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  1. #21
    Elite jod's Avatar
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    I'm wondering how volatile the exchange rate on bitcoins is and to what degree is it predictable.

    Real world currencies can be volatile but unless in major upsets it is to a degree predictable and in the case of say the US$ you can pretty safely bet that any downturn will come around eventually.
    Buying Bulk Arkadian 1 Keys

    Does the MA loot Algorithm have a Wi Flag type issue?

  2. #22
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    Quote Originally Posted by jod View Post
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    I'm wondering how volatile the exchange rate on bitcoins is and to what degree is it predictable.

    Real world currencies can be volatile but unless in major upsets it is to a degree predictable and in the case of say the US$ you can pretty safely bet that any downturn will come around eventually.
    On a day to day basis, maybe a few percent, but the big problem is the occasional huge swings. They were around $225 earlier this summer, then the Greek thing happened, people started hyping Bitcoins, and they are now around $290. Wish I would have bought them at $225.

    The problem is that the price swings are like watching sheep stampede or lemmings running off a cliff. You never know what is going to set it off, but when it does, watch out.
    Disgusted since 2006.

  3. #23
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    Quote Originally Posted by Rumsponge View Post
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    On a day to day basis, maybe a few percent, but the big problem is the occasional huge swings. They were around $225 earlier this summer, then the Greek thing happened, people started hyping Bitcoins, and they are now around $290. Wish I would have bought them at $225.

    The problem is that the price swings are like watching sheep stampede or lemmings running off a cliff. You never know what is going to set it off, but when it does, watch out.
    Absolutely. Bitcoins and others are too small and too young currently to be called "stable". Due to this, companies that accept BTC usually turn it into regular cash immediately.

  4. #24
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    I have another question.

    So people want transactions without fees, correct?

    How would this work? Somewhere along the chain someone will want to make money. I'm guessing that if MA were to implement direct bitcoin deposits, the processor would be charging MA.

    Would the amount of deposits through bitcoin justify this? And does anyone know how large these fees are in general?

    Because someone, somewhere will have to pay for it. It is not charity for either side nor the middleman, it's business.

  5. #25
    To you who want to deposit through bitcoins I have a question;

    - from where do you get the bitcoins?

    All my IRL incomes I get in the currency where I live (SEK).

    If I would to deposit through bitcoins, I would need to buy bitcoins through a broker, most likely using credit card, and most likely, if MA accepts it MA or someone on their behalf would need to sell their bitcoins through a broker - so it's two conversions, and two times where a middle hand wants to get paid for their services.

    Only case I know people get paid straight in bitcoins (as a source of income) is activities such as ransomware, where those running those enterprizes probably want some way to Clean their Money without being able to be traced...

    For most normal people the currently is a bit too volatile to be a way to keep day-to-day Money in (unless you live in a country with a tremendous inflation); and there is Always a risk of losing bitcoins either because of problem on "your" side (computer gets hacked or hard drive with bitcoin file crashes), or because a service you use to store your bitcoins gets into techical trouble (gets hacked, or due to other difficultes stop their operations levaing your bitcoins unaccessible).

  6. #26
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    i get em from coinbase and mining

  7. #27
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    Bitcoins are fiat and thus have no real advantage over cash given the cost of adoption and implementing services to use them. There is nothing keeping anyone from inflating the total number of bitcoins or exchange founders from running off with 55 million dollars worth of them.

    For those that love bitcoins, I would like to point you to what happened with eGold.

  8. #28
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    Quote Originally Posted by atomicstorm View Post
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    Bitcoins are fiat and thus have no real advantage over cash given the cost of adoption and implementing services to use them.
    Exactly this is wrong:
    US players currently need to pay 35 US$ or sometrhing like that to withdraw 1000 PEDs from Entropia... due to bank fees. With any cryptocurrency it would go down to a few cents.

    Someone told me, that this forum is filled with people who are heavily against BTC and this topic already is filled with wrong assumptions etc. And many of the poeple wo make false statements (e.g.: only criminals need BTC) repeat their arguments over and over again, but never took the time to actually learn something about the system.

    And no, I am not a "fan-boy", my statements above make clear, that not everything is good about BTC plus it will not replace normal currencies.

