BMW dealer in England is accepting Bitcoin

Discussion in 'Mining & Cryptocurrency' started by Nebell, Aug 8, 2018.

  1. Nebell

    Nebell [H]ard|Gawd

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    Note, this is not BMW themselves accepting Bitcoin but a dealer.

    What do you think about this?
    Say you take 7-8 Bitcoin for a 5-series BMW. 8 Bitcoin is currently about $52.000. But if it goes back to its ATH, that would be $150.000 per car.
    It's nice that Bitcoin is slowly but surely getting more and more adoption. Still, most people see crypto as gaining profit instead of the technology.

    Sure the risk is there to lose money, but the reward is much greater making the risk worth it.
    As my favorite analyst says, we cannot predict future, only calculate the probability, and currently, the risk in Bitcoin is so low and the reward so high that it would be too stupid to ignore.
     
  2. Parja

    Parja [H]ardForum Junkie

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    They'll give you a shitty exchange rate and convert it to fiat right away...just like everyone else.
     
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  3. oblox

    oblox Gawd

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    It's all about point-in-time. That's like saying I should be pissed that I spent 11 BTC on three wonderful paintings pack in 2016. The merchant will convert, as already stated and you, as the buyer, can always rebuy your coins...
     
  4. mkrohn

    mkrohn 2[H]4U

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    this... bitcoin is a failure as a currency. Nobody has any reason to do anything but exchange it immediately. A business will not gamble as a part of its business philosophy unless it is a casino.
     
  5. Parja

    Parja [H]ardForum Junkie

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    Casinos don't gamble. Well, not unless you're a big time high roller, at least. They may offer games of chance, but the patrons are the only ones gambling.
     
  6. mkrohn

    mkrohn 2[H]4U

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    lol thats the part you comment on? A casino is technically gambling even though statistically they have a clear advantage in everything they do. The few things a casino does not have a massive advantage in they are simply the organizer of an activity where people are gambling with each other.
     
  7. Nebell

    Nebell [H]ard|Gawd

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    What's money for but to exchange it for other stuff?
    You do realize it exists only because it was not easy to exchange a cow for a chicken.
    We need worldwide currency and Bitcoin is on a good way to help fight poverty.
     
  8. motomonkey

    motomonkey [H]ard|Gawd

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    Bitcoin is a good way to fight poverty? The hell? How is having a currency that is manipulated on a regular basis by speculators, has nothing to secure it's value and requires a digital device of some sort to use going to help people that think the internet is fucking magic and think shoes are a luxury?

    And we effectively have a worldwide currency, it's called the Dollar. If you are living hand to mouth, you surely don't want a currency that might suddenly tank and lose half it's value. That's why the dollar is the de facto currency of choice in counties with massive inflation, when the local currency is worth less than toilet paper, the dollar is what people use if they can get them.
     
  9. mkrohn

    mkrohn 2[H]4U

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    this doesn't make sense at all. $100 in bitcoin a month ago can easily be $10 or $1000. a person in poverty cannot take a gamble like this. A person also requires a proper device to actually send/receive bitcoin. You know what a person needs to accept a $1 bill? bitcoin is complete shit as a currency. As a money laundering tool or investment sure there's valid use but currency that you have for more than minutes? Nope. Yeah I have thousands in it but I'm a gamblin man that knows how to hold and not when to foldem.
     
  10. oblox

    oblox Gawd

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    As a money laundering tool, it's shitty as well.
     
  11. mkrohn

    mkrohn 2[H]4U

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    depends on what other coins its been through
     
  12. oblox

    oblox Gawd

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    Then it's not Bitcoin.
     
  13. mkrohn

    mkrohn 2[H]4U

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    its in the mix and a reasonable part of money laundering. the safer you want to be the more hoops you're jumping through.
     
  14. H2R2P2

    H2R2P2 Limp Gawd

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    Are you saying the US dollar is not or can not be manipulated? Want to take a guess what percentage of US currency is actually printed into "traceable" currency? Bitcoin is orders of magnitude more transparent than any other store of value or currency. And bitcoin has actually saved people and brought people out of poverty.. Not saying that the US dollar hasnt done the same, but take a look at Venezuela as an example how bitcoin was used to circumvent a collapsing dictatorship inflating the currency at the expense of its citizens. Bitcoin was used as a way to help people without any possibility of interference by their government. Pretty powerful stuff.

    Can you abuse bitcoin and cause harm with it? Sure.. But just like guns, people kill people (with guns) vs. the guns doing their own bidding. Bitcoin is better at everything vs. any other paper currency in existence.
     
  15. motomonkey

    motomonkey [H]ard|Gawd

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    The U.S. Dollar is a rock of stability compared to any crypto.

    Please explain why Crypto is “better at everything” vs paper currency, that’s just ridiculous.
     
  16. Nebell

    Nebell [H]ard|Gawd

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    I never mentioned anything about investing.
    Getting paid in Bitcoin on the other hand.
    And by that I don't mean getting paid and holding and hoping it will go up.
    Nah, there's something a lot more important than that which today's currency can't bypass, but Bitcoin can.
     
  17. H2R2P2

    H2R2P2 Limp Gawd

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    I never said anything about stability. I refereed only to manipulation and your implying that the US dollar is immune (which is CLEARLY not the case). The reason why Bitcoin is better at everything vs. paper currency is rather obvious and is summarized in a single word: Transparency. Show me the open, public, ledger of US Dollars and all the transactions that have ever occurred. Show me a way to show proof of ownership in paper currency. Show me a way to demonstrate proof of work from paper currency. Show me a way to eliminate (aside from 51% attacks) all potential of counterfeit with paper currency.

