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(The Next Web) Newegg teases about accepting Bitcoin soon - Page 4

post #31 of 57
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Quote:
Originally Posted by AJR1775 View Post

The current value of Bitcoins is speculatively high, it's another tulipomania; the price is high due to unnatural mania demand. If you're smart and have Bitcoins, spend them soon before their value tanks.
Yes, spend, baby, spend!
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post #32 of 57
Quote:
Originally Posted by SectorNine50 View Post

I would do Bitcoins if all of the energy being expended was actually used to perform some sort of actual work, like folding. Right now people are being rewarded for wasting electricity... It'd be like if the US mint handed you a brand new bill for every one of their crossword puzzles you solved.

On the grounds that there is literally no actual reason these bitcoins are being rewarded, I can't help but conclude that they will inevitably collapse.

It's online fiat money. Don't get me wrong, I think it might work if the checks and balances are there. If I did have Bitcoins I would be burning through them right now, converting them to cash, then buying precious metals with it or whatever else I could buy.
post #33 of 57
I still don't understand what the hell a bitcoin is, no matter how many definitions I read. You basically waste energy and somehow you create a currency? Where did the demand come from that even gives it value!? Just doesn't make any sense.
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post #34 of 57
I guess this means I should buy a bitcoin or two for when this hits Newegg it'll definitely skyrocket. That and you'll never see another AMD graphics card in stock again. rolleyes.gif
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post #35 of 57
Quote:
Originally Posted by Syan48306 View Post

I guess this means I should buy a bitcoin or two for when this hits Newegg it'll definitely skyrocket. That and you'll never see another AMD graphics card in stock again. rolleyes.gif

I think it will only skyrocket if it gets enough media coverage?

When/if this goes online, I can't see why people would go out, buy a bitcoin and then use it on Newegg?
Why not just use USD in the first place instead of wasting money in transaction fees and time?
(since the price for a product should be the same in USD and bitcoins, if the bitcoins is converted to USD).

Secondly, let us just say that many (who already have bitcoins) begins to spend them on Newegg.
Newegg will then get a high amount of bitcoins and will most likely sell them again within seconds (to insure that they don't loose money if the currency goes down) = there could be a really big dump of bitcoins = lower demands = lower price for the Bitcoin mad.gif

Actually I don't see this Newegg acceptance as a good thing for crypto currency, since they will sell them right away.
However, the reason bitcoin could skyrocket would be due to media coverage of Newegg's new crypto currency acceptance (would be nice wink.gif )
post #36 of 57
Quote:
Originally Posted by Fruergaard View Post

I think it will only skyrocket if it gets enough media coverage?

When/if this goes online, I can't see why people would go out, buy a bitcoin and then use it on Newegg?
Why not just use USD in the first place instead of wasting money in transaction fees and time?
(since the price for a product should be the same in USD and bitcoins, if the bitcoins is converted to USD).

Secondly, let us just say that many (who already have bitcoins) begins to spend them on Newegg.
Newegg will then get a high amount of bitcoins and will most likely sell them again within seconds (to insure that they don't loose money if the currency goes down) = there could be a really big dump of bitcoins = lower demands = lower price for the Bitcoin mad.gif

Actually I don't see this Newegg acceptance as a good thing for crypto currency, since they will sell them right away.
However, the reason bitcoin could skyrocket would be due to media coverage of Newegg's new crypto currency acceptance (would be nice wink.gif )

Clearly, you haven't traded bitcoins or follow it closely. Should newegg go live with Bitcoins, it would further legitimize bitcoin as a form of currency. It doesn't matter if Newegg just dumps it back onto the market, it'll be an insignificant amount that they're dumping anyway. It's only tens of thousands of dollars when you've got people executing 100 coin buys and sells ie. up to hundreds of thousands of dollars.

In any case, this news will cause a panic buy which will make the price shoot up. That's when you sell your own coins and make a profit! thumb.gif
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post #37 of 57
Quote:
Originally Posted by ryboto View Post

I still don't understand what the hell a bitcoin is, no matter how many definitions I read. You basically waste energy and somehow you create a currency? Where did the demand come from that even gives it value!? Just doesn't make any sense.

Your post makes no sense. The US govt. wastes more energy printing trillions of paper money each year than the total amount of energy currently mining away at bitcoin. It has value because it is worth something! That is like with anything. If it has demand or is rare (gold, diamonds, rare things, etc.) it has VALUE.
post #38 of 57
Quote:
Originally Posted by mercs213 View Post

Your post makes no sense. The US govt. wastes more energy printing trillions of paper money each year than the total amount of energy currently mining away at bitcoin. It has value because it is worth something! That is like with anything. If it has demand or is rare (gold, diamonds, rare things, etc.) it has VALUE.

Why does it have demand though? Whether or not I agree with paper money isn't the issue. The issue is I don't understand how a digital currency, which only exists because of the internet, can have any value. I don't understand how you "mine", where the "coins" come from, or why anyone should want them.

"It has value because it's worth something". But WHY?

Sure, I'd love to go back to a coin based currency where the coins material actually makes it valuable, but that's not in the cards right now.
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post #39 of 57
Quote:
Originally Posted by ryboto View Post

Why does it have demand though? Whether or not I agree with paper money isn't the issue. The issue is I don't understand how a digital currency, which only exists because of the internet, can have any value. I don't understand how you "mine", where the "coins" come from, or why anyone should want them.

"It has value because it's worth something". But WHY?

Sure, I'd love to go back to a coin based currency where the coins material actually makes it valuable, but that's not in the cards right now.

Bitcoin has value because it is useful, simple as that.
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post #40 of 57
im in in the same boat i was thinking its a govt spying thing i dont know but what is needed to make profit on mining like how many pcs and gpus needed and win7 or ubuntu
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