92 replies to this topic

[Goldmember]

The bitcoin value in USD is now quite stable and many online vendors are accepting this currency as payment purchases. There are a few loops to jump through to sell the bitcoins and transfer them to your bank account, especially for users living in countries outside the US.

At the same time most coins are mined using powerful GPUs, so I suspect that a lot of the miners are playing this game, and would love spending the coins here rather than losing a large portion to transfer fees etc.

Take all this together, and I think that you have a great potential for making money by accepting bitcoins as payment for MC.

[OpCentar]

Considering they are not recognized as legal currency I'm wondering what would PGI/IGP do with your bitcoins?

[KAOS 1]

How do you suppose they pay taxes on that, it is so easy for you to convert bitcoins to currency , why would they need to risk holding it, when at any point you want to buy mc you can simply exchange as much as you need.

[Blue Footed Booby]

Goldmember, on 31 May 2013 - 03:15 AM, said:

The bitcoin value in USD is now quite stable....

Ahahahaha. They're stable now but there's no telling when they'll next go through one of those hilarious crashes where they lose most of their value in an hour and a half. This is setting aside all the issues with converting it to non-internet money without going through some physical intermediary that has to be sold for cash.

[Syllogy]

No. Asking PGI to accept bitcoins is like asking the PGI to accept Dave & Buster's arcade tickets.

Solution: Convert your bitcoins to currency yourself, then spend that currency on MC.

Edited by Syllogy, 31 May 2013 - 04:29 AM.

[Mechteric]

Bitcoins are terrible and terrible people use them.

[Goldmember]

OpCentar, on 31 May 2013 - 03:23 AM, said:

Considering they are not recognized as legal currency I'm wondering what would PGI/IGP do with your bitcoins?

I would expect them to sell them or buy something with them, just like everybody else is doing. Not recognized as legal currency does not mean it is illegal you know...

KAOS 1, on 31 May 2013 - 03:36 AM, said:

How do you suppose they pay taxes on that

I suppose they declare income.

Blue Footed Booby, on 31 May 2013 - 03:42 AM, said:

They're stable now but there's no telling when they'll next go through one of those hilarious crashes where they lose most of their value in an hour and a half. This is setting aside all the issues with converting it to non-internet money without going through some physical intermediary that has to be sold for cash.

Same as with every other commodity. I would expect PGI to charge a premium for the reasons you mention to make it more profitable for them.

[FrostCollar]

Goldmember, on 31 May 2013 - 06:40 AM, said:

Same as with every other commodity. I would expect PGI to charge a premium for the reasons you mention to make it more profitable for them.

PGI doesn't accept commodities though. I can have all the gold bullion and oil futures I want, I still can't use them to buy MC without converting those investments into cash first.

[Syllogy]

If PGI accepted other forms of commodity trade, I will start paying them in bacon. Much cheaper than buying MC with cash, and still more valuable than bitcoins.

[blah40000]

liberety reserve was recently shut down, bitcoins can't be far behind.

[Sephlock]

Maybe after Rapture gets stabilized...

[Sephlock]

Should they accept Latverian dollars as well?

Edited by Sephlock, 31 May 2013 - 08:04 AM.

[FrostCollar]

Sephlock, on 31 May 2013 - 08:01 AM, said:

Do they accept Latverian dollars as well?

They might... through barter!

[Bagheera]

No.

[Sephlock]

You might have better luck spending your Bitcoins here:

[Sephlock]

http://www.theatlant...urrency/274859/

http://www.forbes.co...-understanding/

[Sephlock]

http://bitcoincharts...tgCzm1g10zm2g25

[Goldmember]

FrostCollar, on 31 May 2013 - 07:44 AM, said:

PGI doesn't accept commodities though. I can have all the gold bullion and oil futures I want, I still can't use them to buy MC without converting those investments into cash first.

The difference is that gold and oil are physical products and you would have to ship them over to PGI. Meanwhile a digital currency is designed for trade on the Internet so the hurdles of handling are not present.

[Corvus Antaka]

CapperDeluxe, on 31 May 2013 - 04:38 AM, said:

Bitcoins are terrible and terrible people use them.

Kinda like US dollars these days...

[Rytheo]

Goldmember, on 31 May 2013 - 03:15 AM, said:

The bitcoin value in USD is now quite stable and many online vendors are accepting this currency as payment purchases. There are a few loops to jump through to sell the bitcoins and transfer them to your bank account, especially for users living in countries outside the US.

At the same time most coins are mined using powerful GPUs, so I suspect that a lot of the miners are playing this game, and would love spending the coins here rather than losing a large portion to transfer fees etc.

Take all this together, and I think that you have a great potential for making money by accepting bitcoins as payment for MC.

Bit coins literally climbed to 8x their starting value and dramatically collapsed back down to 130 dollars a butt in the space of 4 months, if thats stable man whats your definition of unstable?

Another mark against it is that the main exchange is pretty shady, and not only that has had several really embarrassing security issues as well.

With all of this together it would probably cause the accounting and legal departments at PGI way more headaches than they would ever make pandering to a tiny segment of their playerbase.