DailyDirt: Does Bitcoin Matter?

from the urls-we-dig-up dept

There have been a lot of stories going around about Bitcoin, including some reports that Bitcoin could become a mainstream payment system. For now, Bitcoin seems like a relatively volatile place to store your money, but its protocol may spur innovation beyond online payments. Here are just a few links to check out if you haven’t (yet) set up your Bitcoin mining hardware in your living room.

If you’d like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post via StumbleUpon.

Filed Under: , , , , , , , , ,
Companies: overstock

Rate this comment as insightful
Rate this comment as funny
You have rated this comment as insightful
You have rated this comment as funny
Flag this comment as abusive/trolling/spam
You have flagged this comment
The first word has already been claimed
The last word has already been claimed
Insightful Lightbulb icon Funny Laughing icon Abusive/trolling/spam Flag icon Insightful badge Lightbulb icon Funny badge Laughing icon Comments icon

Comments on “DailyDirt: Does Bitcoin Matter?”

Subscribe: RSS Leave a comment

Having no chargebacks and little to no recourse for disputed transactions, is exactly why I don’t use bitcoin. Sellers love bitcoin, because there’s no risk on their end. All the risk is carried by the buyer.

So with bitcoin, you need to 100% trust the seller (which is pretty much impossible), or they might just take your money and run or refuse a refund.

Going through the court system, trying to get a refund, is a major pain in the ass compared to going though your bank/credit union. Not to mention expensive.

Just Sayin'says:

Bitcoin / Overstock

This is a classic case of people trying to cash out for what they feel is good value, while the other side is taking the bitcoins hoping they increase in value – in part as a result of them announcing they are taking bitcoins.

It also means the consumer is effectively betting that the goods are worth more than the coins, and overstock is betting the coins are worth more in the long run.

A nice bitcoin crash and Overstock could find itself understocked on cashflow.


My 2 Bitcoins

Here are my favorite reasons to move to Bitcoin for financial transactions.
1. There is no middleman.
2. The government can’t seize your account by fiat.
3. Transaction fees are zero or close to zero.
4. No one can do QE (quantitative easing).
5. There is no fractional reserve of Bitcoins.
6. Retail data breeches won’t compromise your Bitcoins.
7. Good place to store wealth.
8. Easy to move wealth from point to point without violating governmental laws.
9. No one is in control of Bitcoin.
10. Software can be used to emulate all banking features for less (UltraCoin)


Re: Re: My 2 Bitcoins

[blockquote]Good place to store wealth.[/blockquote]

Is it though? Usually you’ll want to store wealth in less risky and volatile places. Bitcoin’s price fluctuates too often and too dramatically to make it a good idea for safe “wealth storage.”

That may change in the future, but for now, bitcoin seems to be “don’t put anything in bitcoin you can’t afford to lose.”


Re: Re: My 2 Bitcoins

  1. There sort of are (the miners that verify the blockchain.)
    2. True. (But as always, they can arrest you and demand the keys.)
    3. True-for-now. But when miners stop being paid in new coins (see 1) the only reward will be transaction fees.
    4. I would call the complete inability of the bitcoin money supply to react to demand a downside, not an upside. (But I’m aware that opinions differ.)
    5. I would call every bank’s unwillingness to denominate loans in bitcoin a sign of the lack of trust in it, not an upside. This is, at best, neutral.
    6. Mmm hmm. http://www.newrepublic.com/article/115807/bitcoin-thief-steals-100-million-sheepshead-marketplace
    7. Modern goldbuggery. (The same “differing opinion” as in 4.)
    8. …yet. And if you use that freedom to violate enough other laws, they’ll still find you.
    9. I think when the age of mining for more coins ends and the supply is fixed (and probably earlier, when it slows down) that the lack of being able to respond to changes in any way will prove to be a downside.
    10. Again, probably only true because the miners find the payments in new coins sufficient… for now. (See 1.)

    tl;dr: If you think gold is as good as money, then you’ll think bitcoin is as good as gold.

