Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Coinbase Crosses 650,000 Users

blog.coinbase.com

Post reply on HN
Print view View original

81–90 of 122 posts

Re: Coinbase Crosses 650,000 Users

#81

Post by wdewind »

MichaelGG wrote: post #76
wdewind wrote: post #75

Earlier quoted context omitted.

Ok educate me, because I really don't know (my grandmothers both lived in the US): what's wrong with Western Union or PayPal for this purpose? 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 b…

Well, one potential advantage: Bitcoin removes consumer protection, which allows an exchange to operate at much lower rates. Part of PayPal's difficulty as a business is dealing with the constant amount of fraud. With BTC, the consumer bears the problems. However, the remittance industry makes an obscene amount of money mainly because it's about marketing services in a retail place to unsophisticated consumers. Once…

I'm replying to you but this is meant for both of the current replies, genuinely curious:

What makes you guys think that businesses wont be built around simplifying and derisking BTC transactions? And wont this businesses have fees? Grandma certainly does not know how to use bitcoin.

Re: Coinbase Crosses 650,000 Users

#82

Post by ryanhuff »

wdewind wrote: post #75
zanny wrote: post #74

Earlier quoted context omitted.

Suddenly, your grandmother does not live in the same country as you. Have fun sending money to grandma.

Ok educate me, because I really don't know (my grandmothers both lived in the US): what's wrong with Western Union or PayPal for this purpose? 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 b…

@jnbiche, do you think that most "grandmas" have the ability to securely manage a bitcoin wallet? Based on all the reports of people losing bitcoins, and difficulty with redeeming from places like Mt.Gox in a timely manner, it appears easier to herd cats than to keep bitcoins both liquid and secure. I bet most grandmas would gladly pay the $20 service fee that you cited than to be subject to these risks.

Re: Coinbase Crosses 650,000 Users

#83

Post by sillysaurus2 »

wdewind wrote: post #75
zanny wrote: post #74

Earlier quoted context omitted.

Suddenly, your grandmother does not live in the same country as you. Have fun sending money to grandma.

Ok educate me, because I really don't know (my grandmothers both lived in the US): what's wrong with Western Union or PayPal for this purpose? 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 b…

what's wrong with Western Union?

Speaking from experience: Western Union is awful. Absolutely horrible. They basically stole $50 from me after their representative typo'd a number and then didn't have the authority to fix it, and then I was asked to prove my transaction by faxing them a receipt which I hadn't kept, therefore losing my $50. Avoid them at all costs.

Re: Coinbase Crosses 650,000 Users

#84

Post by sliverstorm »

dubfan wrote: post #56
WoodenChair wrote: post #45

Earlier quoted context omitted.

You mean "a system of money in general use in a particular country" (Oxford). Yeah definitely not a mainstream currency yet. That's why we use the polite term "alternative currency" which is short for "a system of money in limited use across many countries."

But it's still not a currency, kind of like how "alternative medicine" isn't really medicine.

Nah, a better analogy would be it's still not a currency, kind of like how a drug in drug trials isn't a prescription drug yet.

Re: Coinbase Crosses 650,000 Users

#85

Post by tlrobinson »

cjensen wrote: post #21
d23 wrote: post #19

Earlier quoted context omitted.

> Bitcoins have no intrinsic value Neither does gold, paper money, or diamonds. And yet they've remained valuable for a long time. What gives?

Gold and Diamonds have obvious intrinsic value. Paper money does too, but it's harder to demonstrate.

Bitcoins' intrinsic value are as entries in a globally distributed ledger, or timestamps in a globally distributed timestamp server.

Of course since 1 bitcoin is divisible into 100,000,000 pieces the value is negligible, but if you want to be pedantic it's there.

Re: Coinbase Crosses 650,000 Users

#86

Post by MichaelGG »

wdewind wrote: post #81
MichaelGG wrote: post #76

Earlier quoted context omitted.

Well, one potential advantage: Bitcoin removes consumer protection, which allows an exchange to operate at much lower rates. Part of PayPal's difficulty as a business is dealing with the constant amount of fraud. With BTC, the consumer bears the problems. However, the remittance industry makes an obscene amount of money mainly because it's about marketing services in a retail place to unsophisticated consumers. Once…

I'm replying to you but this is meant for both of the current replies, genuinely curious: What makes you guys think that businesses wont be built around simplifying and derisking BTC transactions? And wont this businesses have fees? Grandma certainly does not know how to use bitcoin.

Why aren't more companies competing with WU? Lots of regulations and a massive amount of retail outreach needed. Plus you need secured locations managing cash in the middle of nowhere.

I looked into doing a remittance business a bit over 10 years ago. By far the biggest problems are not technological, it's the simple logistics of taking cash around the world, and dropping cash off around the world. Bitcoin doesn't really solve anything.

Re: Coinbase Crosses 650,000 Users

#87

Post by dubfan »

WoodenChair wrote: post #72
dubfan wrote: post #56

Earlier quoted context omitted.

But it's still not a currency, kind of like how "alternative medicine" isn't really medicine.

It's medicine if it makes you better. It's a currency if you can exchange it for goods and services.

What kind of currency fluctuates in value by +/- 20% in one day? What kind of currency is inherently deflationary?

Re: Coinbase Crosses 650,000 Users

#88

Post by smtddr »

laumars wrote: post #80
dubfan wrote: post #56

Earlier quoted context omitted.

But it's still not a currency, kind of like how "alternative medicine" isn't really medicine.

> But it's still not a currency, kind of like how "alternative medicine" isn't really medicine. All you're proving there is how educated people like ourselves don't take alternative medicines seriously (and for good reason too). However technically that example is actually countering your point since the "alternative" prefix just signifies another style of; such as "alternative music" is still music.

>>All you're proving there is how educated people like ourselves don't take alternative medicines seriously (and for good reason too).

So I'm not going to argue one way or the other, I just want to be clear. You think the stuff listed in this link[1] is nonsense? Or what is your definition of alternative medicine? Anything that doesn't come from a first-world scientific study?

1. http://www.hopkinsmedicine.org/healthlibrary/conditions/comp...

Re: Coinbase Crosses 650,000 Users

#89

Post by markkat »

pg wrote: post #57

Incidentally, Coinbase's graph has an almost misleadingly modest aspect ratio. If you want to compare their growth to other growth graphs you've seen, compress it by at least half horizontally.

pg, if a reasonably intelligent person asked you to describe bitcoin, how would you do it? -if you'd humor me

I ask, because IMO much of the debate about bitcoin consists of people conflating and abusing definitions and talking past each other. As you are obviously interested in it, I wonder what you see, and perhaps what interests you most about it.

Re: Coinbase Crosses 650,000 Users

#90

Post by waterlesscloud »

Locke1689 wrote: post #28
sanderjd wrote: post #23

Earlier quoted context omitted.

Are you referring to the relatively recent industrial uses of gold and diamonds, or are you counting ornamentation as intrinsic value? Don't see the argument for the intrinsic value of paper money at all, but would love to be enlightened.

> Don't see the argument for the intrinsic value of paper money at all, but would love to be enlightened. You can pay your taxes in it.

You know, there was a startup back in the spring that allowed municipalities to accept bitcoin for fees and taxes. Haven't heard any more about them though...
Post reply on HN