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Buy a car with Bitcoins, save $5,000

theregister.co.uk

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Re: Buy a car with Bitcoins, save $5,000

#21

Post by coinabul »

olefoo wrote: post #17

The problem with BitCoin at this stage in it's lifecycle is that there is a real tension between its use as means of exchange, and its use as a store of value; and too much hoarding will decrease the utility of BTC as a means of exchange. If the people behind this effort really want to get the BTC economy rolling, they need to figure out some way for more people to _earn_ their way into it. If you have a hoard of BTC…

I agree entirely! Everyone is sitting on their hoards of Bitcoin and not spending it. This is merely one attempt at a solution. One way for people to earn BTC IS to sell things.

Re: Buy a car with Bitcoins, save $5,000

#22

Post by wlesieutre »

tbrownaw wrote: post #19
beala wrote: post #15

Earlier quoted context omitted.

The only banking details it needs are you routing and account number. Granted, you shouldn't give those out to just anyone, but it's the same info you give out every time you write a check. If you wanted to be really paranoid, you could set up a checking account just for stuff like bitcoin, and only load small amount of money into it right before making purchases.

The only banking details it needs are you routing and account number. Granted, you shouldn't give those out to just anyone, but it's the same info you give out every time you write a check. But those are all anyone needs in order to withdraw the entire contents of your account, and they're being stored on someone's presumably-poorly-secured server. At least with paper checks they're, well, paper and are likely physic…

Wait a sec, anyone I've given a check to could withdraw the entire contents of my account?

Re: Buy a car with Bitcoins, save $5,000

#23

Post by tokenadult »

wlesieutre wrote: post #22
tbrownaw wrote: post #19

Earlier quoted context omitted.

The only banking details it needs are you routing and account number. Granted, you shouldn't give those out to just anyone, but it's the same info you give out every time you write a check. But those are all anyone needs in order to withdraw the entire contents of your account, and they're being stored on someone's presumably-poorly-secured server. At least with paper checks they're, well, paper and are likely physic…

Wait a sec, anyone I've given a check to could withdraw the entire contents of my account?

Wait a sec, anyone I've given a check to could withdraw the entire contents of my account?

Donald Knuth (author of The Art of Computer Programming) no longer writes personal checks.

http://www-cs-faculty.stanford.edu/~uno/news08.html

Re: Buy a car with Bitcoins, save $5,000

#24

Post by chc »

coinabul wrote: post #20
tptacek wrote: post #9

Perhaps the most eyebrow-raising offer comes from Wikispeed, makers of a custom, modular car that claims to be able to drive 100 miles on a single gallon of gasoline. On Bitcoin Friday only, customers who purchase a Wikispeed SGT01 with Bitcoins can get 20 per cent off the list price, a $5,000 discount. As the November 9 sale got underway, your Reg reporter checked in with Holmquist to see how it was going. "It's goi…

Currently BitPay is having one it's highest volume days. Some merchants are out of stock already. It's doing well.

I think he means "Did these WikiSpeed guys sell anything or did they just get a lot of traffic?"

Re: Buy a car with Bitcoins, save $5,000

#25

Post by Cushman »

wlesieutre wrote: post #22
tbrownaw wrote: post #19

Earlier quoted context omitted.

The only banking details it needs are you routing and account number. Granted, you shouldn't give those out to just anyone, but it's the same info you give out every time you write a check. But those are all anyone needs in order to withdraw the entire contents of your account, and they're being stored on someone's presumably-poorly-secured server. At least with paper checks they're, well, paper and are likely physic…

Wait a sec, anyone I've given a check to could withdraw the entire contents of my account?

Yes? How did you assume a check worked?

Re: Buy a car with Bitcoins, save $5,000

#26

Post by icyfenix »

"For those unfamiliar with American customs, Black Friday in the US refers to the day after Thanksgiving Day, which is traditionally considered the first day of the holiday shopping season. It's generally the busiest shopping day of the year, resulting in huge profits for retailers – thus, putting them 'in the black.'"

This is not why it's called Black Friday. It's called Black Friday originally by the retail workers who had to man the stores that day. "Black" meaning bad or dark, in this case, like "this is a black day", rather than any reference to finance (or racism). Those who worked their way into the corporate structure of many retailers, or graduated college and moved on in their careers retained their floor-worker slang, and the term spread.

Re: Buy a car with Bitcoins, save $5,000

#27

Post by mtgx »

taligent wrote: post #6
hnolable wrote: post #4

Earlier quoted context omitted.

coinbase.com. Link your bank account and then you can buy them with a single click. Same way you get money onto paypal.

Given the appalling lack of basic security across many of the Bitcoin services there is no way on earth I would be trusting them with bank account details.

I believe Coinbase is a YC company, endorsed by Paul Graham, if that helps.

Re: Buy a car with Bitcoins, save $5,000

#28

Post by beala »

wlesieutre wrote: post #22
tbrownaw wrote: post #19

Earlier quoted context omitted.

The only banking details it needs are you routing and account number. Granted, you shouldn't give those out to just anyone, but it's the same info you give out every time you write a check. But those are all anyone needs in order to withdraw the entire contents of your account, and they're being stored on someone's presumably-poorly-secured server. At least with paper checks they're, well, paper and are likely physic…

Wait a sec, anyone I've given a check to could withdraw the entire contents of my account?

Someone could fraudulently initiate a draft, but ACH drafts can be chargedback, giving you some protection. Obviously this is trickier and more painful than a credit card chargeback because it's your money that's been taken, and not your CC company's.

Since the writing of a Knuth article, checks have become less risky, but they're still more risky than credit cards. [1]

So like I said, don't give your banking info out to just anyone. There's still risk involved. Whether or not you find Coinbase overly risky is up to your own utility curve.

[1] Knuth cites an article [http://perimetergrid.com/wp/2008/01/01/checks-the-most-dange...] which has since been updated [http://perimetergrid.com/wp/2008/01/01/checks-the-most-dange...]

Re: Buy a car with Bitcoins, save $5,000

#29

Post by J_Darnley »

Cushman wrote: post #25
wlesieutre wrote: post #22

Earlier quoted context omitted.

Wait a sec, anyone I've given a check to could withdraw the entire contents of my account?

Yes? How did you assume a check worked?

Not the parent, but...

You write a cheque to X. X hands it to their bank A. A asks your bank B for the amount on the cheque. B asks A for the cheque to check its valid. B sends money to A. Done. Which is why I thought they take days to be processed.

Re: Buy a car with Bitcoins, save $5,000

#30

Post by coinabul »

chc wrote: post #24
coinabul wrote: post #20

Earlier quoted context omitted.

Currently BitPay is having one it's highest volume days. Some merchants are out of stock already. It's doing well.

I think he means "Did these WikiSpeed guys sell anything or did they just get a lot of traffic?"

Ahh, I'll be able to tell you tomorrow!
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