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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

#71

Post by anonymoushn »

flatline wrote: post #35
conception wrote: post #16

Earlier quoted context omitted.

You don't have to hold dollars to spend dollars, is the only thing I can think of.

Coinbase holds the dollars for you. It's arguable to what extent bitcoin even factors in here after your initial deposit, since everything is under the control of Coinbase. You are effectively holding a note called "Coinbase bitcoin" that fluctuates in value compared to the dollar, and you get a spot exchange rate when you spend. This is not the way bitcoin was meant to be held and spent.

This pretty much has to be done if Bitcoin is to have any significant number of users doing everyday transactions. The hilariously low transaction rate and long transaction times would otherwise prevent people from using Bitcoin to pay for coffee.

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

#72

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.

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

#73

Post by ISL »

loceng wrote: post #66
redblacktree wrote: post #15

Earlier quoted context omitted.

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..

That only works if someone else is buying the bitcoin at the current exchange rate. Coinbase gets its dollars from someone to give to the merchant.

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

#74

Post by nacs »

celticninja wrote: post #29
ShiftPayments wrote: post #22

Earlier quoted context omitted.

The card actually is inactive until you activate it once it arrives

but if someone intercepts your mail, then they know your address and could possibly know your phone number. How secure is the activation process? Why dont you send the card and PIN out separately like a bank?

> but if someone intercepts your mail, then they know your address and could possibly know your phone number. How secure is the activation process

Every "normal" credit and debit card I've received in the mail has used this same procedure -- call a number on a removable sticker stuck to the card to activate it where the only verification is the phone number you're calling from (and caller ID is easily faked).

How is this any worse than how every other card activates?

And how do you propose they get around the mail interception problem? Have a courier deliver it to you and place it in your hand?

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

#75

Post by um_ya »

ewillbefull wrote: post #19

You can now use Bitcoin anywhere VISA is accepted, so long as coinbase doesn't close your account, ignore you and close all the tickets you open. Even if you painstakingly collect and compile sensitive documents for them to review, which was a gigantic waste of my time, thanks! I have for months encouraged everyone I know not to use coinbase and will continue to do so.

Can confirm, was banned by Coinbase too.

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

#76

Post by __tmg »

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.

Decentralisation was (and still is) the point of Bitcoin; any additional perks (e.g. anonymity) are emergent. Here's a quote from the original paper:

>Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

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

#77

Post by zeroxfe »

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.

The "whole point of bitcoins" is not anonymity. In fact, bitcoins aren't anonymous at all.

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

#79

Post by ceejayoz »

jcfrei wrote: post #26

"The Shift Card is a VISA debit card that currently allows Coinbase users in twenty-four states and territories (see list below) in the U.S. to spend bitcoin anywhere VISA is accepted." - So you have to live in one of the 24 states. And for California they only allow up to 1000 applicants...

I wonder how that works if you move into one of the other states.

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

#80

Post by tobias2014 »

eric_h wrote: post #52
cbisnett wrote: post #37

According to the Shift Payments FAQ you must reside in one of the following states to spend bitcoin via Coinbase: AL, AZ, CA, DE, DC, GA, ID, IA, KS, ME, MS, NE, NV, NJ, NC, ND, OK, PA, PR, SD, TX, VT, WA, WV [1] https://www.shiftpayments.com/faq

Can't help but notice that NY is not in that list. Oh well.

Maybe it is because of the BitLicense?

See http://cointelegraph.com/news/115114/localbitcoins-stops-ser... for example.

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