Crypto payments

[reallyhardtofind]

Just had a buyer ask me to purchase an item via crypto, hahaha ebay way behind the times as usual. They will never catch up. 

[lepke1979]

Unrelated, but reminds me how Hulk Hogan was offered to be spokesman for a grill. He declined. But later that day or the next, he changed his mind and called the company back. Unfortunately for Mr. Hogan, George Foreman already said yes.

[reallynicestamps]

Although, same could be said for our dollar.

Well, no.

Fiat currency is earned by Value Added.

You put in an hour's work, stocking shelves, designing software, growing tomatoes, you get fifteen dollars (ish).

The fiat currency is a representation of your labour.

Value added.

If you loan that $15 to Amy who uses it to buy tomato seeds, she can promise to pay it back and add another dollar at the end of summer. (Or a bushel of tomatoes, I suppose.)

Again value added.

The problem I see with cryptocurrencies (in addition to the Quadringa factor) is that "mining" crypto consumes energy, without giving any value added. It may even be a value subtracted because much of the world's energy sells below its cost due to huge government subsidies. (The Brinco/Hydro Quebec fiasco for example.)

https://www.cnn.com/2019/02/05/tech/quadriga-gerald-cotten-cryptocurrency/index.html

https://en.wikipedia.org/wiki/Churchill_Falls_Generating_Station

[chapeau-noir]

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@lepke1979 wrote:

Unrelated, but reminds me how Hulk Hogan was offered to be spokesman for a grill. He declined. But later that day or the next, he changed his mind and called the company back. Unfortunately for Mr. Hogan, George Foreman already said yes.

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I'll take Big George over the Hulk any day, anyway.

The biggest problem I have with crypto is the insane amounts of energy it takes to generate it.  The second biggest problem is that it reminds me too much of the South Sea Bubble - I'm certain it will settle in as an alternative currency, but there's a lot of hot air in it right now.

[onlinecentral]

If I make a purchase on eBay, I can not send payment with shares of eBay or any other company's stock, nor crypto currencies. I have to deal with a 3rd party to convert the shares to cash first.

Suppose a buyer makes a purchase today for One Bitcoin = $35,000 dollars.
On day 29 they file a return case.
Suppose the price of Bitcoin went back up to its all time high of $60,000 during the month.
Who wins or loses on the $25,000 change in value? The buyer, seller or eBay?

If you had a legitimate buyer, they would have simply used their credit or debit card. Your would be buyer has an unrealistic expectation that eBay should compete against these 3rd party brokers.

The DJIA, NASDAQ, S&P 500 are near all time record highs. It would be prudent to make your investments after the next big correction.

[lepke1979]

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@onlinecentral wrote:

If I make a purchase on eBay, I can not send payment with shares of eBay or any other company's stock, nor crypto currencies. I have to deal with a 3rd party to convert the shares to cash first.

Suppose a buyer makes a purchase today for One Bitcoin = $35,000 dollars.
On day 29 they file a return case.
Suppose the price of Bitcoin went back up to its all time high of $60,000 during the month.
Who wins or loses on the $25,000 change in value? The buyer, seller or eBay?

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More than likely the 1 BTC @ $35,000 will be converted and sent to you as $35,000 USD. Then if you were to do the return, they'd get ~0.58 BTC @ $60,000.

It'd be no different than the various payment options. You aren't expected to create an Apple or Google Pay account to sell here. The processor just takes the money and then sends it to you in your local currency.