Add Your Comment

Your email address will not be published. Required fields are marked *

Have a Techdirt Account? Sign in now. Want one? Register here

Comment Options:

Make this the or (get credits or sign in to see balance) what's this?

What's this?

Techdirt community members with Techdirt Credits can spotlight a comment as either the "First Word" or "Last Word" on a particular comment thread. Credits can be purchased at the Techdirt Insider Shop »

Follow Techdirt

Techdirt Daily Newsletter

Techdirt Deals
Report this ad??|??Hide Techdirt ads
Techdirt Insider Discord
The latest chatter on the Techdirt Insider Discord channel...
Older Stuff
12:25 Australian Privacy Commissioner Says 7-Eleven Broke Privacy Laws By Scanning Customers' Faces At Survey Kiosks (6)
10:50 Missouri Governor Doubles Down On 'View Source' Hacking Claim; PAC Now Fundraising Over This Bizarrely Stupid Claim (45)
10:45 Daily Deal: The All-in-One Microsoft, Cybersecurity, And Python Exam Prep Training Bundle (0)
09:43 Want To Understand Why U.S. Broadband Sucks? Look At Frontier Communications In Wisconsin, West Virginia (8)
05:36 Massachusetts College Decides Criticizing The Chinese Government Is Hate Speech, Suspends Conservative Student Group (71)
19:57 Le Tigre Sues Barry Mann To Stop Copyright Threats Over Song, Lights Barry Mann On Fire As Well (21)
16:07 Court Says City Of Baltimore's 'Heckler's Veto' Of An Anti-Catholic Rally Violates The First Amendment (15)
13:37 Two Years Later, Judge Finally Realizes That A CDN Provider Is Not Liable For Copyright Infringement On Websites (21)
12:19 Chicago Court Gets Its Prior Restraint On, Tells Police Union Head To STFU About City's Vaccine Mandate (158)
10:55 Verizon 'Visible' Wireless Accounts Hacked, Exploited To Buy New iPhones (8)
10:50 Daily Deal: The MacOS 11 Course (0)
07:55 Suing Social Media Sites Over Acts Of Terrorism Continues To Be A Losing Bet, As 11th Circuit Dumps Another Flawed Lawsuit (11)
02:51 Trump Announces His Own Social Network, 'Truth Social,' Which Says It Can Kick Off Users For Any Reason (And Already Is) (100)
19:51 Facebook AI Moderation Continues To Suck Because Moderation At Scale Is Impossible (26)
16:12 Content Moderation Case Studies: Snapchat Disables GIPHY Integration After Racist 'Sticker' Is Discovered (2018) (11)
13:54 Arlo Makes Live Customer Service A Luxury Option (8)
12:05 Delta Proudly Announces Its Participation In The DHS's Expanded Biometric Collection Program (5)
11:03 LinkedIn (Mostly) Exits China, Citing Escalating Demands For Censorship (14)
10:57 Daily Deal: The Python, Git, And YAML Bundle (0)
09:37 British Telecom Wants Netflix To Pay A Tax Simply Because Squid Game Is Popular (32)
06:41 Report: Client-Side Scanning Is An Insecure Nightmare Just Waiting To Be Exploited By Governments (35)
20:38 MLB In Talks To Offer Streaming For All Teams' Home Games In-Market Even Without A Cable Subscription (10)
15:55 Appeals Court Says Couple's Lawsuit Over Bogus Vehicle Forfeiture Can Continue (15)
13:30 Techdirt Podcast Episode 301: Scarcity, Abundance & NFTs (0)
12:03 Hollywood Is Betting On Filtering Mandates, But Working Copyright Algorithms Simply Don't Exist (66)
10:45 Introducing The Techdirt Insider Discord (4)
10:40 Daily Deal: The Dynamic 2021 DevOps Training Bundle (0)
09:29 Criminalizing Teens' Google Searches Is Just How The UK's Anti-Cybercrime Programs Roll (19)
06:29 Canon Sued For Disabling Printer Scanners When Devices Run Out Of Ink (41)
20:51 Copyright Law Discriminating Against The Blind Finally Struck Down By Court In South Africa (7)
More arrow