The city government of Zug (Switzerland) is the first government to accept Bitcoin

[Datulab]

The government of a small city called Zug in Switzerland now accepts Bitcoin for payments of up to 200 CHF (around 200$). There for they are the fist government in the world to accept a krypto currency as a payment method. This decision doesn't come from nowhere as there are over 15 companies in the area specialized in digital financial service. Some even speak about krypto valley at the lake of Zug.

 

This is a really important step because many governments around the world are currently investigating krypto currencies as a payment method. 

 

Source: http://www.nzz.ch/schweiz/crypto-valley-zukunftsmodell-oder-marketing-gag-ld.22911 NZZ is a really reputable newspaper from Switzerland (just use google translator if you don't understand German)

 

[Stefan1024]

Yes this is indeen happening. Despite the effort to move to digial paiment is a good idea, bitcoin is just ridiculous. Hardly anyone will use it and the project is going to cost more than the accumulated bitcoins transfered to the gouvernment.

[Datulab]

7 minutes ago, Stefan1024 said:

Yes this is indeen happening. Despite the effort to move to digial paiment is a good idea, bitcoin is just ridiculous. Hardly anyone will use it and the project is going to cost more than the accumulated bitcoins transfered to the gouvernment.

I agree, it probably is more for publicity.

[suicidalfranco]

interresting

[NumLock21]

So those who don't do actual work gets to buy real stuffs with fake money?

How nice it that...

 

[Doobeedoo]

When will we see single digital currency though.

[christianled59]

On May 11, 2016 at 8:23 AM, NumLock21 said:

So those who don't do actual work gets to buy real stuffs with fake money?

How nice it that...

 

Well farming isn't efficient at all. Typically, you have to exchange real money for bitcoins if you want a decent amount. So what makes you think people with bitcoins don't do real work?

[NumLock21]

4 minutes ago, christianled59 said:

Well farming isn't efficient at all. Typically, you have to exchange real money for bitcoins if you want a decent amount. So what makes you think people with bitcoins don't do real work?

Well you just sit there and let your computer do the work. It's not manual labor where the person physically does something.

 

[Stefan1024]

2 minutes ago, NumLock21 said:

Well you just sit there and let your computer do the work. It's not manual labor where the person physically does something.

 

You can make the same argument for stock traders...

[Centurius]

19 hours ago, Doobeedoo said:

When will we see single digital currency though.

Probably never, one of the key concepts that community likes to go on about is being decentralized.

2 minutes ago, Stefan1024 said:

You can make the same argument for stock traders...

Not really, a good stock trader needs to stay up to date on market movements and needs to be able to somewhat accurately predict future ones. It might not be manual labour but it is mental. If anything the most comparable would be someone who puts money into an investment fund and lives off of the interest,

[NumLock21]

1 minute ago, Stefan1024 said:

You can make the same argument for stock traders...

Well I'm not sure how stocks really work. But I think you need to have money first, before you invest in stocks. Bitcoin on the other hand you don't have to. All they need is a computer, some can even find one at a dump.

[Stefan1024]

1 minute ago, Centurius said:

 

Not really, a good stock trader needs to stay up to date on market movements and needs to be able to somewhat accurately predict future ones. It might not be manual labour but it is mental. If anything the most comparable would be someone who puts money into an investment fund and lives off of the interest,

for bitcoin you also invest money for HW and electricity. And you need to sell them on the rigth moment to get the biggest benefit. It is like the stock market, just less complex.

 

But yes, living off interest is a good example for getting meney without working.

 

By the way, I like the principal of crypto curreny, but it needs to be dirstuted and managed by a national bank like real money. But with crypto currency they can't just "print" new money when they feel like to do so.

Oh and only one currency for the whole world is also nice.

[Stefan1024]

3 minutes ago, NumLock21 said:

Well I'm not sure how stocks really work. But I think you need to have money first, before you invest in stocks. Bitcoin on the other hand you don't have to. All they need is a computer, some can even find one at a dump.

But the one from the dump has a terrible bitcoin / watt rating so it's not going to benefit you. You need to buy a good ASIC to be professional.

[SirRoderick]

5 minutes ago, NumLock21 said:

Well I'm not sure how stocks really work. But I think you need to have money first, before you invest in stocks. Bitcoin on the other hand you don't have to. All they need is a computer, some can even find one at a dump.

IF you seriously think you can make big money off of computers just mining bitcoins, nevermind the kind of computer you might get out of a scrapyard war, I suggest you hurry and do it yourself.

 

Is what I would say if that wasn't patently absurd. The returns for mining are far too low and you need some serious hardware to crank out very many of them.

[Centurius]

5 minutes ago, Stefan1024 said:

for bitcoin you also invest money for HW and electricity. And you need to sell them on the rigth moment to get the biggest benefit. It is like the stock market, just less complex.

 

But yes, living off interest is a good example for getting meney without working.

 

By the way, I like the principal of crypto curreny, but it needs to be dirstuted and managed by a national bank like real money. But with crypto currency they can't just "print" new money when they feel like to do so.

Oh and only one currency for the whole world is also nice.

At that point you're hitting some pragmatic problems though, if people manage to centralize something like Bitcoin to a single central bank it can't be a global currency as none of the major governments will agree to the possibility of having enemies in control of the money supply(US, EU, Russia, China, etc.). Plus the fact that new currency can't easily be produced is actually one of the reasons the gold and silver standards failed in the first place. Currency just like everything is supply and demand, when you don't have the capacity for supply to match demand new issues arise.

 

Fiat money as we have it now is far from perfect, but it's the best thing we can actually manage to do.

[christianled59]

23 minutes ago, NumLock21 said:

Well you just sit there and let your computer do the work. It's not manual labor where the person physically does something.

 

You can't actually do that you know. It costs more electricity than the money you'd earn doing that. You'll need an ACTUAL job to pay the bills. People don't mine anymore. They trade. 

[NumLock21]

8 minutes ago, Stefan1024 said:

But the one from the dump has a terrible bitcoin / watt rating so it's not going to benefit you. You need to buy a good ASIC to be professional.

Yeah, that's true, you do need one of that that to even mine a single bitcoin. I still remember the lack of AMD's 7900s and R9 gpus due to them really good with mining bitcoins.

6 minutes ago, SirRoderick said:

IF you seriously think you can make big money off of computers just mining bitcoins, nevermind the kind of computer you might get out of a scrapyard war, I suggest you hurry and do it yourself.

 

Is what I would say if that wasn't patently absurd. The returns for mining are far too low and you need some serious hardware to crank out very many of them.

Of course the machine from scrap yard wars will barely even mine a single bitcoin, or probably can in a million years. All I'm saying is there is no physical labor involved when trying to get one of these virtual coins. While they might need to say work, in order to get money to get their system built, but once they're done. They just sit there and let the computer do the rest. It's not like real work, where no work = no money.

 

2 minutes ago, christianled59 said:

You can't actually do that you know. It costs more electricity than the money you'd earn doing that. You'll need an ACTUAL job to pay the bills. People don't mine anymore. They trade. 

I don't do bitcoins or any virtual currency. Heard about it when it first came out like around 2008 or 2009. It was in some detail blog post from DailyTech, which was somewhat associated with Anandtech, since DailyTech was created by a former Anandtech employee. During that time, no one was interested in it. It was a few years later, where another article appeared saying how much those who invested in bitcoins made a fortune, and then it took off. Now everyone wants to mine it and you have others like Doge. The Winklevoss twins stood out, since they made $11million on it.