Bitcoin is all the rage.
Drew Rosener, founder of Media Options, announced the successful brokerage of a three letter .com domain – all done in Bitcoin.
The deal for DEJ.com completed using BTC exclusively, according to Drew:
“Successfully brokered sale of DEJ.com , payment & commission 100% in Bitcoin! So fast, easy & smooth! #crypto #bitcoin #btc”
Rosener is a huge fan of cryptocurrencies, and Bitcoin in particular, having announced his enthusiasm about these alternate payment methods, and their underlying technology.
The brokerage of DEJ.com was an opportunity for Drew Rosener to expand on his view of the Bitcoin future:
“When I posted the below message in June, Bitcoin was at $2,500; it now sits at $4,200 and will likely kiss $5,000 (before a sell off and likely regressing to $2,500 – $3,000 again temporarily). Many of you were very skeptical. Some even wrote me privately warning me not to invest. Many of you still are. We fear what we don’t understand. But that doesn’t mean we should ignore what we don’t understand.
I am not telling anyone to run and invest in Bitcoin (or other crypto currency), but I beg you to at least educate yourself. Learn. Adapt. Make a decision. This is not something you can ignore, you must be decisive. The world is not changing, it already has. The future is here, like it or not. This (Blockchain & Bitcoin) is NOT a fad and those of you claiming it is, will sadly find yourselves on the wrong side of history I’m afraid.”
Do you accept Bitcoin as payment for domain sales?
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I may not always agree with Drew’s take on domains, despite his many successes, but he’s dead right about blockchain not being a fad – everyone’s way of conducting business (contracts, payments, trading, insurance, etc.) is already changing…forever.
But IMO, over the medium-to-long run you’ll get a much better ROI on your time and money focusing on Ethereum/Ether, than BitCoin.
Media option is having gambling elements in it, specially Andew R. and coincidentally whenever they are bullish on something, things go other way. This is abslute surety to not get into BTC. MO is a contrary indicator.
nik – Exactly what would be the benefit to Media Options, if things went the other way? They don’t control BTC.
What would be the benefit for Goldman Sachs, when its top analysts are bullish and market goes other way.
They are broker/market Makers and they want volume and/or churning. Time wil prove it.
nik – I think your analogy is flawed. Bitcoin is not a stock or a bond, and its price although volatile aplenty, does not benefit those that rave about it. Media Options could have completed the sale in e.g. food stamps. That would not affect the value of food stamps in any way.
time is answer for every analogy. You and me are only relative parts.
nik – I’d love to philosophize about Heraclitus, but Media Options doesn’t affect the flow of BTC.
Only downside to BTC.
Get BTC and you’re at the mercy of a volatile market, you may just get half of value by the time you change to FIAT.
BTC irreversible, someone’s taking a major risk for this to happen. No escrow. And for what, to avoid fees?
Besides, any BTC real-world transaction is simply a cash convertible amount nowadays. Who cares if its BTC or not? Want cash, just convert it after you get your BTC. Want BTC? just buy it with cash.
Only downside to BTC transactions, no upside whatsoever.
time is the answer
Martin – Why only downside? BTC went from sub-$1000 this year to well above $4,300. Volatility exists, but it goes both ways.
Agreed on the escrow.
I have been beating the btc drum for several years now. The sooner the registrars start paying out in btc or other cc’s the better. Domains and cc’s are a perfect match. period. It’s obvious.
Many have called bitcoin dead a hundred times already and it keeps going up,up,up. How about that free bcc?!?! $600+ today.
They are now beaming btc transactions via satellite in case the net goes down. Satellite and sms. Poof! bye bye fiat!!
If the power goes out you will need chickens and bullets. 😉
Bitcoin will hit $12500 this year, then go back to $6000.
I am intrigued by cryptocurrency but still see a few issues:
– isn’t the extreme volatility not a great thing to have in a currency you would use on a regular basis to buy and sell with? I understand people have made good returns on the rise of bitcoin and other cryptos, but it makes big moves both ways which creates uncertainties if you are to use it on a regular basis.
– can not the banking system develop their own cryptocurrency that would act in a similar way? The whole point of a currency is to be able to buy and sell things, so if the banking system can develop some payment units on a blockchain system that don’t fluctuate so much in value, wouldn’t that also work? If you want to be able to send and receive a digital money unit that can be exchanged back into a fiat currency, who cares what the digital unit is as long as it works?
– bitcoin does have the privacy associated with it, but not everyone needs privacy in their everyday transactions
– the banking system and govts have a big incentive to get their piece of this
I am trying to see how bitcoin gets to a higher 5 or 6 figure value but can’t completely connect the dots.
“Martin – Why only downside? BTC went from sub-$1000 this year to well above $4,300. Volatility exists, but it goes both ways.”
Yea, BTC may go up or down, but why should anyone take the risk *at the time of the transaction*? Take cash, then do with it whatever you want to do with it. BTC or otherwise. After all, your domain purchase/sale in all likelihood is discussed in terms of FIAT and then converted to equivalent BTC. In other words, it’s not like Andrew sold the domain for 1 BTC waiting for the value to catch up to 50K per BTC. He more likely sold it for a USD price and converted the value to BTC to accept the payment. In that case, the BTC is kind of useless really and again, only downside to the transaction, no upside here (besides the cool factor).
Martin – I don’t know what he did with the BTC after the domain was sold. Does it matter? At the time of the exchange, I’m sure the valuation was made in USD and payment was made in BTC at the going rate. If buyer and seller agree, does it matter if it’s BTC or USD? The point is, the transaction was completed among BTC wallets, involving no banks etc. You can buy or order lots of different services with BTC, it’s not a novelty.
” involving no banks etc.” Exactly!! The point of btc and other cc’s is there is no intermediary.
Point being, there was only downside at the time of the transaction, no upside. Both actually would have been better off with FIAT and then do whatever they want with it, be it buy crypto or do something else.
Martin – What was the downside? I don’t care if you dislike BTC, I’m personally indifferent. But you don’t make any sense. Money changed hands at the going exchange rate. No different than paying in GBP or EUR for a US based seller.
There’s a difference.
1. Volatility
2. Irreversible
3. Novelty coin, can hardly be accepted for anything.
The use case for BTC right now is almost exclusively speculative.
My point again, why worry about btc if you can take cash and then decide if you to invest in btc or something else? You get to do whatever you want.
Why would I want btc and not cash if i can choose one or the other? All I see is downside but no upside.
Martin – 1. Volatility : I’ve seen more ups than downs and the current value is at 4X what it traded for at the beginning of the year.
2. Irreversible : You can convert it back to FIAT money or to other crypto.
3. Novelty : BTC is widely accepted in online services. Not to buy milk.
Sure, you can take cash and turn it into donuts. There is no “worry” factor at the point of exchange. Yes, you are “bidding” that BTC will appreciate or remain the same, and it’s a long hold game. Why? Because the more time passes, the fewer BTC is mined. Unlike FIAT money that gets printed all the time. So the closer it gets to the 21 million BTC threshold, the more stable BTC becomes.
All is fine but not the point if btc is viable long term or not. The point being is at the time of the transaction you better off with cash than btc. After all, the value has been calculated in FIAT to begin with and there’s little to no benefits to having the transaction executed in btc. Just downsides.
I get it if you don’t see my point, we’ll have to agree to disagree.
Martin – If that were the case, people would not invest in anything. Stocks? Stamps/coins/art? Nah, better keep the cash.
“Just downsides” – except when you spent e.g. 1 BTC and the exchange went up 4X.