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Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

ayn rand hand job posted:

guess what doesnt want to use bitcoin anymore

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Exinos
Mar 1, 2009


Now instead of paying for something using a card linked to your bank account and getting cash back or other rewards along with the normal consumer protection you can pay using coinbase which will withdraw from your existing bank account and have freedom from the corrupt fiat system.

Dren
Jan 5, 2001



Pillbug

Exinos posted:

Now instead of paying for something using a card linked to your bank account and getting cash back or other rewards along with the normal consumer protection you can pay using coinbase which will withdraw from your existing bank account and have freedom from the corrupt fiat system.

Sounds good for people who can't get a credit card because they issued too many chargebacks.

theflyingorc
Jun 28, 2008

THE REPUBLICAN DEFENDER HAS LOGGED ON


Young Orc

I had thought that coinbase shuttering and exploding would be the funniest way they could die, but suddenly dropping all bitcoin support might actually be funnier, so let's hope they move towards that.

now i want to see what happens to bitpay

haveblue
Aug 15, 2005



Toilet Rascal

so now they completely dropped the fiction that you're paying to maintain a bitcoin balance and do conversions and now you're just paying them to insert themselves as a middleman in your dollar transactions and take their cut?

Ursine Asylum
Jul 10, 2012

dreaming of that face again

it's bright and blue and shimmering

grinning wide and comforting me with it's three warm and wild eyes


haveblue posted:

so now they completely dropped the fiction that you're paying to maintain a bitcoin balance and do conversions and now you're just paying them to insert themselves as a middleman in your dollar transactions and take their cut?

This is good for Bitcoin because it further reduces the load on the blockchain, allowing for further BTC usage* without overloading the 3TPS limit!

FCKGW
May 21, 2006

aaaaaaaaaa
AAAAAAAAAAA
HHHHHHHHH!!!!!!!!



this actually good news for me because now I can spend my Bitcoin tips without buying a newegg gift card

Dren
Jan 5, 2001



Pillbug

FCKGW posted:

this actually good news for me because now I can spend my Bitcoin tips without buying a newegg gift card

But you'd have to give your PII to coinbase so maybe not

Ron Paul Atreides
Apr 19, 2012

I hodl at your neck the gox jabbar




I don't even follow what that's about, is it literally just spending USD for 'bitcoin' transactions? Like this isn't just about buying and selling butts with them, they aren't an exchange they are a payment processor right?

Lol how are coiners reconciling with this development I wonder

creatine
Jan 27, 2012




I'll check the reddit

FCKGW
May 21, 2006

aaaaaaaaaa
AAAAAAAAAAA
HHHHHHHHH!!!!!!!!



i went to add a bank account to coinbase


Instant Account Verification
Takes a few minutes

1) Enter your online account credentials.
2) Coinbase will securely log in on your behalf and check your account information.
3) If the login is successful your account will be verified.

oh cool, just give them my bank login and password to verify, sounds secure

creatine
Jan 27, 2012




You can now buy bitcoin from my cash register (no ATM necessary) at my video game store in PA! (imgur.com)
submitted 54 minutes ago by masterzman

creatine
Jan 27, 2012




FCKGW posted:

i went to add a bank account to coinbase


Instant Account Verification
Takes a few minutes

1) Enter your online account credentials.
2) Coinbase will securely log in on your behalf and check your account information.
3) If the login is successful your account will be verified.

oh cool, just give them my bank login and password to verify, sounds secure

hahahaha

FCKGW
May 21, 2006

aaaaaaaaaa
AAAAAAAAAAA
HHHHHHHHH!!!!!!!!



Pumpy Dumper posted:

You can now buy bitcoin from my cash register (no ATM necessary) at my video game store in PA! (imgur.com)
submitted 54 minutes ago by masterzman



im the scrub that keeps the plastic protective film on his business computer

an AOL chatroom
Oct 3, 2002

The important thing is that you tried


Ron Paul Atreides posted:

I don't even follow what that's about, is it literally just spending USD for 'bitcoin' transactions? Like this isn't just about buying and selling butts with them, they aren't an exchange they are a payment processor right?

Lol how are coiners reconciling with this development I wonder

It's essentially a prepaid debit card that you can only use at places that "accept bitcoin". This is only possibly because of Blockchain Technology. All hail Satoshi.

