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Does anyone here use Bitcoins?
Stoic Joker:
I wonder if DC allows bitcoins for the donation? That would be great. I don't know if mouser has any plans to add bitcoins over here.-mahesh2k (October 27, 2013, 07:47 AM)
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That might actually be a good opportunity to allow everyone here a chance to buy into the Bitcoin system without having to spend a lot and/or save up for the current cost of a single Bitcoin. Assuming Mouser would be interested in converting the current DC micropayment system to be Bitcoin based/backed.
tomos:
The ... problem is this:
https://en.wikipedia.org/wiki/Gresham's_law
Why spend bitcoins when you can get rid of fiat? (This is a general problem.) What I'm thinking is that constantly funnelling fiat into bitcoins then spending that is a good way to preserve value as you avoid fiat inflation and get the advantage of bitcoin's deflation. This becomes easier and easier as more merchants/etc. start accepting bitcoins.
-Renegade (October 28, 2013, 12:01 AM)
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IIUC Gresham's Law would indicate that Bitcoin will be saved and not spent at all - so long as fiat money exists (presuming Bitcoin continues increasing in value). [edit] but yes, your logic is good, so long as bitcoins increase). [/edit]
Interesting to note the couple of paragraphs there about how/why they stopped using silver and other valuable metals to make coins (with silver in the US, a chicken/egg scenario could be argued).
Renegade:
...without having to spend a lot and/or save up for the current cost of a single Bitcoin.-Stoic Joker (October 28, 2013, 11:27 AM)
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You can purchase fractional amounts. There's no need to purchase an entire bitcoin.
The easiest way for most people is probably through https://localbitcoins.com/.
IIUC Gresham's Law would indicate that Bitcoin will be saved and not spent at all - so long as fiat money exists (presuming Bitcoin continues increasing in value). [edit] but yes, your logic is good, so long as bitcoins increase). [/edit]
-tomos (October 28, 2013, 03:11 PM)
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Well, I think we need to be a bit flexible with Gresham's law. It's more of a tendency than an absolute.
But bitcoin is naturally deflationary, so it will continue. The scenario where bitcoin inflates is where you have bitcoins being the dominant currency in a massively contracting economy with a slow velocity of money. However, that's a nightmare scenario that will probably be accompanied by the zombie apocalypse. ;D
Renegade:
The 3rd largest crowd-funding site now accepts bitcoins:
http://www.pozible.com/blog/article/index/129
Renegade:
A fellow posted a video of himself using the new Robocoin Bitcoin ATM in Vancouver:
:Thmbsup:
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