What Was The First Thing Bought With Bitcoin? - E-Crypto News

Decided to see how the Alpaca Socks for Bitcoin company was doing. Last update was a year ago with over 60% of their products "Temporarily Out of Stock."

Decided to see how the Alpaca Socks for Bitcoin company was doing. Last update was a year ago with over 60% of their products submitted by ButtersBeButtin to Buttcoin [link] [comments]

[megapost] NYANdeas

We've come a long ways and I'm at a point where I've decided I'm going to really pursue this with everything I've got in terms of energy and devotion. I've got a prior commitment hanging over my head towards the end of this month, but once I resolve that, I'm planning on spending a couple months really digging into NYAN and seeing what I can do. So far we've just chipped away at the edges, but already we've seen some pretty impressive results. Just a brief recap of our successes first and then I'll talk about my ideas.
We've gone from 1-3 satoshi to 10-30 satoshi prices. Not bad. We've got two new block explorers up in response to the previous one going down. We've got an irc channel and active community members both here and there. And we've got me, the crazy bastard who's locked up 25% of the available supply and is planning to do everything he can to build up NYAN to its proper greatness, and got tipnyan going and did a major giveaway with it. Oh, and we survived a dump of ~10% of the available supply quite comfortably. Probably other stuff I'm forgetting about right now.
So, what next? Well, a lot of stuff. This is just a huge dump of ideas for discussion and inspiration. It's not necessarily ordered, although I'll try to have it go roughly from simplest to most complex. These are by no means promises or guarantees. This is just stuff I think would be cool.
Some of this isn't a "implement this", it's more of a blog post prompt or general concept.
submitted by coinaday to nyancoins [link] [comments]

Best intro to Bitcoin presentations

TL;DR
My question: what are the best intro to Bitcoin presentations you have seen?
Not a lot of text is best. People don't read much anymore... Ideally, not the 30 minute lecture I was watching the other day, but a clip from it is fine.
The weusecoins video is a decent start, but I'm not a huge fan of the alpaca socks part. I opt instead to inform them of reddit and the more prominent WordPress. I suppose now I can cheat and say a subset of the Google of China.
Long winded part:
A few people irl have recently come to me and asked some questions about Bitcoins because they know I am an advocate. I was very happy to do this; I love talking about Bitcoin. There were some awesome conversations about what money is and how Bitcoin works.
I will be the first guy to tell you to tailor your presentation to your audience, so I'm hoping to get a diverse body of answers here from different points of view. The most recent 2 conversations were from people who invest in stocks, while a couple other conversations have been with curious Libertarians. I try to focus on simplicity and ease of use ("This QR code is like my bank account number! Just scan and send!").
I plan (next free weekend I have or something) on collaborating this information and some favorite sites of my own to make an awesome set of presentations.
I also like to be rational and realistic, so downvote me now. For people who inquire further and seem interested, I want to have a section where I inform them of the risks. They should know that if they use a bad brainwallet, they will lose their coins. They should know that if they are not good at keeping their computer secure, they will lose their coins. They should know that just like the dollar, Bitcoin might fail.
Thanks!
submitted by learn2reddit to Bitcoin [link] [comments]

Some thoughts on the economy of Bitcoin. BTC is fractional reserve and the US Gov has more control over it than you think.

