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Bitcoin in IM?

by Capitalist_Pig
7 replies
In addition to being an Internet Marketer, I'm an Anarcho-Capitalist and a geek. This has lead me to Bitcoin, which as you may know, is a cryptography-based online currency.

Without getting into all of the details here - which I'd be happy to do later tonight if anyone has questions - there is one *major* advantage to using Bitcoin for marketers: chargebacks are impossible.

Once Bitcoins are spent, they cannot be unspent. There is no bank or payment processor to appeal to if you want your money back, and no claims process that favors either side of the transaction.

Does Bitcoin have a place yet in IM? I've seen some ad services that use it, but so far have only seen Bitcoin-related products advertised through them.
#bitcoin
  • Profile picture of the author CDarklock
    Originally Posted by Capitalist_Pig View Post

    there is one *major* advantage to using Bitcoin for marketers: chargebacks are impossible.
    There is also one major disadvantage to Bitcoin: almost nobody has or uses it.

    Primarily because they don't understand it.

    As someone technically and economically sophisticated, I think Bitcoins are awesome. Just like any other currency, a group of people has gotten together and agreed by consensus that "this thing has value" - constructing a purely artificial economy from scratch on the internet. As a gedankenexperiment, it is tremendously exciting and bears out many economic principles which econ geeks already knew but could not convince others were real. As adoption and popularity increase, we'll get even more smug about that.

    But we're still not at the critical mass necessary for Bitcoins to be a valid economic option for most vendors. It will be a few years yet before that happens, and even then, it will be of dubious value to offer Bitcoins on a site that allows other payment options... and even less value to have Bitcoins as the only option. It may be necessary for the technology to cross the midpoint of its lifespan before Bitcoins are worth using at all.

    Still awesome stuff, though.
    Signature
    "The Golden Town is the Golden Town no longer. They have sold their pillars for brass and their temples for money, they have made coins out of their golden doors. It is become a dark town full of trouble, there is no ease in its streets, beauty has left it and the old songs are gone." - Lord Dunsany, The Messengers
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  • Profile picture of the author Underground SEO
    The main issue with bitcoin, and the issue which will stop many more people using it for "serious" transactions for the foreseeable future is the volatility of the currency.
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  • Profile picture of the author sbucciarel
    Banned
    Originally Posted by Capitalist_Pig View Post

    Does Bitcoin have a place yet in IM? I've seen some ad services that use it, but so far have only seen Bitcoin-related products advertised through them.
    When I can deposit Bitcoin in my checking account and pay bills with it or buy groceries, or put gas in my car, I'll take it seriously.
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    • Profile picture of the author Joshua Rigley
      Banned
      Originally Posted by sbucciarel View Post

      When I can deposit Bitcoin in my checking account and pay bills with it or buy groceries, or put gas in my car, I'll take it seriously.
      You've said that before Suzanne, and it kinda bugs me. It's like saying "when WarriorForum becomes the most popular forum on the Internet, I'll take it seriously."

      Why does something need to be mainstream in order for you to take it seriously?

      @Caliban: You've changed your tune. Why the change of heart about Bitcoin?
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  • Profile picture of the author Perestroika
    Bitcoin was hacked last year and lost most of its value.

    Read about it in Wired:

    The Rise and Fall of Bitcoin | Wired Magazine | Wired.com

    Bitcoin's Comeback: Should Western Union Be Afraid? | Threat Level | Wired.com

    Both articles are very informative about Bitcoin origin and rise & fall. At the height of Bitcoin days it was worth $29.

    I am not touching Bitcoin at this point. Maybe it was geek cool to own some when it first came out. I'll stick with more traditional ways to hold my money - under my mattress and / or at the bank.
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  • Profile picture of the author Chris Worner
    Capitalist Pig, you may find this thread interesting;

    http://www.warriorforum.com/off-topi...right-now.html

    -Chris
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  • Profile picture of the author Mikal Laster
    The DarkNET!!!!!
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  • Profile picture of the author papashak
    Banned
    [DELETED]
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