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Facebook Security Director Joins Bitcoin Startup Coinbase

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Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#41

Earlier quoted context omitted.

Can you tell me if you know the technical limitation of MongoDB that allows a double-sell? Is it because it doesn't have transaction integrity?

Mongo shouldn't be used for financial applications, it doesn't have ACID support.

Why, today, people refuse to use trusted SQL RDBMS's still boggles my mind...

Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#42
post #41

Earlier quoted context omitted.

Mongo shouldn't be used for financial applications, it doesn't have ACID support.

Why, today, people refuse to use trusted SQL RDBMS's still boggles my mind...

SQL isn't buzzword compliant. It's ironic really. MongoDB is the new Oracle, while Oracle would actually be a reasonable solution here.

Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#43

Earlier quoted context omitted.

Can you tell me if you know the technical limitation of MongoDB that allows a double-sell? Is it because it doesn't have transaction integrity?

Mongo shouldn't be used for financial applications, it doesn't have ACID support.

I think the problem is more with the architects of the applications than with Mongo. You can safely use a non-ACID database for financial applications. You just have to take care of the parts of ACID you need yourself.

It's tricky to get that right, though, so most developers would be much better off picking a database that does it for them.

Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#44

Earlier quoted context omitted.

Didn't AOL buy MySpace after everyone stopped using it?

I don't think AOL ever owned myspace, maybe you guys are thinking about News Corp (Fox)? But in any case, myspace was still really popular when it was sold and was still growing for a couple of years after; it didn't start getting creamed by Facebook until 2007/2008.

> I don't think AOL ever owned myspace, maybe you guys are thinking about News Corp (Fox)?

I suspect the first poster may have been referring to the sale to Fox, I actually saw the reference to AOL purchasing MySpace and made a false connection to the sale by Fox misidentifying AOL as the purchaser.

Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#45

Earlier quoted context omitted.

Didn't AOL buy MySpace after everyone stopped using it?

I don't think AOL ever owned myspace, maybe you guys are thinking about News Corp (Fox)? But in any case, myspace was still really popular when it was sold and was still growing for a couple of years after; it didn't start getting creamed by Facebook until 2007/2008.

No, but AOL did buy the social networking site Bebo for $850mm in March of 2008, which promptly died and became worthless.

Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#46

Earlier quoted context omitted.

You mean a wallet on your own hardware, or your own wallet on someone else's hardware like Blockchain.info?

Under no circumstances should you trust anyone to have access to your bitcoin. Do whatever it takes to accomplish that goal. Philosophically, that's one of the core reasons bitcoin is a big deal, because at no point in history has it been possible to do that until now. If I had followed the above advice, then I wouldn't have lost a lot of money. Given the nature of human greed, what do you think the chances are that…

Look, if you use bitcoins on the internet you're basically giving them away. What you do is you keep them under your mattress and ever so often you lift up your mattress and look at them and sing a sweet little song to them. They're your friends. Your secret friends.

Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#47
post #12

I'll be honest, I am a Bitcoin fan. But I realize there is a relatively large chance that it might just fail entirely (or only be used by criminals and just be regulated to death). Venture Capital investment in Bitcoin has been fairly massive - and from many top tier VCs e.g. a16z, USV & Accel (but notably not Sequoia nor Greylock). Some key investments: 75m for Coinbase, 20m for Xapo, 9m for Circle (still haven't la…

> Some key investments: 75m for Coinbase, 20m for Xapo, 9m for Circle (still haven't launched) and many smaller investments. That barely breaks a billion. It doesn't seem massive to me in relation to the rest of Silicon Valley. For comparison: Instagram.

I'm not sure of your point. According to Crunchbase, Instagram took $7.5m funding at seed/A and then another $50m not long before it was acquired.

If you're taking about Instragram's exit valuation, I don't see the relevance.

Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#48

Earlier quoted context omitted.

Didn't AOL buy MySpace after everyone stopped using it?

I don't think AOL ever owned myspace, maybe you guys are thinking about News Corp (Fox)? But in any case, myspace was still really popular when it was sold and was still growing for a couple of years after; it didn't start getting creamed by Facebook until 2007/2008.

You're right, my mistake. I'm old enough that I should remember, did it look silly when Time Warner was bought by AOL for $164B shortly before AOL's growth and profits stalled (leading to a $99B write-off and tanking the stock from a market cap of $224B down to $20B)? Yeah, maybe a little.

Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#49

Earlier quoted context omitted.

Can you tell me if you know the technical limitation of MongoDB that allows a double-sell? Is it because it doesn't have transaction integrity?

Mongo shouldn't be used for financial applications, it doesn't have ACID support.

I've worked on a few large scale financial databases and none of the ones I've worked on use transactions (using Oracle). Most of them are insert only with bi-temporal data: http://en.wikipedia.org/wiki/Bitemporal_Modeling

Re: Facebook Security Director Joins Bitcoin Startup Coinbase

#50
post #22

Earlier quoted context omitted.

> Its going to be interesting to see what happens when either the US economy takes a dump, or interest rates rise and VC funding dries up... We just had a financial crisis 6 years ago in which the U.S economy "took a dump" and caused a global panic/recession/depression (pick your favorite euphemism). Investors poured their money into Treasury bills, and in such numbers that in 2008, monthly T-bill rates were actually…

My point was that during the next financial crisis, everyone might just sell all their Bitcoin, not that everyone would run to it.

Oops. Sorry about that.
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