    To, correctly state what you were trying to say: To think paper currency is "better at everything" vs. bitcoin is just ridiculous.

    Your welcome.
     
  18. mkrohn

    mkrohn 2[H]4U

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    so where do you move that bitcoin to? Also wouldn't it have been better to have just been paid directly in that cash?
     
  19. motomonkey

    motomonkey [H]ard|Gawd

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    Transparency? that's why it's "better at everything"? I really could care less if I have a record of every dollar I've ever spent. However, I do have records of every transaction I give a shit about, the more important ones are called "titles" "Deeds" and "receipts".

    I also have pay stubs and Tax records that demonstrate that yes, I have worked. Proof of ownership? well, that's basically the ONLY thing Crypto has going for it. It's a bit harder to steal than paper currency, but it can be done. It also has the little quirk of being much less user friendly for everyday use.


    So, basically Bitcoin is a solution in search of a problem.

    BTW, I didn't imply the dollar was immune from manipulation, only that it is in comparison to bitcoin, which is one big cesspool of manipulation.

    And please don't bother correcting my grammar or sentence structure, I don't give enough of a damn to care.

    YOUR welcome indeed.
     
  20. H2R2P2

    H2R2P2 Limp Gawd

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    While I cant read Nebell's mind, one of the biggest things Bitcoin does in fact bypass which today's currency cant is third party approval.
    Man, you are ignoring the obvious or are simply not keeping up here. I'll give you one more shot but if you are not following me after this, then you are on your own. The records in the block chain are not for YOU to keep your checkbook balanced; they hold you and everyone else using Bitcoin accountable. For example... You want to know how much money Wikileaks has? Go ahead and get their wallet ID and take a look in the block chain for how many transactions they have (both deposits and withdrawals). You also missed the boat on proof of work entirely. Eventhough proof of work has absolutely nothing to do with your example, I'll address what you wrote.. Your tax records and pay stubs can easily be altered or faked entirely. And yes, you can even report those fake results to the IRS. Once again, this is not possible with Bitcoin (or blockchains more specifically). Even your titles, deeds, and receipts are equally vulnerable. Why on earth do you have to pay thousands of dollars when you buy home for title insurance???? Again, these are self-inflicted costs and problems associated with the system you endorse. Bitcoin solves these problems..... and saves money.... and time..... and eliminates the frauds I outlined above.... Sounds like real solutions to real problems to me....

    Whether you implied the dollar was immune or less susceptible to manipulation is really one and the same in that both statements are wrong. Now, if you wanted to say Bitcoin is currently more volatile right now compared to the US dollar, then I would agree with you. Having said this, the reason for this is due to some users of BTC being reckless and stupid vs. anything inherent to BTC itself. There is no central bank to bail out BTC when people make bad decisions (which is a far cry for the auto industry, goldman sax, wallstreet, etc.). The market simply corrects itself; which is exactly what it should do.

    And no offense taken about the grammar correction as I wasnt correcting your grammar..... I'll let you go figure that one out on your own but something tells me thats not going to happen.
     
  21. motomonkey

    motomonkey [H]ard|Gawd

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    I know exactly what you were Implying when I commented on correcting my grammar and sentence structure. obviously you didn't get it. and It's you're, not your.

    And I was trying to say, although you obviously didn't get it, I meant exactly what I said, and didn't need you rearranging my sentence to change the meaning. but thanks for implying that I am stupid while you were at it, that was amusing.

    As for all the other, sure, accountability. My mistake is assuming you were talking about present day use of bitcoin and crypto in general. You are proposing the entire world be required to use it. For every single purpose, from buying a cup of coffee to financing multi-billion dollar projects. Which would require a single currency world wide, which would require the use of military force to impose this wonderful financial utopia upon every single government on the planet. Yeah, not going to happen. The current system might be flawed, but it obviously works. and doesn't require a de facto one world government to use.

    Edit: Also, as btc is used now, it works contrary to what you are proposing, due to the availability of fiat currency to "wash" the btc and in the end render the source of work anonymous. As a theoretical exercise it's wonderful, practicality? not so much.
     
    Last edited: Aug 21, 2018
  22. mkrohn

    mkrohn 2[H]4U

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    In practice bitcoin is a joke. I of course CPU mined it in the early days and sold tons of it sub $100. I bought into the tech far before most people. It is a neat thing. I've made a lot of money off of it over the years. My home has been heated by it completely for multiple winters. It is however a joke that keeps on giving. At todays value I have about the same in crypto as I do my 401k. I think it'll have several waves and will eventually be something in like 10 years but presently? its a a joke. I don't plan on touching my coins at all for a long time. There will be some newer coins that I transfer to just for the sake of diversity but I already own several hundred different coins. If you take 200 coins 40 probably wont exist in 2-3 years. but if even one takes off its all worth it. Being aware of what these coins actually are is important. This is gambling.
     
  23. motomonkey

    motomonkey [H]ard|Gawd

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    Bitcoin just needs to be locked to a set value.

    For example, the value of bit coin could be calculated as the amount of energy needed to melt the copper on one cubic kilometer of 1080ti mining cards divided by the number of BTC currently in existence.

    We could call this unit of measure the kilokek.


    /s
     
  24. Verge

    Verge [H]ardness Supreme

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    because it's not a currency
     
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