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Thread: Bitcoin

  1. #11
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    Re: Bitcoin

    Quote Originally Posted by Surrealistik View Post
    Well, I've stated my unfavourable opinion on cash previously, especially in light of superior modern day alternatives. The reasons are similar, besides the costs involved with circulating physical currency.



    Pretty cool; is there an existing pre-fab utility/service/bot for instantaneous exchange you can point me to?
    Coinbase.com has merchant utilities that will allow you to do that.
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    Re: Bitcoin

    Quote Originally Posted by Skeptic Bob View Post
    Coinbase.com has merchant utilities that will allow you to do that.
    What in your opinion is the best / easiest place to casually buy a little bitcoin? Preferably something with PayPal.

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    Re: Bitcoin

    Quote Originally Posted by RabidAlpaca View Post
    What in your opinion is the best / easiest place to casually buy a little bitcoin? Preferably something with PayPal.
    For casual buying that doesn't require a bunch of red tape to open an account, I would recommend Localbitcoins.com. It is a person-to-person exchange where private individuals buy and sell to each other using all manner of payment methods, including paypal. Just be sure to pick a vendor with a high rating and high volume of past trades. And always use the escrow feature.
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    Re: Bitcoin

    Quote Originally Posted by Surrealistik View Post
    Well, I've stated my unfavourable opinion on cash previously, especially in light of superior modern day alternatives. The reasons are similar, besides the costs involved with circulating physical currency.



    Pretty cool; is there an existing pre-fab utility/service/bot for instantaneous exchange you can point me to?
    https://www.coindesk.com/how-to-trad...oftware-sleep/
    https://bitcoinmagazine.com/articles...nd-selling-it/
    https://www.bitcoin.com/buy-bitcoin
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    Re: Bitcoin

    I know how to trade bitcoins and do so, albeit through derivatives rather than actual ownership.

    I'm more interested in the merchant utilities which SB kindly pointed to.
    Last edited by Surrealistik; 11-18-17 at 02:54 PM.
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    Re: Bitcoin

    Quote Originally Posted by Surrealistik View Post
    I know how to trade bitcoins and do so, albeit through derivatives rather than actual ownership.

    I'm more interested in the merchant utilities which SB kindly pointed to.
    The exchanges mentioned on the sites I referred you to, offer merchant utilities for accepting payments with bitcoins.
    What kind of a man is a man who has not left this world a better place?

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    Re: Bitcoin

    Quote Originally Posted by Surrealistik View Post
    Volatile and dangerous as **** to get into IMO, but I trade it with a small % of my capital via derivatives.

    I don't recommend holding more than a very small portion of your assets in BC, and only as a gamble play, in that you should be prepared to lose that money, and be okay with drawdowns of 50%+ if you're going to buy and hold.

    Personally I don't see it as being a true/legitimate currency or unit of trade so much as a playground for speculators, criminals and terrorists who use it for money laundering and transacting black market goods. I suppose one of the upsides is that it can be used to conceal/export wealth in the event of truly tyrannical governments like China, but a committed government can thwart such maneuvers by coming down on the exchanges.
    bit coin is 100% a gamble. it is highly unstable and kinda shady. governments are already cracking down on it.
    I do believe that the US government has already labeled it a commodity not a currency so that right there was a huge blow
    to it. it also makes sense and is consistent with other federal laws that the only organization that can issue currency is
    the treasury department. what this also means is that you cannot buy anything with bitcoins. you would have to sell them off for
    dollars just like any other commodity.

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    Re: Bitcoin

    Quote Originally Posted by ludin View Post
    bit coin is 100% a gamble. it is highly unstable and kinda shady. governments are already cracking down on it.
    I do believe that the US government has already labeled it a commodity not a currency so that right there was a huge blow
    to it. it also makes sense and is consistent with other federal laws that the only organization that can issue currency is
    the treasury department. what this also means is that you cannot buy anything with bitcoins. you would have to sell them off for
    dollars just like any other commodity.
    I buy things with bitcoin all the time without exchanging them for dollars.
    “In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move.” - Douglas Adams, Hitchhiker's Guide

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    Re: Bitcoin

    Quote Originally Posted by Skeptic Bob View Post
    I buy things with bitcoin all the time without exchanging them for dollars.
    then i would question the site. as a commodity bitcoins cannot be used as currency.

    In the U.S.A, different states have adopted varying approaches to Bitcoins. Recently a U.S Magistrate in the state of New York ruled that Bitcoins are not money, while a contradictory stance was taken by a judge in Manhattan, who ruled that bitcoins are acceptable means of payment. The Internal Revenue Service in the United States, defines bitcoin as property rather than currency for tax purposes. The U.S. Treasury, by contrast, classifies bitcoin as a decentralised virtual currency.

    https://fossbytes.com/what-is-bitcoi...-trends-legal/

    seems to be some confusion in the courts, the IRS, and the Treasury.

    i know they ruled it a commodity item.
    which usually means you have to convert it to cash before purchase.

  10. #20
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    Re: Bitcoin

    Quote Originally Posted by ludin View Post
    then i would question the site. as a commodity bitcoins cannot be used as currency.

    In the U.S.A, different states have adopted varying approaches to Bitcoins. Recently a U.S Magistrate in the state of New York ruled that Bitcoins are not money, while a contradictory stance was taken by a judge in Manhattan, who ruled that bitcoins are acceptable means of payment. The Internal Revenue Service in the United States, defines bitcoin as property rather than currency for tax purposes. The U.S. Treasury, by contrast, classifies bitcoin as a decentralised virtual currency.

    https://fossbytes.com/what-is-bitcoi...-trends-legal/

    seems to be some confusion in the courts, the IRS, and the Treasury.

    i know they ruled it a commodity item.
    which usually means you have to convert it to cash before purchase.
    That is all about how they are treated for taxes. There is nothing prohibiting you from purchasing things with bitcoin, assuming the vendor accepts bitcoin. A vendor can accept gold or chickens or jars of peanut butter as payment for goods and services if they want.

    Some well known companies that accept bitcoin as payment:

    Wordpress
    Overtsock.com
    Subway
    Microsoft
    Reddit
    Virgin Airline
    Expedia.com
    Wikipedia (for donations)
    Steam
    Etsy
    Whole Foods
    Bloomberg.com
    Gap
    Dish Network

    I find it ideal for paying for VPN services. The different state laws have more to do with how the exchanging of bitcoin for currency is handled. For example, in New York it is next to impossible to legally exchange bitcoin for cash without meeting a bunch of strict requirement to be classified as a money trader. But you can still buy products and services there with bitcoin.

    Hell, there are bitcoin ATMs around the country.
    “In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move.” - Douglas Adams, Hitchhiker's Guide

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