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Bitcoin: Does it have a future ?
Rank: Elder Joined: 7/21/2010 Posts: 6,182 Location: nairobi
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KenyanEconomist wrote:I'm very skeptical about Bitcoin and other cryptocurrencies. Has anyone in this forum actually used Bitcoin in a transaction? to me what matters most is not what the central bank says but how the whole world views it,if the world embraces it you either follow suit or become irrelevant and analog. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: User Joined: 1/20/2014 Posts: 3,528
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mlennyma wrote:KenyanEconomist wrote:I'm very skeptical about Bitcoin and other cryptocurrencies. Has anyone in this forum actually used Bitcoin in a transaction? to me what matters most is not what the central bank says but how the whole world views it,if the world embraces it you either follow suit or become irrelevant and analog. The mpesa story in Kenya is a classic example!!! Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Member Joined: 8/15/2015 Posts: 817
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how exactly do you price your goods/services in bitcoin. the only way to do this is to maybe dynamically changing your pricing as the bitcoin value rises and fall.i think this currency is too volatile for any use as a medium of exchange. but its good for trading like any other currency.below is a monthly chart of bitcoin price. good luck with those swings.Imagine if KES shilling was swinging like that , lol.This is what you get for a wild wild west type of currency 
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Rank: Member Joined: 12/2/2009 Posts: 299 Location: kenya
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Cornelius Vanderbilt wrote:how exactly do you price your goods/services in bitcoin. the only way to do this is to maybe dynamically changing your pricing as the bitcoin value rises and fall.i think this currency is too volatile for any use as a medium of exchange. but its good for trading like any other currency.below is a monthly chart of bitcoin price. good luck with those swings.Imagine if KES shilling was swinging like that , lol.This is what you get for a wild wild west type of currency To me huu ni moto wa kuotea mbari.I guess if i can make money within the realm of the known i have no business risking venturing into uncharted frontiers.Naogopa kujifishiwo.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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popat wrote:Cornelius Vanderbilt wrote:how exactly do you price your goods/services in bitcoin. the only way to do this is to maybe dynamically changing your pricing as the bitcoin value rises and fall.i think this currency is too volatile for any use as a medium of exchange. but its good for trading like any other currency.below is a monthly chart of bitcoin price. good luck with those swings.Imagine if KES shilling was swinging like that , lol.This is what you get for a wild wild west type of currency To me huu ni moto wa kuotea mbari.I guess if i can make money within the realm of the known i have no business risking venturing into uncharted frontiers.Naogopa kujifishiwo. #laggards we are many........... Lets us wait!!!!! Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Member Joined: 12/30/2012 Posts: 545 Location: NBI
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Cornelius Vanderbilt wrote:how exactly do you price your goods/services in bitcoin. the only way to do this is to maybe dynamically changing your pricing as the bitcoin value rises and fall.i think this currency is too volatile for any use as a medium of exchange. but its good for trading like any other currency.below is a monthly chart of bitcoin price. good luck with those swings.Imagine if KES shilling was swinging like that , lol.This is what you get for a wild wild west type of currency Well, there are futures contracts for that now. BITCOIN TRADERS KENYA Whatsapp group +254 705 299 429
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Rank: Member Joined: 8/16/2012 Posts: 660
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popat wrote:Cornelius Vanderbilt wrote:how exactly do you price your goods/services in bitcoin. the only way to do this is to maybe dynamically changing your pricing as the bitcoin value rises and fall.i think this currency is too volatile for any use as a medium of exchange. but its good for trading like any other currency.below is a monthly chart of bitcoin price. good luck with those swings.Imagine if KES shilling was swinging like that , lol.This is what you get for a wild wild west type of currency To me huu ni moto wa kuotea mbari.I guess if i can make money within the realm of the known i have no business risking venturing into uncharted frontiers. Naogopa kujifishiwo. LOL This fear of the unkwown won't make you wealthy. You risk, you learn. Now if Kenya were to be among the countries taking this seriously instead of a blanket ban by people in their desks with little knowledge (and appreciation) of the tech behind bitcoin. That would be truly ground breaking. As for the volatility, have a look at each stock in NSE from 2010 too and compare. E.G . - KQ was trading at 45.00 now at 4.60 [395 million units traded within the period] - Mumias was at 9.75 now at 1.60 [1.5 billion units traded within the period] - Safaricom was trading at 4.70 now at 16.20 [16 billion units traded within the period] - Unga was trading at 11.00 now at 35 [23 million units traded within the period] And we are in a bear market! Risk<~>Gain Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Member Joined: 12/30/2012 Posts: 545 Location: NBI
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ICT Cabinet Secretary Nominee Joe Mucheru @mucheru endorsed bitcoins, likely owns some - see tweet from Feb 14  BITCOIN TRADERS KENYA Whatsapp group +254 705 299 429
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Rank: Member Joined: 8/27/2010 Posts: 495 Location: Nairobi
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mic_mic wrote:ICT Cabinet Secretary Nominee Joe Mucheru @mucheru endorsed bitcoins, likely owns some - see tweet from Feb 14 Err....  Quote:Team BitPesa watching the confirmation hearings for Joe Mucheru, current Board member and soon-to-be Cabinet Minister for ICT. https://www.bitpesa.co/blog/bitpesa-v-safaricom/
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Rank: Member Joined: 12/30/2012 Posts: 545 Location: NBI
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BitPesa press release in the paper "we'll continue to operate from Kenya, We are licensed by UK Financial Conduct Authority"  BITCOIN TRADERS KENYA Whatsapp group +254 705 299 429
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Ask the question differently , do you have a future if your money is in Bitcoin.
