Coinbase Crosses 650,000 Users

I think a company could use an intra-blockchain to run a micro-economy within it. Transactions take place that enable it to function. Also, there is an interface between intra and public blockchains. If your department wants pens, it must buy it internally from the Supplies department. At some point Supplies converts its intracoins to public cash or coins (with management approval^) to buy more pens. You work for intra-coins, and at some point you convert it to cash or public coins. Not sure if the overhead of these micro-transactions are worth it, on the other hand, conglomerates of companies could exist. But the intra-coins have real value, because management will convert them to proper cash or public cryptocoins. The key is making sure an employee can't just cash out with intra-coins somewhere else and quit.

^ the key here is that things can be monitored and controlled on a sped-up blockchain, while still allowing a market mechanism to take place. Perhaps pens isn't the best example, more like certain factors of production.

The more I think about it, the more useful this seems to be. Especially attaching notes to transactions, and mining all coins instantly, and management dishing them out as needed. Perhaps creating more if needed. If the company is running low on cash, it can adjust the exchange rate, so the coins are worth less. If the company is doing well, the value of the coins goes up. This also gives the firm incentive to do well and be efficient, especially if staff are paid in intra-coins.

Companies have intranets, why not intracoins?

In many ways this simply moves the problem (overall complication) from a private sector solution much closer to a government solution because it means exchanging bitcoin for real currency will be intensely regulated and have its own fees associated with it.

And maybe someday bitcoin will be worth some monetary value other than the currencies you can exchange it for, but we are not near that.

After screwing up that badly they should have cancelled the order. Instead, they delivered coins paid for at $800+ at today's prices (~$500). I would be surprised, if BTC had jumped to $5000, if they'd have honored the $800 buy price.

The $50 credit is just inane, too. It's more of an insult to offer $50 than to offer no $ and a good apology. I'm not sure how they came to that decision.

Given their funding, they should have immediately taken full responsibility (let's be clear: a financial company's transactions didn't run cause they rebooted something...) and then offered to complete at the original price, or cancel the transaction - truly make the buyer whole. It'd be totally fine for them to do so, because if they fix their stuff, they won't need to worry about "jobs not running". So in this case, even giving the guy a 10% bonus would engender goodwill, as well as show the world they are serious about handling transactions.

I'll resist any snide remarks about Coinbase using MongoDB.

Edit: It seems after further consideration, they decided to give him today's price since it was their mistake.

Or if you want to go the bank route, be prepared to drop $12-$30 for an international wire (depending on your bank). Oh, and she might have to pay a $15-$30 receiving fee for an incoming international wire, depending on her country and bank.

At first, Paypal seems a little better -- only about $4.50 that you have to pay from your end. But Grandma still has to pay $2.50, and god help her if she needs any help from customer service. And then she still has to withdraw money to her bank account, since most international banks still charge up to $5-$10 for this. So in toto, Paypal might actually the two of you combined about the same amount as Western Union.