We can NOW use bitcoins to pay for backpage ads?

[ElisabethWhispers]

I don't advertise on backpage as frequently as I used to but sometimes, I do. I like it as an advertising venue.

Well, this morning, I was renewing an ad and it gave me the option to pay in bitcoins. Really?

I created a topic in Dallas coed about bitcoins a long while back and it was pretty much poo poo'd, just the whole idea of using it for "this".

So now, what are your thoughts? I would accept bitcoins if it was offered.

Guess that I would need to set up an account. The market for bitcoins does seem to fluctuate a lot.

I'll admit to now knowing much about it, though.

Sometimes, I wish that I was much younger. Such exciting things are happening in that technical world. Scary things, too.

Are any of you ladies interested in bitcoins? I think that I saw it on one website not too long ago offering it.

Thought I would bring up the discussion again considering the changes, and more acceptance, of this alternative to cash.

Hugs,
Elisabeth

[ElisabethWhispers]

Some references after looking up the issue on Google:

http://bojkot.net/backpage-accepting...s-payment.html

http://mybroadband.co.za/vb/showthre...is-back!/page4

http://www.pcworld.com/article/20142...-bitcoins.html

ECCIE topics:

http://www.eccie.net/showthread.php?...light=bitcoins

http://www.eccie.net/showthread.php?...light=bitcoins

http://www.eccie.net/showthread.php?...light=bitcoins

http://www.eccie.net/showthread.php?...light=bitcoins

There are several more Eccie topics on the subject but none are very conclusive.

[SD2011]

Just take care and keep in mind that the value (pyramid like as it is) backing for Bitcoin as a valid e-currency can evaporate quite quickly if/when the integrity of the peer based ledger system it is based on takes a hit.

I'm still not sure we are ready for it and the risk profile (due to the structure it is based on) is too high (for me).

Who knows, maybe I'm wrong (not a first). But for me, I wouldn't put too much $/service into it to limit the potential exposure (downside risk).

[ElisabethWhispers]

Originally Posted by SD2011

Just take care and keep in mind that the value (pyramid like as it is) backing for Bitcoin as a valid e-currency can evaporate quite quickly if/when the integrity of the peer based ledger system it is based on takes a hit.

I'm still not sure we are ready for it and the risk profile (due to the structure it is based on) is too high (for me).

Who knows, maybe I'm wrong (not a first). But for me, I wouldn't put too much $/service into it to limit the potential exposure (downside risk).

See, I read statements like this and my mind goes a little blank because I'm not sure of your meaning.

I took economics (macro and micro) probably 30 years ago but I'm horrible with numbers, finance and articles like one reads in The Economist (which I used to subscribe to but never could quite "get it").

Maybe I need to read some more, read it slower, and do more study.

I'm going to look up some of the terms (like risk profile) and try to learn more.

Thanks for your response, SD. I sincerely appreciate it!

Oh ... and I'm very risk adverse. Money is too precious these days to take chances. But ... I'm always interested in alternatives like bitcoins and private ones (like bartering), too.

Heck, if someone wanted to pay me with silver from their collection, I'd be thrilled!!!

[bored@home]

I think SD is saying if you get in on it to keep an eye out as the value can dive quickly. Every time there is a run on the e-currency the value drops quickly, same as a physical run on a bank.

The trend currently is to sell people on the concept of mining to inflate the "value" and at the peak cash out leaving the low man holding the bag.

There was something not long ago where a break down of mining showed that as long as you did not pay for Internet access or power you could make something close to a dollar a day with a moderate to high end idle system...when the guy added the power and ISP cost it virtually broke even or cost a few cents depending on the trending value.

[SD2011]

Originally Posted by bored@home

I think SD is saying if you get in on it to keep an eye out as the value can dive quickly. Every time there is a run on the e-currency the value drops quickly, same as a physical run on a bank.

The trend currently is to sell people on the concept of mining to inflate the "value" and at the peak cash out leaving the low man holding the bag.

There was something not long ago where a break down of mining showed that as long as you did not pay for Internet access or power you could make something close to a dollar a day with a moderate to high end idle system...when the guy added the power and ISP cost it virtually broke even or cost a few cents depending on the trending value.

Yep... that's it bored @ home

It's a non-regulated speculative financial instrument (portrayed as a global "e-currency").

When I consider the foundation bitcoin is based on and that the checks/balances need to mitigate/manage risk or to insure against potential losses against it are both vaporous I just step back and smile. Smart people sometimes do not so smart things because other smart people are doing not so smart things (then others follow).

My advice on bitcoin (as it stands today):

Experiment with it? = yes. Leverage real meaningful financial business/resources into it? = no

My view on things:

Markets/Monetary systems = are generally based on "faith" and not so much steeped/backed by reality (tangibles) these days. It's almost like a religion unto itself. And a crazy one at that. If a lot of people value x% of nothing as something, does it mean nothing is something? heheheh... I crack me up

[ElisabethWhispers]

Originally Posted by SD2011

...
My advice on bitcoin (as it stands today):

Experiment with it? = yes. Leverage real meaningful financial business/resources into it? = no

Alright. THAT part I do understand. Thanks for dumbing it down for me.

There was one lady, a popular one on Eccie but she's not a Dallas person, who mentions it on her website.

When I wrote to her about it awhile back, she said that no one had taken her up on it, which is probably what would happen with me.

I wonder how it's working for companies who are using it now, like Backpage?