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Introducing the Shift Card: Use Bitcoin where Visa is accepted

blog.coinbase.com

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Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#61

Post by r-marques »

corndoge wrote: post #42
r-marques wrote: post #36

If I understand correctly it exchanges some btc to dollars in order to pay the merchant. But this relies on 0-conf transactions, right?

Probably Shift verifies that the correct key on the blockchain (ie correct coinbase user) holds the correct amount of bitcoin, then fronts the USD and does the bitcoin transfer on the back end. Edit: downvotes don't tell me why I'm wrong, would appreciate counterexample, I don't see any docs on the Shift site, and there's no way in hell they're using zeroconf transactions at this scale, which means instant payments m…

so how does this relates to bitcoin?

Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#62

Post by trevelyan »

DHJSH wrote: post #56

I can get the same "privacy" and not be subject to arbitrary Bitcoin/Dollar price fluctuations by simply buying Visa debit "gift cards" for cash.

As someone who first bought bitcoin at 8 USD, I'm quite enamored of the price fluctuations. Considering that it will be heading into the four and five digits relatively soon, I'm not sure this is a negative.

Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#63

Post by mentat »

wdewind wrote: post #53
trevelyan wrote: post #40

Earlier quoted context omitted.

Perhaps we can quash the notion that financial privacy is "bad". Anyone who deals with international finance knows that KYC compliance is a joke and the required submission of sensitive personal documents to third-party companies is a major contributor to identity theft and fraud. Indeed, identity fraud is in many ways a product of policies that force companies to collect this data. Nor is there any sensible moral ar…

I don't deal with international finance but I do deal with payments within the US and I have to say I really disagree with you on KYC. Our KYC process absolutely prevents fraud from happening, and because we are liable for any transactions we process I can't imagine operating without it.

> absolutely prevents fraud from happening

I'm trying to find a generous reading for this. Perhaps, "sometimes reduces the amount of fraud that impacts customers"?

Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#64

Post by [deleted] »

wdewind wrote: post #53
trevelyan wrote: post #40

Earlier quoted context omitted.

Perhaps we can quash the notion that financial privacy is "bad". Anyone who deals with international finance knows that KYC compliance is a joke and the required submission of sensitive personal documents to third-party companies is a major contributor to identity theft and fraud. Indeed, identity fraud is in many ways a product of policies that force companies to collect this data. Nor is there any sensible moral ar…

I don't deal with international finance but I do deal with payments within the US and I have to say I really disagree with you on KYC. Our KYC process absolutely prevents fraud from happening, and because we are liable for any transactions we process I can't imagine operating without it.

[deleted]

Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#65

Post by Gorbzel »

wdewind wrote: post #53
trevelyan wrote: post #40

Earlier quoted context omitted.

Perhaps we can quash the notion that financial privacy is "bad". Anyone who deals with international finance knows that KYC compliance is a joke and the required submission of sensitive personal documents to third-party companies is a major contributor to identity theft and fraud. Indeed, identity fraud is in many ways a product of policies that force companies to collect this data. Nor is there any sensible moral ar…

I don't deal with international finance but I do deal with payments within the US and I have to say I really disagree with you on KYC. Our KYC process absolutely prevents fraud from happening, and because we are liable for any transactions we process I can't imagine operating without it.

Sure, but don't for one second pretend its ever for the convenience of the customer or any of that sort of nonsense. It's very clearly for your bottom line and for the government's ability to track financial movement.

Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#66

Post by loceng »

redblacktree wrote: post #15
esaym wrote: post #11

I can't really find details on how this works. I assume the merchant still receives USD in the transaction along with the typical Visa card transaction fees. Which in that case, what is the point?

To be able to spend your bitcoin balance without a manual conversion and bank transfer?

Likely a considerably higher exchange rate + fee ... but hey, who cares when the people spending the Bitcoin are only spending it when it's likely only much higher than they acquired it for..

Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#67

Post by fleitz »

Mimu wrote: post #58

Pardon my lack of knowledge but wasn't the whole point of bitcoins being anonymous? How are you anonymous with a card connected to an account? I'm not trolling I really don't see what I'm missing.

Kinda, it's many things to many people, I think like VOIP it will serve as the infrastructure for banks but for individual consumers it will likely never take flight, just as we still use a lot of cell phone numbers that use VOIP infrastructure.

Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#68

Post by celticninja »

JupiterMoon wrote: post #50
celticninja wrote: post #45

Earlier quoted context omitted.

What disasters are you talking about? It is possible to transmit value securely and safely with bitcoin so Im not sure what point you are trying to make other with this sort of vague statement.

The mtgox débâcle springs to mind. EDIT: My point is that a financial service is more than just the protocols used. Actually the protocols are the least important thing to the average customer. The more important thing is trust. I trust that my money in the bank will stay there and that transactions made using my bank will go to the person I say they should. Part of the reason for my trust is in the regulation around…

But that was not a disaster for bitcoin, that was a case of fraud and theft. Not much different to someone embezzling fiat from a firm e.g.secure investmen, and that wasn't a disaster for fiat currencies or the traditional banking system.

I think that many people hold bitcoin and bitcoin businesses to a higher standard than they would companies that operate outside this sphere.

Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#69

Post by mentat »

celticninja wrote: post #68
JupiterMoon wrote: post #50

Earlier quoted context omitted.

The mtgox débâcle springs to mind. EDIT: My point is that a financial service is more than just the protocols used. Actually the protocols are the least important thing to the average customer. The more important thing is trust. I trust that my money in the bank will stay there and that transactions made using my bank will go to the person I say they should. Part of the reason for my trust is in the regulation around…

But that was not a disaster for bitcoin, that was a case of fraud and theft. Not much different to someone embezzling fiat from a firm e.g.secure investmen, and that wasn't a disaster for fiat currencies or the traditional banking system. I think that many people hold bitcoin and bitcoin businesses to a higher standard than they would companies that operate outside this sphere.

They clearly said "the bitcoin industry" so their comment stands.

Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted

#70

Post by celticninja »

JupiterMoon wrote: post #50
celticninja wrote: post #45

Earlier quoted context omitted.

What disasters are you talking about? It is possible to transmit value securely and safely with bitcoin so Im not sure what point you are trying to make other with this sort of vague statement.

The mtgox débâcle springs to mind. EDIT: My point is that a financial service is more than just the protocols used. Actually the protocols are the least important thing to the average customer. The more important thing is trust. I trust that my money in the bank will stay there and that transactions made using my bank will go to the person I say they should. Part of the reason for my trust is in the regulation around…

Yes there is a savings guarantee in the US/UK/EU however if funds are stolen from your bank account you are as unlikely to get them returned as you are to get stolen bitcoin back. The difference is that the government is covering (with taxes) the loss incurred by the bank (if necessary) but that doesn't mean you are automatically covered by this insurance in the case of a theft.
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