TromboneChat

Should i be worried or... i know people selling and only accepting bitcoin is a no go but i’ve never had someone want to pay in bitcoin

I would be sketched out, unless you own bitcoin. I don't know much about it, and I'm sure there's someone else here who can help more. But I would ask the person to sell part of their bitcoin to send money via PayPal.

Anyone who prefers bitcoin over PayPal is crazy. Bitcoin is for most people an investment, and don't take an investment as payment. Genuinely, Amazon, Google, or Apple stocks would be a more stable form of payment. Also, creating a bitcoin wallet for one sale is not worth it.

Don't take payment in bitcoin is my advice. Their phrasing is suspect at best, and why wouldn't they just exchange it to USD on their end?

I told him i only take paypal and he didn’t respond so... i don’t really want to sell the horn, but i could use the cash so it’s not too tragic

My understanding is that PayPal offers some protection to the purchaser as long as you don't select the Friends and Family transaction type. Bitcoin offers no protection to the purchaser. As the seller, that obviously doesn't apply to you.

I believe that at one time there was a chance for fraudulent transactions with Bitcoin and you'd need to wait a couple days to ensure that it is valid. However, the landscape has changed since I stopped following it, so maybe it's not an issue at this time - I'm not sure.

Also, Bitcoin value is constantly changing so you'd need to sell and get your money out as quickly as possible to guarantee that you get the same amount. Also look into what fees there are for selling the coin.

My suggestion is if you're not hurting for money and you've never dealt with Bitcoin before, I'd pass on it.

Peacemate wrote: ↑Mon Mar 22, 2021 1:17 pm Anyone who prefers bitcoin over PayPal is crazy. Bitcoin is for most people an investment, and don't take an investment as payment. Genuinely, Amazon, Google, or Apple stocks would be a more stable form of payment. Also, creating a bitcoin wallet for one sale is not worth it.

Don't take payment in bitcoin is my advice. Their phrasing is suspect at best, and why wouldn't they just exchange it to USD on their end?

I prefer bitcoin, or various other cryptocurrencies, over PayPal. Thanks for reminding me to change my ads to reflect this.

Neo Bri wrote: ↑Mon Mar 22, 2021 2:54 pm

Peacemate wrote: ↑Mon Mar 22, 2021 1:17 pm Anyone who prefers bitcoin over PayPal is crazy. Bitcoin is for most people an investment, and don't take an investment as payment. Genuinely, Amazon, Google, or Apple stocks would be a more stable form of payment. Also, creating a bitcoin wallet for one sale is not worth it.

Don't take payment in bitcoin is my advice. Their phrasing is suspect at best, and why wouldn't they just exchange it to USD on their end?

I prefer bitcoin, or various other cryptocurrencies, over PayPal. Thanks for reminding me to change my ads to reflect this.

I guess anyone is hyperbole, but I think the techier people among us are more likely to prefer/use crypto. I also think it is weird to only go the crypto route (their phrasing seemed to indicate that, "If you will consider trading via Bitcoin [...] I'm happy to take it forward.") as if they only want to buy with bitcoin.

Of course bitcoin is less sketchy if you actually propose multiple payment options. I guess the better statement would be "Anyone who only uses bitcoin is in some fashion crazy".

Peacemate wrote: ↑Mon Mar 22, 2021 3:12 pm

Neo Bri wrote: ↑Mon Mar 22, 2021 2:54 pm

I prefer bitcoin, or various other cryptocurrencies, over PayPal. Thanks for reminding me to change my ads to reflect this.

I guess anyone is hyperbole, but I think the techier people among us are more likely to prefer/use crypto. I also think it is weird to only go the crypto route (their phrasing seemed to indicate that, "If you will consider trading via Bitcoin [...] I'm happy to take it forward.") as if they only want to buy with bitcoin.

Of course bitcoin is less sketchy if you actually propose multiple payment options. I guess the better statement would be "Anyone who only uses bitcoin is in some fashion crazy".

I definitely agree.

