Instant Bitcoin Purchases at Coinbase • Hacker News Board

Re: Instant Bitcoin Purchases at Coinbase

#11

Post by downandout » Thu, Jul 11, 2013, 10:12 PM UTC

Someone credible is finally trying to compensate for the abysmal failure that is Bitinstant (see http://bitinstantscam.com and basically any Bitcoin forum). That is fantastic.

However, let's not get carried away. This is not instant for first-time users. You still have to go through verification and wait at least 4 business days for your first purchase to go through before reaching the qualifications for instant purchases. Coinbase really needs to adopt convenient, instant deposit methods such as Western Union and Moneygram in order to reach critical mass.

Re: Instant Bitcoin Purchases at Coinbase

#12

Post by tocomment » Thu, Jul 11, 2013, 10:14 PM UTC

I've wondered about starting a service to sell bitcoins via credit card but the catch is he service holds your coin for you for 6 months or whatever the period for chargebacks is.

Is that a viable idea?

Re: Instant Bitcoin Purchases at Coinbase

#13

Post by vessenes » Thu, Jul 11, 2013, 10:14 PM UTC

Love it! Nice work guys.

Re: Instant Bitcoin Purchases at Coinbase

#14

Post by lwhalen » Thu, Jul 11, 2013, 10:15 PM UTC

To be honest, it's kind of creepy. I just identified myself, and they somehow knew what month and year I purchased my car, a list of names I may or may not have been 'associated' with, a list of counties I may or may not have lived in, and stuff like that. I'm not particularly comfortable with a company knowing that much about me, but it's already complete so... horse, meet barn door?

I wish they would at least tell me what sources they're getting this information from.

Re: Instant Bitcoin Purchases at Coinbase

#15

Post by pdog » Thu, Jul 11, 2013, 10:16 PM UTC

lwhalen wrote: post #14

To be honest, it's kind of creepy. I just identified myself, and they somehow knew what month and year I purchased my car, a list of names I may or may not have been 'associated' with, a list of counties I may or may not have lived in, and stuff like that. I'm not particularly comfortable with a company knowing that much about me, but it's already complete so... horse, meet barn door? I wish they would at least tell…

Welcome to the new economy.

Re: Instant Bitcoin Purchases at Coinbase

#16

Post by citricsquid » Thu, Jul 11, 2013, 10:17 PM UTC

lwhalen wrote: post #14

To be honest, it's kind of creepy. I just identified myself, and they somehow knew what month and year I purchased my car, a list of names I may or may not have been 'associated' with, a list of counties I may or may not have lived in, and stuff like that. I'm not particularly comfortable with a company knowing that much about me, but it's already complete so... horse, meet barn door? I wish they would at least tell…

Probably your credit report. The information you mention is what would be on your credit report, assuming that car was purchased with financing.

Re: Instant Bitcoin Purchases at Coinbase

#17

Post by makeramen » Thu, Jul 11, 2013, 10:18 PM UTC

lwhalen wrote: post #14

To be honest, it's kind of creepy. I just identified myself, and they somehow knew what month and year I purchased my car, a list of names I may or may not have been 'associated' with, a list of counties I may or may not have lived in, and stuff like that. I'm not particularly comfortable with a company knowing that much about me, but it's already complete so... horse, meet barn door? I wish they would at least tell…

I don't remember what other sites they were, but I've done this a few times for identity verification, seems like there's a central provider somewhere that does the same thing for different businesses

Re: Instant Bitcoin Purchases at Coinbase

#18

Post by wilfra » Thu, Jul 11, 2013, 10:18 PM UTC

tocomment wrote: post #12

I've wondered about starting a service to sell bitcoins via credit card but the catch is he service holds your coin for you for 6 months or whatever the period for chargebacks is. Is that a viable idea?

Buy BTC from tocomment Inc with credit card. If in 5 1/2 months the price of Bitcoin is lower, issue a chargeback and take no loss. If the price is higher, do not issue a chargeback and take the profit.

Sounds like a bad deal for tocomment Inc.

Re: Instant Bitcoin Purchases at Coinbase

#19

Post by downandout » Thu, Jul 11, 2013, 10:19 PM UTC

lwhalen wrote: post #14

To be honest, it's kind of creepy. I just identified myself, and they somehow knew what month and year I purchased my car, a list of names I may or may not have been 'associated' with, a list of counties I may or may not have lived in, and stuff like that. I'm not particularly comfortable with a company knowing that much about me, but it's already complete so... horse, meet barn door? I wish they would at least tell…

That's actually pretty simple. Equifax is the biggest provider of these types Q&A's. I'm not even sure that the company itself is exposed to the actual answers - I believe the credit bureau just responds with a pass/fail. Admittedly, it would be less creepy and more welcoming if they sent you to the Equifax website to do the verification. That way you would know that no one else actually has or will receive your personal info.

Re: Instant Bitcoin Purchases at Coinbase

#20

Post by pdog » Thu, Jul 11, 2013, 10:19 PM UTC

joelrunyon wrote: post #6

Isn't the point of bitcoin to stay anonymous? It's nice to be able to purchase it instantly, but it seems to be going against the purpose of bitcoin.

No. Bitcoin itself is simply a technology -- there isn't a "point" to it. Bitcoins can be anonymous if there's no information linking the transaction or public address back to you.