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Cyprus University Accepts Bitcoin For Tuition Fee Payments

timothy posted about 10 months ago | from the sound-in-ads-needs-to-die-die-die dept.

The Almighty Buck 157

An anonymous reader writes "The University of Nicosia has begun accepting bitcoins as payment for its courses, as well as launching a Master of Science degree focusing on digital currencies. The announcement is part of a proposal set up by the university to develop the Mediterranean island into a hub for bitcoin trading, processing and banking, as use of the virtual currency continues to gain traction." Warning: Auto-playing ad, with sound.

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CYPRUS !! WHERE THE TERRORISTS LEARN !! (-1)

Anonymous Coward | about 10 months ago | (#45480931)

To make BOMBS !!

Good thing I didn't invest. (0, Troll)

Anonymous Coward | about 10 months ago | (#45480945)

Good thing Slashdot users told us not to get in on this silly imaginary money when it was 3 cents a piece a few years back.

Last price:$706.00000 High:$714.00000 Low:$521.80001 Volume:46119 BTC Weighted Avg:$617.02196

Re:Good thing I didn't invest. (3, Insightful)

SuricouRaven (1897204) | about 10 months ago | (#45480985)

It was good advice at the time. The chances of it being so successful were rather slim.

Re:Good thing I didn't invest. (2)

DeathToBill (601486) | about 10 months ago | (#45481089)

Yes, although at that rate $10 invested back then would be over $200,000 today. I sure wish I'd put $10 into it.

Re:Good thing I didn't invest. (2)

FudRucker (866063) | about 10 months ago | (#45481183)

what if it starts going the other way and you invested 200 dollars in it and now it is only worth 10 dollars?

i dont know about you but i want any alternative currency to be more stable

Re:Good thing I didn't invest. (2)

lxs (131946) | about 10 months ago | (#45481291)

$200 is less than most electronic gadgets and those will certainly depreciate to $10 in a few years. It may not be the most prudent investment but if you have the cash lying around it's a fun bet with far better odds than the lottery.

Re:Good thing I didn't invest. (1)

i kan reed (749298) | about 10 months ago | (#45481297)

The point is that such prognostications turned out to be wrong. Don't get me wrong, I think bitcoins are stupid, but that doesn't make them lacking monetary value to other people.

Re:Good thing I didn't invest. (1)

Crimey McBiggles (705157) | about 10 months ago | (#45481399)

$200 isn't that much in the scheme of things. I mean yeah it's a month's worth of a family cellphone plan, or a modest food budget, but for investors not so much. If I'd been more forward-looking when I was a student, I would have put at least 20 bucks in, which would have set me back about two hours of work or a nice dinner.

Re:Good thing I didn't invest. (1)

DeathToBill (601486) | about 10 months ago | (#45481799)

There is an obvious difference between investing $200 and investing $10 - one is the price of a few cups of coffee, the other a grocery bill for a month.

Re:Good thing I didn't invest. (0)

Anonymous Coward | about 10 months ago | (#45481203)

I feel even worse, I bought about $50 worth of bitcoin when it was dirt cheap, sold it and made around $900. Felt pretty good about that at the time...

Re:Good thing I didn't invest. (0)

Anonymous Coward | about 10 months ago | (#45481457)

If you were the only one that did that, maybe. If everyone did that, then everyone tried to actually withdraw all of that money, it would actually be worth quite a bit less.

You need a really big exchange for the value on the ticker to actually be what you can count on for buying or selling.

Re:Good thing I didn't invest. (1)

Joce640k (829181) | about 10 months ago | (#45481607)

Yes, although at that rate $10 invested back then would be over $200,000 today. I sure wish I'd put $10 into it.

That can also be said about stocks/shares in thousands of companies.

The fact is, it's a lottery. Always has been, always will be.

Re:Good thing I didn't invest. (0)

Anonymous Coward | about 10 months ago | (#45481249)

No, the chances of it being successful were 1. You were simply wrong

Re:Good thing I didn't invest. (1)

Sockatume (732728) | about 10 months ago | (#45482369)

If that's how you think probability works I would love to play poker with you.

Re:Good thing I didn't invest. (1)

TheCarp (96830) | about 10 months ago | (#45481425)

However chances of it being so successfull and chances of "it going up from 20ish cents".....

I mean at the time, there was no way to predict it would gain so much interest, but I was pretty confident that it was a good buy at that price....even if it only ever hit $.50 it was doubling your money so it was easy to see it was a great buy then.

Re:Good thing I didn't invest. (2)

Stormalong (36874) | about 10 months ago | (#45482789)

> It was good advice at the time.

Actually, no it wasn't. Good advice would have been: Use your brain. Research Bitcoin until you understand how it works, what it is and what it isn't. Then, decide if it is workable and worthy. If it is, decide how much you are willing to risk investing in it. Don't invest more than you can afford to lose. Note that this is good advice for any new technology.

This is what I did early in 2011. At first I was like most people: "That can't possibly work." But I researched and I found it could and DID work. And I wanted it to succeed, so I did whatever I could to help it (which included investing in it).