GameCube
Nov 21, 2006



Pumpy Dumper posted:

You can now buy bitcoin from my cash register (no ATM necessary) at my video game store in PA! (imgur.com)
submitted 54 minutes ago by masterzman



i might drive to erie for that ice blue n64 controller

creatine
Jan 27, 2012




so copy pasting reddit threads on iPad sucks so here a screenshot

creatine
Jan 27, 2012




there's literally nothing about coin base on there right now

creatine
Jan 27, 2012






ok I'm gonna stop posting this poo poo unless I find gold

theflyingorc
Jun 28, 2008

THE REPUBLICAN DEFENDER HAS LOGGED ON


Young Orc

Pumpy Dumper posted:



ok I'm gonna stop posting this poo poo unless I find gold

i'm pretty sure that using mastercard to fund terrorism is a really bad idea

Ron Paul Atreides
Apr 19, 2012

I hodl at your neck the gox jabbar




bisticles posted:

It's essentially a prepaid debit card that you can only use at places that "accept bitcoin". This is only possibly because of Blockchain Technology. All hail Satoshi.

That's what I was getting from it but it seemed to stupid to be possible

Bitcoin has created an industry that only serves to deal with the inherent difficulties of using bitcoin by routing around it completely

This is touted as a successful proof of bitcoin potential rather than an indictment of its limitations

There are dadaist plays less absurd than this

Dren
Jan 5, 2001



Pillbug

Ron Paul Atreides posted:

I don't even follow what that's about, is it literally just spending USD for 'bitcoin' transactions? Like this isn't just about buying and selling butts with them, they aren't an exchange they are a payment processor right?

Lol how are coiners reconciling with this development I wonder

Coinbase is a payments processor. With the addition of USD wallets coinbase users may now buy things at merchants who accept coinbase with USD rather than or in addition to butts.

Ursine Asylum
Jul 10, 2012

dreaming of that face again

it's bright and blue and shimmering

grinning wide and comforting me with it's three warm and wild eyes


FCKGW posted:

i went to add a bank account to coinbase


Instant Account Verification
Takes a few minutes

1) Enter your online account credentials.
2) Coinbase will securely log in on your behalf and check your account information.
3) If the login is successful your account will be verified.

oh cool, just give them my bank login and password to verify, sounds secure

idk about you but my bank has what amounts to "read only" login stuff for things like mint

when I want to log in myself to actually transfer funds there are additional hoops that aren't username/password-based

which is not to say that coinbase is something i'd trust even that far but it's not as stupid as it sounds for most places

creatine
Jan 27, 2012




yeah I have to imagine the banks have a read only api that coin base uses.

it's can't be "type your credentials into this text box and we'll check it"

but this is Bitcoin after all

Malloc Voidstar
May 7, 2007

Fuck the cowboys. Unf. Fuck em hard.

Pumpy Dumper posted:

so copy pasting reddit threads on iPad sucks so here a screenshot


loooool the math of the linked bitcointalk
https://bitcointalk.org/index.php?topic=800330.0

a visionary posted:

After last nights excursion into how bitcoin adoption plays out, I played around with some charts. Broadly based around these concepts.

A. There is an underlying sigmoid function (wikipedia'd that one!) that drives base valuation - the adoption curve.
B. That the market price is some cyclical function underpinned by the base valuation (A).
C. We end with widespread adoption after about 10 years, representing a base value of BTC based on some percentage of the economy. I picked risto's $300k because its as good a figure as any Smiley

If you use the function tan^-1 to model the s-curve
If you use some function such as sin to model a cycle

Then all is left to do is set up some start and end points, and mess around with modifiers to amplitude and frequency of the cyclical input, and rate of adoption of S-curve.

After trying out a variety of values it became obvious this was just an exercise in throwing darts - if it wasn't already obvious this is not a method of trying to predict highs and lows so you can trade your way to victory. It is more an exercise in preparing mentally for the magnitude of movement that one might expect were these assumptions of mass market adoption true.

It became clear, that it doesn't matter what values you put in. There is always some point where, despite how incredible/insane you think BTC price has been up to know, it pales compared to what it would need to do to fulfil this kind of projection.

No matter how you try to tame this model, doing so makes early movements far too placid.

Eventually I settled on a model that roughly followed the trend up to $1200ish with a sell off to about $400, then zoomed out to see how those parameters unfold over the 10 year adoption curve.

I got this...


