Yeah I wouldn't chase it at that price, not for short term money at least. It will pull back again soon and with its volume, depending on the exchange used, you might get locked in it at a bad spot. I'm looking for .34 area myself. Definitely one to keep and eye on down the road just don't miss the train when it starts moving. So much potential for the micro transactions that I see it as a winner once things fall into place.
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This is a great question.
For those of us who bought our first computer in 1991 or so we had 1mb of RAM and a processor about as fast as a turtle. They will figure out how to speed up transactions and ETH and LTC are dedicated to being very fast.
But it may never be a point of purchase thing. Think Bitpay card. I load mine with 2 easy mouse clicks. My BTC is converted to dollars and it spends everywhere that cc's are accepted. Just started using Bitwala a BTC payment processor, slicker than jizz on a hookers gold crown. Put the invoice in and they convert the btc and send a wire and it's not expensive.
Like the PC in the early days thing are really progressing with BTC.Comment -
Posting to keep track of this thread. Good info gents, keep it coming.
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And what was the transaction fee and did it get confirmed as usual or did they not wait? I'm not saying you can't physically do it yet but there is a reason retailers have still been shy about it as a whole. Fees have been going up and that will be a norm since it will be a revenue stream for the miners as well as possible fraud when you don't get immediate confirmation. One of the developer issues of blockchain as it is today, you're not necessarily paying for current bitcoin but you're 'renting' kilobyte space on the blockchain when you do. Imagine is millions of people started this today? That was one of the premises of the bitcoin cash idea, to speed up things and cut down on fees.
There is a reason I keep bringing up IOTA to keep an eye on. They've figured out the need to move to C++/Rust and away from Java to speed up things and make more secure. I'm speaking from a developer standpoint hat, not a crypto investor hat on that.
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Lots of money being made....any chance of a pullback once volume dies?Comment -
Good post. Saw some videos. Cafe purchase w/ 50% surcharge is not going to fly. I could see that being cause for pull-back.And what was the transaction fee and did it get confirmed as usual or did they not wait? I'm not saying you can't physically do it yet but there is a reason retailers have still been shy about it as a whole. Fees have been going up and that will be a norm since it will be a revenue stream for the miners as well as possible fraud when you don't get immediate confirmation. One of the developer issues of blockchain as it is today, you're not necessarily paying for current bitcoin but you're 'renting' kilobyte space on the blockchain when you do. Imagine is millions of people started this today? That was one of the premises of the bitcoin cash idea, to speed up things and cut down on fees.
There is a reason I keep bringing up IOTA to keep an eye on. They've figured out the need to move to C++/Rust and away from Java to speed up things and make more secure. I'm speaking from a developer standpoint hat, not a crypto investor hat on that.
In my experience, I like it so far. Made a pretty seemless BtC purchase at Overstock.com.Where's the fuckin power box, Carol?Comment -
Heh, heh, heh. I like your style, Roy. Always have.
I'm glad you do the 'making passive income by loaning out your crypto' thing, though. It's a way of making money that too few people take advantage of. You can also loan out good, old fashioned dollars at Bitfinex, about the only place that allows that.Comment -
I'm long IOTA, as well. I actually once recommended IOTA here (so far, only a break even trade), but at the same time I recommended a very profitable short before STR/XLM's dilution event: https://www.sportsbookreview.com/for...ts-crypto.htmlComment -
Well, SegWit should increase speed and decrease transaction costs, but we'll see if it actually works.
Otherwise, the ticket to the mass consumerization of Bitcoin, which I've always believed will happen, will have to take place using a combination of one existing and one developing technology:
1. Bitpay style debit cards -- easy ways to exchange your BTC into dollars to spend on your V I S A debit card, or withdraw from an ATM in dollars, in 15 minutes. Sound too good to be true? It's not, check it out: https://bitpay.com/
2. One of these "Lightning" type working groups actually figures out a way to fast forward the first confirmation for retailers -- some kind of superhighway -- to, say, 60 seconds or less (preferably less).