I've given a lot of thought to the arguments and analysis surrounding Bitcoin and I'd like to know what you think about my take on it, and one of my concerns. Please pardon the clickbait-y title, I promise I'm not asking this to push a pro or anti-BTC agenda.
Part 1 theorizes that properties similar to "fractional reserve" are shared by most currencies including cryptocurrencies that aren't centrally managed.
Part 2 presents a question about liquidity and US government market-distortion power.
Part 1: Thoughts on the economic model of currency
So first, many of the arguments for BTC and against fiat focus on monetary ecosystem aspects that BTC and fiat actually seem to share. "Fractional banking" and "no intrinsic value/off the gold standard" are often criticisms of fiat money. As many here have already observed: Crypto and fiat both primarily derive their value based on the willingness of others to accept it in exchange. Neither carries any intrinsic utility value. USD black markets in Argentina and Venezuela (and possibly Cuba) are good examples of how governments can exercise enormous power over citizens through law, monetary supply manipulation aka money printing, official exchange rates and capital controls, but cannot prevent independent price discovery or market valuation of their currencies above their actual worth in exchange. The informal acceptance of Canadian Tire Money by Canadians and the acceptance of casino chips by Las Vegas cabbies is an example of how items other than currency (though to be fair, they are dollar-denominated and exchangeable) have organically come to be accepted as money substitutes despite lack of government decree.
As for fractional reserve and debt-based supply, those are just mechanisms - scalar multipliers - that allow a currency's admins to change the money supply. Fiat supply is controlled by board of admins. BTC has a fixed time schedule by which the supply is algorithmically controlled, but that doesn't mean its valuation in the market doesn't behave like a fiat currency.
The immediate value of the currency/stock unit is what it can buy right now. This is what most people focus on: how many dollars is cabbage corp stock worth, or how many Monopolycoins does it take to buy a cheeseburger. There's the supply: outstanding stock shares or monopolycoins issued. There's the amount of resources that the monetary supply can theoretically purchase - the market cap, or issued_monopoly_coins/cheeseburger_market_price. There's the amount of resources that the monetary supply can actually be exchanged for, or "access": the net worth of cabbage corp, or the actual number of cheeseburgers that can be made by the restaurant.
The supply of a stock or currency will always account for more resources than it is actually based on. The difference between the two, I'm told, is what controls liquidity. This is not necessarily bad. In the case of stocks it allows expected growth and investment returns to be priced in. In the case of currency, ideally it allows the amount and velocity of circulating currency to match the amount and velocity of circulating goods. Both USD and BTC share this property - can I call this ratio "fractional reserve liquidity"?
Please correct me if this theory is incorrect. I would like to postulate that the liquidity of currency and the currency price of goods reflects the amount of circulating currency, not the actual supply. Both goods and services derive demand from utility and scarcity, and scarcity refers to available units, not units in existence. That is, if 1000 units of Monopolycoin circulate in an market economy where 100 cheeseburgers are being traded (and nothing else), the cheeseburger will be 10 coins. If the circulating money supply increases to 2000 coins, the cheeseburger will soon increase to 20 coins. However, if 5000 Monopolycoins are were issued and being circulated around in some other country, cheeseburger prices will not reflect those coins until they begin to circulate among the hungry diners.
Part 2: The liquidity concern
A much better explanation of this issue is made by Stanislav here: http://www.loper-os.org/?p=1009
I have no disagreement per se withe fact that early miners, coin thieves, other large holders and possibly "Satoshi" have ownership of a large part of the Bitcoin economy.
Sure, a lot of people are jealous of those who struck it rich on Bitcoin, and a lot of people believe it's unfair for someone to obtain value without productively creating it. A sentiment I agree with, though in the case of Satoshi, I would say that Satoshi definitely deserves to gain millions from the brilliant creation of the theory and the well thought out software (things like choosing the longest chain by total difficulty and not the block height, network time based on 5 peer median excluding outliers past 70 minutes, safe mode, show a really mature product), and the early adopters who evangelized the system with things like faucets also deserve to benefit.
My concern is when you add in risky liquidity. There would be no unease if there were enough assets, meaning alpaca socks, US dollars, burgers and pizzas being transacted, that a large market action would not disrupt the Bitcoin economy. If there are 100,000 Monopolycoins minted and US $50,000 being traded around supporting a $1:1coin price, then it doesn't matter so much if 20k of those were stolen and 20k were pre-mined and hoarded by the creator, because a very healthy 50% reserve means that a 20k coin cashout won't take out too much capital. It's the fear of putting dollars, burgers, and development work into the ecosystem and having most of it sucked out by a few actors that has people screaming "ponzi".
Now, it's not Satoshi that I'm worried about - whoever Satoshi is would be smart enough to slowly and gradually sell off whatever coins they have to avoid affecting the price.
According to this article, the US FBI has the world's largest Bitcoin wallet: http://www.wired.com/wiredenterprise/2013/12/fbi_wallet/
About 1%, according to this list: http://bitcoinrichlist.com/top100
Keep in mind that while that $94 million number represents the worth of 1% of the outstanding coins, $94 million is a much higher percentage of the actual worth of the Bitcoin economy.
To disrupt Bitcoin, the U.S. government doesn't need to build supercomputers and run a 51% attack, or even try to attack it all. There's a good chance the FBI will sell the entire lot of seized coins at once, or within a short period. It's not like they care about market timing. Whether or not the Bitcoin economy is resilient to such an event depends on the amount of capital and confidence invested into the system at that time.
I wonder:
How much value (primarily foreign exchange reserves, some physical goods) is inside the Bitcoin economy? How much value (iPhones, oil exports, foreign reserves and so on) are in the U.S. Dollar economy? How do the exchangeable assets match up to the total market valuations for both currencies?
submitted by cayeno to Bitcoin [link] [comments]

Ryan Trahan - YouTube Bistum Mainz - YouTube What is Bitcoin? (v1) - YouTube Der Neue Wiesentbote - YouTube

Alpaca socks. This may surprise the new Bitcoin fans, but Alpacas and BTC have a long going history together. The meme originated back in 2011 when a Slashdot forum user posted a shortlist of stores that accepted Bitcoin as a payment. Among others, the Grass Hill Alpaca stood out. Shortly after this discovery alpacas gained popularity as an unofficial mascot of the network, resulting in stores ... Alpaca wool is perfect for socks — it’s extremely warm and hypoallergenic to boot. As luck would have it, one of the first businesses to accept bitcoin was Grass Hill Alpacas farm in ... Grass Hill Alpacas is a small family farm in western Massachusetts raising high-quality Alpaca breeding stock. Check out our website, visit the farm, and become a fan to keep up with all the goings-on at the farm! Jenny82ishere thinks that the first thing that was ever bought using bitcoin could be alpaca socks. The socks were marketed in online shops for bitcoin in the early days. The truth is that we might probably never know when was the first time Bitcoin was used for real-world payments and what was purchased. But, the officially recognized first of such transactions is the famous pizza deal. Meta ... I moved to Alpaca from TradeStation because TradeStation would randomly require me to log back in often at the worst times (i.e. in the middle of a trade) if I had more than one tab open logged in for trading. Now it looks like it is going to be even worse with TradeStation's new requirement for two-factor authentication. No such issues with Alpaca. I had 4 tabs open at one point all logged in ...

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Ryan Trahan - YouTube

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