Viewing entries tagged with 'bitcoin'

Goggle lagging on bitcoin uptake, expect Bitcoin+ to be a flop when it comes out

Posted by Rob on 23 January 2014 | Comments

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Emails proporting to be between a reddit user and google have turned out to be fake, as a statement by the company has outlined that Bitcoin is currently not in their plans. Clearly because they are still reeling from the shock that they have not innovated a new payment system themselves.

In fact what have google done recently? Apart from make a shit-ton of money? I think they peaked when they mapped the entire planet. Anyway read the article for yourself.

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Terrible NZ Bitcoin News Coverage

Posted by Rob on 10 May 2013 | Comments

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I love New Zealand. However the TV news, and infact TV in general in New Zealand is like the visual equivalent of sandpapering your eyeballs. This is a good example of why:

 First of all, before we even get to the Bitcoin discussion, what kind of reporting is this... ABOUT ANYTHING? Whatever happened to having a balanced set of opinions? Lets get 3 people into the discussion, and not include anyone who can say anything in opposition. Isn't the point of having 3 people in the discussion so that at least one might provide an alternative view? What a great and interesting discussion we can have, when everyone is against the topic being discussed.

So well done OneNews, great job there, excellent stuff, another reason why when the "digital switchover" happens I won't need to buy a digital reciever. I don't want or need to collect any of the rubbish you are broadcasting.

Now onto the Dinosaurs in the interview, first of all the idiot? who can't pronounce Bitcoin properly. He's not an idiot, I've seen through his plan:

I'm going to mispronounce Bitcoin as BIT-CON, and then say "its the morning! I can't talk properly in the morning!"

Well done there, very clever, keep saying "Bit-con" on National TV and soon everyone will be repeating and believeing it.

Now we have the others on the panel who believe that Bitcoiners are big trouble to society! Its a SINISTER thing! We're mental anarchists hell bent on causing trouble. So what do we do with trouble makers? We lock them up and throw away the key! Lets make laws against bitcoin! That will stop them! They can't destroy the society we love from the inside when they are in jail!

So this woman compares using Bitcoin as a currenct to using a dishwasher as currency........... Her dishwasher has value! but that doesn't make it a currency!

So she's arguing against Bitcoin being a currency. However people are using it as such. Who is she? Currency police? This is so stupid, I don't know where to start, so I wont.

Bad people have been doing bad things before Bitcoin came along. Do you think drug dealers were using EFTPOS and credit cards to buy / sell drugs before Bitcoin came along? No, they are using regular cash, and still are. Bitcoin is not about evading tax either, this has always been a feature of using regular cash for payments anyway.

MONEY has always been the best way of voting. Don't like a company, don't buy from them. However this is the FIRST TIME that people have been able to actually vote by switching the CURRENCY they are using. The  Dinosaurs  are the dictionary definition of "afraid of change", they are maliciously ignorant of the problems with the current financial system and seem to want to be chugging along with the old way of doing things. Hanging onto the status quo for the sake of it is not going to get us anywhere.

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Tradehill back on the scene

Posted by Rob on 4 May 2013 | Comments

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I watched a BBC article on Bitcoin a few days ago, where the CEO of TradeHill was showing the BBC around the world of Bitcoin. This was news to me, as the last I heard of TradeHill was that it had to shut down due to legal pressure, and bank account closures.

TradeHill at its peak was the 2nd biggest exchange after Mt.Gox. Its good to see this player back on the Internet, and should hopfully provide some good competition for Mt. Gox.

There is heaps of room for another large decent company running a Bitcoin exchange. I see heaps of room for improvement at the moment. The lag in trading when the market gets busy on Mt. Gox has riled a few traders. Also the restrictions on FIAT withdrawals from even a verified account on Mt. Gox could be greatly improved on.

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Gold and Silver price drop related to Bitcoin?

