I assume one has to wait something like 10 minutes to stop double spending.
I want coffee now not in 10 minutes.
Show HN: 10% off at Starbucks when you buy with Bitcoin
71–80 of 127 posts
Re: Show HN: 10% off at Starbucks when you buy with Bitcoin
#72I'd like to hear a real economist's take on this but from my personal opinion Bitcoin will never take off as a transactional currency because of it's inherently limited nature, and here's the reasons contributing to it: 1. There's a finite amount of them that can ever be mined 2. There's no central governing body control the rate of inflation/deflation through monetary policy. By definition this creates a deflationar…
My gut feeling is that, bitcoin usage will take off in other use cases, maybe like digital transactions or restricting the use of money for certain things (like color coins).
Re: Show HN: 10% off at Starbucks when you buy with Bitcoin
#73Earlier quoted context omitted.
Did you, and if so, how did you address the legal issues brought up in your previous post? https://news.ycombinator.com/item?id=7157180
Is it still money laundering now that the IRS has said that Bitcoin is property and not currency?
> Is it still money laundering now that the IRS has said that Bitcoin is property and not currency?
Since that was an interpretation of categories in tax law, which are completely different than those applicable to money laundering, the IRS determination on how bitcoin is taxes probably has no bearing on any analysis of how money laundering laws apply.
Re: Show HN: 10% off at Starbucks when you buy with Bitcoin
#74I assume one has to wait something like 10 minutes to stop double spending. I want coffee now not in 10 minutes.
If you need your money back just hit the refund button and if you need to buy something else, you can load more money on to the app. No need to wait.
Re: Show HN: 10% off at Starbucks when you buy with Bitcoin
#75Re: Show HN: 10% off at Starbucks when you buy with Bitcoin
#76Major plus for your website to feature a Nexus instead of an iPhone. It instantly gives me a comfortable feeling of professionalism. I like the idea of the app and its well-executed. However, even if I would get a 100% discount I wouldn't take it. Starbucks equals common denominator hyped hipster coffee charged for at premium rates due to its viral-branding and A-locations. I would rather drink water from a sprinkler…
I couldn't agree more. Not to mention, in virtually any reasonably sized metropolitan area there are generally plenty of places that simply make better tasting coffee.
Re: Show HN: 10% off at Starbucks when you buy with Bitcoin
#77Major plus for your website to feature a Nexus instead of an iPhone. It instantly gives me a comfortable feeling of professionalism. I like the idea of the app and its well-executed. However, even if I would get a 100% discount I wouldn't take it. Starbucks equals common denominator hyped hipster coffee charged for at premium rates due to its viral-branding and A-locations. I would rather drink water from a sprinkler…
Dude you might want to put the down the adderall.
Re: Show HN: 10% off at Starbucks when you buy with Bitcoin
#78Earlier quoted context omitted.
If someone buys Starbucks gift cards with dirty money, by selling the gift card at a discount, you get laundered money back. It's could be even more advantageous if you sell the gift cards for bitcoins, which can be sent anywhere in the world and anonymously exchanged for cash in nearly any currency/country through localbitcoins.
That's not how money laundering works. Let's say you start out with drug money. You would like to get this money into the banking system so you can use it to buy a house. This is a standard money laundering problem. If you turn up at the bank with bags full of cash, the bank will ask where you got that money from, and lots of proof that it was legitimate. They will also file paperwork with the government stating that…
Lets say instead that you start out with stolen credit card numbers. The story is the same except now you at least end up with the cash.
Re: Show HN: 10% off at Starbucks when you buy with Bitcoin
#79Earlier quoted context omitted.
That's not how money laundering works. Let's say you start out with drug money. You would like to get this money into the banking system so you can use it to buy a house. This is a standard money laundering problem. If you turn up at the bank with bags full of cash, the bank will ask where you got that money from, and lots of proof that it was legitimate. They will also file paperwork with the government stating that…
Lets say instead that you start out with stolen credit card numbers. The story is the same except now you at least end up with the cash.
A legitimate business being abused by carders is not money laundering either. If that was the case every single online store in existence would be guilty of money laundering. I've heard stories of some businesses that have seen 30-40% fraud rates on card transactions at times.
Re: Show HN: 10% off at Starbucks when you buy with Bitcoin
#80I'd like to hear a real economist's take on this but from my personal opinion Bitcoin will never take off as a transactional currency because of it's inherently limited nature, and here's the reasons contributing to it: 1. There's a finite amount of them that can ever be mined 2. There's no central governing body control the rate of inflation/deflation through monetary policy. By definition this creates a deflationar…
From my point of view, this is not too unlike what we have without Bitcoin. With USD or CAD, consumers still have to make a decision whether it is worth exchanging a number of dollars a point in time for something else when instead they can use that money to make more money and eventually have "30 bucks next year". I can see how making more money with Bitcoin is different than with USD or CAD though, if I were to con…
Not an economist, but my understanding is that that is why central banks adjust interest rates - to encourage people to spend their cash now or even borrow more (decreasing rates) or to hang on to it (increasing rates).