When I finally figured out what it was all about I got a weird feeling. I can best describe the feeling as "This Is Important". I got the same feeling when I first found out about the Internet.

Re:Good thing I didn't invest. (3, Insightful)

jythie (914043) | about 10 months ago | (#45481015)

The jury is still out on long term viability. BTC is just barely starting to make the transition from tech elite plaything to something a wider audience finds utility in. There is a lot of hype and a lot of fiat money being poured into BTC right now, but telling if something is ramping up or a bubble is difficult. After all, tulips were a great investment too, till they crashed. On the other hand, things like credit cards, where people were skeptical that they would ever be mainstream and anything other then a passing fad have found a permeant and profitable place in the economy.

So still too soon to tell.

Re:Good thing I didn't invest. (2)

DeathToBill (601486) | about 10 months ago | (#45481113)

You'd have to say BTC are a lot more like tulips than credit cards. Credit cards are not really a good with constrained supply that a market can put a price on.

Stolen credit cards, on the other hand...

Re:Good thing I didn't invest. (1)

jythie (914043) | about 10 months ago | (#45481227)

Yeah, they share some traits with both of the examples, which I guess makes sense since they are both a system AND the tokens the system uses.

One thing that will be interesting to see play out is how well the original tuning scales. BTC depends on both the idea that the market will auto-adjust AND the scaling built in to the original design will be appropriate. In a way it is 'big design up front' and the hope that natural forces will do the corrections from there. If BTC does survive long term it will be interesting to compare its stability to fiat currencies and see how much value there really is in the explicit adjustments that states periodically make.

Re:Good thing I didn't invest. (1)

MickyTheIdiot (1032226) | about 10 months ago | (#45481397)

Working with BTC in mining I haven't become convinced that BTC itself is going to be the long next "next thing" in currency, but it has convinced me that something like it will come along. Maybe a cryptocurrency that has origins that mimic more the creation of the internet itself.

However, something like this is on the way. I think decoupling governments from the ability to print currency as they want would be incredibly positive. Even though that's how we as humans have set up monitory currency in the past there is no reason why we need to keep it. It's the people as a whole that give currency its worth, not the government. If the people of the world as a whole decided tomorrow that the USD was worth nothing it would be gone. It's people giving bitcoin its value no governments and I think that's the lesson to learn here.

Re:Good thing I didn't invest. (1)

jythie (914043) | about 10 months ago | (#45481617)

Well, keep in mind, civilization has been down the government-less currency trail before, so that is not exactly unexplored territory. One thing that remains to be seen is how many of the problems that resulted in the creation of state currencies will be problems for BTC, or if the abundance of state currencies already in operation are enough to mitigate it.

Re:Good thing I didn't invest. (1)

SteveFoerster (136027) | about 10 months ago | (#45482821)

the problems that resulted in the creation of state currencies

You mean, the problem that private currencies make it harder for politicians and bankers to steal from everyone?

Re:Good thing I didn't invest. (0)

Anonymous Coward | about 10 months ago | (#45481531)

The jury is still out on long term viability.

The jury is really only still out, when it comes to its conversion rates, the currency speculation angle that people are talking about. Will it ultimately settle on being valued at approximately the amount of energy required to compute it, or something else?

As far as its viability goes, we already know it works, because we're already able to use it, today. Now. There's no need to try to predict something that we have already observed happen. We can debate whether or not the sun comes up tomorrow, but the question of whether or not it came up this morning, has already been settled. Bitcoin is viable.

Re:Good thing I didn't invest. (1)

jythie (914043) | about 10 months ago | (#45481661)

'Viable' is a relative term. There are plenty of toy systems that are viable on the small scale that do not handle broader adoption or moving outside their niche very well.

There is also the question of will BTC settle at all? One of the classic problems with commodity backed currencies (which BTC behaves like) is that they are notoriously unstable and thus unattractive for long term planning.

Re:Good thing I didn't invest. (0)

Joce640k (829181) | about 10 months ago | (#45481581)

The jury is still out on long term viability.

This university could just as easily accept used iPads as tuition fees.

Used iPads have a monetary value, too, but I wouldn't start stockpiling them.

Re: Good thing I didn't invest. (5, Insightful)

Anonymous Coward | about 10 months ago | (#45481135)

Normally I'd respond with snark about tulips and CROX, but Cyprus is a financial post-apocalyptic wasteland where neither the people nor the institutions trust the kleftes, the bankers and the Russians who now run the smoldering remains of the bank. Plus, Cyprus has been in corralito since the meltdown, which effectively means the Cypriot Euro is worth less than the EU Euro, since the two are not functionally interchangeable across the capital control lines. In Cyprus, Bitcoins actually make sense for all parties to a transaction, because nothing else is safe (Cyprus even lost its gold during the meltdown).

