161–170 of 359 posts
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It relies on you having a BTC wallet with coinbase - where coinbase controls the private key.
So with coinbase you have no control over your private key? You can only spend your btc through coinbase?
So * you lose the psuedo-anonymity of Bitcoin (the card has your name on it). * It's a "debit" card, so it also has none of the protection of a normal credit card (eg: if someone steals my card or over-charges or whatever, my actual money is not touched). * It's not even real Bitcoin, it requires a Coinbase account (where, from what I understand, they manage your private key, so really own your bitcoins) What exactly…
>you lose the psuedo-anonymity of Bitcoin (the card has your name on it) Nobody would ever allow anonymous card transactions. The security risks with that alone are ridiculous.
> It's a "debit" card, so it also has none of the protection of a normal credit card (eg: if someone steals my card or over-charges or whatever, my actual money is not touched). Nope. Debit cards have protection, as does a coinbase account.
>It's not even real Bitcoin, it requires a Coinbase account My credit card isn't even real money either!
>where, from what I understand, they manage your private key, so really own your bitcoins Thats not how that works.
Its a transition between traditional cards and to new forms of money like crypto-currency.
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I don't see how a debit card could work any other way, since VISA is a pull-based system. If I have Bitcoin on my own computer and I swipe the card, how does the right amount of BTC get sucked out of my computer and exchanged?
Right, I just want to warn people away from putting significant Bitcoin holdings directly into Coinbase to use this card without being educated on the risks.
I'm curious what the exchange rate looks like when purchasing stuff that's not in USD. If the conversion is the same as that of Bitcoin USD, then it would make this card super useful for people who travel a lot. What I mean is, it'd be cool if the card would do: - Bitcoin CAD - Bitcoin EUR - Bitcoin BHT - Bitcoin HKD - Bitcoin AUD So that we wouldn't need to do: - Bitcoin USD CAD - Bitcoin USD EUR - Bitcoin USD BHT -…
- Bitcoin Dogecoin CAD - Bitcoin Dogecoin EUR - Bitcoin Dogecoin BHT - Bitcoin Dogecoin HKD - Bitcoin Dogecoin AUD
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This might be a silly question, but did you use your Coinbase account to conduct any illegal transactions? The team there really cares about customer experience, so generally if they are ignoring you it's because your account has some connection to illegal/banned activity, which they can't disclose due to ridiculous financial laws.
How would Coinbase know anything about your transactions? Shouldn't they just process the exchange of necessary payment information?
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that is terrible, especially for a company in the bitcoin space which should be encouraging best practice for security at all times.
The bitcoin industry has a long and chequered history when it comes to best practices. Part of the appeal of bitcoin to many is "Banks are so unnecessarily expensive to transmit value", the bitcoin industry has slowly and painfully been learning one disaster after another that maybe some of that cost isn't unnecessary after all.
.. which isn't really true in the EU ("Faster Payments"). It's only true in the US because the regulation is fragmented and reflexively in favour of the capitalist over the consumer. It's the banking equivalent of Comcast.
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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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Holy shit, that’s horrible. Where I am, PIN and Card arrive in different letters, and the Card letter is only sent once you confirmed via your online banking interface (which uses 2FA) that you received the PIN letter. And you need to confirm online in your banking interface to have received the card to be able to use it.
For credit cards in the US you virtually never use a PIN. Debit cards only
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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.
If someone stole 5% of all the world's fiat currency from an unregulated, uninsured financial institution (Which in that sense was no different from any other BTC exchange... So it's not like anyone had better options.) with customers not getting any recourse, that would be a disaster for fiat currencies. At least, it would be an unmitigated disaster for the Wild West style of regulating fiat currencies. People hold…