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  #31  
Old 04-20-2015, 04:19 PM
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Originally Posted by Fracktuary View Post
...It will be much more useful for monetizing things like upvotes and music streams. New types of transactions that dollars cant be used for because they are not easily transmissible nor infinitely divisible.
Good point.
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  #32  
Old 04-20-2015, 04:22 PM
Fracktuary Fracktuary is offline
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Good point.
Which is why I roll my eyes at people like jasKent who think of bitcoin only as a store of value when in fact it is much more useful as a medium of transaction. You cant just apply a revolutionary new technology to old MO's and say it wont work, you have to look at the new use cases it creates.

Most companies the accept bitcoin at the moment immediately convert to FIAT, so it kind of negates the whole volatility argument.

PS an economics degree is certainly not necessary to understand digital currency, although I guess it cant hurt.

Last edited by Fracktuary; 04-20-2015 at 04:33 PM..
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  #33  
Old 04-20-2015, 04:34 PM
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Originally Posted by Fracktuary View Post
Which is why I roll my eyes at people like jasKent who think of bitcoin only as a store of value when in fact it is much more useful as a medium of transaction. You cant just apply a revolutionary new technology to old MO's and say it wont work, you have to look at the new use cases it creates.

Most companies the accept bitcoin at the moment immediately convert to FIAT, so it kind of negates the whole volatility argument.
Well, they don't call it a "disruptive" technology for nothing! We are so used to the old way of doing things, that it's hard to get our heads around a vastly different technology like digital currency.

On the other hand, smart phones caught on pretty quickly, to replace the flip phone, which replaced the desk phone. Go figure.
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  #34  
Old 04-20-2015, 04:36 PM
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Originally Posted by Fracktuary View Post
Which is why I roll my eyes at people like jasKent who think of bitcoin only as a store of value when in fact it is much more useful as a medium of transaction. You cant just apply a revolutionary new technology to old MO's and say it wont work, you have to look at the new use cases it creates.

Most companies the accept bitcoin at the moment immediately convert to FIAT, so it kind of negates the whole volatility argument.

PS an economics degree is certainly not necessary to understand digital currency, although I guess it cant hurt.
I've been reading a couple books about bitcoin including this one:

http://www.amazon.com/Mastering-Bitc...tering+bitcoin

I'm 70 pages through so I've covered wallet applications and basic topics such as transaction verification and the blockchain. The rest of the book goes further into detail on wallets, cryptography, and the network.
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  #35  
Old 04-20-2015, 04:39 PM
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Originally Posted by Colonel Smoothie View Post
I've been reading a couple books about bitcoin including this one:

http://www.amazon.com/Mastering-Bitc...tering+bitcoin

I'm 70 pages through so I've covered wallet applications and basic topics such as transaction verification and the blockchain. The rest of the book goes further into detail on wallets, cryptography, and the network.
This is all you need.

https://bitcoin.org/bitcoin.pdf

There a cool binomial proof in there that you might enjoy.
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  #36  
Old 04-20-2015, 06:33 PM
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Originally Posted by Fracktuary View Post
Which is why I roll my eyes at people like jasKent who think of bitcoin only as a store of value when in fact it is much more useful as a medium of transaction. You cant just apply a revolutionary new technology to old MO's and say it wont work, you have to look at the new use cases it creates.

Most companies the accept bitcoin at the moment immediately convert to FIAT, so it kind of negates the whole volatility argument.

PS an economics degree is certainly not necessary to understand digital currency, although I guess it cant hurt.
Clearly it can hurt.
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  #37  
Old 04-20-2015, 06:51 PM
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George L. Costanza George L. Costanza is offline
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Originally Posted by Colonel Smoothie View Post
I've been reading a couple books about bitcoin including this one:

http://www.amazon.com/Mastering-Bitc...tering+bitcoin

I'm 70 pages through so I've covered wallet applications and basic topics such as transaction verification and the blockchain. The rest of the book goes further into detail on wallets, cryptography, and the network.

The author is very well respected in the community. I haven't read the book yet but it should be good.
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  #38  
Old 04-20-2015, 09:20 PM
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I don't have any bitcoins. How sad should I be (seriously)? I feel bereft of purpose, idling in the pastures of an antiquated monetary system. - (voiced by Hans Beinholtz)
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Last edited by merlin; 04-20-2015 at 09:25 PM..
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  #39  
Old 04-20-2015, 09:28 PM
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I don't have any bitcoins. How sad should I be (seriously)? I feel bereft of purpose, idling in the pastures of an antiquated monetary system. - (voiced by Hans Beinholtz)
Be happy cause most people have lost money on Bitcoin. They are cheap now though so buy some !!
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  #40  
Old 04-20-2015, 10:06 PM
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I don't have any bitcoins. How sad should I be (seriously)? I feel bereft of purpose, idling in the pastures of an antiquated monetary system. - (voiced by Hans Beinholtz)
Bereft of purpose? I think you have bigger problems than an empty Bitcoin wallet!
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