The rocky road to SteemFest #4, part 2


Hello!

It appears that my ticket orders have backfired, somehow.

First of all, the hotel reservation has been made, so that's actually a good thing. But... like I said in the earlier post, Bitpay and the Trezor wallet weren't compatible, and I had to install Electrum for making the ticket purchase.

Then this happened:

yzvb1zc2xg.jpg

As the first payment to Bitpay took for ages, I decided to pay an extra free to make it faster. As soon as I did that, Bitpay told me that the payment failed to to confirm in the 15 minutes they gave me to make the payment, and that I would be reimbursed within 48 to 72 hours.

(I wonder though, how was the hotel reservation so easy and fast without any hiccups? Must be because Travala doesn't use Bitpay.)

It's a lot of money to be paid twice, so I'm anxiously waiting. And I'll keep you posted in case I receive back my funds. I will need them to pay for the flights.

But what's interesting is, Paydro, the service that's supposed to send me the tickets, is still (about two days later) showing me a page like this:

4b7swm9hdh.png

And I still haven't received the aforementioned email containing the tickets. It's been well over 5 minutes now. So what gives?

Do I get to have the tickets or, do I not get to have the tickets? That's the question!

Yea... I'll keep you posted.

See ya!


Comments 28


I would've simply cashed out enough BTC to both cover the expenses and to pay capital gains taxes on the appreciation of BTC during the time you held it. Sure, you can perhaps avoid some fees by paying directly with BTC but you're going to have to cash out some extra to pay your taxes so you might as well have converted all of it into fiat now. There is no telling how the price of BTC will behave between now and when this year's taxes will have to be paid (in August 2020). BTC did not rally immediately following the mining reward halving last time and I don't believe it will do it next time, either.

10.09.2019 09:53
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I have no idea why I would want to pay in fiat if I can use magic internet money instead. That's the whole idea in digital currencies, to be able to pay with them. If you take that away, they will lose their utility, and then it'll be game over for bitcoin and other cryptos.

Making payments and other transactions is one of the main utilities that cryptocurrencies are built for, and if that doesn't work, there wouldn't be much use in having them. Why not think about it from a practical point of view?

10.09.2019 10:03
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I have no idea why I would want to pay in fiat if I can use magic internet money instead. That's the whole idea in digital currencies, to be able to pay with them. If you take that away, they will lose their utility, and then it'll be game over for bitcoin and other cryptos.

Bitcoin is particularly crappy as money. It's horrifically volatile and the user has to be mindful of things like transfer fees to be able to make the payment. Your very post is a reminder of the futility using Bitcoin for payments even when you use a centralized middleman like Bitpay as a go-between.

Making payments and other transactions is one of the main utilities that cryptocurrencies are built for, and if that doesn't work, there wouldn't be much use in having them. Why not think about it from a practical point of view?

If it were possible to pay with a stablecoin t would be a totally different matter altogether. No business can have large proportion of its payments to be made using most cryptocurrencies at this stage. It's an unworkable idea in most cases. First of all, there was to be a stabilization mechanism in place. When a business has thin margins, it simply cannot afford to take on the massive exchange rate risk associated with wildly fluctuating currencies.

I don't see value proposition of Bitcoin to be mainly that of a means of payment. It can be used for that purpose but, currently, I see Bitcoin deriving most of its value from being an non-correlated financial asset that can be used as a hedge a small percentage of one's portfolio is allocated to it.

A stablecoin backed by other crypto-assets that has a PoS consensus mechanism has a vastly better chance of being adopted as a means of payment by businesses.

10.09.2019 10:13
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You are making a case against all crypto currencies. Even if you wanted "a stable crypto", it would still mean you would have to exchange other non-stable cryptos to hold some to make payments with. Why not make it too complicated for anyone other than some hardcore crypto nerds, and just skip a step?

Things like this tend to boil my blood. I don't see any adoption if the payment utility is stripped away from cryptos just because "they are too volatile".

The one argument that is constantly made against investing in Bitcoin and other cryptos is, that they don't have any utility, that you can't use them "in the real world". That's the one argument we always need to prove wrong.

10.09.2019 11:07
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I don't think any PoW coin will pass muster with users. PoW exists for the purposes of security and maximal censorship resistance and permissionless (anyone can verify transactions). But with that comes with difficulty in scaling.

You're looking at it a bit too narrowly. In utility coins such as STEEM, the volatility is much, much less of a problem. STEEM powered up is a like a stock rather than a currency. Judging cryptos solely on the basis as their utility as payment systems is like equating the internet with email.

10.09.2019 11:28
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Coinswitch has dropped Steem entirely. There seem to be fewer and fewer places where Steem can be exchanged to anything really.

10.09.2019 13:18
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I've seen new service providers accept STEEM in the last year or so. It's difficult to say whether the acceptance of Steem has developed on balance.

Anyway, Steem a platform technologically superior to Bitcoin to be used for payments. You could actually pay for your coffee in STEEM.

10.09.2019 13:33
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Superiority doesn't really mean anything, until someone really pays their groceries, flights and hotel accomodations with Steem. Same goes for Bitcoin.

