Paying For Platinum With Bitcoins

[GunnermanChris41]

Hi there, I would like to suggest a new way to pay for Platinum on the website, and that is through the use of the bitcoin network. I primarily use daopay for buying platinum and that gets expensive with the fees daopay charge per minute, so bitcoin payments would be much more ideal for me

 

Thanks!

[Zachles]

Bitcoin sucks.

[KijaJouteh]

Can I buy platinum with bottle caps? WoW gold? How about postal stamps?

No, never, ever. Bitcoins are way unpredictable, as the price can go from 20$ per coin, to pennies in DAYS.

Also, it's insanely easy to hack. And it has been hacked, many times.

Bitcoins are basically made up internet money, and almost nothing professional accepts them. They're kind of a bit of a joke.

 

But hey, the last time I looked at it was a long time ago, so maybe it's changed a lot, let me know if it did.

TL;DR Might as well let us buy platinum with credits.

[SmilingReaper]

Can I buy platinum with bottle caps? WoW gold? How about postal stamps?

No, never, ever. Bitcoins are way unpredictable, as the price can go from 20$ per coin, to pennies in DAYS.

Also, it's insanely easy to hack. And it has been hacked, many times.

Bitcoins are basically made up internet money, and almost nothing professional accepts them. They're kind of a bit of a joke.

 

But hey, the last time I looked at it was a long time ago, so maybe it's changed a lot, let me know if it did.

TL;DR Might as well let us buy platinum with credits.

 

 

Credit (the irl stuff, like a credit card) is also made up money, as it has no real back up, you knew this, right? Bank stuff and else?

[Grilleds]

Credit (the irl stuff, like a credit card) is also made up money, as it has no real back up, you knew this, right? Bank stuff and else?

Its still more secure.

[Cpl_Facehugger]

KijaJouteh, on 04 Nov 2013 - 2:55 PM, said:

Can I buy platinum with bottle caps?

After the apocalypse hits, I'm sure DE will start taking new currency like this.

Quote

Also, it's insanely easy to hack. And it has been hacked, many times.

What. No, Bitcoins are actually ridiculously secure. Hence why they're used for money laundering, drug deals, and other places where you don't want law enforcement snooping at your records. They're also pretty impossible to hack unless you've got an NSA supercomputer or the like.

They're still terrible currency, mind you, but not because of how they're "insecure", because they aren't. They're terrible because they have no backing from credible institutions. The only government who actually recognizes bitcoins as legal tender is Zimbabwe.

[bobafetthotmail]

Also, it's insanely easy to hack. And it has been hacked, many times.

 

While you are correct on the rest, all known "hacks" are electronic theft of bitcoins generated normally. Which is exactly the same as what happens with real money.

 

For now bitcoins have that, they are impossible to fake. But it's a bit too little as they have no real value outside a few circles.

[GunnermanChris41]

Thanks for the feedback everyone!

[Psychen]

In terms of hacking, they are the safest thing around. Still, while the safest encrypted phone won't stop a neighbor from eavesdropping through the door; a website security is highly questionable.

 

Regarding it being a terrible currency, it's only considered as such by some due to the current way stock market works, if they speculate it's going down, people will stop investing and using, making it an easy bubble burst target.

It still beats a currency based on debt, taxes can still be charged through product pricing... it's just not widely used or wanted [comparing for example to the oil companies vs the electric car war =)].

[Grilleds]

After the apocalypse hits, I'm sure DE will start taking new currency like this.

What. No, Bitcoins are actually ridiculously secure. Hence why they're used for money laundering, drug deals, and other places where you don't want law enforcement snooping at your records. They're also pretty impossible to hack unless you've got an NSA supercomputer or the like.

They're still terrible currency, mind you, but not because of how they're "insecure", because they aren't. They're terrible because they have no backing from credible institutions. The only government who actually recognizes bitcoins as legal tender is Zimbabwe.

Bitcoins will probably become more credible with time though. I don't agree with using them right now, but they are already catching on faster than I would have predicted and eventually it will become profitable for credible institutions to officially recognize bitcoins as real currency. Possibly. I'm really not an expert in this particular area so take what I say with a grain of salt.

[bobafetthotmail]

It still beats a currency based on debt, taxes can still be charged through product pricing... it's just not widely used or wanted [comparing for example to the oil companies vs the electric car war =)].

electric cars are made viable mainly because they use the same battery technology as anything else, and since a few years ago there is a huge push on ultra-portable devices. All they need to do is put electric motors and a huge lithium-ion battery in a car frame now. Hybrids are probably not going to disappear for decades just because it's so convenient to move around energy as chemical fuels.

 

Before that I only saw the car industry investing in total bull like biofuels or hydrogen, which are stop-gap and outright dumb choices for a list of reasons (respectively).

[Lord_zasca]

no

[taiiat]

while i feel for you, as Bitcoins are superior to any currency the world officially uses, because it's honestly, better backed than any of the 'official' currencies, it's too unstable to really be used for anything. 

 

despite that instability, BitCoins are still more reliable than all these fake representations of values that we call money, anyways. the only reason these forms of 'money' don't instantly spiral into destruction is because Countries will vouch for their value. but there's nothing to back up that value. so trying to cash and claim your official government bank notes(otherwise known as money) would yield you with nothing. 

[Grilleds]

while i feel for you, as Bitcoins are superior to any currency the world officially uses, because it's honestly, better backed than any of the 'official' currencies, it's too unstable to really be used for anything. 

 

despite that instability, BitCoins are still more reliable than all these fake representations of values that we call money, anyways. the only reason these forms of 'money' don't instantly spiral into destruction is because Countries will vouch for their value. but there's nothing to back up that value. so trying to cash and claim your official government bank notes(otherwise known as money) would yield you with nothing.

