Article View: alt.folklore.computers
Article #620241Re: Bitcoin confusion?
From: John Levine
Date: Mon, 05 Feb 2018 15:54
Date: Mon, 05 Feb 2018 15:54
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2608 bytes
In article <p59htp$l66$1...@dont-email.me>, Gareth's Downstairs Computer <headstone255.but.n...@yahoo.com> wrote: >The bubble will burst soon, so only just a >little premature for folklore ... > >If a bitcoin is worth $9000, how useful is it >to buy something at only $500? > >Are there also Bitcents or Bitfarthings? There are satoshis, which are 0.00000001 bitcoin, so there's no problem dividing them down. But if you want to do a bitcoin transaction, you need to persuade a miner to put your transaction in one of its blocks, and they won't do that for free. The fees bounce around but are not all that cheap. Around Christmas you needed to offer the equivalent of about $50 to get anyone to take your transaction, now it's back down to about $10. There's also the more basic problem that bitcoin markets are thin and opaque, so btc are worth whatever the people manipulating the markets want you to think they're worth, at least until the bubble pops. Personally, I find Mastercard works a lot better. I have bought cups of coffee with both. -- Regards, John Levine, jo...@iecc.com, Primary Perpetrator of "The Internet for Dummies", Please consider the environment before reading this e-mail. https://jl.ly
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X-Received: by 10.55.20.20 with SMTP id e20mr15309271qkh.36.1517846100431; Mon, 05 Feb 2018 07:55:00 -0800 (PST) X-BeenThere: alt.folklore.computers@googlegroups.com Received: by 10.55.101.68 with SMTP id z65ls4438995qkb.14.gmail; Mon, 05 Feb 2018 07:54:59 -0800 (PST) X-Received: by 10.55.125.67 with SMTP id y64mr33674100qkc.38.1517846099540; Mon, 05 Feb 2018 07:54:59 -0800 (PST) MIME-Version: 1.0 Path: mbox-mo1.pugleaf.net!u51ni137qtk.1!nntp.google.com!peer02.iad!feed-me.highwinds-media.com!news.highwinds-media.com!border1.nntp.dca1.giganews.com!nntp.giganews.com!news.iecc.com!.POSTED.news.iecc.com!not-for-mail From: John Levine <jo...@taugh.com> Newsgroups: alt.folklore.computers Subject: Re: Bitcoin confusion? Date: Mon, 5 Feb 2018 15:54:59 -0000 (UTC) Organization: Taughannock Networks Message-ID: <p59uoj$6bs$2@gal.iecc.com> References: <p59htp$l66$1@dont-email.me> Injection-Date: Mon, 5 Feb 2018 15:54:59 -0000 (UTC) Injection-Info: gal.iecc.com; posting-host="news.iecc.com:2001:470:1f07:1126:0:676f:7373:6970"; logging-data="6524"; mail-complaints-to="ab...@iecc.com" Cleverness: some X-Newsreader: trn 4.0-test77 (Sep 1, 2010) Originator: jo...@iecc.com (John Levine) Bytes: 2003 Lines: 28 X-Received-Bytes: 2032 X-Received-Body-CRC: 589592624 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 7bit