Forgot your password?
typodupeerror
The Almighty Buck Bitcoin

Cyprus University Accepts Bitcoin For Tuition Fee Payments 157

Posted by timothy
from the sound-in-ads-needs-to-die-die-die dept.
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.
This discussion has been archived. No new comments can be posted.

Cyprus University Accepts Bitcoin For Tuition Fee Payments

Comments Filter:
  • by cdrudge (68377) on Thursday November 21, 2013 @10:35AM (#45480995) Homepage

    Warning: Auto-playing ad, with sound.

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

  • by serviscope_minor (664417) on Thursday November 21, 2013 @10:51AM (#45481145) Journal

    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.

    • by cdrudge (68377)

      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: (Score:2, Informative)

      by Anonymous Coward

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

      • by MickyTheIdiot (1032226) on Thursday November 21, 2013 @11:23AM (#45481431) Homepage Journal

        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.

        • 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.

          Of course it does. The high "value" ($600 ish) of a bitcoin is completely a product of new people getting sucked into the scam. Once there are no suckers left who want to buy into bitcoins, the price will fall, leading people to try to flee, and within the space of a day or two the value has completely disappeared.

          It's a Ponzi scheme. And those who have bought into the idea will only realise it when it's over.

    • 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.
      • How about 20,000 merchants including a bunch of subways around the world that accept Bitcoin.

        Might I refer you to this post where I address your points:

        http://news.slashdot.org/comments.pl?sid=4471181&cid=45481145 [slashdot.org]

      • How about 20,000 merchants including a bunch of subways around the world that accept Bitcoin.

        20,000 merchants. There's roughly 200 countries in the world. So on average 100 merchants per country.

        And the "bunch of subways" is a single franchisee, who got some media coverage a couple of days ago by the stunt of accepting bitcoins.

        It's a small-time fad.

    • 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.

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

        • It's not changing anywhere of any consequence. It's still mostly nerds, libertarians, and criminals that like it. When the average guy on the street has even heard of bitcoin, then we have something to talk about.

          • It's still mostly nerds, libertarians, and criminals that like it.

            I don't think most nerds like it either. I'd change those 3 categories to two.

            1) Libertarian nerds.
            2) Criminals.

            For sure other nerds are interested in how it works. But that doesn't mean they have any interest in using them.

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

        • The point of currency is to act as a neutral form of barter. Bitcoin doesn't really fit that category because it's not neutral in that it's value is only to a select group of individuals. Outside of that, it's utterly worthless.

        • The point of currency is to solve the "Coincidence of Wants" problem of barter. In pure barter, you have to find someone to trade with who both wants what you have to trade, and has what you want to get. Currency introduces a generally accepted intermediary. You trade away what you have, which for most people is their labor time, for currency. Then later you trade your currency for stuff you want. By separating the halves of a barter transaction, you make it easier for trades to happen, because you onl

      • 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

        • That still doesn't make it a currency.

          • From wikipedia:
            "A currency (from Middle English curraunt, meaning in circulation) in the most specific use of the word refers to money in any form when in actual use or circulation, as a medium of exchange, especially circulating paper money. This use is synonymous with banknotes, or (sometimes) with banknotes plus coins, meaning the physical tokens used for money by a government.[1][2]

            A much more general use of the word currency is anything that is used in any circumstances, as a medium of exchange. In thi

    • by grnbrg (140964)

      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:

    • by Sockatume (732728)

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

    • So, because it's possible to pay for parking in a few places with conkers, you think conkers are a currency?

      http://www.bbc.co.uk/news/uk-england-24162228 [bbc.co.uk]

      ( Conkers are the seeds of the horse chestnut tree. http://en.wikipedia.org/wiki/Conkers [wikipedia.org] )

      • So, because it's possible to pay for parking in a few places with conkers, you think conkers are a currency?

        You can buy a lot more than parking places with BitCoins. I am not fairly convinced that unless bitcoin is adopted unilaterally by every country, people will still declare it as "not a currency".

        Conkers are...

        I'm English. I used to play conkers at school.

      • by ultranova (717540)

        So, because it's possible to pay for parking in a few places with conkers, you think conkers are a currency?

        Depends. Does whoever you're paying to then use the conkers to pay for other things? If yes, then yes, they are being used as a currency (physical tokens representing abstracted value, to be exact).

  • by Anonymous Coward

    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.

    • by bobbied (2522392)

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

    • by JcMorin (930466)
      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
    • 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.

      • 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

    • by Entropius (188861)

      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.

      • by cornface (900179)

        There are ~12 million bitcoins in existence. 1 million of those belong to a single entity, with another large chunk divided among a few related entities.

        It seems ridiculous to expect stability when a single person has the ability to destroy the entire bitcoin economy, probably multiple times over.

    • by tompaulco (629533)

      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.

      Bitcoin may stabilize, but the cost of tuition will continue to outpace every index of inflation in the world.
      Bitcoin has gone up by a factor of 5 in recent weeks, but it still probably buys the same amount of tuition.

  • by Anonymous Coward

    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.

  • by bobbied (2522392) on Thursday November 21, 2013 @11:12AM (#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...

      • by bobbied (2522392)

        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..

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

          No, it doesn't work that way in Cyprus. The ones who speak Greek never speak Turkish. The ones who speak Turkish never speak Greek...

    • by Anonymous Coward

      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 th

  • Good Luck (Score:4, Insightful)

    by neoform (551705) <djneoform@gmail.com> on Thursday November 21, 2013 @11:14AM (#45481351) Homepage

    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: (Score:1, Insightful)

      by Anonymous Coward

      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?

      • by neoform (551705)

        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?

    • 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 sk

      • by grnbrg (140964)

        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 th

    • by tlhIngan (30335)

      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

    • by Sockatume (732728)

      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.

      • by jeremyp (130771)

        Or you just price everything in local currency and only accept local currency and let the purchaser deal with all the messy bits.

    • by ultranova (717540)

      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.

      Sure you can, you just need a buffer fund that allows you to delay any currency exchanges until a favorable time. Which also serves to reduce volatility.

      In other words, you need to keep some cash reserves on hand, for all currencies you use.

  • I've posted a (torrent of a) 6 month archive of tweets about bitcoin at bitcoinscope.com [bitcoinscope.com]

    To be precise, it's 50% of all tweets (every other tweet), so it can be used as a training set, with the other 50% to be used as a test set later (for your sentiment tracker / price predictor, etc.)

1: No code table for op: ++post

Working...