Thread: Bitcoin
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Old 03-27-2019, 04:33 AM   #73
slang
St Petersburg, Florida
 
Join Date: Oct 2002
Posts: 3,423
Quote:
Originally Posted by xoxoxoBruce View Post
I get the block chain protection that you own certain Bitcoins so they can't be (theoretically) stolen, and if you trade them for something you can't say you still have them and use them again.
Yes, pretty secure system it seems. So long as the internet is up and running.

Quote:
Originally Posted by xoxoxoBruce View Post
I've also seen the price/cost/worth of one Bitcoin vary from a few dollars to thousands of dollars for whatever reasons.
It's my guess that the price went down because so many people were not using the cryptos securely and were hacked.

If I had taken a beating like that it would turn me off to the whole notion of buying them too. Until I learned how to use them effectively anyway.

Quote:
Originally Posted by xoxoxoBruce View Post
The video says you can do a deal, one on one, with people around the world.
With crypto currencies? That sounds right but I'm not an expert. Peer to peer too I would guess. In that case if there was an agent separate from the vendor it might be feasible.

Let me think about this. I'm in the Philippines now, I log in to the site and execute a sell order that I will be using to pay for something far away. In China, lets say.

First off, you need to make an appointment with Daenerys Crypto at least a day in advance ( know your time zones ) so that they may set up their process to send the crypto.

Ok, I have my appointment...we are in process of the validation for the crypto now and with my other computer or phone, I call or video stream the vendor in China. My Ingrish translator is up and running.There is an additional party there in China to take delivery of the physical item? Or maybe you trust Mr. Lee. You've done business before. He's reliable.

As I ask the Daenerys Crypto people to hold a minute while I'm talking to Mr. Lee, they are assessing my face on the video which is a part of their security process.

They then believe it's me, I execute the transaction to Mr. Lee's bitcoin address. We wait 10 minutes or so for the bitcoin to go through the blockchain.

Then Mr. Lee gets confirmation. I thank the Daenerys Crypto people and end their video transmission.

Mr. Lee has the shipping website up and ready for his confirmation, he's already received it and now over video he gets the tracking number and displays it over video. You make a screen shot and verify that tracking with the shipper.

The "third party" takes the physical item to the shipper and now you must trust someone else for the delivery of your thingy.

You thank Mr. Lee and end his video feed.

But what if the item is faulty? How do I get a return?

Maybe through video feed he can demonstrate the thingy. Maybe he's got a process that is thought through and is sort of a standard "proof".

Or maybe it's such a low cost item that it doesn't really matter. You're getting a huge discount from ordering in China direct, he has a reliable feedback, or you've ordered before and are willing to take a chance for a much lower price.

But as far as I know, there are no charge backs. Not from a third party anyway. Third party certificates but what is that really worth?

The process just described is a bit long and complex. If you were to do a few deals on a small scale it wouldn't take long to get good at it or decide you'd rather use another payment method.

Quote:
Originally Posted by xoxoxoBruce View Post
How do I discover this person I don't know in Timbuktu, and what they may have for sale?
Alibaba dot com. They have some equivalent of Ebay too but I'm busy typing and don't want look it up on the net.

Quote:
Originally Posted by xoxoxoBruce View Post
How do I discover a company in China makes something I would want?
Alibaba would be my first go to. Never ordered from them so I can't really detail any results but the prices are good and they seem to get good feedback. It's the site that sells everything that they make in china. Amazon like.

Quote:
Originally Posted by xoxoxoBruce View Post
If a Bitcoin is worth $1,000 today, how do I buy something worth $200, or $1400?
Bitcoin is divisible. I believe out to like 5(?) decimal places. Promoters were describing that in a few years the price would be so high that the decimal places would be relevant. That hasn't been true yet but maybe someday.

Say a bitcoin price is $3950. Then you would use .05063 of a bitcoin for a $200 purchase. Plus .01 transaction fee of a bitcoin if you used Daenerys Crypto. Larger purchases might make more sense.

Or maybe...proposals we are seeing in the firearms industry now, through political pressure, financial institutions are pressured not to work with gun manufacturers.

If the banks decide they will no longer transact "x" products, bitcoin might make more sense.

Quote:
Originally Posted by xoxoxoBruce View Post
If I tire of Bitcoin how do I get my money out?
Sell it on an exchange. The price fluctuates but you can cash out. Some exchanges are more newbie friendly than others. If the value does increase as you sell, you'll have a tax liability too.

Link

Quote:
Originally Posted by xoxoxoBruce View Post
So many questions, and that's just the tip of the iceberg.
Yes, great questions here. We're sorting it out together.
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