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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

#211

Post by wdewind »

mentat wrote: post #63
wdewind wrote: post #53

Earlier quoted context omitted.

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"?

I think you're misreading my use of the word absolutely. I was responding to the idea that KYC compliance is a joke. It is absolutely useful, that does not mean it prevents 100% of fraud absolutely.

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

#212

Post by adrianmacneil »

mrb wrote: post #172

Oh wow I will sign up for one! I have been a Coinbase user since they started operating, and am currently in the middle of a year-long trip around the world so I have been looking for ways to minimize my international ATM withdrawal fees. My US bank (Wells Fargo) charge me a flat $5.00 fee per transaction, and my french bank (Crédit Agricole) charge me about $8.50 for the equivalent of a ~$220 withdrawal. I see that…

This might be too late since you have already left, but check out Schwab bank - they offer free international ATM withdrawals, and will also refund any fees added by the ATM operator. I think it's mostly a loss leader for their brokerage business, but awesome for travelers.

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

#213

Post by comboy »

iamsohungry wrote: post #103
csomar wrote: post #86

Earlier quoted context omitted.

The exchange rate is almost identical through all exchanges. Have been studying the market for a while, the slippage between exchanges barely last more than 5 minutes.

Apparently you didn't study it last week when Coinbase was $20-$50 different from BTC-E for 5 days.

Doesn't seem to be the case.

Last 7 days: http://data.bitcoinity.org/markets/price/7d/USD?c=e&g=12&r=h...

Live view: http://data.bitcoinity.org/markets/arbitrage/USD

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

#214

Post by teach »

drcode wrote: post #39

Just a reminder to Bitcoin newbies: This card looks like an OK product (still open questions about how much coinbase is gaming the ask/bid spread) but just realize that this card does NOT use Bitcoin, it uses "Coinbase Bitcoin"[1] which is Bitcoin for which the coinbase company is managing your private key: You only truly own Bitcoins if you own the private key for the account (users of MtGox learn this the hard way…

*piece-meal

As in, one piece at a time.

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

#215

Post by flatline »

krapp wrote: post #91
flatline wrote: post #35

Earlier quoted context omitted.

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 is not the way bitcoin was meant to be held and spent. That seems like a meaningless assertion to make about an unregulated currency. If the free market optimizes for regulated intermediaries, that's perfectly valid.

I agree that it is valid for regulated intermediaries to participate. The notion of someone else holding your bitcoins, however, is anathema to the entire PKI behind the protocol. Someone else has your private keys, they own your coins, period. If they happen to give you access, good for you - but don't count on that access always being there, and not going away for good because reasons.

There are other services that offer m-of-n signatures so that you retain control of your keys and a service provider can still facilitate transactions. Coinbase may even offer one of these services, I don't know. But the primary service that they offer is that of a bank - a non-transparent bank that may or may not have any quantity of bitcoin at any given time. Part of bitcoin's original stated intent was to circumvent this power of banks, particularly the power to run at a fractional reserve and pull "bitcoins" out of thin air, which works fine until it doesn't. And that is exactly what Coinbase and AFAIK most of the other providers in the bitcoin sphere are doing, with many famous scams, crashes, and losses along the way.

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

#217

Post by kuschku »

caskance wrote: post #158
kuschku wrote: post #155

Earlier quoted context omitted.

How so? It means you need access to the online account, to the 2FA device, and to both letters to abuse the card. If the attacker already has access to the online banking account, then he/she can do much worse things anyway.

Different axis aka not security. The security is much better. But it's slow and inconvenient.

How is it inconvenient? It’s not like you get a new card every day.

And it only delays the process by 2 days. At maximum.

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

#218

Post by joshmn »

draven wrote: post #117
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.

What alternative do you point them to ? (just curious)

Not OP, but I think it's time we have some open-source, single-click install for some web-based app for managing a wallet.

If you're using bitcoin, I'm assuming you can click something to install to Heroku.

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

#219

Post by kuschku »

bpicolo wrote: post #143
kuschku wrote: post #102

Earlier quoted context omitted.

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

Well, even then.

Require the customer to verify that he/she received the card in their online banking interface.

Mark it as invalid/stolen/whatever before that.

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