Microsoft stops accepting #BITCOIN - crash incoming? bubble burst?

[Glnger]

First the moment you made a strawman argument you confirmed your lose.

Actual currency has two things going for.

Backing by a central bank who controls the currency and actual labor
Normal healthy currency doesn't lose it's value overnight by 20% or gain in value by 20%

It's a zero sum game because the increase in value is purely based on speculation and not on potential improvement of the company behind the coin or the product.

It's not a currency its a commodity that you buy and sell that can be turned into currency. get it? like gold, silver, timber, salt... graphics cards ;p

I don't pay the cashier with a 5gram bag of salt that is near or equal in value to my bill.

My etherium that i only got $1,100 of back in the summer is up over $6000 now.
I had no idea what it was hardly

[crewskater]

Looks like all the Bitcoin haters got upset for nothing since Microsoft changed their stance.

https://www.coindesk.com/microsoft-r...r-instability/

[Gorsameth]

Thus what I said. If you knew you could reuse the currency to pay off a supplier, the volatility was not as important. If all there is to it is volatility there comes a point when the auditors show up and tell you you need to classify those accounts as investments and your accounting department needs to find a way to give you prudent quarterly valuations on something whose value changes rapidly. At that point it's no longer worth it. But as long as you CAN match the cashflows, it's not a problem. Thus when an end user sees that a form of payment is no longer offered by a retailer, it's often safe to assume that there are also suppliers that have cut down on that payment.

?? No, the volatility still matters a lot.
If I sell 90 dollars of worth of stuff and get payed in bitcoins and those (partial) coins are worth 20% less an hour later I lost money. Having a supplier that will take those coins doesn't stop the loss of value from effecting me when I pay his bill and I have 72 dollars instead of 90.

[Deleted]

Looks like all the Bitcoin haters got upset for nothing since Microsoft changed their stance.

https://www.coindesk.com/microsoft-r...r-instability/

Aka people that didn't invest when they were still cheap.

[matt4pack]

Aka people that didn't invest when they were still cheap.

No if I had invested early I would still feel the same way about it and I would be cashing out for actual dollars just like you and everyone else who doesn't get burned.

Because as a currency it's completely useless when only early adopters and the rich can obtain it. It's nothing but a speculative commodity with nothing tangible backing it like gold or oil and completely unpractical for an economy to function with it unless you want Venezuela level economic conditions.

[Kakera]

Please cash out before the Winklevoss twins do so I do not have to hear about you being scraped off the sidewalk.

See what I mean? Embarrassing... poor you. So sad

[Gorsameth]

You don't really have dollars though.
You sold something for 10 bitcoin then used those 10 bitcoin to pay a supplier. They never became dollars.

In accounting you would maintain those accounts in their native value (so Bitcoin account in Bitcoin) and only value them in book currency when you are clearing for the quarter or the period. You only account on the volatility at that date. Which is why I mentioned frequent cash flow matching that allowed most bitcoin received to be used to make bitcoin payments.
I mean in large companies with frequent and large transactions in foreign currencies, efforts are made not to maintain foreign reserves; they are either immediately matched or they are cleared through a currency future on the date of payment exactly to take care of that volatility.
Now if you have no use for bitcoin and you HAVE to use it in dollar value, you would not maintain an account at bitcoin value but only at dollar value. And then you'd have to consider the volatility at a constant basis.

Except when the value drops my supplier now wants 12 bitcoin while I still only have the 10 I made from my sale.

[Deleted]

Looks like all the Bitcoin haters got upset for nothing since Microsoft changed their stance.

https://www.coindesk.com/microsoft-r...r-instability/

Fake news
Citing unnamed sources, payments aren't actually restored yet.

[prwraith]

Things like Bitcoin are to replace fiat currencies.

Why?

I'm completely unclear on why having national currencies like the dollar, the euro, the ruble etc are bad things..

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Except, it's not random. And people who are paying attention and playing it are getting money. People who are just jumping in going "I HOPE I WIN BIG" probably won't. Especially if they jump in -after- seeing what it's doing.

If someone reads it on the news that it did something, it's too late.

I'm literally, as we speak, building an Ethereum mining rig for a guy.. .And I don't have the heart to tell him that he's about 8 months too late.

