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OT: NBA Kings to accept Bitcoin for ticket or merchandise purchases

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01-16-2014, 01:47 PM
  #1
LadyStanley
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OT: NBA Kings to accept Bitcoin for ticket or merchandise purchases

http://www.tsn.ca/nba/story/?id=441377

Different.

First I've heard of a sports franchise accepting this form of payment. (It's kinda like another form of currency.)

Nightly Business Report has discussed it a bit. There seems to be some regulatory issues with the US banking laws that might have some bearing on how it's used, but this action is assuming there will be little/no impact.

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01-16-2014, 02:09 PM
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Not surprising. Ranadive is a computer guy and seems pretty bright.

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01-16-2014, 10:06 PM
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Quote:
Originally Posted by LadyStanley View Post
http://www.tsn.ca/nba/story/?id=441377

Different.

First I've heard of a sports franchise accepting this form of payment. (It's kinda like another form of currency.)

Nightly Business Report has discussed it a bit. There seems to be some regulatory issues with the US banking laws that might have some bearing on how it's used, but this action is assuming there will be little/no impact.
Oh don't get me started on the merits of bitcoin as a currency and the regulations (or lack thereof) surrounding it. I work for a regulator and have spent a lot of time researching it.

That being said, what they are doing is using Coinbase which is a bitcoin exchange, to process payments. So someone will pay with bitcoin but the Kings will still use dollars. Its more of a marketing move to make themselves look cutting edge.

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01-16-2014, 10:20 PM
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Interesting. Bitcoin is used a lot on the 'deep web' for anonymous transactions. (ahem, Silk Road) People have also begun investing in this stuff because apparently there's only a fixed amount available and the value continues to increase. Heard on the radio this morning that last year it was available for around $200 for a bitcoin now it's at like $900 or something like that.

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01-16-2014, 10:34 PM
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Quote:
Originally Posted by LeafOfBread View Post
Interesting. Bitcoin is used a lot on the 'deep web' for anonymous transactions. (ahem, Silk Road) People have also begun investing in this stuff because apparently there's only a fixed amount available and the value continues to increase. Heard on the radio this morning that last year it was available for around $200 for a bitcoin now it's at like $900 or something like that.
Here is the pricechart:

http://blockchain.info/charts/market-price

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01-16-2014, 10:37 PM
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Wow…. this is freaking crazy. Not real money being used, amazing how times are changing. Obama will surely stop this.

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01-16-2014, 10:50 PM
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Since I probably should stop commenting on this allow me to give some resources for people who really want to learn about this:

http://www.chicagofed.org/digital_as...er2013_317.pdf

https://www.khanacademy.org/economic...oin-what-is-it

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01-17-2014, 12:11 AM
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Wow…. this is freaking crazy. Not real money being used, amazing how times are changing. Obama will surely stop this.
No he won't, because here it's considered real money.

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01-17-2014, 01:18 AM
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UtherGardener
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bitcoin too good to be turn, dont trust it, seem too much like the start of the perfect one world currency.

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01-17-2014, 01:56 AM
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Quote:
Originally Posted by aqib View Post
Oh don't get me started on the merits of bitcoin as a currency and the regulations (or lack thereof) surrounding it. I work for a regulator and have spent a lot of time researching it.

That being said, what they are doing is using Coinbase which is a bitcoin exchange, to process payments. So someone will pay with bitcoin but the Kings will still use dollars. Its more of a marketing move to make themselves look cutting edge.
Sorry, I can't tell from your comment whether you are supportive of bitcoin or dismissive. I'm a big supporter of bitcoin and I enjoy seeing these stories of more places accepting them (albeit slowly and even though they cash out into dollars instantly).

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01-17-2014, 02:27 AM
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Quote:
Originally Posted by LeafOfBread View Post
Interesting. Bitcoin is used a lot on the 'deep web' for anonymous transactions. (ahem, Silk Road) People have also begun investing in this stuff because apparently there's only a fixed amount available and the value continues to increase. Heard on the radio this morning that last year it was available for around $200 for a bitcoin now it's at like $900 or something like that.
Yeah but the problem is the value is almost entirely speculative which is why it fluctuates wildly. "Investing" in it is pretty much akin to tossing it all on black.