As for me I won’t engage were Central Banks are telling me they are not protecting me.
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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Shafting continues for unsuspecting Wanjiko! John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Member Joined: 8/27/2010 Posts: 495 Location: Nairobi
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It's best to keep an open mind on the underlying technology of bitcoin, distributed ledgers. The CBK acted very stupidly. Quote:Modern electronic payment systems rely on trusted, central third parties to process payments securely. Recent developments have seen the creation of digital currencies like Bitcoin, which combine new currencies with decentralised payment systems. Although the monetary aspects of digital currencies have attracted considerable attention, the distributed ledger underlying their payment systems is a significant innovation. As with money held as bank deposits, most financial assets today exist as purely digital records. This opens up the possibility for distributed ledgers to transform the financial system more generally. Source: On Digital Currencies by the Bank of England.The American government used seized bitcoins as an asset:  http://www.usmarshals.go...5/dpr-february-auction/
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Rank: Member Joined: 12/30/2012 Posts: 545 Location: NBI
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 Bitcoin is touted as biggest innovation in a century, but the CBK seems clueless http://www.nation.co.ke/...8/-/11tq1tg/-/index.htmlBITCOIN TRADERS KENYA Whatsapp group +254 705 299 429
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Rank: Member Joined: 12/30/2012 Posts: 545 Location: NBI
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See also Streisand effect in action  BITCOIN TRADERS KENYA Whatsapp group +254 705 299 429
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Rank: Veteran Joined: 11/11/2006 Posts: 971 Location: Home
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Quote:The current dispute, though, is a reminder that the Bitcoin software — like all computer code — is an evolving product of the human mind, and its deployment is vulnerable to human frailties and divergent ideals. http://www.nytimes.com/2016/01/...l?smid=pl-share&_r=0
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Rank: Member Joined: 8/27/2010 Posts: 495 Location: Nairobi
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holycow wrote:Quote:The current dispute, though, is a reminder that the Bitcoin software — like all computer code — is an evolving product of the human mind, and its deployment is vulnerable to human frailties and divergent ideals. http://www.nytimes.com/2016/01/...l?smid=pl-share&_r=0 The dispute seems deeper than that: Quote:In the world of Bitcoin, Mike Hearn is a big deal. He developed the code that made it possible to use Bitcoin on smartphones. A couple of years back, he quit a cushy engineering job at Google to focus on Bitcoin full time because he was convinced of its potential to change the world. But now he’s quitting the digital currency and declaring Bitcoin a failed experiment.
“The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards,” he writes on Medium. “I will no longer be taking part in Bitcoin development and have sold all my coins.” http://fusion.net/story/...failed-says-mike-hearn/
Mike Hearn's original explanation on why he has quit Bitcoin: https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.fej0q180j Sent from my Black Nokia 3310
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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Ash Ock wrote:holycow wrote:Quote:The current dispute, though, is a reminder that the Bitcoin software — like all computer code — is an evolving product of the human mind, and its deployment is vulnerable to human frailties and divergent ideals. http://www.nytimes.com/2016/01/...l?smid=pl-share&_r=0 The dispute seems deeper than that: Quote:In the world of Bitcoin, Mike Hearn is a big deal. He developed the code that made it possible to use Bitcoin on smartphones. A couple of years back, he quit a cushy engineering job at Google to focus on Bitcoin full time because he was convinced of its potential to change the world. But now he’s quitting the digital currency and declaring Bitcoin a failed experiment.
“The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards,” he writes on Medium. “I will no longer be taking part in Bitcoin development and have sold all my coins.” http://fusion.net/story/...failed-says-mike-hearn/
Mike Hearn's original explanation on why he has quit Bitcoin: https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.fej0q180j www.theguardian.com/tech...rrency-failed-experimentIf your money is trapped in Bitcoin know that you are declared shafted and that is it! John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Member Joined: 8/27/2010 Posts: 495 Location: Nairobi
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Spikes wrote:www.theguardian.com/technology/2016/jan/15/mike-hearn-senior-bitcoin-developer-says-currency-failed-experiment
If your money is trapped in Bitcoin know that you are declared shafted and that is it! Actually, it has come out the that Mike Hearns ditched Bitcoin and went in with the banks under a group called R3, which has over 42 of the largest global banks. They are trying to use the underlying technology of Bitcoin (called the Blockchain) so they can continue controlling the financial world. Some of these banks are:  Quote:Five more banks have joined a global consortium working on ways blockchain technology can be used in financial markets, the firm leading the project said on Thursday, as it brought in experts from the worlds of banking and technology.
BNP Paribas, Wells Fargo, ING, MacQuarie and the Canadian Imperial Bank of Commerce will join 25 other banks including JPMorgan and Citi in the initiative, led by New York-based financial tech firm R3.
Most of the world's biggest banks, with the exception of Chinese lenders, have now signed up to the initiative. It represents the first time banks have collaborated on how the technology that underpins bitcoin, a controversial, web-based "cryptocurrency", can be used in finance. http://www.reuters.com/a...n-idUSKBN0TZ1MF20151216
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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Bitcoin trading at $370 I am thinking on getting into this thing purely for experimental purposes. African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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