fyi- APUG now accepting Bitcoin for subscriptions and donations..

Discussion in 'APUG System Announcements' started by Sean, Dec 12, 2013.

  1. Sean

    Sean Admin Staff Member Admin

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    Hi All,

    Just to let you know we now accepts payments via bitcoin. Currently this is available only for subscriptions or donations. If you wish to subscribe by bitcoin payment please contact me at apug.org@gmail.com we can work out the current price from there.

    If you wish to simply donate some bitcoin to APUG our bitcoin address is: 1A3dfXo52jFz8sXs9ZvMtfpEMwq12yfiQw

    I'm not sure if this will be used much but it could be a nice option for some of our geekier members :smile:

    I have updated the "Support Us" link with the above details as well.

    Thanks!
    Sean

    P.S. for those asking "What the heck is Bitcoin?" this might help: https://www.youtube.com/watch?v=Cs6F91dFYCs
     
  2. David A. Goldfarb

    David A. Goldfarb Moderator Staff Member Moderator

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    Whoa. I haven't tried bitcoin, but I like the concept.
     
  3. StoneNYC

    StoneNYC Subscriber

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    Hmm, I imagine a world with a "Milti-Pass" bitcoin system... Hah!

    After reading the wiki, I'm not sure I want to join just yet LOL
     
  4. polyglot

    polyglot Member

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    So can I buy film on Silk Road yet?
     
  5. Sean

    Sean Admin Staff Member Admin

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    Bitcoin does sound a sketchy at first glance, but it's now gaining in mainstream acceptance as a viable global virtual currency. Transactions are secure, instant, free of fees and fraud. Over 100,000 merchants now accept it. I think Paypal and other such companies should be slightly worried.. It will be a few more years until it's fully mainstream though. Check out some of the new VC funded startups http://www.coinbase.com for example, just got a 25 million funding from Andreessen Horowitz. I wish I would have acquired a 100 or so bitcoins when they were only a few dollars.
     
  6. Tom1956

    Tom1956 Inactive

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    You mean, after all the questions I've answered, insight, expertise, and human warmth I've shared, APUG in not paying ME? Hmm... I should take my free business to a better site. Problem is, there isn't one. I'll google up what a bitcoin is some other time. But after the property tax is paid, I might wave green American cash at this joint, it you'll have it.
     
  7. StoneNYC

    StoneNYC Subscriber

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    Wait so bitcoins are their own currency within a market of other made up currency (like the US as it's not based on silver or gold anymore) so it's it's own country basically.... Hmm that's scary lol!

    You don't pay fees because it's it's own market, but doesn't that mean they might increase the available bitcoins to up the "price" of the bitcoins? Who's regulating this? Seems like the 1920's before the crash... Lol
     
  8. StoneNYC

    StoneNYC Subscriber

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    There's a link to the wiki on the first post...no need to google...
     
  9. Dinesh

    Dinesh Subscriber

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    Sean, does this mean that you are no long accepting blue jeans and Beatles tapes as payment?
     
  10. jnanian

    jnanian Advertiser Advertiser

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  11. StoneNYC

    StoneNYC Subscriber

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  12. EdSawyer

    EdSawyer Member

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    bitcoin is hardly a currency. more like a speculative gamble. When it crashes (and it will) it will crash hard to zero. redeem any bitcoins you have as soon as you get them, IMNHSO.
     
  13. StoneNYC

    StoneNYC Subscriber

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    And how is this gamble different than US currency? Nothing is backed anymore, it's all made up...

    Everyone should watch "In Time" the movie, it's an OK movie but the parallels to real life are accurate and if you extrapolate you have one of those realization moments... Either way it's worth seeing.
     
  14. EdSawyer

    EdSawyer Member

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    US currency has a bit more widespread support. ;-) But hey, if you want to live your life in BTC, it should at least be rather exciting... ;-P
     
  15. StoneNYC

    StoneNYC Subscriber

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    I just want to start scrounging that dump site... Haha

    Could you imagine if they someday unearth it, and the whole universe is working off if bitcoins, and some future earth man finds the hard drive and recovers the coins... He would be ultra rich! And could FINALY buy his own spacecraft and finally retire on Venus...
     
  16. Sean

    Sean Admin Staff Member Admin

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    There can't be more than 21 million bitcoins, the algorithm simply won't allow it. So what we will see are people trading in fractions of bitcoins. You would never pay a bitcoin to subscribe to APUG, you would pay 0.028 bitcoin or "BTC".

    They've been saying this for years but it continues to increase it's market, at this point growth is becoming exponential.. Bitcoin has already surpassed Westernunion. VC funds are dumping millions into it, over 100,000 retailers now accept it and this is growing rapidly. Here are some current stats:

    Total Bitcoins currently available: 12,117,800 BTC
    Current Market Cap: 10,772,724,200 USD

    Determining pricing of bitcoin: http://www.gadflycapital.com/markets/gadfly_capital_2013_12_12_valuing_a_bitcoin.pdf

    If that pdf can be believed they show bitcoin with a market of 10 billion is valued around $850 US per coin (and that is what we are seeing now, market is 10.7 billion and the coins are at $900US each). The market will reach 100 billion at which point a coin will be in the $8,000 US range. 100 billion is a very tiny slice of the pie so as electronic transactions begin to increase further it's likely to only go up. Companies like paypal should be worried. They do not have to worry just yet because it's difficult for the average person to use bitcoin, but this is changing rapidly due to 100's of million in VC funding to create paypal like venues for bitcoin ( coinbase.com based in the US now has 600,000 users and growing 30% a month).

    The big question is, will bitcoin continue to survive. It's estimated global acceptance around 2017-2019, then a considerable amount of the online transaction market 10 years later. If this happens a bitcoin will be quite valuable. If venture capitalists like Andreessen and Horowitz betting 25+ million that it's here to stay are wrong, then you are right it will fade into nothing only an interesting tidbit in internet history. I tend to side with those who think bitcoin is going to be as big as the internet. There could be a lot of people 15yrs from now wishing they had a few bitcoins. I don't think anyone knows how it will pan out, it's fun to watch though.
     
  17. Sean

    Sean Admin Staff Member Admin

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    I read a similar story of a student who bought bitcoins 4yrs ago and forgot about them (probably paid $50). When he found them he cashed in and bought an apartment. There is probably still time to be an early adopter but not much longer if things keep going how they are.
     
  18. StoneNYC

    StoneNYC Subscriber

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    So how manly bitcoins do you own?? Hmmm?? :smile:
     
  19. Sean

    Sean Admin Staff Member Admin

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    Just a couple from a while back, I have them stored offline in a bip38 encrypted paper wallet. It's way out of my price range to put more into it. I plan to just sit on them for 15-20yrs and see what happens.
     
  20. StoneNYC

    StoneNYC Subscriber

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    What about the ones you make from this site? Shouldn't you allocate those to a separate spot? You could become the sole savior of film!
     
  21. Sean

    Sean Admin Staff Member Admin

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    I can't see APUG generating much bitcoin, just a few micro fractions a year (at least for now I think). Here's a good video for you if interested. best explanation of bitcoin potential I've seen: https://www.youtube.com/watch?v=Cs6F91dFYCs
     
  22. polyglot

    polyglot Member

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    what about dogecoin? such crypto, very currency. wow
     
  23. Poisson Du Jour

    Poisson Du Jour Member

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    Strictly for the geeks.