Re: Good thing I didn't invest. (1)

Joce640k (829181) | about 10 months ago | (#45481765)

+1000 informative

Re:Good thing I didn't invest. (1)

ultranova (717540) | about 10 months ago | (#45481311)

Good thing Slashdot users told us not to get in on this silly imaginary money when it was 3 cents a piece a few years back.

"The obvious path is humble, safe but pays the wages of a cook, not a champion." -Jade Empire

Autoplaying ad (2)

cdrudge (68377) | about 10 months ago | (#45480995)

Warning: Auto-playing ad, with sound.

Wow. They are now even warning us of their own slashvertisements. What has this site become...

Q: Auto-playing ad, with sound. (0)

Anonymous Coward | about 10 months ago | (#45481009)

A: https://adblockplus.org/ [adblockplus.org]

If you like your lying Democrat (-1)

Anonymous Coward | about 10 months ago | (#45481021)

You can keep your lying Democrat.

http://www.washingtonpost.com/business/new-health-plans-sold-through-exchanges-not-accepted-at-some-prestigious-nyc-hospitals/2013/11/20/7538dbb4-5235-11e3-9ee6-2580086d8254_story.html

"As of this week, not one of the plans for sale on New York’s health benefit exchange would cover treatment at Memorial Sloan-Kettering Cancer Center, one of the world’s largest and most respected cancer hospitals.

That could mean that the 615,000 individuals and 450,000 small business employees expected to eventually get their insurance through the exchange would have to go someplace else for treatment, or pay the bill out of their own pockets."

Re:If you like your lying Democrat (1)

jythie (914043) | about 10 months ago | (#45481143)

Well, that is the free market at work.

Re:If you like your lying Democrat (1)

AlphaWolf_HK (692722) | about 10 months ago | (#45482041)

No, it's not. It was a free market until ACA. Now it's a semi-planned market. When it was a free market, these people were covered.

Re:If you like your lying Democrat (1)

jythie (914043) | about 10 months ago | (#45482697)

Not really. The ACA changed a lot of fiddly regulatory details, but did not turn it into any more of a planned market then it already was.

Every year plans change, people loose coverage and have to get new plans. Most of the time these details are hidden behind HR since they do a lot of the leg work, but insurance companies are constantly creating and removing plans, switching which hospital systems they are linked to and which they are not.

And now the market is doing what it always does. The rules have changed, insurance companies are adjusting their offerings to get the most value for their share holders and least value possible for their customers. Hospitals are deciding which insurance carriers they will play ball with and which they will not allow. Same as it has been for decades, it is just getting more attention now since it has a high profile political element that can be blamed for what is essentially SOP.

Re:If you like your lying Democrat (1)

Sarten-X (1102295) | about 10 months ago | (#45481159)

If you like your lying troll, you can keep your lying troll.

Medical providers are not required to accept any particular insurance if they don't want to. Most do, out of the desire to help their customers (because, as you've so nicely illustrated, the customers expect it now), but there's no regulation I know of that requires it.

If your particular insurance isn't accepted by the hospital, you're still responsible for paying the bill, and the insurance company is still responsible for covering the cost, but it's just more difficult now. The patient has to make the claim to the insurer, and the insurer eventually writes a big check to the patient. The patient then pays the hospital.

You know... the way it's always been.

Re:If you like your lying Democrat (0)

Anonymous Coward | about 10 months ago | (#45481501)

"Medical providers are not required to accept any particular insurance if they don't want to."

I never said they were so required.

And yet none of this has anything to do with the fact that Obama and the Democrats lied repeatedly and deliberately that you would be allowed to keep your current plan, doctor and hospital under Obamacare. This was a lie and not just a little lie or a misstatement but a deliberate, intentional and purposeful lie. Obamacare would never have passed had they told the truth - that you will very likely be forced onto a more expensive plan that has fewer benefits.

You can distract and complain all you want, but you cannot deny this fact - and what's more you cannot hide this fact from the public who is opening their eyes more and more every day to this monstrosity.

http://www.foxnews.com/politics/2013/11/20/second-wave-health-plan-cancellations-looms/

And by the war, fullt 30 to 50% of you will all be losing your health insurance in the coming year.

Shit sandwich people, open up, you voted for it.

Re:If you like your lying Democrat (1)

cdrudge (68377) | about 10 months ago | (#45481195)

My current health plan my employer doesn't offer isn't accepted at 2 of the 3 closest hospitals to my home. There are 2 major health networks in town and many insurance companies partner with one or the other but not both. It has been this way for as long as long as I've had insurance with 3 different employers myself, as well as when I was under my parents plan as a dependent. Welcome to insurance.

It's not extremely surprising that "one of the world's largest and most respected cancer hospitals" wouldn't be on on the in-network list for exchange plans. "largest" and "most respected" usually comes with "most expensive" and "least willing to negotiate on pricing".

Re:If you like your lying Democrat (-1)

Anonymous Coward | about 10 months ago | (#45481543)

Again, how is this relevant to the fact of my assertion, that Obama and the Democrats lied - and continue to lie about this tyrannical monstrosity of a law that is ruining the health insurance - and the finances and lives of the very people he is supposed to be "leading"?

