Bitcoin deposits?

Now, if you have gold, you can't just walk around and use it to pay anything, it's just not convenient.
Back to bitcoin and whatever coins : It's quite easy to have a wallet on your phone and pay easily about anywhere, with it, and that's also worldwide.

I guess the times are changing slowly.

Just as I can do with my bank card. How ever you argue you end up with "easy to pay", as I say, it's only a payment system, not a currency.
 
In defense of Krugman, he is neither a psychologist or a tech/"porn" geek :D
Add to that that the quote is from 1998!!!
Most countries have adequate gold reserves to have a "guarantee" on their papers, the one big misfit not fitting in the picture is the USA and even with them it has really speed up in the last 5-6 years or so. But this is an entirely different topic.

money-supply1.jpg




That's what people said of the internet.

This is also the guy who subscribes to "inflation is a good thing" theory just like you and got a Nobel prize in economics. ;)
 
Bitcoin and similar virtual "currencies" will never more than a fun "thing", it's basically just a payment method that adds unnecessary risk components to your payments.

That is the least thing it is. Seriously. The scope for use of bitcoin is way past most people''s imagination, yet look and see how many people are working on all the other things that can be done with it. Micropayments which are less about the money and more about creating a record on the blockchain ledger...legal documents for example.

There is no risk as XxSquallxX said to companies accepting bitcoins, they never see a bitcoin, it's exchanged instantly so they don't need worry about rates or prices...people like bitpay do that. The minute you pay them with BTC they get whatever currency they want at their end. Target and other major retailers have done a large volume with no problems.

Sweden's law isn't the problem for MA, the company that made my rig is Swedish and they are mega in mining and all aspects of bitcoin....they certainly accept large amounts of them in payment :)

It''s been mentioned already, but MA missed a good opportunity for some exposure so far.

As for other altcoins, the vast majority of them are pe-mined by their developers to make a fast buck, promoted to get some small niche feature or even game noticed so they rise on exchanges...then they lose support, lose value, then die when the "big" money dumps them. They have no use, you can't spend them, and exchanging to BTC will lose you your shirt if you aren't careful. People know this and trade in them hoping for a killing...and make a killing if they are early adopters and get out fast. Bitcoin is the daddy. No doubt.

If MA used bitcoin, I could withdraw and have cash in my hand in less than an hour using localbitcoin.com , no question or risk or fee. I could also mine ped in a roundabout way....doing that ingame is not easy. :)
 
I know some people don't follow this phenomenon but some replies can be quite funny. Paypal started accepting Bitcoin recently for digital purchases in US and Canada. You can probably already deposit Bitcoin in Entropia via Paypal or you will soon be able to.

Paypal isn't who I was referring to, think much bigger.
 
i have a few questions about bit coin (i've seen the vids googled it etc)

is it a currency or is it an investment?

if it's either how come no major retailer or chain want to hold on to it, seems they just want to exchange it same day to cut risk?

lots of other emerging cryptocurrency all with similar underlying protocols how does one know which one is here to stay?

the idea is good and obviously many have made tons off the concept, but with just 20 million units what happens once no more to be mined (or all the ones that are lost in harddrives that are in landfields)? i mean if it's to be a universal currency and everyone wants a piece but no more can be created then with 6billion+ ppl doesnt it get down to like splitting atoms and another currency still has to be pegged to it for actual value?

once all mined and you spend all ur bitcoin you would have to buy more bitcoin with your countries' currency from another person so you can spend it?

i mean i understand the value in bitcoin i just dont see or understand what happens to the last person/people holding it?
 
smh at some of the replies in this thread. Oh well, at least people are talking about it. Hopefully people do some real research on their own as well...

gl
 
It seems a perfect method to me, easy to get for anyone with no requirements or verification and instant payment that can't be reversed by the sender. IT would make a sweet withdrawal method too for the same reasons. Very secure. No need to do account verifications and all that nonsense.

It would be a Quick and easy way also for people who want to launder Money, for instance from "ransomware". The ransomware software could send Money straight to entropia, where someone gathers it up and sends it further. With no need of verification. In case authorities start to track the transactions, it will be MA who'll take the hit. Same way a scammer could quickly send his Money out of game as bitcoins, maybe bouncing it off through an off-game wallet and back into game "legally" to Another account.

Oh, and no fees :)

MA staff probably want their salaries in IRL currency. The server hosting Company needs their COSTs paid in IRL currency. A great deal of the peopel who withdraw probably want their Money as "hard cash".

This means, that for MA to pay their dues, they would need to convert the bitcoins to IRL curreency, and for that they would need to go on the market and sell their bitcoins and try to get Money for it. And unless MA starts their own bitcoin market, they need to sell their bitcoins. And as there is a business risk (for instance volatility), the one who is running the market probably want a fee for their work and for their risks - and guess who's going to pay the broker's fee.

MA can use a transaction provider that provides the bitcoins transactions (same way as paypal for instance), though whoever perfoms the actual buying and sellings of the bitcoins most likely want to take out a fee for that.

