171023 OpenBazaar.org

OpenBazaar is an app which allows folks to sell anything to anyone. Easy to set up a store, easy to browse thousands of stores, easy to make purchases, while prices may be given in your local currency, all transactions are in bitcoin.  You may chat with shopkeepers, follow those that you like, and use key words to find what you’re looking for.  To make a purchase, you enter your address if it requires shipping, the appropriate amount of bitcoin and click send. What could be easier? 

If you’re a merchant you’ll be happy to hear that there are no fees. Since the entire project is open source, developers don’t get salaries or fees. Since payments are in bitcoin, there are no transactional fees, either. You don’t need a merchant credit card account. You just need to provide your bitcoin wallet address. This could be big. 

Let’s say you want to sell a digital photograph to a Facebook acquientence for $25.00. You would set up a store, with or without a thumbnail of the image, and put up the price of $25.00.   You give your friend the name of your store on OpenBazaar so that they can find your store and make the payment. When the payment is received you send the photograph. Transaction completed. Btw you receive the $25 in bitcoin minus a small transaction fee that is common to all bitcoin transactions. There are no other charges at all. Nice.

171017 Good For Bitcoin vs. Bad For Bitcoin

Screen Shot 2017-10-18 at 9.37.48 AMThe big question on everyone’s mind is will Bitcoin succeed or fail.  If it rises to $100,000 per Bitcoin, as Jamie Dimon says it might, then crashes and burns, even if that should take five years, that would be considered a failure.  On the other hand, if it succeeds by fundamentally transforming the banking industry, as well as the rest of the financial sector, it will be invaluable and last forever.  How are we to know in which direction it’s headed?

Good for Bitcoin

  • Regulatory agencies assert their oversight on Bitcoin — It didn’t take long for the regulatory agents in the U.S. to begin asserting themselves into everything Bitcoin.  Both the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission said that Bitcoin would fall under their oversight.  The news affected the price of Bitcoin adversely and immediately.  However, the fallout was a little larger than -5%.  This seems reasonable and to be expected, yet small by comparison.

Bad For Bitcoin

  • Regulatory agencies assert their oversight on Bitcoin — It didn’t take long for the regulatory agents in the U.S. to begin asserting themselves into everything Bitcoin.  Both the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission said that Bitcoin would fall under their oversight.  The news affected the price of Bitcoin adversely and immediately.  However, the fallout was a little larger than -5%.  This seems reasonable and to be expected, yet small by comparison.

171006 Jamie Dimon: Bitcoin Is Fake

Jamie Dimon, as de facto head of the banking industry, like Big Oil and Big Tobacco before them, hopes to perpetuate his industry’s success by calling Bitcoin a fraud. This is very much like Rex Tillerson, ex-CEO of Exxon-Mobil and now Secretary of State, famously denying climate change in order to perpetuate the myth that there was nothing wrong with the use of fossil fuels.  Or, in 1994, when seven CEO’s of the largest cigarette companies testified before Congress that they personally believed nicotine was not addictive.

Rex Tillerson doesn’t say climate change is a myth anymore.  But for more than twenty years, long after he knew better, he was espousing such lies.  What else could he say and remain head of the largest oil company on earth?  He knew that if climate change existed then responsible adults everywhere would stop using fossil fuels and start using renewables immediately.

Jamie Dimon HAS to call Bitcoin a fraud.  To do otherwise is to give an opening to cryptocurrencies and he dare not do that.   Eighteen months ago Dimon was quoted as saying, “Bitcoin will eat your lunch” to a room full of bankers.   Dimon knew it then and he knows it now.