Posted by Rob on 18 April 2013 | Comments

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Big swings in the dollar price of Bitcoin has been a problem for people trying to use it as a currency. However the problem only exists when we measure the worth of a Bitcoin against another currency.

"Wild swings in the recent value of Bitcoins have caused some to question whether the virtual currency is intrinsically flawed."

BBC clearly asking the question if Bitcoin is flawed due to the price variation. Having said that, Gold isn't fairing any better at the moment...

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An early Bitcoin adopting retailer, selling tea, was put off by early swings in the Bitcoin dollar price - and this was when the price fluctuated by a single dollar or two! Movements of a hundred dollars in a few days is what we are currently faced with.

Ripple is a new coin that has been pre-minted with a view to prevent this wild fluctuation in price. It will be interesting to see how they get on. To use ripple you will probably have to agree to pay for a "Ripple" (XRP) what ever price that the ripple guys set. Then the guy you are sending your ripples to will be able to get his currency out the other end, presumably at the same rate.

They are also looking to implement an integrated exchange of some kind, i wonder if the fact that the price of a ripple will be fixed is what that idea is about.

So how is the wild fluctuation of the price of a Bitcoin solved? one of the most popular idea amongst Bitcoin enthusiats is Friction:

Friction: This is the default answer for most bitcoin enthusiasts, and I believe I have heard Gavin himself espouse this view, although I can't find the quote. If enough merchants and businesses support bitcoin, it becomes harder and harder for the price to swing around wildly, because there are so many goods and services available for buying and selling denominated in bitcoins. Friction stability is a long LONG way in the future, if it ever happens at all.

 

 

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Bitcoin market hilarity

Posted by Rob on 13 April 2013 | Comments

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I rarely watch TV, but somehow managed to be watching as Bitcoin hit the evening news. I was watching the NZ news which is as crap and watered down as any other country's mainstream news. Bitcoin being featured here and elsewhere around the world because the price had hit an all time high of $90 USD.

What followed was a massive spike in price up to $260 USD. On the way up to this price, the noise from people on the Bitcoin forum was that of amazed elation, everyone is getting richer! Its funny to read the wise-asses. It also brings out the optimism in people as the excitement gives people all the ideas bitcoin could be useful for.

Soon after the price crashes back down to ~$50 USD on the way down, all we can now hear in the forums is blame, and more wise-asses who come out of the cracks to proclaim "Bitcoin was just a bubble", "Bitcoin is failing, everyone knows that it was only a matter of time", and "Greedy people are killing Bitcoin..." and so on!

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Hilarious!

So now there are heaps of newbs all coming into the Bitcoin world, and finding that the price goes down as well as up! What some of the newbs didn't see, or the olds have forgotten is that we already had a Bitcoin "bubble". The problem is there are now a whole heap of people who know about Bitcoin, but don't really understand what "Bitcoin" really is.

One of my friends was telling me (when the price first hit $90) "You need to get rid of your Bitcoins now, before the bubble bursts". I asked her "Do you know what Bitcoin is?". She told me "It's like a kind of share". So there is the problem right there. Poeple think that Bitcoin is a fad, they think its a successful company they have part of. Grab a bit quick but don't be caught holding it when the music stops.

What people don't realise is that Bitcoin is actually a protocol. Bitcoin describes how I can send a token digitally and irreversably from me to someone else. That thing happens to have value becuase people believe it has value. When people believe it has value, they will swap what they have of value for it. As it has this value we can use it as a currency.

Its also the best currency in the world, because it is borderless, central authorityless, semi-anonymous, and transfers are almost instant.

The other thing people fail to realise is that Mt.Gox IS NOT Bitcoin. Unfortunately at the moment we have this way of turning FIAT currency into Bitcoins that is too centralised. Mt.Gox handling most of the Bitcoin trading on the internet means that if there are problems with that process, then people assume that Bitcoin is failing. All the while Bitcoin is sat chugging away on mine and everyone else's computers, doing what it's been doing since 2009.

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