It does not.

Obama lied. Period.

Re:If you like your lying Democrat (-1)

Anonymous Coward | about 10 months ago | (#45481615)

I can't stand it, I know you planned it
I'm gonna set it straight, this Watergate
I can't stand rocking when I'm in here
'Cause your crystal ball ain't so crystal clear

So while you sit back and wonder why
I got this fucking thorn in my side
Oh my God, it's a mirage
I'm tellin' y'all, it's a sabotage

So, so, so, so listen up 'cause you can't say nothin'
You'll shut me down with a push of your button?
But you, I'm out and I'm gone
I'll tell you now, I keep it on and on

'Cause what you see you might not get
And we can bet, so don't you get souped yet
You're scheming on a thing that's a mirage
I'm trying to tell you now, it's sabotage

Why
Our backs are now against the wall?
Listen all y'all, it's a sabotage
Listen all y'all, it's a sabotage
Listen all y'all, it's a sabotage
Listen all y'all, it's a sabotage

I can't stand it, I know you planned it
I'm gonna set it straight, this Watergate
Lord, I can't stand rockin' when I'm in this place
Because I feel disgrace because you're all in my face

But make no mistakes and switch up my channel
I'm Buddy Rich when I fly off the handle
What could it be, it's a mirage
You're scheming on a thing, that's sabotage

Read more: Beastie Boys - Sabotage Lyrics | MetroLyrics

(in conclusion, let me say fuck you and fuck your corporate circle jerking pals.

Re:If you like your lying Democrat (0)

Anonymous Coward | about 10 months ago | (#45481677)

Real question; based on this I am guessing that you are you anti-corporation?

I'd also guess that you indentify yourself as a liberal - but more specifically a Democrat leaning "independent" with probably a healthy dose of Republican/conservative hate, am I wrong?

Obama Says He’ll Defend Constitution (-1)

Anonymous Coward | about 10 months ago | (#45481109)

http://www.jammiewf.com/2013/video-candidate-obama-says-hell-defend-constitution-accuses-bush-of-making-laws/

"Barack Obama singing a different tune on the campaign trail. Obama said in 2008, “This is part of the whole theory of George Bush that he can make laws as he’s going along. I disagree with that. I taught the Constitution for 10 years. I believe in the Constitution and I will obey the Constitution of the United States.”

Lying liar lies.

Oh yea, he's a Democrat, so what do you expect?

Re:Obama Says He’ll Defend Constitution (1)

Entropius (188861) | about 10 months ago | (#45482345)

s/Democrat/politician

When will people accept it's not a real currency?! (3, Insightful)

serviscope_minor (664417) | about 10 months ago | (#45481145)

Seriously when will people recognise it's just a ponzi scheme and not a real currency. It's not real because you can't buy things with it (TFA must be a lie because I know bitcoin is not a real currency). I can't pay my taxes with it, just like Euros, and frankly they even sound fake. And it's not recognised by any governments. I don't trust the recent article about the US government and bitcoin because governments lie.

It's not a real currency!!!

Please can we see an end to the "it's not a real currency" posts. It's money and you can buy stuff with it. The end.

Re:When will people accept it's not a real currenc (2)

cdrudge (68377) | about 10 months ago | (#45481243)

If you can't buy things with it as you say, then why can you use it to pay for goods and service? The Silk Road was obviously conducting transactions with it. A variety of small business online retailers conduct transactions with it. Numerous online services such as usenet, VPN, hosting, etc use bitcoins as a payment option. And now a university accepts payment with them.

It may not be an official currency, but neither is gold, silver, stocks, or any other item that has value and can be exchanged.

Re:When will people accept it's not a real currenc (0)

Anonymous Coward | about 10 months ago | (#45482419)

Woosh.

Re:When will people accept it's not a real currenc (2, Informative)

Anonymous Coward | about 10 months ago | (#45481267)

Real currency is also a ponzi scheme. Pick which one you want (or neither).

Re:When will people accept it's not a real currenc (4, Insightful)

MickyTheIdiot (1032226) | about 10 months ago | (#45481431)

Neither is a ponzi scheme:

Wikipedia: "A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation."

This is what Madoff did exactly. He got new investors, skimmed money, and paid off other investors to make it look like money was being earned.

Bitcoin (or any national currency) doesn't fit the definition in any way. If you want to argue that Bitcoin is a scam then do it with facts, but arguing that it's a "ponzi" scheme is an attempt to scare with loaded words and it's a fallacy.

Re:When will people accept it's not a real currenc (-1)

Anonymous Coward | about 10 months ago | (#45481589)

So when someone sells BTC at $500 that he bought for $20, where exactly do you think the extra $480 comes from? "Profit earned by the individual or organization running the operation", or "subsequent investors"?

BTC fits the Wikipedia definition of Ponzi scheme precisely.

