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(Bidness Etc)   Bitcoins might cost you real coins   (bidnessetc.com ) divider line
    More: Interesting  
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1461 clicks; posted to Business » on 12 Aug 2014 at 5:21 PM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



22 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2014-08-12 04:17:00 PM  
You don't say?
 
2014-08-12 05:26:49 PM  
The CFPB has asked the public to exercise caution when using virtual currencies, despite the increasingly popular idea that bitcoin may very well be the future of online payments.

Bitcoin may be the future of online payments, in the same way that Justin Bieber may be the future president of the United States.
 
2014-08-12 05:51:09 PM  
Well yes, Bitcoin transactions are taxable in some countries and you have to pay those taxes in the national currency.
 
2014-08-12 05:55:25 PM  
This just in, unregulated highly speculative markets can be a risky investment.
 
2014-08-12 06:06:12 PM  
LOL, nooooooooo, not the currency of the futuretm ! Bitcoins were hijacked early on the LOLibertarians and the get rich quick morons. As always the real money is selling shovels to the idiots bitcoin enthusiasts.
 
2014-08-12 06:58:09 PM  
They're real to me dammit!
 
2014-08-12 07:08:18 PM  
That's just what they want you to think!

Because it's sound advice! You gonna take that from them?!
 
2014-08-12 07:22:16 PM  
Moreover, virtual currencies are sometimes also more costly to use than regular credit or debit cards, due to volatile exchanges on major online trading platforms.

Wat?

Since January this year the price of a bitcoin has fluctuated between $960 and $360, and continues to vacillate.

Oh I see. That's true, when you include the total cost of payments it's a huge pain. Because total cost = time to figure out + time to install + buying coins + cost of volatility between buying and using + make payment + cost of volatility if you have coinage left over that you hold onto.
 
2014-08-12 07:40:02 PM  

Fark like a Barsoomian: Moreover, virtual currencies are sometimes also more costly to use than regular credit or debit cards, due to volatile exchanges on major online trading platforms.

Wat?

Since January this year the price of a bitcoin has fluctuated between $960 and $360, and continues to vacillate.

Oh I see. That's true, when you include the total cost of payments it's a huge pain. Because total cost = time to figure out + time to install + buying coins + cost of volatility between buying and using + make payment + cost of volatility if you have coinage left over that you hold onto.


On the plus side, they didn't mention any BS about money laundering. Think it's easy? Try this:

Preliminary:
- setup a bitcoin wallet on two different computers that are connected to the internet
- get $10,000 cash

Procedure (abridged version):
- take your $10,000 in cash and buy $10,000 worth of bitcoins
- have these coins sent to your address in your wallet on computer #1
- send those coins to your other address on computer #2
- take the coins from computer #2 and convert them back into cash

How much of your original $10,000 do you still have left? How long did the whole process take? How much of a pain in the ass was it? Now, imagine trying to do this with $10,000,000 several times a week.

/hint: using a regular bank in the Cayman Islands would be faster and cheaper
 
2014-08-12 07:45:05 PM  
A while back on Reddit, someone randomly tipped me 10 Dogecoins. Today, those 10 Dogecoins are worth $0.00147865. Now doesn't that just make people feel like suckers for not getting into Cryptocurrency?
 
2014-08-12 09:04:55 PM  
Well, you wouldn't expect a GOVERNMENT DRONE to tell you the real story about the world's only free currency, would you?
Government drones hate freedom.
 
2014-08-12 09:38:25 PM  
The Winkel~vi have a different opinion!!! Buy Mortimer, buy!
 
2014-08-12 09:57:10 PM  
Doge still ok though, right?
i.kinja-img.com
 
2014-08-12 10:50:05 PM  
Seriously?  My tax dollars paid for this?
 
2014-08-12 11:06:23 PM  
1) Spend $100 on bitcoins when price dips. Give no farks.

2a) Make 10x your initial investment selling them off when the price skyrockets, pay the taxes on your gains, if applicable, net some cool pocket change. Give no farks.

or

2b) Lose $97 as the price continues to sink. Hold onto BTC anyway, claim the loss on your investment, continue giving no farks.
 
2014-08-13 06:05:45 AM  
So people get excited about getting money "off the grid" and then turn around and complain when "the grid" won't protect them? Can't have it both ways.
 
2014-08-13 07:14:00 AM  
DigitalCoffee:
On the plus side, they didn't mention any BS about money laundering. Think it's easy? Try this:

Preliminary:
- setup a bitcoin wallet on two different computers that are connected to the internet
- get $10,000 cash

Procedure (abridged version):
- take your $10,000 in cash and buy $10,000 worth of bitcoins
- have these coins sent to your address in your wallet on computer #1
- send those coins to your other address on computer #2
- take the coins from computer #2 and convert them back into cash

How much of your original $10,000 do you still have left? How long did the whole process take? How much of a pain in the ass was it? Now, imagine trying to do this with $10,000,000 several times a week.

/hint: using a regular bank in the Cayman Islands would be faster and cheaper


Assuming access to a Bitcoin ATM or two (http://www.coindesk.com/bitcoin-atm-map/) which aren't super common yet, but will be, you could do it pretty quickly and easily and wouldn't need two computers, or even one. You could send the BTC to a mobile wallet or print out a paper wallet from the ATM, go to a second one and scan the QR code from the phone or printout and save yourself the trouble. Or send the funds to a second person in another city, country, or continent in minutes and have them go to the ATM for that matter.

