it was a first of its kind effort to buy something real for 'virtual' currency.
I doubt that buying something with altcoin today will have the same marketing effect - why use it for it altcoin XX when you can do this with BTC?

dinofelis

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Quote from: btc_zero_sum on November 25, 2016, 10:50:46 AM

No one can spend 10,000 of their Altcoins for a Pizza (fixed)

Altcoins are pure speculation tool, name me one damn altcoin you can use today to buy a pizza. none of them has an infrastructure, none of them is accepted by merchants

The pizza sold for 10 000 bitcoin wasn't "a merchant with infrastructure" either, I think.

Shiroslullaby

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I have a few coins that I would gladly give 10,000 for a pizza.
(Sometimes I spend a few minutes on Yobit in the 'free coins' section.)

Also, the thing to remember about the guy who spent 10,000 BTC for a pizza-
If he didn't do that, would Bitcoin be worth $700 today?
That story generated so much news. I know it was the first time I heard about this "magic internet money".

dArkjON

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There so much alt Coins where 10.000 Coins not even worth a Pizza maybe the Cheese off it Tongue

Topic: No one wants to spend 10,000 of their Altcoins for a Pizza (Read 1621 times)