Re:When will people accept it's not a real currenc (1)

MickyTheIdiot (1032226) | about 10 months ago | (#45481671)

Neither a "profit earned" or "subsequent investors" even exists. You're twisting words in a *big* way.

Re:When will people accept it's not a real currenc (0)

Anonymous Coward | about 10 months ago | (#45481945)

While it may not fit the exact definition of a Ponzi scheme, Nerdcoin IS in fact a scheme. One thing is for sure. When it all comes crashing down, apologists like you will be forever silent on the issue.

Re:When will people accept it's not a real currenc (0)

Anonymous Coward | about 10 months ago | (#45481695)

Yeah, and when I bought up pumpkins and candles cheap in September and resold them for much higher in October, where did my profit come from, huh? Helloween's a Ponzi scheme!

It'd do good if you'd at least learn basic economical concepts like supply and demand before trying to speak economics.

Re:When will people accept it's not a real currenc (2)

MickyTheIdiot (1032226) | about 10 months ago | (#45481747)

To add on to my statement above, if someone excepts what you say then EVERY market is a Ponzi scheme. The $480 is not coming from another investor in the same scheme as was with Madoff, it comes from a price that a bitcoin market set. Plus the "investor" is doing business with the 3rd party. Madoff took money from other parties and gave them to original investors without them knowing where the money came from.

If I buy a rare comic book for $10 and sell it for $50 to a 3rd party later have I engaged in a Ponzi scheme? The only difference between what is happening is we are talking about BTC and not comic books.

In both cases the original person to issue the item doesn't matter. In Madoff's case it's central to the matter.

How about 20,000 merchants? (2)

JcMorin (930466) | about 10 months ago | (#45481307)

How about 20,000 merchants including a bunch of subways around the world that accept Bitcoin. Ok it's a not a "real" currency from your definition because no government approved it. Fine, it's a public ledger where only the owner can change it's own value and can't be shut down or manipulated by anybody.

Re:How about 20,000 merchants? (0)

Anonymous Coward | about 10 months ago | (#45481461)

It's not real money until I can buy my groceries with it, pay my rent, and pay for my utilities. Seriously. I will totally consider it money when I do not need another currency to live.

Re:When will people accept it's not a real currenc (0)

ahabswhale (1189519) | about 10 months ago | (#45481349)

Sorry but It's not currency. It's not backed by any government or official body of any kind. It's just a sophisticated form of barter. It's as much of a currency as my old iPad that I sell to someone on craigslist or send into BestBuy for credit.

Re:When will people accept it's not a real currenc (2)

MickyTheIdiot (1032226) | about 10 months ago | (#45481445)

It's not a currency if "government" is essential to your definition, true, but maybe that definition is changing.

Re:When will people accept it's not a real currenc (0)

Anonymous Coward | about 10 months ago | (#45481685)

A currency undergoing rapid hyperdeflation is not a useful store of value.

Re:When will people accept it's not a real currenc (1)

MickyTheIdiot (1032226) | about 10 months ago | (#45481759)

Sorry to feed a troll, but that's not what the topic here was.

Re:When will people accept it's not a real currenc (1)

king neckbeard (1801738) | about 10 months ago | (#45481735)

Isn't the point of currency just to be a sophisticated form of barter? So, it serves the same purpose as currency.

Re:When will people accept it's not a real currenc (1)

Cro Magnon (467622) | about 10 months ago | (#45482463)

To me, the difference is how widely it's useful. My mom's cat isn't currency, because there's maybe 3 people in the world who would want it, and 2 are probably staving people in Africa. The dirty green paper in my wallet IS currency because I can take it anywhere and exchange it for food, gas, drugs, and tech. Bitcoins are somewhere in between.

Re:When will people accept it's not a real currenc (1)

beltsbear (2489652) | about 10 months ago | (#45481835)

Except that you cannot send your old iPad through the computer to another person on the other side of the planet within 10 minutes. That is what gives Bitcoin it's value.

Shirts for milibitcoins at cryptoanarchy.com

Re:When will people accept it's not a real currenc (1)

grnbrg (140964) | about 10 months ago | (#45482217)

Please can we see an end to the "it's not a real currency" posts. It's money and you can buy stuff with it. The end.

Heh. You waited too long for the punchline... Just about everyone started foaming before they got to the end.

Not everyone missed the bus, though. :golf clap:

Re:When will people accept it's not a real currenc (1)

Sockatume (732728) | about 10 months ago | (#45482383)

It's a bad currency, and there are dubious investment schemes (not explicitly Ponzi) involving it.

Tuition Costs (1)

Anonymous Coward | about 10 months ago | (#45481187)

Tuition costs this semester will be BTC 9.8738100476.
Wait, make that BTC 5.6820973827.
Wait no, make that BTC 3.8260399174.
Ahh wait, it's BTC 24.84028975894. ... well, I'm sure by tomorrow morning the value of a bitcoin will have stabilized, so we'll post the final tuition rate then.

Re:Tuition Costs (1)

bobbied (2522392) | about 10 months ago | (#45481353)

Is it BitCoin or the Euro that's doing this? Cyprus, Greece, Spain etc are in serious trouble right now.

