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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

#221

Post by jsprogrammer »

adrianmacneil wrote: post #165
jsprogrammer wrote: post #147

Earlier quoted context omitted.

How would Coinbase know anything about your transactions? Shouldn't they just process the exchange of necessary payment information?

Well if you conduct transactions on their platform, then they know the source/destination, notes, amount etc. AML laws require them to detect and prevent illegal activity on their platform (just the same as Square, Stripe, Venmo/PayPal, your bank etc).

Based on that information it would seem the only illegal transactions there could be (that coinbase could detect) would be transactions over a certain amount (illegal, where?) or transactions with banned destinations (I believe HSBC used to [alledgedly they don't, now?] process transactions for Iran, as well as other banned destinations.).

Is there a comprehensive list of banned destinations?

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

#222

Post by DHJSH »

trevelyan wrote: post #62
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.

Good for you! Many other people wouldn't want to be bothered by them. And since you're so sure it will go up from ~350 to 1000 soon, you shouldn't be wasting time here! You should be taking every penny you can get and buying bitcoins!

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

#224

Post by lquist »

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.

This aligns with what I would expect. I met the Coinbase founders and they were basically jerks.

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

#225

Post by toomuchtodo »

mirimir wrote: post #184
omni wrote: post #156

Earlier quoted context omitted.

> a bunch of waffling and trying to dodge the question Gonna go out on a limb here and assume that, yes, you did a bunch of illegal shit.

My point is that Coinbase gets to decide whether or not their customers "did a bunch of illegal shit". At will, with no effective recourse.

Welcome to how financial regulations work. Show up with a bag of cash if you want to get around it.

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

#226

Post by statoshi »

morgante wrote: post #199
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…

> You only truly own Bitcoins if you own the private key for the account Do I only own my dollars if I have them in cash?

Yes. Otherwise you are just holding onto IOUs for dollars.

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

#228

Post by ajarmst »

soared wrote: post #162
gregmac wrote: post #159

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…

How else do you think this could possibly work? >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…

"Its a transition between traditional cards and to new forms of money like crypto-currency" by removing all the distinguishing characteristics of crypto-currency, which I think is the OP's point.

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

#229

Post by steven2012 »

wdewind wrote: post #204
steven2012 wrote: post #93

Earlier quoted context omitted.

Lol absolutely prevents fraud from happening? That is impossible. KYC is more of a cover-your-ass requirement rather than fraud prevention. With millions of SSN and personal information being available after numerous breaches from health care, etc how exactly are you supposed to vett someone's identity over the Internet?

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. > With millions of SSN and personal information being available after numerous breaches from health care, etc how exactly are you supposed to vett someone's identity over the Internet? I can't really get into our entire K…

KYC is a joke. If you have information external to KYC for fraud prevention, that's something altogether different from KYC. The KYC requirements themselves are a joke and provide nothing in terms of verifying identity.

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

#230

Post by 650REDHAIR »

gregmac wrote: post #159

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…

It's a step in the right direction. You can't run until you walk.
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