You realize that Bitcoins, like other currency, only have value because a large group of people believes it has value, right? Its in the same boat as any other form of currency in that regard, and it has no better or worse claim in terms of intrinsic value. So your criticisms of other forms of currency, also applies to Bitcoins.

[Ipozi]

What. No, Bitcoins are actually ridiculously secure. Hence why they're used for money laundering, drug deals, and other places where you don't want law enforcement snooping at your records. They're also pretty impossible to hack unless you've got an NSA supercomputer or the like.

 

Actually...with the current hashrates even supercomputers couldn't 51% the network, especially with the current influx of ASICS.

 

And bitcoins aren't insecure, fake money (all money's fake if you wanna go that way), or unreliable. They just flux, a LOT, and since they aren't fiat people hate them. The potential is there, but it won't stop fluxxing until major institutions accept them, meaning companies-like this one.

 

Do people consider Iranian Rials fake money simply because of the exchange rate (~24000 per USD)? No, not really, but only because its fiat. This argument that bitcoin isn't real money is like saying that you would rather trust some foreign govt with a crazy low currency to usd exchange rate than the bitcoin network. I for one, would not. Not to mention the long term implications of a completely decentralized anonymous currency are insanely huge, DarkWallet ftw

 

I'm not saying that de should accept them right now, but on a global scale there is a slow movement towards bitcoin. And the more people that move the more stable it becomes, so hopefully sometime in the future btc becomes much more viable.

Edited November 5, 2013 by Ipozi

[taiiat]

You realize that Bitcoins, like other currency, only have value because a large group of people believes it has value, right? Its in the same boat as any other form of currency in that regard, and it has no better or worse claim in terms of intrinsic value. So your criticisms of other forms of currency, also applies to Bitcoins.

the individuals wouldn't break the Currency by vouching what they can't backup. atleast, it's more likely for that to be the case than for a blind Government that prints money at the speed of light in order to keep up with debts. *slow clap* good solution. 

we shouldn't get into politics though, that's always a bad subject to get into on a forum.

[weirdee]

The main issue with direct payment using bitcoins is that since it has a tendency to fluctuate more wildly than other currencies (a fact most people like to leave out when discussing the "security" of their money), the receiving end is most likely going to have to convert it immediately, which is what you should be doing anyway before paying anything with bitcoins. Any option for bitcoin payment will base the price on another, more stable currency, and the conversion rate is going to affect the bitcoin price, which basically makes it useless anyway, because bitcoins are not the national currency for any country officially.

 

(secondly, depending on what the value of a single bitcoin is at the time, there is no smaller unit in which bitcoins can be broken into while remaining native to that system, so unless there's some contrived way to partly own a piece of encrypted data, you'd be forced to accept change in the form of another currency anyway)

Edited November 5, 2013 by weirdee

[GunnermanChris41]

Bitcoins are going up in value pretty fast! Although in a small time frame they can be unreliable, but in the long run, they are going up. Check this article out about a man who earned a lot of money through bitcoins: http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home

[weirdee]

that's great for investment

 

but terrible as a currency you want to do normal business in

[Cpl_Facehugger]

despite that instability, BitCoins are still more reliable than all these fake representations of values that we call money, anyways. the only reason these forms of 'money' don't instantly spiral into destruction is because Countries will vouch for their value. but there's nothing to back up that value. so trying to cash and claim your official government bank notes(otherwise known as money) would yield you with nothing.

 

 Are you kidding me? You can't eat a packet of encrypted data that says nothing. You can't make a car with it, you can't drive to work using it as fuel. It's not even useful for ornamental value like precious gems. Bitcoins have exactly jack value unless they're backed by a credible institution (ie a government) which will say "yeah, I'll accept those as money."

Bitcoins have absolutely no intrinsic value. At least dollar bills can be used as toilet paper even if literally everyone suddenly stopped accepting them as currency. Meanwhile, with the bitcoin, they're worth solely what you can convince people they're worth.

Actually...with the current hashrates even supercomputers couldn't 51% the network, especially with the current influx of ASICS.

I stand corrected then. Back when I first learned of bitcoin, the network was small enough that you could bruteforce it with sufficient processing power, IIRC.

 

fake money (all money's fake if you wanna go that way),

The difference between monopoly money and real money is that you can actually use real money to buy things in the real world. Presently, bitcoins are almost entirely monopoly money. Yes a few places will take them instead of real money, but bitcoins won't be a real currency until you can be reasonably assured that you can go down to your supermarket and pay for food with them. And to do that, you're going to need a government saying "yeah, these are acceptable legal tender."

Do people consider Iranian Rials fake money simply because of the exchange rate (~24000 per USD)? No, not really, but only because its fiat. This argument that bitcoin isn't real money is like saying that you would rather trust some foreign govt with a crazy low currency to usd exchange rate than the bitcoin network. I for one, would not. Not to mention the long term implications of a completely decentralized anonymous currency are insanely huge, DarkWallet ftw

People don't consider Iranian Rials fake money because they have the backing of a major government. Without the assurance that you can go to a country and use a given currency to buy things, a currency will never achieve widespread popularity regardless of how difficult it is to counterfeit. It's gotta be legal tender somewhere and have the backing of a government, or it's gotta be intrinsically useful, otherwise people aren't going to want it.

[Relkin]

You already can via rixty.

 

www.pcgamesupply.com is listed on the rixty website as a digital reseller of rixty codes and they accept bit coin.

 

You're welcome.

[taiiat]

www.pcgamesupply.com is listed on the rixty website as a digital reseller of rixty codes and they accept bit coin.