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KSP should accept BitCoin

pointmanzero

By pointmanzero
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pointmanzero

pointmanzero

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Aren't bitcoins only used in the Onion network which is mostly filled with illegal and often immoral stuff anyway?

NO. Its true that some people use it for illegal things... but thats not the only thing it is used for.

Tons of perfectly legitimate uses.

A minecraft type of game just recently switched over from paypal money to bitcoins.

You guys could accept both.

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foamyesque

foamyesque

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Of course you can. One Bitcoin is worth 7 USD currently and you can cash them in for money anytime.

That's not paying your taxes with bitcoins, and, more to the point, the exchange rates are unstable and the conversion sites rapacious (and slow).

I know a guy who sold a couple hundred at the peak of the boom and it took him something like a week to actually get his money back out. That ain't liquid. That's shit.

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pointmanzero

pointmanzero

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That's not paying your taxes with bitcoins, and, more to the point, the exchange rates are unstable and the conversion sites rapacious (and slow).

I know a guy who sold a couple hundred at the peak of the boom and it took him something like a week to actually get his money back out. That ain't liquid. That's shit.

Ok, Im sorry your friend didn't just look up a trader near him and exchange them faster. Perhaps he didn't know you could do that.

and enough with the exhange rates being unstable they have been extremely stable for months now.

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Azrael

Azrael

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Can't pay your taxes with BitCoin.

You can't pay your taxes in a currency besides the one your country uses, either, but that's beside the point.

You CAN buy goods and services with BitCoin. I'm still skeptical of it myself, and I would prefer US dollars, Euros, or pounds sterling over Bitcoin every single time. That said, opening more avenues of payment isn't a bad thing.

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foamyesque

foamyesque

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You can't pay your taxes in a currency besides the one your country uses, either, but that's beside the point.

Currency conversion-- between, you know, state-backed currencies, like the USD, CAD, AUD, euro, etc-- is a triviality. Getting Bitcoins into something that will make people not look at you in a funny way is not.

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foamyesque

foamyesque

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According to that, there are precisely three places-- none of which I recognise as a legitimate business or currency exchange service; one lacks a name, another an address!-- within three hundred kilometres of my residence. Further investigation shows this thing is listing individual people.

Contrariwise, there are a million people who will take CAD, about as many as will take USD, and literally every single bank branch and several malls I can think of offhand will readily and honestly convert essentially anything to anything. You have no idea the difference in liquidity you're talking about.

BitCoin is a gimmick currency kept afloat-- such as it is-- by a core of fanatics, lucky-strike early adopters, speculation, and the Russian mob's money laundering. You may as well ask HarvesteR to allow payment in tulip bulbs. At least then he has the possibility of getting a tulip back.

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pointmanzero

pointmanzero

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According to that, there are precisely three places-- none of which I recognise as a legitimate

business or currency exchange service; one lacks a name, another an address!-- within three hundred kilometres of my residence.

Im sorry you live in the middle of nowhere land. Not my fault.

I live in normal suburbia america and there are hundreds of traders in my area.

You were demanded INSTANT exchange.

Normal people use one of the HUNDREDS of botcoin exhanges that are not individual traders.

This takes a bit longer. BUT if it works what does it matter if it takes a bit longer?

BitCoin is a gimmick currency kept afloat-- such as it is-- by a core of fanatics, lucky-strike early adopters, speculation, and the Russian mob's money laundering.

You seem to have an anger towards this currency...and some serious misinformation about it.

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foamyesque

foamyesque

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I live square in the middle of one of North America's largest cities. Only nine American and two Canadian ones are larger. Kindly do not make presumptions you know nothing about.

You're a man trying to compare a pebble you found lying in the street to Mt. Everest.

EDIT:

Let's talk numbers for a second. Mtgox is the biggest BitCoin exchange. It's thirty-day volume amounts to nine million USD. That's nothing.

EDIT2:

Real currency exchanges are not, in fact, slower than driving to Joe Schmoe's house. Real currency exchanges have the ability to flip the same dollar several hundred-- or more!-- times in a single second.

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Frostiken

Frostiken

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BitCoin is a gimmick currency kept afloat-- such as it is-- by a core of fanatics, lucky-strike early adopters, speculation, and the Russian mob's money laundering. You may as well ask HarvesteR to allow payment in tulip bulbs. At least then he has the possibility of getting a tulip back.

QFT.

Bitcoins are an interesting experiment, nothing more.

It's like developing a crazy new programming language from scratch that functions exactly like, but is completely different from C++. And it's slower. The only people who would use this language are the initial batch you convince to learn it, who would then try to indoctrinate others into using it for no other reason than to justify their investment into learning it. It's like the pyramid scheme from the dumb dimension.

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pointmanzero

pointmanzero

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If the mods wish to move this thread to off-site. Ok..

However I believe we are debating whether or not Bitcoin is something KSP would benefit from and belongs here. If I am wrong then I apologize.

It's like the pyramid scheme from the dumb dimension.

It can't be a pyramid scheme. Its has a set volume it will inflate to and it will not grow past that.

26 million I think. Pyramid schemes try to sell you the idea that there is infinite market potential.

Bitcoin will continue to inflate until it hits a set volume and then NO MORE COINS WILL EVER BE MADE.

That is a finite commodity. Not a pyramid scheme.

I thought this was a perfect fit for KSP. If I understand correctly, KSP got a large number of users from reddit and tons of people on reddit trade bitcoins.

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socket7

socket7

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What happens to all your real money if bitcoin goes 404?

Not trolling, I just know nothing about them because honestly, I don't trust bitcoins worth a damn.

I just think of the farmville like games currently being shut down and the companies saying 'Thanks for all the money, all your virtual cows no longer exist. get off my lawn' then I worry it will happen to bitcoin.

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pointmanzero

pointmanzero

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What happens to all your real money if bitcoin goes 404?

Thats impossible. It is a P2P currency. There is no central server or bank. There is no company issuing coins. The people who use Bitcoins generate new coins by calculating new hash tables.

To answer your question. Nobody can 'close' it or turn it off.

Worst case scenario is that everybody starts to cash out and the value goes down.

Same with any other currency.

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socket7

socket7

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That's honestly even scarier. Next you'll tell me it's open source.

Then someone will crack the hash and generate a billion of their own coins and destroy the entire market.

I mean, you just said you print your own bitcoins, and you cant see how that could be used for teh lulz of crashing an economy?

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pointmanzero

pointmanzero

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That's honestly even scarier. Next you'll tell me it's open source.

It is.

Then someone will crack the hash and generate a billion of their own coins and destroy the entire market.

Thats impossible.

Two reasons why. It takes very strong computers a full 2 days to create a hash table for just .10 Bitcoin. The encryption will NOT be broken.

Second. Since this is a finite commodity as I have explained earlier. The market would know instantly if fake coins hit. It would either take it over its max volume or it would show a bump in the inflation. Bitcoins are generated at a predicted rate and any deviation from that rate would be considered suspicious.

Ok there are three... All new bitcoins are verified by other 'miners'. The computers that make the hash tables. Even if you made fake coins... the network would not recognize them because they would be unverified.

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socket7

socket7

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It takes very strong computers a full 2 days to create a hash table for just .10 Bitcoin.

And cray supercomputers are now used as benches because laptops have more power then them.

The encryption will NOT be broken.

Famous last words said by every DRM scheme ever made.

I'll accept bitcoin as valid currency if it can last at least 10 years. I just cannot believe it will not be hacked or abused.

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