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01-17-2014, 04:54 AM
  #12
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Quote:
Originally Posted by aqib View Post
Oh don't get me started on the merits of bitcoin as a currency and the regulations (or lack thereof) surrounding it. I work for a regulator and have spent a lot of time researching it.

That being said, what they are doing is using Coinbase which is a bitcoin exchange, to process payments. So someone will pay with bitcoin but the Kings will still use dollars. Its more of a marketing move to make themselves look cutting edge.
I've heard of bitcoin for a while now. Seen it mentioned on a tv show. It's gaining more traction.

Since you've been researching it what are your thoughts?

Is this something I can ignore for now or do I need to take it seriously. I'm not even sure how I would use it in my life or why I would need to.

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01-17-2014, 09:15 AM
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Would I be able to trade my goat for a ticket?

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01-17-2014, 09:15 AM
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Quote:
Originally Posted by GuelphStormer View Post
Would I be able to trade my goat for a ticket?
Assuming a service called GoatPay was in existence and the Sacramento Kings used it, yes you could.

There's a difference between accepting BitCoins and using BitPay.

For lack of a better explanation BitPay is like Paypal except they accept bitcoins instead of linking to your bank account/credit card.

The Kings are not receiving BitCoins from customers, they receive USD from BitPay after BitPay receives BitCoins and verifies them.

Netflix is also rumored to be looking at adopting BitPay for subscriptions.

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01-17-2014, 12:07 PM
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Quote:
Originally Posted by UtherGardener View Post
bitcoin too good to be turn, dont trust it, seem too much like the start of the perfect one world currency.
This. It will come crashing down at some point. All currency's fall. It might recover but I wouldn't trust it.

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01-17-2014, 12:19 PM
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Well to be honest if you look the chart AQIB linked the currency has been somewhat stable over the first 2 years and 9 months of its existence, and only in the last 4 months has it gone overboard.

To me, bitcoin is a gambling game. If you wanna play with bitcoin...I would suggest to start with something more secure on a real exchange market.

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01-17-2014, 12:25 PM
  #17
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Quote:
Originally Posted by Dream Big View Post
I've heard of bitcoin for a while now. Seen it mentioned on a tv show. It's gaining more traction.

Since you've been researching it what are your thoughts?

Is this something I can ignore for now or do I need to take it seriously. I'm not even sure how I would use it in my life or why I would need to.
Let me start with the disclaimer that this is only my view and not the view of my employer or any other regulatory agency.

Personally I think Bitcoin is a scam. The guy who created it operated under a fake name until he disappeared. The system relies on the voluntary participation of miners who essentially donate network capacity to process transactions in exchange for being awarded coins. Every 4 years the number of coins awarded gets cut so the incentive to participate decreases. The largest contributor of network capacity is someone out of the Ukraine who also operates under a fake name. Now if you created something that went from nothing to a $12 billion market in 4 years would you go underground or if you were the largest player in a $12 billion market would you operate under a fake name. The biggest Bitcoin exchange is Mt. Gox, which until 2010 was a site for trading Magic The Gathering cards. It stands for Magic The Gathering Online Exchange. Lastly its got such wild swings losing 30% in a week and the price gap between exchanges is so wide it doesn't have the stability of a real currency.

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01-17-2014, 12:34 PM
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Quote:
Originally Posted by hatterson View Post
Assuming a service called GoatPay was in existence and the Sacramento Kings used it, yes you could.

There's a difference between accepting BitCoins and using BitPay.

For lack of a better explanation BitPay is like Paypal except they accept bitcoins instead of linking to your bank account/credit card.

The Kings are not receiving BitCoins from customers, they receive USD from BitPay after BitPay receives BitCoins and verifies them.

Netflix is also rumored to be looking at adopting BitPay for subscriptions.
Exactly. They made a big deal out of it a while ago when a car dealership accepted bit coin. They received USD in the end so it doesn't matter.

It's not long before BitCoin does become the universal currency of the internet.

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01-17-2014, 01:02 PM
  #19
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What is BitCoin?

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01-17-2014, 01:26 PM
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Originally Posted by NugentHopkinsfan View Post
Wow…. this is freaking crazy. Not real money being used, amazing how times are changing. Obama will surely stop this.
ALL fiat currency isnt "real".

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01-17-2014, 01:40 PM
  #21
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would be ironic if the Federal Reserve and Central Banks hold the most...it feels like something they would come up with.