Re:Tuition Costs (0)

Anonymous Coward | about 10 months ago | (#45481795)

Given that prices on eggs, milk and bread (as well as everything else) don't jump and fall 50-100% every 12 hours, I'd say it's definitely BitCoin and not the other way around.

Any other obviosities you'd like pointed out?

Re:Tuition Costs (2)

JcMorin (930466) | about 10 months ago | (#45481361)

Bitcoin is not used for pricing... it's used as a payment method... just like Visa, Master Card, Paypal or western union. People should stop looking at the price of bitcoin and learn how great this technology masterpiece is. All currencies are based on trust. USD is based on the trust that the US gov will not print a gazillion dollars, the Amazon dollars is based on the trust of amazon. Bitcoin have no trust except in the cryptography, nobody can move your Bitcoin, add Bitcoin to the eco ecosystem without following the rules determined by the majority of the users. THAT is what makes Bitcoin unique and masterpiece!

Re:Tuition Costs (1)

MickyTheIdiot (1032226) | about 10 months ago | (#45481463)

If "stability" is an aspect of your definition of currency then Turkey and many countries in the former Soviet bloc don't have currencies either.

Re:Tuition Costs (1)

Tim the Gecko (745081) | about 10 months ago | (#45482225)

If "stability" is an aspect of your definition of currency then Turkey and many countries in the former Soviet bloc don't have currencies either.

Turkish lira range over five years: 1.4 - 2.1

Bitcoin range over five days: 450 - 900

Re:Tuition Costs (1)

Entropius (188861) | about 10 months ago | (#45482375)

The more people accept Bitcoin for stuff, the more stable the price will be -- when it becomes more of a currency and less of an investment.

When your economy is trash, take what you can get (2, Insightful)

Anonymous Coward | about 10 months ago | (#45481323)

The Cypriot economy has been in the shitter for a while, Not to the same extent as their neighbours in Greece, but worse than most other European countries. They had to be bailed out by the EU earlier this year, and their banks are still in a period of reorganization.
It's not surprising that their university accepts bitcoins. They are probably happy to have an injection of any currency at all, regardless of whether it is universally recognized as such.

Just Great... Cyprus University? Really? (4, Interesting)

bobbied (2522392) | about 10 months ago | (#45481341)

http://en.wikipedia.org/wiki/University_of_Cyprus

This is a "close cover before striking" diploma mill in the middle of the Mediterranean Sea. Taking BitCoin is just out of a desire to avoid the costs of getting money into/out of Cyprus which is in serious trouble. Looking at their website though proves that it's all Greek to me...

Check your facts (1)

Fotis Georgatos (3006465) | about 10 months ago | (#45481989)

Re:Check your facts (1)

bobbied (2522392) | about 10 months ago | (#45482207)

OOPS... But the situation is still the same. Cyprus is in serious financial trouble and University of Nicosia is a diploma mill, albeit a bit less..

AND it's still Greek to me, although they might be speaking Turkish too..

Re:Just Great... Cyprus University? Really? (1)

Anonymous Coward | about 10 months ago | (#45482237)

The "University of Cyprus" it's a small university in the small island of Cyprus (that is Greek actually - both the island and the university!).
Most professors in that university are Greeks from the mainland, the rest are -Greek- Cypriots, but most -Greek- Cypriots study in Greece or England anyway so...
That bitcoin joke -it's a joke!- was an idea of the economy profesor in that university as a way to advertise that university to the Middle-Easterns of the neighborhood that desire a western education (by the way, that university offers classes in the English language and cooperates with some English universities) and don't want or can't have it in England (or Greece) - so don't take it seriously!
Greetings from Greece...

Re:Just Great... Cyprus University? Really? (-1)

Anonymous Coward | about 10 months ago | (#45482677)

Learn Engrish, then comment

Good Luck (3, Insightful)

neoform (551705) | about 10 months ago | (#45481351)

Given how unstable this "currency" has been in the recent past, how can anyone set price points without needing hourly updates to make sure they get a consistent payment?

Right now it's valued at $730, 2 weeks ago it was $200 and a few months ago it crashed.

You cannot run a business with currencies this volatile.

Re:Good Luck (1, Insightful)

Anonymous Coward | about 10 months ago | (#45481609)

If you think the value of bitcoin is fluctuating, you should be really worried about the dollar!
A few months ago, the USD was soaring, but then it started it's downward spiral.
Two weeks ago it was on the order of 0.005 BTC, and right now, only two weeks later, it's dropped down to 0.00136986 BTC... that's about 75% loss of value!
Still, somehow there are businesses that manage to run well with such a volatile currency.
Who'd have thought?

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45481847)

What the hell is happening in BTC fans' minds to have that delusion - I can't even start guessing, but it comes up all the time.

I mean, it's either WHOLE WORLD is in fever, with prices of houses, cars, food, utilities and everything everywhere dropping in half, then tripling, then halving again, then...