Nobody's managed it yet, but it's reassuring to know there's tons of bright crypto minds all racing to fix "the retail problem."Comment -
anybody cash out their BCC from their BTC???Comment -
Got a question re: LiteCoin (and other Crypto-currencies):
* The list of merchants that accept LiteCoin has to grow at some point, right?
I know this is in the embryonic stage. Charlie Lee was quoted (in dated video) that only 500 merchants accepted LiteCoin worldwide. If that # doesn't get bigger, how is LiteCoin viable?Where's the fuckin power box, Carol?Comment -
I was finally able to get a couple of orders in on Bitfinex after figuring out all the transfers and setting limit orders based on the various currency and wallet amounts for the ones wanted then moving them off the exchange. Just a little bit different from the familiar online brokerages I was use to. My plan is to let the gains supplement any upcoming football loses around the corner so I don't feel so bad come January!Comment -
it's never going to happen on any scale especially since the big banks have already said they are going to copy it. So when users are given the option to buy bitcoin or just simply use their bank account, they will use their bank account. Consumers are a like water, they take the path of least resistance.
Also never going to happen for the same reason no one pays with gold coins when the bill comes. Bitcoin is not a currency, it is a straight "crypto" asset. The price movement is proof enough of that on top of every bitcoin investor comparing bitcoin to GOLD since day 1 and not any currency. Currencies do not move like this, assets sure do though.Last edited by brooks85; 08-08-17, 08:13 AM.Comment -
leave litecoin be chucky ... lee is putting himself in a bad position with marketing, public relations, and direction.
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dont trust reddit threadsComment -
I agree it's difficult to imagine a world where everyone is paying with btc. However, if you are a btc fan and want to use it instead of usd it's pretty easy. I use my shift card often. I can use it anywhere that accepts V*sa and it takes btc out of my coinbase account and gives the merchant usd.
"Consumers are like water." So true.Comment -
i could see where everybody has a BTC app and you just scan your phone over a payment cheque chip and its instant payment no fees ..... people want the fastest service / no fees .. BTC has the potential to be thatComment -
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I feel like I robbed a damn bank with ETH at 217 the other day. Going in now to reset some orders and make sure I adjust with the big jump up to 300+ tonight.
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Yeah, it's a minefield out there. At present there's about 900 alt coins. 800 of them will end up worthless.
When I do due diligence on a new coin, the very first question I ask its Slack/Reddit is, "How is this coin better than Bitcoin?" If the only answers that come back point to Bitcoin's current scaling problems (as in, "we're faster and cheaper than Bitcoin"), I get wary.
Bitcoin's scaling issues will get solved -- eventually -- and these other coins haven't had to deal with scaling yet: if they got hit with the kind of traffic BTC generates in a day, their infrastructures would completely collapse.
Litecoin right now is taking advantage of Bitcoin's spiralling fees to position itself as "the perfect coin for micro-transactions," except, to be honest, I can't think of a single person I know who's actually used it for that purpose.Comment -
I second Ace7550's opinion: this is already happening. For the last year plus, I've paid for everything in my life with bitcoin: from rent, to bars and restaurants, to clothes (business and casual) to bills to travel. Literally everything.
I just use a debit card, which anybody can get for ten bucks at Bitpay.com. Then you can transfer BTC into dollars onto your card in literally a couple of minutes, from any phone. You can use the card everywhere V I S A is accepted -- so basically everywhere -- or, if you prefer, withdraw the money in dollars from any ATM.
The tech already exists, we just need to get the word out to more good folks like yourself!Comment -
Very interesting, MPS. Thx for your contributions. And good luck!Where's the fuckin power box, Carol?Comment -
So with the bitpay.com option you are basically selling your btc for usd and then the usd ends up on this card that you make transactions with?Comment -
What it sounds like ... the thing is speed and fees... ether is collabing with zcash to implement something like a secure " lightening network " the will move tons of transactions every second. They have raiden with sharding and different developments to transition smooth transactions over a blockchain (as long as everything goes as planned).
talking about ether ... welcome back 300
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i'm hoping it gets to 360 my break even point for my 5 .Bought 45 litecoins at 28 so that is golden. I plan on holding for 5 years til my nephew goes to college. That way it will cover couple years.Comment
