Crypto Currency Thread
Discussion
dimots said:
DonkeyApple said:
You settle in the currency the market is quoted in. That’s why USD.
However, if the recipient is GBP based then you simply agree the GBP at a spot rate and deliver in GBP.
This is really simple stuff but it has highlighted that some of the strongest and most vocal proponents that BTC is a currency don’t actually understand how currencies work in the first instance.
So here is a question for some: If both parties agree to settle in BTC, how is the amount of BTC calculated? What is it that determines the value of BTC?
I simply send btc from my wallet at the current rate of exchange to whatever currency is requested. Same as GBP to USD conversion from a bank. However, if the recipient is GBP based then you simply agree the GBP at a spot rate and deliver in GBP.
This is really simple stuff but it has highlighted that some of the strongest and most vocal proponents that BTC is a currency don’t actually understand how currencies work in the first instance.
So here is a question for some: If both parties agree to settle in BTC, how is the amount of BTC calculated? What is it that determines the value of BTC?
What is so confusing for you?
. However, why don’t you think about the metric you are going to be using to calculated the BTC amount and explain why the complexity of a route to settlement that deviates from basic principles? 
The clue lies in how you are calculating the loss or gain.
DonkeyApple said:
However, why don’t you think about the metric you are going to be using to calculated the BTC amount and explain why the complexity of a route to settlement that deviates from basic principles?
Not a very well constructed sentence. Too difficult to infer your meaning. Please try again with an explicit statement.dimots said:
DonkeyApple said:
However, why don’t you think about the metric you are going to be using to calculated the BTC amount and explain why the complexity of a route to settlement that deviates from basic principles?
Not a very well constructed sentence. Too difficult to infer your meaning. Please try again with an explicit statement.dimots said:
You offered £100 to anyone who would take your bet. The only people you wouldn’t lay against were me and Condi. As you have no chance of losing why are you welching now?
English not your thing either? If I said I had a sofa free to anyone who wanted it would you think it meant multiple sofas?I’ve still not received a pm off either, which we need, so hopefully they’ll respond soon and we can confirm the details. You’ve already said you’re Welching on the USD aspect so Ibthink my money’s safe, but whichever way it goes I’ll not be responding to you again.
James_B said:
English not your thing either? If I said I had a sofa free to anyone who wanted it would you think it meant multiple sofas?
I’ve still not received a pm off either, which we need, so hopefully they’ll respond soon and we can confirm the details. You’ve already said you’re Welching on the USD aspect so Ibthink my money’s safe, but whichever way it goes I’ll not be responding to you again.
You don't seem to understand the meaning of welching. I’ve still not received a pm off either, which we need, so hopefully they’ll respond soon and we can confirm the details. You’ve already said you’re Welching on the USD aspect so Ibthink my money’s safe, but whichever way it goes I’ll not be responding to you again.
You offered the bet to everyone.
You are a weasel. I knew it
James_B said:
I’m willing to bet he welches. £100, in pounds, to be paid via PayPal. Deal settles a week after he’s due to pay up, Condi’s word is law on whether he was paid out.
All bets off if Dimots ends up winning the bet.
Any takers? Only open to people not in on the original bet of course...
You don't state only one £100 bet is on offer. You state that all bets (that's plural) are off if I win, and you state that it is open to people not in on the original bet. You had better honour this offer James or, as you well understand, you are welching.All bets off if Dimots ends up winning the bet.
Any takers? Only open to people not in on the original bet of course...
dimots said:
I am paying in bitcoin because this was a bet on bitcoin, on the bitcoin thread, and although you all have an opinion none of you have ever used bitcoin! This is an opportunity to educate and enlighten.
Downloading a bitcoin wallet to your phone and visiting a bitcoin ATM would be the best education on the topic any of you will ever have.
So if you bet on Fury / Wilder at the weekend you'd expected to be paid out in punches to the head?Downloading a bitcoin wallet to your phone and visiting a bitcoin ATM would be the best education on the topic any of you will ever have.
this thread 
.Oakey said:
dimots said:
I am paying in bitcoin because this was a bet on bitcoin, on the bitcoin thread, and although you all have an opinion none of you have ever used bitcoin! This is an opportunity to educate and enlighten.
Downloading a bitcoin wallet to your phone and visiting a bitcoin ATM would be the best education on the topic any of you will ever have.
So if you bet on Fury / Wilder at the weekend you'd expected to be paid out in punches to the head?Downloading a bitcoin wallet to your phone and visiting a bitcoin ATM would be the best education on the topic any of you will ever have.
This is the logic. It’s basically an argument that you would go to the horses, place a bet and settle in horse meat. Apparently this is completely normal and how the world now works.
‘All bets off’ also has a new meaning.
There does seem to be a lack of comprehension of both currencies and betting flying around at the moment which I suspect is not ideal when attempting to bet on currencies?
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