  9. #29
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    It isn't wrong. It costs a lot to implement from a development side. Yea your bank fees may be reduced (now) but they could easily get you later on cash conversions.. that's what banks do.. and they need to recoup the costs. I'm not going to debate bitcoins with you. The only way a currency other than cash will work and survive is if it is backed by something of value and isnt vulnerable to manipulation and right now that does not exist. Bitcoins are no exception and it does not take a genius to understand the major faults of fiat currency.

    Don't make assumptions about how much research people have done on the subject. I looked at bitcoins when I wanted to try to make money with it. The math does not add up and Entropia would actually be hurt by bitcoins with the heavy shifting in price. Again, you need to learn about the history of eGold from a practice point of view. Wikipedia doesn't tell the whole story (never does). I've been burned by eGold so I know the consequences of such products.

  10. #30
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    Quote Originally Posted by WhiningSkeptic View Post
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    I have another question.

    So people want transactions without fees, correct?

    How would this work? Somewhere along the chain someone will want to make money. I'm guessing that if MA were to implement direct bitcoin deposits, the processor would be charging MA.

    Would the amount of deposits through bitcoin justify this? And does anyone know how large these fees are in general?

    Because someone, somewhere will have to pay for it. It is not charity for either side nor the middleman, it's business.
    The bitcoin processor, Coinbase, charges zero fees until the merchant reaches $1Million US in transactions. Then the fee becomes 1%. If MA were to use a bitcoin processor, they would not be subject to the current price volatility of bitcoin.

    If MA were to accept bitcoin directly, ie without using a bitcoin processor, then the transaction fee would be the same for any other peer-to-peer bitcoin transaction. The fee is optional. If you don't pay a fee, your transaction may or may not take longer to complete.

    Someone more knowledgeable can correct me if I am wrong, but the usual fee is a flat 0.0001 btc or a little over 2 and a half cents which is paid to the miners. Some people will add a little extra (eg an extra .00001 btc for a total of 0.00011 btc)to the fee to get their transaction completed faster.

    The transaction time is based on the integration of your transaction into a newly mined block.
    Miners will prefer transaction with a higher fee (+some other factors like coin age, amount of btc,datasize), so they will include them first.
    If there is a low number of transactions your transaction without a fee may be handled right away.


    Quote Originally Posted by atomicstorm View Post
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    Bitcoins are fiat and thus have no real advantage over cash given the cost of adoption and implementing services to use them. There is nothing keeping anyone from inflating the total number of bitcoins or exchange founders from running off with 55 million dollars worth of them.

    For those that love bitcoins, I would like to point you to what happened with eGold.
    Fiat: an official order given by someone who has power : an order that must be followed http://www.merriam-webster.com/dictionary/fiat

    So fiat currnecy = currency that is forced into circulation by a government.

    Bitcoin: Transfer of bitcoin is voluntary and does not have to be accepted by the receiving party.

    Quote Originally Posted by atomicstorm View Post
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    There is nothing keeping anyone from inflating the total number of bitcoins or exchange founders from running off with 55 million dollars worth of them.
    A pre-defined schedule limits the total number of bitcoins so that they gradually approach a total of 21 million (ignoring those that have been lost through deleted or misplaced wallet files). The limit of 21 million bitcoins is "hard-wired" in to the protocol, and there will never be more bitcoins than this.

    And soon, no need to worry about shady bitcoin exchanges:
    http://www.coindesk.com/winklevoss-t...coin-exchange/
    http://www.coindesk.com/coinbase-sec...coin-exchange/

    Quote Originally Posted by atomicstorm View Post
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    For those that love bitcoins, I would like to point you to what happened with eGold.
    LOL. I'm sure those that "love" bitcoin would already know eGold =/= Bitcoin

    eGold: centralized
    Bitcoin: decentralized, backed by a consensus network with a processng power that is 100 times more powerful than Google. https://www.cryptocoinsnews.com/bitc...werful-google/

    With Bitcoin, there is no controlling entity for law/government to go after or take down if it doesn't like it. All's they can do is tax it. And when government taxes something or is trying to figure out how to tax something, you know that that something is here to stay.

    People can hate it all they want, but the Honey Badger of digital currency don't give a shit.

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