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"BitHack" Hackathon by Coinbase

blog.coinbase.com

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Re: "BitHack" Hackathon by Coinbase

#11

Post by [deleted] »

hngiszmo wrote: post #5
Robin_Message wrote: post #3

From the rules: > Coinbase must be the sole bitcoin payment method included in the app. So, is it a hackathon to make something cool with bitcoin, or to make something cool with Coinbase? Anything anyone does to make bitcoin bigger, better, and more mainstream, will benefit Coinbase in the long run. So it might be a bit short-sighted to restrict this unless there is a really good reason.

So they put 18k USD on the top 3 applicants that provide their closed source, coinbase only solution? They already got attention worth more than that by having us read the terms and coditions. Why not do something cool and respected. I have no problem with the coinbase API having to be used but the exclusiveness is so anti bitcoin spirit.

[deleted]

Re: "BitHack" Hackathon by Coinbase

#12

Post by ilya89 »

Roedou wrote: post #10
pkinsky wrote: post #7

Earlier quoted context omitted.

It makes sense. The payoffs are going to show up on Coinbase's balance sheet in USD, and they don't want to commit to buying $X BTC if the market changes. On the flip side, if BTC crashes, this is good for participants.

They could just convert the prize money to BTC today, advertise it in that currency, and not have to worry how the market changes?

Problem there is that you're exposing the participants to volatility risk. if btc drops in price then people might be less likely to participate. Many view bitcoin as a great new technology but its price is still too unstable to actually quote products/prices/prices in. Quote in dollars, delivery bitcoin and everyone wins

Re: "BitHack" Hackathon by Coinbase

#13

Post by Roedou »

ilya89 wrote: post #12
Roedou wrote: post #10

Earlier quoted context omitted.

They could just convert the prize money to BTC today, advertise it in that currency, and not have to worry how the market changes?

Problem there is that you're exposing the participants to volatility risk. if btc drops in price then people might be less likely to participate. Many view bitcoin as a great new technology but its price is still too unstable to actually quote products/prices/prices in. Quote in dollars, delivery bitcoin and everyone wins

I guess I imagined that being exposed to volatility risk is something that anyone involved in Bitcoin came to terms with a long time ago.

Re: "BitHack" Hackathon by Coinbase

#15

Post by elwell »

siculars wrote: post #14

Aside... I use Coinbase. But am I the only one concerned they built a transactional system on top of MongoDB?

Hmm, I didn't know it was on MongoDB. Their site looks so pretty I was deceived into trusting them with my bitcoins (or fractions thereof).

Re: "BitHack" Hackathon by Coinbase

#16

Post by durkie »

aoxfordca wrote: post #8

Hey all, I'm a student who is looking to join a team for the [BitHack Hackathon]( http://bithackathon.com/ ) - are any groups out there looking for someone to help with team coordination, app testing, user experience, etc.? My background is not technical in nature, but I've found that I always find a way to contribute in hackathons. I'm not in it for the money (although that does sound very nice) as much as I am for…

Hey -- I might be interested. And I'm in Atlanta. Let's talk!

Re: "BitHack" Hackathon by Coinbase

#17

Post by chazandchaz »

"All materials submitted in connection with this Contest will not be returned. By participating, you agree to be bound by these Rules including all eligibility requirements. Participants acknowledge and agree that all entry materials submitted in connection with this competition are submitted on a non-confidential basis and may be used by Coinbase, its agents, subsidiaries, and related companies, for advertising and promotional purposes. Coinbase reserves all rights, including the right to edit, publish, use, adapt, and modify proper names, likenesses, and photographs for advertising and promotional purposes in all media (including, but not limited to, the internet) without additional compensation, expect where prohibited by law." -http://bithackathon.com/terms.html

This seems like a pretty brilliant way to get tons of apps for only 18k

Re: "BitHack" Hackathon by Coinbase

#18

Post by vdaniuk »

hngiszmo wrote: post #5
Robin_Message wrote: post #3

From the rules: > Coinbase must be the sole bitcoin payment method included in the app. So, is it a hackathon to make something cool with bitcoin, or to make something cool with Coinbase? Anything anyone does to make bitcoin bigger, better, and more mainstream, will benefit Coinbase in the long run. So it might be a bit short-sighted to restrict this unless there is a really good reason.

So they put 18k USD on the top 3 applicants that provide their closed source, coinbase only solution? They already got attention worth more than that by having us read the terms and coditions. Why not do something cool and respected. I have no problem with the coinbase API having to be used but the exclusiveness is so anti bitcoin spirit.

Consider the volatility of hackathon ROI for Coinbase. Ofcourse they want to strengthen the ecosystem of its company and good for them! Their goals are aligned with the general bitcoin ecosystem. Discovery and adoption of repeatable, scalable model of generating value with hackathons would be absolutely great for ecosystem, while benefiting Coinbase. Other companies would copy and imagine how hundreds of hackathons are held by many startups, all benefitting bitcoin ecosystem.

I assure you that this is a good thing in the long run, even if may be considered anti-bitcoin in spirit by some.

Re: "BitHack" Hackathon by Coinbase

#19

Post by ck2 »

Why would you award a US dollar amount of bitcoin?

The point is to adopt bitcoin as it's own entity.

Awards should be 10, 5, and 3 bitcoin.

Or if you like big numbers call it 10 million satoshi, 5 million satoshi, 3 million satoshi ?

Re: "BitHack" Hackathon by Coinbase

#20

Post by nickkthequick »

ck2 wrote: post #19

Why would you award a US dollar amount of bitcoin? The point is to adopt bitcoin as it's own entity. Awards should be 10, 5, and 3 bitcoin. Or if you like big numbers call it 10 million satoshi, 5 million satoshi, 3 million satoshi ?

Probably they want to appeal more to people that are a slightly outside the bitcoin realm. They would be less likely to have coinbase accounts and they would get some bonus user acquisition while they're at it.
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