It would be different if this was a game where you only bought carts of cherries and gold stones with your deposited Money, and there were no transactions between players and no possibility for straight withdrawals (for instance if you only could withraw "Diamonds" that you sometimes would be rewarded with). Then you could offer any deposit method - and just take the income from the players and disregard from the transaction COSTs.
 
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Here we go again :), alrighty.

1. Bitcoin is not a riskless environment to the merchant using it both under EU law and US law in relation to money laundring and the like. To say that MA would not shoulder any risk is factually incorrect.

2. Bitcoin is tiny, well actually much smaller then tiny so although it might bring in 15minutes of fame i doubt that deposits will rise in the long term due to bitcoin being supported.


That paypal/dell and a few other large compaines have started to accept bitcoin is not a argument in favour of bitcoins inherent stability or future prospects. These companies are stuffed to the brim with cash reserves, and a insanely large turnover. The risk assesment of a almost 50 billion dollar company is very different to a company that just scrapes by.

The thing that annoys me the most about the arguments for Bitcoin are that almost everyone i hear talking about it is approaching it from a idyllic/political position and not a practical grounded one.
From the end user position you are way more vulnerable using Bitcoin then a ordinary bank, as bitcoin is effected by exactly the same forces as fiat currency but does not have any of the protective measures a ordinary bank is required to provide by law.

Im still openminded to the idea of bitcoin, i just dont see how a secondary "currency" which is actually a commodity with zero consumer protection around it, that is still 100% relying on the USD/EUR for payment proccessing is a good option for the average consumer.

Best regards
Zweshi
 
Gawd. not again.

Every few weeks, another one of those brainwashed BitCoin evangelists pops up, trumpeting the many benefits of an entirely WORTHLESS and non-backed currency, probably just hoping for an easy way to convert worthless bitcoin, often used for illegal transactions, through PED into US$.

MA would be outright STUPID if they were to go along with that.

I hereby request that our uberevilmod Serica (playful jest referring to the Akbar) bans every single user who ever has the nerve to begin a topic on bitcoin, or hijacks another thread in order to propagandize the bitcoin.
 
Gawd. not again.

Every few weeks, another one of those brainwashed BitCoin evangelists pops up, trumpeting the many benefits of an entirely WORTHLESS and non-backed currency, probably just hoping for an easy way to convert worthless bitcoin, often used for illegal transactions, through PED into US$.

MA would be outright STUPID if they were to go along with that.

I hereby request that our uberevilmod Serica (playful jest referring to the Akbar) bans every single user who ever has the nerve to begin a topic on bitcoin, or hijacks another thread in order to propagandize the bitcoin.

Yep, its getting to the point of being ridiculous at this point. Same set of arguments over and over with even the sentences used being almost identical to one another. The first page of results from the search function when typing in "Bitcoin" is almost all relevant so its not like its hard to find where the last bit of the discussion ended, ohh well, i doubt we will be free from this topics rehashed arguments for quite a while.

Would be cool if a mod could make one of the threads sticky with a relevant name so its atleast all in one place and relevant to the entire discussion over time instead of one soap box being placed every 5 minutes.

Regards
Zweshi
 
..

I hereby request that our uberevilmod Serica (playful jest referring to the Akbar) bans every single user who ever has the nerve to begin a topic on bitcoin, or hijacks another thread in order to propagandize the bitcoin.

As tempting as that might sound, it is undeniable that Bitcoin is being taken more seriously than I've ever noticed that other 'alternate' currencies have been.
For example, governments are investigating/implementing taxation arrangements around Bitcoin trading/transactions.
Also I notice that Microsoft have recently started to accept payment in Bitcoin (http://blogs.microsoft.com/firehose...-and-more-for-windows-windows-phone-and-xbox/).

None of that means that MindArk needs to accept Bitcoin for deposits or withdrawals.
As I see it, Bitcoin would as yet represent an unacceptable level of risk for a business of the size of MindArk, where Bitcoin may be used by someone for deposit, but other currencies demanded for withdrawal. Whereas Microsoft, being several magnitudes of order larger, can withstand a potential associated loss, and is essentially only exchanging it for 'virtual' items (ie games etc), not physical products or other currency.

I vote for Ripple (currency XRP) deposits instead.

I vote for Ripple (currency XRP) deposits instead.

Never heard of these before, but from the brief bit I've found online so far, Ripple XRP is not a medium of exchange but a digital 'bridge' currency, used to facilitate trading between rarely traded currency pairs for foreign currency trading (which is a risky business to be involved in, requiring specialised knowledge and experience).
As the Entropian currency, PED, is tied to USD, then at least one side of the currency pair is NOT 'rarely traded', so I really can't see the need for MA to be exposed to Ripple XRP.
I'd much rather they focussed on creating a great game than lost their (and our) shirts on arbitrage trading.
 
as i see it, bitcoin would as yet represent an unacceptable level of risk for a business of the size of mindark, where bitcoin may be used by someone for deposit, but other currencies demanded for withdrawal. Whereas microsoft, being several magnitudes of order larger, can withstand a potential associated loss, and is essentially only exchanging it for 'virtual' items (ie games etc), not physical products or other currency.

qft
i'd much rather they focussed on creating a great game than lost their (and our) shirts on arbitrage trading.

qft2
 
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