Or may be it's just your favourite e-currency being a toy for speculators.

And you actually believe it's former. Right.

Re:Good Luck (1)

neoform (551705) | about 10 months ago | (#45481927)

I see what you did there, oh how clever.

See, I thought the value of BTC was changing, but in fact everything else on earth fluctuating wildly in value; meanwhile the value of BTC was completely flat. I was clearly wrong.

Do you also believe that you are the center of the universe and everything revolves around you?

Re:Good Luck (-1)

Anonymous Coward | about 10 months ago | (#45482473)

Wow, seriously? You make a poor comment, someone calls out that you have to realise that currency trade works BOTH WAYS, and you completely miss the point (then go on reinforcing the fact!)

There are MANY things you can buy _and_ sell in BTC, thus you HAVE to look at both sides of the currency pair. People want to buy and sell both currencies. If you want to buy BTC, you look at how many of your dollars you have to spend to get some, If you want to sell, you should be looking at how many BTC you have to sell for one of the other pair. Not "how many dollars can I get for one".

If anything, assuming that USD is the "centre of the universe" is the problem here.

Just so you're aware: it's not. The USA makes up less than 5% of the world's population. The vast majority of the world has no use for USD, for the same reason everyone keeps calling out BTC: you can't pay your taxes with it. The reason the rest of the world considers USD a currency, is simply because exchanges exist that will convert USD to the local currency that IS useful to people.

When that becomes the norm (all it's going to take is some large For-ex market to decide to adopt it) suddenly the whole world will have an easy method of sending value between anyone globally.

Re:Good Luck (1)

Anonymous Coward | about 10 months ago | (#45482653)

Sure, USD and USA are not the center of the universe. Still, BTC is even less so with daily circulation and market cap on par with something like a smallish supermarket chain.

Trying to claim "BTC is not volatile, USD and all the other currencies are" is nonsense, because goods and services you try to buy for BTC fluctuate in BTC price wildly - while they don't do that in USD, EUR, RUR or CNY.

Everything is relative, sure, and you can say that Earth is standing still while everything else goes in orbits like these [wikimedia.org] - but it's not a useful description by any measure.

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45481943)

Last time I checked the price of most goods was almost constant in dollars. So no the dollar is not a volatile currency.
It's pretty stable, everybody wants dollars etc.
There is a tendency to produce too much dollar and there is a risk it might lose a lot of value in the future. But at the moment it is much more stable than Bitcoin.

 

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45482123)

The amount of bread I can buy with $10 has remained fairly constant. Not so much with BTC.

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45482219)

Not even you believe this.

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45482457)

Score:3, Insightful

Really?!

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45482619)

That's an amusing joke, but it's completely nonsensical.

Two weeks ago, a dollar bought you 0.005 BTC or a loaf of bread. Now, it buys you 0.0014 BTC or the same loaf of bread.

To claim that it is the value of the dollar that changed is to claim that every single good or service you could possibly buy with dollars miraculously dropped in value along with it.

Re:Good Luck (1)

Zontar_Thing_From_Ve (949321) | about 10 months ago | (#45481667)

Given how unstable this "currency" has been in the recent past, how can anyone set price points without needing hourly updates to make sure they get a consistent payment?

Right now it's valued at $730, 2 weeks ago it was $200 and a few months ago it crashed.

You cannot run a business with currencies this volatile.

This.

What amazes me is that even after the recent stolen Bitcoin news, the prices have actually gone up. I'm still predicting that there will be a really major theft or attack against Bitcoin that will absolutely devastate it. It will be something stupid involving trust where nobody thought that another party would do something, but they will do it, and it will be devastating. Then everybody will cry and moan saying "Why didn't we protect against that?". Of course, I could be wrong, but I have no skin in this game so either way I'm not losing or gaining whether I'm right or wrong.

Re:Good Luck (1)

grnbrg (140964) | about 10 months ago | (#45482193)

What amazes me is that even after the recent stolen Bitcoin news, the prices have actually gone up. I'm still predicting that there will be a really major theft or attack against Bitcoin that will absolutely devastate it.

To date, there have been no successful attacks against the underlying Bitcoin protocol. There have been one or two serious client issues -- for example there was an incident a year ago where the latest version of the Bitcoin network software started creating blocks that older versions rejected. It was fixed in time, but if it hadn't there wouldn't have been hugely serious effects. All the miners would have been forced to upgrade. There was also an issue due to a buggy crypto implementation on Android that made some Bitcoin wallets vulnerable to theft.

It will be something stupid involving trust where nobody thought that another party would do something, but they will do it, and it will be devastating. Then everybody will cry and moan saying "Why didn't we protect against that?". Of course, I could be wrong, but I have no skin in this game so either way I'm not losing or gaining whether I'm right or wrong.

Again, there have been many problems with exchanges, service providers and outright fraud that have been related to Bitcoin, but these have all been problems with entities having poor security, and not being careful with how they integrate Bitcoin with their systems, not problems with Bitcoin itself. Those events would not have changed at all, if you had replaced Bitcoin with fiat in their operations.