10.09.2019 13:36
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The success of Steem does not crucially depend on the acceptance of STEEM as a payment system in the wider world because STEEM (and all the tokens) is/are the currency of the attention economy on Steem. The platform aims to build a user base sorted by interest and capable of being targeted by advertisers with precision. That is the business case of the and the value proposition of the tokens here. It would help, of course, is businesses realized the utility of having a Steem account and the ability to accept SBD and STEEM as payment for goods and services. But STEEM is much more than a mere ledger of payments. It's a utility token for the attention economy on Steem.

10.09.2019 14:15
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But as long as it isn't accepted (or even traded) anywhere, its price will dwindle, and it will become less and less interesting for any business.

10.09.2019 16:16
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What do you mean it isn't accepted or trade(!) anywhere? STEEM is traded on most major exchanges. It's also accepted by some payment processors.

Fully anonymous payments are increasingly a pipe dream. All payment processors will be required to implement KYC and share data with at the very least upon request.

10.09.2019 17:25
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It must be just me, but all those exchanges I have previously used to exchange Steem with, have disabled it for some reason or another.

All payment processors will be required to implement KYC and share data with at the very least upon request.

And I don't agree with the policy. I have given my information to a couple places, but I am not in a habit of dealing out my personal info to everyone.

And did you know that some of them steal your coins if you don't provide them with that information? And you have no way of getting them back unless you give in to their extortion.

10.09.2019 20:07
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It must be just me, but all those exchanges I have previously used to exchange Steem with, have disabled it for some reason or another.

Coinmarketcap lists 32 exchanges that have STEEM listed.

"All payment processors will be required to implement KYC and share data with at the very least upon request."

And I don't agree with the policy. I have given my information to a couple places, but I am not in a habit of dealing out my personal info to everyone.

Irrelevant. Their policies are based on legal requirements.

And did you know that some of them steal your coins if you don't provide them with that information? And you have no way of getting them back unless you give in to their extortion.

I'm not surprised at all. If you want to avoid KYC, I don't think there are many other ways other than over-the-counter trades between individuals.

10.09.2019 20:14
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Coinmarketcap lists 32 exchanges that have STEEM listed.

12 – They list 12, none of which I have ever used. Actually that isn't right. I have used one of them, that is OpenLedger DEX, but not by logging in or creating accounts or filling in KYCs, only by using the Bitshares standalone wallet.

I'm afraid their policies are based on legal requirements.

Bad laws. Consider this: Someone breaks into some of these exchanges and steals the KYC data and information on how much each person owns cryptocurrencies. Does that not make you think it might be a dangerous and a very detrimental law? Just sayin'.

I'm not surprised at all. If you want to avoid KYC, I don't think there are many other ways other than over-the-counter trades between individuals.

That said, hopefully p2p exchanges and atomic swaps become the norm soon.

10.09.2019 21:58
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12 – They list 12, none of which I have ever used.

My bad. The list contained many of them several times as it was a list of exchange pairs.

Actually that isn't right. I have used one of them, that is OpenLedger DEX, but not by logging in or creating accounts or filling in KYCs, only by using the Bitshares standalone wallet.

Well, yes Bitshares is an interesting case.

I'm afraid their policies are based on legal requirements.

Bad laws. Consider this: Someone breaks into some of these exchanges and steals the KYC data and information on how much each person owns cryptocurrencies. Does that not make you think it might be a dangerous and a very detrimental law? Just sayin'.

Sure. But I don't make the laws.

"I'm not surprised at all. If you want to avoid KYC, I don't think there are many other ways other than over-the-counter trades between individuals."

That said, hopefully p2p exchanges and atomic swaps become the norm soon.

Atomic swaps and outdated tax laws have the potential to wreck lives. The laws are idiotic indeed. To my knowledge, there is just one MP, Anna Kontula of Left Alliance who is trying to campaign for more reasonable treatment of crypto-assets. This is not the first time I notice her to have probably the most sense in her head out of all the MPs.

10.09.2019 22:06
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@gamer00,
Paying with BTC is a huge pain isn't it! Hope those mechanisms might be improved and replace with STEEM! Hope you will get all tickets and bookings as you thought / planned!
$trdo

Cheers~

10.09.2019 10:21
4

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10.09.2019 10:21
0

I hope so too. I am not sure from whom to ask whether my tickets have confirmed or not.

10.09.2019 13:22
0

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10.09.2019 11:05
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Of only we could use Steem like Litecoins in some shops here.

Still early days! But the day of cryptocurrency is coming soon!

10.09.2019 11:32
1

Hopefully. Yes, I was kind of interested if there are places to spend crypto in Thailand.

10.09.2019 13:21
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I really hope so, steemit teams is working so hard on steem. We just have to wait and see

12.09.2019 23:19
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All the best for your good work!
Good luck too!

13.09.2019 07:01
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I hope you really recieve your funds back

10.09.2019 12:18
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I hope so too

12.09.2019 23:20
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10.09.2019 18:20
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