Fly Navy
by flynavy | January 8, 2014 10:33 pm
OK, I am new to this site so if I ask past discussed questions, sorry but need to catch up
So, what’s up with Micheal Robinson’s pitch on Bitcoins and Nova-X[1]
Endnotes:
- Nova-X: https://www.stockgumshoe.com/tag/nova-x/
Source URL: https://www.stockgumshoe.com/2014/01/microblog-fly-navy/
He’s a big bitcoin enthusiast, which doesn’t really have a “stock market” corollary at the moment (there are bitcoin funds, but no easily traded ones yet for individual investors — and, frankly, they’re stupid, if you think bitcoins are exciting just buy a couple bitcoins). There aren’t any companies in the bitcoin business that are publicly traded yet. I have been tinkering around with a few bitcoins, it’s hard to come up with a compelling reason to own them yet unless you’ve got a futurist’s mind and some kind of prediction about how they’re going to evolve. Their value is their scarcity at this point, no one’s really using them for any “real” business as far as I can tell, and the only reason anyone’s offering to accept them or make transactions with them is because it gets publicity … no one is likely to count on a currency for transactions if it can jump around 20% or more in a single day. I’ll be sharing some further bitcoin thoughts a bit later, I’m waiting to see how the full cycle of transactions works in my account.
I haven’t written about his “Nova-X” newsletter/service yet, but perhaps others have taken a look.
Is anything (besides Micheal’s $49.00 fish hook package) being offered as far as
learning how to get a wallet. This bitcoin stuff is interesting but feels like I am dualing with either Zoro or a ghost.
Looking forward to your “further bitcoin thoughts.” Although a virtual currency IS “futuristic” and the milieu at this time is hard to grasp, aspects of the concept are compelling. Would have been more fun to buy coins at a dollar than 800.
Someone changed their symbol to BITC a few days ago and they ran it today for a multibagger. Reminds me of TWTRQ before the twitter ipo.
I signed in to “Nova-X” newsletter/service and today the letter promotes getting your
wallet set up for cash or payment via an exchange or directly to a compan.
Interesting concept for ??? “funny money” or ??? what ever. If anyone is playing with this futurist’s prediction and how it is evoving please pass along what your finding as relevant, disturbing, enticing, where to trade them, where to spend them, etc. If this is going to work folks need solid information. Does anyone know if these bitcoins are being used for “real” business?
In closing, anyone have a hint on timing of the next events which could bring additional
interest in this futuristic financial occurance?
Two Bitcoin ATMs open in Canada
January 17, 2014
Huff Post
Bitcoin — that real but seems not real — rather puzzling form of digital money now has its own Toronto ATM machine.
The digital cryptocurrency, not regulated by any form of government or bank, is a new phenomenon. Although legal, some events tied to the new type of currency, like October’s FBI shutdown of the Silk Road shutdown — a marketplace for illegal drugs and other illicit goods — harmed the reputation of Bitcoin.
But the money made of data blocks is still alive and well and is being accepted right here in Toronto at some locations.
A Bitcoin ATM already opened in Vancouver in October and now the new ATM also has a home in Toronto, located at King Street West and Spadina Avenue at Bitcoin Decentral.
The machine accepts cash in exchange for a number of Bitcoins.
Bitcoin debit
In the fall, Calgary-based Bitcoin company VirtEx announced a debit card for the currency that works on any ATM. VirtEx, which has offices in Toronto, is Canada’s largest Bitcoin exchange.
It worked by accessing accounts on VirtEx, where Bitcoin is converted to Canadian currency on the exchange first and then available through ATMs.
“We are going to get these cards out there fast, in the hands of a lot of people,” said Joseph David, the CEO of VirtEx.
The company was marketing its debit cards to its 22,000 customers in Canada. He says the goal is giving people a choice when it comes to paying.
David wants more merchants to accept Bitcoin, and has spoken to several small businesses in Toronto to push the idea.
“Almost 80 per cent of the people I talked to didn’t know what it was,” he said. “I just tell them my customers use Bitcoin and they want to know where they can spend it.”
Accepting Bitcoins
One of the first local merchants to accept the crytpocurrency is the restaurant Smoke Bourbon BBQ House on Harbord Street.
The restaurant has allowed its customers to pay via the digital currency for a month now using a terminal from CoinKite. The terminal resembles a portable debit machine used in most restaurants.
About eight customers have paid with Bitcoin since the restaurant got the terminal.
Other Toronto businesses have also started dealing in Bitcoin.
Ark Army Surplus, a sports gun vendor, Coworking Space Toronto, an office rental firm, The Morpheus Clinic, a hypnosis clinic and Vapetropolis, a vapourizer seller, all currently accept Bitcoin.
A friend bought ONE coin through coinbase.com during the dip when China announced its refusal to allow bitcoins.
Here’s an interesting article from Forbes
http://www.forbes.com/sites/timothylee/2013/04/03/four-reason-you-shouldnt-buy-bitcoins/
and a transcript of a panel discussion a couple of months ago on the Diane Rehm Show.
http://thedianerehmshow.org/shows/2013-11-19/lawmakers-and-regulators-take-closer-look-bitcoin
and bitcoin 101 from the Washington Post:
http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/19/12-questions-you-were-too-embarrassed-to-ask-about-bitcoin/
Notice the writer of the Forbes article bought at around 100 and wasn’t even recommending it then. More than anything else it’s hard to see the security in buying something that was 5 cents three years ago and is now $800+. Though as commerce becomes increasingly global, a non-paper, virtual currency is intriguing.
And yes, there seem to be a huge number of vendors, suppliers, service business, financial entities already trading in bitcoins. Overstock.com just announced it will take bitcoins in payment This site is overwhelming just trying to imagine which of the entries is legit, any or all:
https://en.bitcoin.it/wiki/Trade