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Thread: Digital Currencies

  1. #1
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    Default Digital Currencies

    My first thread was a massive flop so I waited a bit to post my second in three years .....

    Some people here are real experts at payment systems; I have a fair amount of expertise in them as well, and I've worked with several of the largest payment processors. I've been studying digital currencies for about 4 years now, since BTC was at $2. I believe BTC has several major flaws, its brief rise to $1000 notwithstanding.

    I've also followed some of the "adult" digital currencies floated by companies that post on GFY and others.

    Digital currencies, are they part of your revenue stream? Do you consider them viable? I admire the way some of you quickly and deftly deflate anything financially unsound on CW. BTW showing some limited foresight I have searched this topic.

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    Default Re: Digital Currencies

    I don't consider bitcoin to be viable as a mainstream currency, due largely to (1) the wild swings in the dollar based value of bitcoins; (2) the inefficiency in "selling" bitcoins for cash that can be used to pay the vast majority of bill collectors that don't accept bitcoins; and (3) the lack of central backing of its value, which makes it vulnerable to a sudden and serious devaluation event at some point in the future. The first time that bitcoin has a serious devaluation event (and it will happen at some point, as it does in most markets, at least temporarily) and people find out that they hold an essentially worthless and unsupported "currency", the experiment will likely be over.

    But what is fascinating, IMHO, is the technology platform on which bitcoin operates. I could see banks and merchants using a similar platform someday and bypassing credit card intermediaries altogether for non-credit card purchases. Many people don't really understand this, but intermediaries like Visa and Mastercard make billions each year off of fees they charge to merchants for accepting bank debit cards. These intermediaries get a little piece of each and every purchase and also hold on to the merchants' money for a few to several days. I can imagine that everyone from the local coffee shop to bigger retailers would be eager to get onto a system that would take less from them and bring their money in quicker.

    It will be interesting to see how it all plays out.

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    Default Re: Digital Currencies

    Yeah, the theory is there. But in an unregulated market, I don't trust it.





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    Default Re: Digital Currencies

    Exactly - the premise and the promise are great. The reality is a lot of dodgy hackers stealing people's savings. Off topic in a thread I started but I'm sure everyone saw PayPal is taking adult payments again (they have been through epoch but they're expanding it). I'm guessing no press release LOL.

    I'm going to be evaluating some second generation digital currencies for payment settlements over the next few months and I'll post the results here.

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    Veteran Member Sinna (2pee4you)'s Avatar
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    Default Re: Digital Currencies

    I just noticed that my paypal account had been removed since April. I guess they are not taking adult payments again..

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    Default Re: Digital Currencies

    Did they give you any explanation? Were you working with Epoch or directly with PayPal?

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    Default Re: Digital Currencies

    That was my paypal account, directly with paypal. They say I did something that violated their terms of use

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    Default Re: Digital Currencies

    I don't really find bitcoin viable because it is so unstable but I do have some BTC just for the fun of it. In 2011 my boyfriend tried to convince me we should buy $100 of bitcoin and I told him it was never going to be worth anything and talked him out of it and we both forgot about it for awhile..... Man did I feel stupid when it hit $1000 each considering we would've bought them like $1.50 each , if I ever get my hands on a time machine I am going back to 2010/2011 and buying like $1000 of bitcoin
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    Default Re: Digital Currencies

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