[continues in link]

haveblue
Aug 15, 2005



Toilet Rascal


THEN A MIRACLE OCCURS

AlbieQuirky
Oct 9, 2012



College Slice


Now make the imaginary numbers draw a horsie!

creatine
Jan 27, 2012





is the x axis time?

because I first looked at it and went "wow they think they'll invent time travel"

an AOL chatroom
Oct 3, 2002

The important thing is that you tried


We here at Spirograph, Ouiji Board and Etch-a-Sketch Financial Planning Services LLC. believe...

theflyingexecutive
Apr 22, 2007



Werthog 95 posted:

i might drive to erie for that ice blue n64 controller

nothing is worth driving to erie

theflyingorc
Jun 28, 2008

THE REPUBLICAN DEFENDER HAS LOGGED ON


Young Orc

bitcoiners are right that if bitcoin adoption/usage really took off, the price would go up a whole lot to compensate

similarly, if my poops became a high demand medium of trade, they would also take off in value

Malloc Voidstar
May 7, 2007

Fuck the cowboys. Unf. Fuck em hard.

Pumpy Dumper posted:

is the x axis time?

because I first looked at it and went "wow they think they'll invent time travel"
i tried days since bitcoin was released but it didn't match up so i ctrl-f'd the thread

a visionary posted:

The values aren't really supposed to be accurate, both time and price axis are kind of arbitrary (as per assumptions in the first post of 10years and 300k) it's more about the scale of movement that has to happen to reach an arbitrary end price based on this kind of model. In the chart I posted as an example though the x axis is days. So ther is about 3650 in 10 years give or take
so i guess it's just "days since an arbitrary point slightly before bitcoin existed"

Boxturret
Oct 3, 2013

"..fight the mighty bearwhale by throwing all their money at it

then much celebrating occurred after the bearwhle left after eating all their money

i still don't get it"

-Me on Sept 20th, 2015

bisticles posted:

We here at Spirograph, Ouiji Board and Etch-a-Sketch Financial Planning Services LLC. believe...

JFairfax
Oct 23, 2008
Probation
Can't post for 16 days!


Pumpy Dumper posted:



ok I'm gonna stop posting this poo poo unless I find gold

lol have they replaced 'Anonymity' with 'Complete Transparency' for a bitcoin plus point?

a cyberpunk goose
May 21, 2007

what is all this?

what the fuck? who are you!?


Pumpy Dumper posted:



ok I'm gonna stop posting this poo poo unless I find gold

LOW INFLATION RISK

low inflation risk

LOW. INFLATION. RISK.

LLLLLOOOOWWWWWW IIIINNNNFFFLLLLAAAAATTTTTIIIOOOOONNNNN RRRRIIIIISSSSSKKKKK

LOW INFLATION? RISK!

LOW, INFLATION! RISK!

COME ON DOWN TO BITCOIN BILLS BITCOIN EMPORIUM WE HAVE ZERO PERCENT INFLATION RISK FOR THE FIRST 6 MONTHS OF Y Y Y Y Y Y OUR PURCHASE


LOW INFLATION RISK

low. inflation.





risk

an AOL chatroom
Oct 3, 2002

The important thing is that you tried


http://www.dfs.ny.gov/legal/vcrf_comments.htm

FCKGW
May 21, 2006

aaaaaaaaaa
AAAAAAAAAAA
HHHHHHHHH!!!!!!!!




a good read until they all just turn into the same form letter

trucutru
Jul 9, 2003

Invoking fairy dust is not a crime.


Ron Paul Atreides posted:

I don't even follow what that's about, is it literally just spending USD for 'bitcoin' transactions? Like this isn't just about buying and selling butts with them, they aren't an exchange they are a payment processor right?

Lol how are coiners reconciling with this development I wonder

It's very easy. You deposit dollars into your account. Then you go look around for something to buy, A merchant will prize its mech in dollars give you a up-to-the-second bitcoin quote. Then you can tell coinbase to send X bitcoin to the merchant. Coinbase will take your dollars and transfer them to the mechant but, and here is the revolutionary part, it will tell you how many bitcoins you would have used if there were any actual bitcoins involved in the transaction.

FCKGW
May 21, 2006

aaaaaaaaaa
AAAAAAAAAAA
HHHHHHHHH!!!!!!!!



protip: look for "unsigned" and just first names

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Malloc Voidstar
May 7, 2007

Fuck the cowboys. Unf. Fuck em hard.

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