I went on mass media and convinced gullible investors that I had a Pet Rock named Bitcoin, and that it was valuable because there would never be any more Bitcoin rocks in the universe. The word spread rapidly through the Internet, and competing bidders were so desperate to own this valuable non-existent rock that they bid the price up to $54,000. I can't believe my good fortune. I can now sell my shares of the Bitcoin rock for $54,000, and never have to produce the rock.
Just like the original Pet Rock of the 1970's, the value of Bitcoin will peak and then become worthless. When or why that will happen is the big gamble. Some will win and some will lose.
I think I'll invest in something more stable, like Beanie Babies.

Elow wrote: ↑Mon Mar 22, 2021 1:20 pm I told him i only take paypal and he didn’t respond so... i don’t really want to sell the horn, but i could use the cash so it’s not too tragic

But you're not getting cash if you sell for Bitcoin. Think of it more in terms of someone offering to pay for a horn by giving you Microsoft stock

By the time you cash it out, who knows how much you'll actually get. Bitcoin could explode tomorrow or take a dive.

I don't think it's sketchy, but like others have stated, it's more of a hassle on your end. It would kinda make sense if the seller was overseas and didn't want to deal with foreign transactions and whatnot, but he says he has a USD balance somewhere.

Bitcoin had the same value as a USD or Yen. It's all in your head.

At least Microsoft stock represents an actual share of the buildings, equipment, desks, chairs, worker output, and a promise of dividends from a leading company.

Imagine if fiat currencies became shares of the vanguard total world ETF. It would actually be backed by something.

The difference is that US, EU, British, or Japanese "fiat" currencies are backed by the issuing governments. Sure that means they will change in value relative to each other, but usually not too much. Bitcoin, on the other hand, is not guaranteed by any government. In fact, I have been having trouble understanding what backs it at all.

Bitcoin is backed by nothing. Fiat currencies are backed by .... ? Bombs? The ability to print more out of thin air?

They are all essentially worthless. A document that says you are entitled to a .00001% share in a company, be it of their real equipment/product or a share in the dividend if they offer one is admittedly also essentially worthless, but far more valuable as long as the company does well and upholds their end of the bargain.

A share of a bread company will rise during a famine and beat inflation, while the loaf of bread they make sells for $1000.

This is the best explanation of currency I have ever read. It is from Sapiens: A Brief History of Humankind by Yuval Noah Harari.
https://www.ynharari.com/topic/money-and-politics/

If you don't want to read it, the quick summary is that currency evolved from a direct exchange of goods, to tokens that represented a certain amount of a commodity, to eventually pretty pieces of paper or metal that are ultimately backed by the GDP of an economy. Even with that, currency is an act of faith in the end. We have to have faith that when a digital message changes the numbers in our bank account that means we can send digital messages to others that contain numbers in exchange for the real things we need. History shows that humans are very good at faith, so we are good at currency.

At this point I can't really get with the creation story of bit coin so I don't have long term faith. I believe my government has a big interest in keeping value in its currency so I have more faith in that at this time.

I have read Sapiens and think it should be included in the list of books all responsible humans should be required to read to understand how their world works.

Yes, that seems sketchy. I like to think I'm reasonably tech-savvy (have a PhD in STEM, am employed for my computational and statistical skills) and I avoid crypotcurrency weirdos like the plague. Surely this person could simply trade in some of their bitcoin for actual money if they want the horn?

harrisonreed wrote: ↑Mon Mar 22, 2021 10:09 pm Bitcoin is backed by nothing. Fiat currencies are backed by .... ? Bombs? The ability to print more out of thin air?

In some sense, all currency derives value from a general social agreement that it is, in fact, valuable. My landlord agrees that US dollars are valuable enough to let me keep living here, the government insists that US dollars and only US dollars are good for settling my tax bill, the grocer agrees to give me food for US dollars, the barista and barkeep and taco truck guy (when such establishments are open) all give me stuff I want in exchange for US dollars. If other people won't let me pay a bill with bitcoin, then it isn't currency.