Hackathons with cash prizes need to die. It's no longer a "hackathon" when money is involved. It's an app building contest with cash prizes.
"BitHack" Hackathon by Coinbase
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Re: "BitHack" Hackathon by Coinbase
#22Hey 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!
Sure. Email in my profile
Re: "BitHack" Hackathon by Coinbase
#23Earlier quoted context omitted.
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.
Yes, but the smart ones learned to minimize their exposure.
Re: "BitHack" Hackathon by Coinbase
#24"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…
I like the part where they say they reserve the right to edit and modify names, likenesses and photographs. Basically they could take your product and say that their internal team made it if they wanted to.
Re: "BitHack" Hackathon by Coinbase
#25"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…
"for advertising and promotional purposes"
The terms also state this:
"Grant of License: All Contest submissions shall
remain the property of the submitting Participant."Re: "BitHack" Hackathon by Coinbase
#26Aside... I use Coinbase. But am I the only one concerned they built a transactional system on top of MongoDB?
Nope. I'm very concerned. That said, I don't use Coinbase (I use blockchain.info for storage.)
Re: "BitHack" Hackathon by Coinbase
#27Earlier 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?
Where would they find a secure way to store BTC? They've probably heard about the recent difficulties....
Re: "BitHack" Hackathon by Coinbase
#28Aside... I use Coinbase. But am I the only one concerned they built a transactional system on top of MongoDB?
I've had issues with them before. They blamed it on getting out of sync with the blockchain, but it made no sense as your purchase cannot suddenly disappear due to that.
Re: "BitHack" Hackathon by Coinbase
#29Aside... I use Coinbase. But am I the only one concerned they built a transactional system on top of MongoDB?
Nope. I'm very concerned. That said, I don't use Coinbase (I use blockchain.info for storage.)
Coinbase's buy mechanic is very easy and allows you to not have a bunch of money stuck inside an exchange. You pay for the pleasure, of course, but if you aren't dealing in big money the fee's are negligible. Once you have your btc you can move it anywhere. I'm fully verified so I can insta-buy $1000 in BTC a day if I like which is more than enough for me ($1000/wk instant buy limit).