So where would you recommend going to learn about this sort of thing? If everything is already 8 months too late

[Deleted]

I'm completely unclear on why having national currencies like the dollar, the euro, the ruble etc are bad things..

Some people believe that anarchy > rule of law. They think that anarchy and freedom are same thing. There is no other logical explanation for it.

[willtron]

Why?

I'm completely unclear on why having national currencies like the dollar, the euro, the ruble etc are bad things..

They're not really. Doesn't mean regular currency has to be bad for crypto to exist, it isn't a binary system.

[chazus]

So where would you recommend going to learn about this sort of thing? If everything is already 8 months too late

Well, for one, I wouldn't learn about it from hearing about what's going on with crypto from the news. When Fox or WaPo or some tech news website says "X Currency is doing something craaaaazy right now", its too late.

You need to pay attention to forums, understand market trends, and know whats going on in the industry. You know, actually educating oneself before blowing a few grand.

[prwraith]

Well, for one, I wouldn't learn about it from hearing about what's going on with crypto from the news. When Fox or WaPo or some tech news website says "X Currency is doing something craaaaazy right now", its too late.

You need to pay attention to forums, understand market trends, and know whats going on in the industry. You know, actually educating oneself before blowing a few grand.

Ok. So which forums are the authority on these things?

[chazus]

Ok. So which forums are the authority on these things?

Are you asking for a tutorial on studying an industry? A lot of it is through shared groups on discord, reddit, and a few other places. I can get some links when I get home if you actually want to know. I was just pointing out that waiting for a new site to get news means its already gone through the private channels. it's like going out and buying a lottery ticket after some guy wins a ton of money.

[prwraith]

Are you asking for a tutorial on studying an industry? A lot of it is through shared groups on discord, reddit, and a few other places. I can get some links when I get home if you actually want to know. I was just pointing out that waiting for a new site to get news means its already gone through the private channels. it's like going out and buying a lottery ticket after some guy wins a ton of money.

I'm honest to god curious. I've essentially doubled my money via Etherium @ coinbase thus far. But if there's more to learn and know I'd like to read it all to educate myself. So yea if you could point me in the right direction if you want to PM me the links to those places I'd be grateful.

[suprep]

Invested into Ethereum (Ether) in 2016 at $7 and I'm well into 7 figures now from my initial 4 figure investment. Funny seeing the hate train here against crypto's because people associate it with drugs and what not. The MAJORITY of users treat crypto as a speculative asset, it's rarely used as a currency (BTC, ETH is used in places, but it's not widely adopted). At least, Ethereum is working on solving the issue with their scaling and once that's sorted we may see some traction with using Ether as a currency.

And yes, we all know it's a bubble, because we all want to make money and sell it at some point.

[chazus]

The MAJORITY of users treat crypto as a speculative asset

At the end of the day, if you ignore the "well it MIGHT be used for____" it's more or less a redistribution of wealth depending on how it's handled. A lot of rich people are getting richer. A lot of rich people lose a ton of money, and some poorer people are getting a chunk of money too. It's not a scam, it's not a scheme, it's not stocks, but merely money moving around in obscure (but understandable) ways.

[Mister K]

Whats up with the hashtags? O_o

Either way, the bitcoin bubble already burst weeks ago when it stopped climbing and has been hovering at the same price for a while now. People just use it as a bridge to other coins largely.

No such thing as a constant climb, it's impossible. Bitcoin bubble has burst a while back and it has been regaining its momentum ever since. I wouldn't surprise if it falls again, until Lightning Network comes out, Bitcoin will bleed.

- - - Updated - - -

I'm honest to god curious. I've essentially doubled my money via Etherium @ coinbase thus far. But if there's more to learn and know I'd like to read it all to educate myself. So yea if you could point me in the right direction if you want to PM me the links to those places I'd be grateful.

It's called reddit. Also, Coinbase is bad. Go GDAX/Binance to reduce fees.

[suprep]

It's called reddit. Also, Coinbase is bad. Go GDAX/Binance to reduce fees.

I agree, too many people that think Coinbase fees are ridiculous, but a limit order on GDAX is free of any fees (same login as Coinbase as it's the same company)

[Notdev]

Nope. Try it and see what happens. They allow it for some things only.
https://imgur.com/a/aJPBH

https://www.reddit.com/r/Bitcoin/com...in_as_payment/

EDIT: Newegg Canada

Works with Newegg.com