“I was in college, and now instead of going to college I’m doing Bitcoin,” says Louis Parker, an entrepreneur who set up shop at the Bitcoin Center NYC. This center is a cavernous storefront in lower Manhattan’s financial district, that’s become a central gathering spot for New York City’s cryptocurrency traders, programmers, and enthusiasts. “There’s no college class on Bitcoin, except in Cyprus, and I wasn’t ready to move there,” he says.
What Happens at the Bitcoin Center NYC?
Every Monday night, the Bitcoin community holds a meet up called Satoshi Square, named in honor of Satoshi Nakamoto, the mysterious creator of Bitcoin, in which traders exchange virtual currencies for U.S. dollars. Before Satoshi Square relocated to the Bitcoin Center NYC a couple weeks ago, it was held in the shopping aisles of a Whole Foods grocery store on the Lower East Side.
Why Convert Bitcoins to Fiat via the Web?
Why convert Bitcoins to dollars in person when it’s simple to do so on the web? For one thing, online trades require a bank account, which some Bitcoin users lack. Trading in person also reduces transaction fees and enables haggling. “There’s a lot of benefits to coming together on an exchange,” says Scott Tuddenham, who helps manage the order book during Satoshi Square. “Commerce has been conducted in city centers since the beginning of time,” he says.
About Bitcoin Centre NYC’s Founder
The cofounder of the Bitcoin Center NYC is Nick Spanos, a tech entrepreneur and the owner of the New York City real estate brokerage firm Bapple. He says his interest in Bitcoin and other virtual currencies is partly driven by concern that over printing of money by the U.S. government could lead to runaway inflation.
“Maybe people just by learning about Bitcoin will slowdown the dollars being printed as an educational function of its existence,” says Spanos.
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The problem with any crypto currency is that a large amount of it is mined by the creators prior to it being launched. It is nothing more than a pyramid scheme like other currencies. Like the dollar, it has value because people believe it to has value. Also like the dollar, the lions share is in the hands of a select few people. Rushing from one pyramid scheme to a new pyramid scheme in the hopes of being higher in the pyramid isn't going to save you when the blocks come tumbling down. You either get crushed by the weight of the blocks or die from the distance you fell. The only safe plan is one that includes you developing useful skills that can be bartered and having the means to defend yourself from those who wish to do you harm.
Can we keep the microphone on the competent public speakers please
??? Big problem for BTC Center NYC
Have a .edu email address?
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Mining crypto-currency isn't "helping out the network" it is running through algorithms that randomly generate the currency. It isn't like the processing power is being applied to rendering images, decoding the genome or solving large equations.
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Bitcoin will always have problems and I'm going to tell you why. First of all, don't get me wrong, I understand that the US dollar is a disaster.
The reason Bitcoin will always have problem is because:
1. It is produced by labor and power "spent computer cycles" that is worthless, nonredeemable, and does not perpetuate the economy.
2. There are now many cryptocurrencies, so there is no limit to how much cyptocurrency can be produced, just like the US dollar.
3. Hackers are making the currency unreliable, just like what the US Federal Reserve Bank is doing to the dollar.
Issue 1. in more detail.
Lets say I decided make my own real world currency. So what I did is take pile of rocks and told everyone that if they moved the rock back and forth between two destination that I would issue them my currency for their labor.
I don't believe my currency would have any value, because moving the rock serves no purpose, and does not create a valuable resource in our economy and markets.
Backing your money with recourse that has value in our economy makes more sense. It could be anything, but I'm going to use gold and silver as an example to make my point.
Like Bitcoin it takes a lot of labor to mine gold and silver. But the difference from Bitcoin is that gold and silver are a valuable resource in our world. Spent computer cycles are not a reusable, valuable resource.
Gold and silver can be used for many things, including money, for dental and medical, jewelry, electronics ect… things we need, want and use in every day life. Things we purchase in our economy. Things that make our life easier and better. The labor used to extract precious metals like gold and silver creates a "Valuable" resource.
Bitcoin is essentially spent computer cycles, and the created spent computer cycles have no other value in our economy because as humans we have no use for spent computer cycles. If we need unspent computer cycles we purchase a computer, "which by the way has a lot of gold and silver in it".
I hope this helps you all understand why cryptocurrencies will never work in the long run. Bitcoin is no different than the US dollar that became a fiat currency in 1971 under the Nixon administration.
Put your money in more tangible valuable resources. There are thousands of valuable item in this world. Real estate, precious metals and stones, ect…
Annnnd its gone…
So many of the comments are coming from pale who don't understand the system in the slightest. Don't worry, I used to be like you, I thought it couldn't work, it wasn't better than dust cause it was backed by nothing, blah blah blah. Well now I mine and trade with my own built gaming pc (already paid for itself), high end asic equipment, and profit trading various crypto-currency.
When you actually learn what money is, and why the market has traditionally picked something like silver to fill that position, you can explore how Bitcoin digitally replicates all of this.
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cool to see the bitcoin community meetup offline
Bitcoin is true alternative to Gold and its more a soft asset than the currency. So you can store value in it like gold but exchange it with other people in any fractions you wish. Its globally transferable instantly, anonymous to identity, and cannot be stolen unless you loose it foolishly by loosing your digital keys. Its most suitable to buy large items like, cars or real estate but can well be used to pay salaries and large bussiness transactions. you could buy a coffee too but i wont do that with such a sophisticated asset. for that poor fiats are ok. Remember It will not compete with Government currency when you have to pay taxes. but it will put enormous pressure on fiats to limit there creation and balance their supply.
It's gonna be hilarious when the whole BTC scheme implodes, and it will. More than 90% of the pro BTC scheme promoters are economically illiterate.
I don't think the banking cartel will take bitcoin lying down. They will fight it.
Until someone crates a cryptocurrency that is backed by something I cannot see bitcoin being much more useful than regular old fiat money..
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still liked it
somehow there is a failure of bitcoin 101 on this video
scarcity = value
number one principle of currency stability is backing
Bah. I have a problem with fakes. And that woman's hair is a fake.
I'm Naomi Brockwell from raisin TV.
That reporter is super hot.
Well I'm glad that guy dropped out of college
Is it just me or am I the only one that finds this red head super hot? Just asking…
I masturbate for hours every time a new Naomi Brockwell video comes out.
Hopefully Bitcoin withstands the heavy handed attacks. The whole story so far has been entertaining.
love it!
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How do I know my bitcoins won't get hacked?
naomi's so hot lol :P
Do you think "they" are just going to let you waltz on in and displace their monopoly? They have men with guns who will control you…. you're already slaves and you don't even know it.
Is the reporter an Australian American with a fake English accent?
Thank you for posting. Spread the word!
What's a Bitcoin?
Would not put it passed the existing powers that be to shut the grid down for a week in an effort to discredit the BC
But everyone is still selling Bitcoin for dollars. So dollars are still the desired result.
Bitcoin is not a safe alternative, the CIA investment firm In-Q-Tel has been involved since the beginning. also investor in bitcoin pay pal has been linked with NSA Prism. They want a crypto currency to be the future because the dollar is on its way out.