If Bitcoin fails, it will be because it is regulated out of existence (which will be hard -- it is more likely to just be driven underground) or because it is deliberately attacked by a player with huge amounts of money to do so. Such an attack would likely be a government or group of "big money" interests willing to spend hundreds of millions of dollars in hardware to attack the block chain through mining.

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45481691)

Given how unstable this "currency" has been in the recent past, how can anyone set price points without needing hourly updates to make sure they get a consistent payment?

Right now it's valued at $730, 2 weeks ago it was $200 and a few months ago it crashed.

You cannot run a business with currencies this volatile.

Sounds like a speculator's dream stock. With billions of dollars in volume, the ability to move up or down 500%, occasional coverage in the mainstream press, and the US government throwing a shrieking tantrum on the floor in their wet diapies because they can't control it and they've pushed it away, there's no stopping it now.

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45481991)

Sounds like a speculator's dream stock.

Except for the problem of converting large amounts of Bitcoin to cash. There are no regulated exchanges yet, and the unregulated ones occasionally disappear with all the money.

Re:Good Luck (1)

grnbrg (140964) | about 10 months ago | (#45482251)

There are no regulated exchanges yet, and the unregulated ones occasionally disappear with all the money.

Sounds like PayPal. :)

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45481959)

You cannot run a business with currencies this volatile.

The people who have lived through hyperinflation or a currency crisis have managed to do it. This includes nearly everywhere in the world in the past century except the US and some of the Commonwealth.

Re:Good Luck (1)

neoform (551705) | about 10 months ago | (#45482061)

>The people who have lived through hyperinflation or a currency crisis have managed to do it.

Yeah, by using more stable currencies. There's a reason so many countries use the USD instead of their own currency.

Re:Good Luck (1)

tlhIngan (30335) | about 10 months ago | (#45482361)

Given how unstable this "currency" has been in the recent past, how can anyone set price points without needing hourly updates to make sure they get a consistent payment?

Right now it's valued at $730, 2 weeks ago it was $200 and a few months ago it crashed.

You cannot run a business with currencies this volatile.

You don't. You just adjust it to make it advantageous to you.

If it was $200 when you set the prices, and your course was $600, you charge 3 BTC for it. Who cares that it's $730 now? You still charge 3 BTC for it, and if anyone is dumb enough to pay it, well, bonus.

As for volatility in US dollars, well there's some, but it's not generally so highly variable one cannot count on it. Like how practically all Canadian retailers will take US dollars at par - sure it's been fluctuating between 1.05-1.07 CAD, but par is easier rather than trying to compute a discount.

Back when the US dollar was worth more, they'd post acceptance rates (usually discount percentages - the cashier would discount your bill by the posted rate if you paid in US dollars). But those changed daily at the worst, and were always at a premium until the store decided the new rates held steady enough to warrant changing it again.

What, you expect businesses to not screw you? It just works like any other currency. You have a widget you charge 2 BTC for, and it's 2 BTC regardless if the exchange rate is US$730/BTC or US$50/BTC.

Re:Good Luck (0)

Anonymous Coward | about 10 months ago | (#45482393)

Given how unstable this "currency" has been in the recent past, how can anyone set price points without needing hourly updates to make sure they get a consistent payment?

Right now it's valued at $730, 2 weeks ago it was $200 and a few months ago it crashed.

You cannot run a business with currencies this volatile.

Yes you can when there are banks supporting it. Businesses that have problems with foreign currency fluctuation can "sell" their invoices to banks that provide the service. The business gets the money immediately but with a slight premium going to the bank and the bank gets the money when the invoice is due. The bank makes its profits from the premium since when it buys huge quantities of invoices of different quantities the currency fluctuations balance each other out - every time an invoice from currency X to Y is a huge loss, one from Y to X is a huge profit. It is thus practically risk-free for the bank due to the volume even if each individual invoice would be too risky for a business. It wouldn't surprise me if some companies already offer an equivalent service.for bitcoin.

Re:Good Luck (1)

Sockatume (732728) | about 10 months ago | (#45482405)

You don't hold any significant balance of bitcoins (cashing them out to local currency immediately) and update the price you charge in real time so that it always equals a certain amount of local currency. The problem of price instability is then moved to the purchaser.

Sure (0)

Anonymous Coward | about 10 months ago | (#45482559)

I can't wait to pay with something that may easily double in value tomorrow. Likewise, I don't see any problem taking payment in something that may halve in value by tomorrow.

As long as that kind of fluctuation happens, whenever you do anything with bitcoin, you are either a sucker or a lottery winner a week later.

Re:Sure (0)

Anonymous Coward | about 10 months ago | (#45482669)

And yeah, I'm selling my old stash of mined bitcoin right now, and making a tidy fortune. There's a realistic chance I'm missing out on becoming a millionaire some day, but 100k does a lot more to soften the blow of missing out on 900k, than 0 does to soften the loss of 100k.

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