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01-17-2014, 02:40 PM
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Quote:
Originally Posted by AriIQ View Post
ALL fiat currency isnt "real".
True although there's a significant difference between currency which has the backing of something like the US Government versus something that has literally no backing at all.

Quote:
Originally Posted by aqib View Post
The system relies on the voluntary participation of miners who essentially donate network capacity to process transactions in exchange for being awarded coins.
First, it's not network capacity, it's hardware/calculation capacity and second, if they're being compensated (via awarded bitcoins) then it's not a donation.

Quote:
Originally Posted by aqib View Post
Every 4 years the number of coins awarded gets cut so the incentive to participate decreases.
That would be true only if the only reward was from additional bitcoins added for mining. However mining also generates and awards transactional fees which means that there will always be a reward for mining blocks.

Quote:
Originally Posted by aqib View Post
The largest contributor of network capacity is someone out of the Ukraine who also operates under a fake name. Now if you created something that went from nothing to a $12 billion market in 4 years would you go underground or if you were the largest player in a $12 billion market would you operate under a fake name.
Nakamoto had withdrawn his presence far before bitcoins reached significant market cap. They were worth only fractions of a penny at the time, instead of several hundred dollars.

Quote:
Originally Posted by aqib View Post
The biggest Bitcoin exchange is Mt. Gox, which until 2010 was a site for trading Magic The Gathering cards. It stands for Magic The Gathering Online Exchange.
Sites change purposes. Again, I'm not sure how that affects the validity of bitcoins.

Quote:
Originally Posted by aqib View Post
Lastly its got such wild swings losing 30% in a week and the price gap between exchanges is so wide it doesn't have the stability of a real currency.
It's a currency whose value is currently almost entirely speculative on behalf of early adopters. That leads to incredible fluctuation but does not undermine its validity as a currency.

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01-17-2014, 03:46 PM
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aqib also didn't mention that they will stop creating new Bitcoin once there are 21M in existence.

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01-17-2014, 03:59 PM
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Quote:
Originally Posted by Kane One View Post
aqib also didn't mention that they will stop creating new Bitcoin once there are 21M in existence.
Which only means that it will be inherently deflationary in nature, but still doesn't make it a scam or invalidate it.

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01-17-2014, 08:55 PM
  #25
aqib
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Quote:
Originally Posted by hatterson View Post

First, it's not network capacity, it's hardware/calculation capacity and second, if they're being compensated (via awarded bitcoins) then it's not a donation.



That would be true only if the only reward was from additional bitcoins added for mining. However mining also generates and awards transactional fees which means that there will always be a reward for mining blocks.



Nakamoto had withdrawn his presence far before bitcoins reached significant market cap. They were worth only fractions of a penny at the time, instead of several hundred dollars.



Sites change purposes. Again, I'm not sure how that affects the validity of bitcoins.



It's a currency whose value is currently almost entirely speculative on behalf of early adopters. That leads to incredible fluctuation but does not undermine its validity as a currency.
Ok I have to tread carefully since this is a topic thats coming up a lot at work.

The first point we're arguing semantics. It costs money to set up and power the servers to perform the required calculations to validate the transactions and solve the math puzzles to be awarded the new coins. Right now 25 are awarded every 10 minutes. in the future it goes down to 12.5, 4 years later 6.25, etc. So there is less of a reward.

Yes Nakamoto withdrew his presence a long time ago. However, the fact that we don't know who he is adds to the questions around this. Silk Road (the online drug dealer who accepted bitcoin) made a transfer to one of the first accounts ever created. Was it him? I don't know. Is he trading this now? I don't know. Call me a cynic. Say I am overanalyzing etc. However, not knowing who the guy is and taking it at face value he isn't involved in anyway is not something I can do.

The point about the site: if it was a site that was in some sort of finance I could give it some credibility. If you could go to e-trade, forex, etc. But a card trading site?

Actually the wild fluctuations to undermine its viability as a currency. Currencies do two things. Serve as means of exchange. Serve as a store of value. The wild fluctuations undermine both. Also, go on Mt Gox, bitstamp, or Coinbase all at the same time and see how far apart the prices are. That doesn't happen with legit currencies or commodities.

Lastly sure there are legit companies accepting it. There are coffee shops in Silicon Valley that have been doing it for a year. However, its an insignificant portion of their sales and its more of a marketing move.

Again just my opinion but I think this unravels eventually.

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