The exchange rate depends on the ATM but would be 1-2% or so, then there'd be a 0.0001 BTC transfer fee (flat rate typically) to send from one wallet to the other, then the exchange rate back to USD if you for some reason wanted to lug all of that inconvenient cash around with you.  So you'd end up with about $9600 and most of the time and effort involved would be with the cash, and virtually none of it with the bitcoin.

Problem is that Bitcoin is pseudonymous and IP addresses can be tracked in the public blockchain. So if you were doing money laundering for some reason, you'd be better off using something like Razorcoin which has TOR built into it and open source ATMs from Skyhook to handle the cash.

And admittedly, you'd probably have the sense not to bother converting back to cash because what good is it, really?  You could always convert it from crypto and deposit to the Cayman account if you're really into that sort of thing.

But then, I'm not sure why the obsession with money laundering in the first place.
 
2014-08-13 10:01:18 AM  

DigitalCoffee: Fark like a Barsoomian: Moreover, virtual currencies are sometimes also more costly to use than regular credit or debit cards, due to volatile exchanges on major online trading platforms.

Wat?

Since January this year the price of a bitcoin has fluctuated between $960 and $360, and continues to vacillate.

Oh I see. That's true, when you include the total cost of payments it's a huge pain. Because total cost = time to figure out + time to install + buying coins + cost of volatility between buying and using + make payment + cost of volatility if you have coinage left over that you hold onto.

On the plus side, they didn't mention any BS about money laundering. Think it's easy? Try this:

Preliminary:
- setup a bitcoin wallet on two different computers that are connected to the internet
- get $10,000 cash

Procedure (abridged version):
- take your $10,000 in cash and buy $10,000 worth of bitcoins
- have these coins sent to your address in your wallet on computer #1
- send those coins to your other address on computer #2
- take the coins from computer #2 and convert them back into cash

How much of your original $10,000 do you still have left? How long did the whole process take? How much of a pain in the ass was it? Now, imagine trying to do this with $10,000,000 several times a week.

/hint: using a regular bank in the Cayman Islands would be faster and cheaper



This is just dumb. How would you get your money to the Caymans? You would be arrested at the airport and your currency would be confiscated.
And If you managed to find a bank that would do the transfer for you, How much do you think they would charge? It would certainly be more expensive than the Bitcoin method you described.
 
2014-08-13 11:25:37 AM  
Most of what I remember about bitcoins is something called the "Mount Gox" exchange...
the Gox was a Dr. Seuss character (in "One Fish, Two Fish, Red Fish, Blue Fish", the Gox is
an animal about six or seven feet tall; he's shown boxing with a young boy wearing a special pair
of socks, called "Gox Box Socks" - no, I'm not talking about "Fox in Socks", but you'd be close.)
 
2014-08-13 12:36:14 PM  
At least when the bottom fell out on German marks after WWI you could still use them for toilet paper.
 
2014-08-13 01:13:29 PM  

robv83: DigitalCoffee: /hint: using a regular bank in the Cayman Islands would be faster and cheaper


This is just dumb. How would you get your money to the Caymans? You would be arrested at the airport and your currency would be confiscated.
And If you managed to find a bank that would do the transfer for you, How much do you think they would charge? It would certainly be more expensive than the Bitcoin method you described.


I don't have enough money for this to be useful to me, but I've been told this is done all the time. The chances of getting arrested are apparently pretty low.
 
2014-08-13 02:16:34 PM  

robv83: DigitalCoffee: Fark like a Barsoomian: Moreover, virtual currencies are sometimes also more costly to use than regular credit or debit cards, due to volatile exchanges on major online trading platforms.

Wat?

Since January this year the price of a bitcoin has fluctuated between $960 and $360, and continues to vacillate.

Oh I see. That's true, when you include the total cost of payments it's a huge pain. Because total cost = time to figure out + time to install + buying coins + cost of volatility between buying and using + make payment + cost of volatility if you have coinage left over that you hold onto.

On the plus side, they didn't mention any BS about money laundering. Think it's easy? Try this:

Preliminary:
- setup a bitcoin wallet on two different computers that are connected to the internet
- get $10,000 cash

Procedure (abridged version):
- take your $10,000 in cash and buy $10,000 worth of bitcoins
- have these coins sent to your address in your wallet on computer #1
- send those coins to your other address on computer #2
- take the coins from computer #2 and convert them back into cash

How much of your original $10,000 do you still have left? How long did the whole process take? How much of a pain in the ass was it? Now, imagine trying to do this with $10,000,000 several times a week.

/hint: using a regular bank in the Cayman Islands would be faster and cheaper


This is just dumb. How would you get your money to the Caymans? You would be arrested at the airport and your currency would be confiscated.
And If you managed to find a bank that would do the transfer for you, How much do you think they would charge? It would certainly be more expensive than the Bitcoin method you described.


I can't think of any way to launder money that doesn't have procedural costs. And, since laundering money is very illegal, I imagine anyone who launders money on a regular basis just accepts those costs as part of business, like how real life cartels consider the occasional drug bust as the cost of business.
 
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