21–30 of 98 posts
How much Bitcoin do the founders, employees, or investors own? Curious to see what real gains they could realize if they succeed in making people see Bitcoin as a legitimate means of payment.
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> actually using bitcoin (that you already have) to buy things is a better experience than using credit cards It's just not. It's not easier than swiping a magnetic strip and signing something, or typing in sixteen digits (or using autofill or the site's previously saved CC info) and pressing buy. It's not good that I can't demand a return or have recourse in the event of fraud. And it's not a benefit that with bitco…
> It's just not. It's not easier than swiping a magnetic strip and signing something, or typing in sixteen digits (or using autofill or the site's previously saved CC info) and pressing buy. It's much easier to take your phone, open an app, and scan a QR code, than to take out your credit card, transcribe a 16 digit number, check the expiration date, and enter the CSC (or is it CVC?). Sure, for websites where your in…
> Sure, for websites where your information is already saved, or if you leave all your credit card information saved in the browser, then this isn't easier, but they're still pretty comparable in my opinion. Even if it was slightly more work (which I personally disagree with), I would find that worth not having my credit card information saved by who knows how many third parties.
This is the crux of the disagreement though. It's really just not easier to use bitcoin on a practical level. I use Paypal all the time for online business purchases when it's allowed, and it's as simple as clicking on the paypal button, seeing my email address already in the field, and then typing in a memorized password.
For a CC sure I might have to grab the card out of my wallet and punch it in, but my numbers are pretty much memorized by now and it's beyond simple. And I'm one of the anal ones who doesn't like my browser keeping my CC info, many people just autofill in seconds. And the number of times I have to enter the information for the first time is pretty low, I usually use Amazon and various other regular places that have my CC info saved, like everyone else does.
As for having my credit card information saved by third parties, aren't you yourself describing a situation where you have your bitcoin information saved by a third party? Are you really keeping your entire wallet and its keys in your phone and settling the transaction yourself? I assume not.
Difference is if your third party implodes you're totally screwed. If one of my merchants blows their security I might have to be sent a new CC number, or worst case scenario spend some time on the phone disputing a few charges or something, with no real economic risk.
> a properly secured wallet is impossible to steal
Yes. In related news an immovable object is impossible to move.
Earlier quoted context omitted.
> actually using bitcoin (that you already have) to buy things is a better experience than using credit cards It's just not. It's not easier than swiping a magnetic strip and signing something, or typing in sixteen digits (or using autofill or the site's previously saved CC info) and pressing buy. It's not good that I can't demand a return or have recourse in the event of fraud. And it's not a benefit that with bitco…
> It's just not. It's not easier than swiping a magnetic strip and signing something, or typing in sixteen digits (or using autofill or the site's previously saved CC info) and pressing buy. It's much easier to take your phone, open an app, and scan a QR code, than to take out your credit card, transcribe a 16 digit number, check the expiration date, and enter the CSC (or is it CVC?). Sure, for websites where your in…
These steps have nothing to do with BitCoin though.
>a properly secured wallet is impossible to steal
Define "properly secured wallet"? And whose responsible for securing wallets? "The consumer is responsible" is not the right answer.
Earlier quoted context omitted.
> It's just not. It's not easier than swiping a magnetic strip and signing something, or typing in sixteen digits (or using autofill or the site's previously saved CC info) and pressing buy. It's much easier to take your phone, open an app, and scan a QR code, than to take out your credit card, transcribe a 16 digit number, check the expiration date, and enter the CSC (or is it CVC?). Sure, for websites where your in…
> Fraudulent purchases are another issue, but the risk of fraud is lower with bitcoin versus credit cards The CC companies have full control over the transactions. They can stop and/or reverse charges. As far as the consumer is concerned, there is very little risk of fraud.
The "no recourse for fraud" meme about Bitcoin is simply wrong. There are not many dispute-resolution mechanisms right now because the technology is young and because most existing users don't particularly want (and don't want to pay for) the second-order services that credit-card companies provide. If Bitcoin catches on among a wider demographic, dispute resolution and most other things that Bitcoin "can't do" will get built.
The technology is very flexible and can accommodate just about everything that existing payment mechanisms (and monetary systems) offer; the reverse is not true.
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I believe there are proposals to allow pruning the blockchain, but I'm not 100% sure on the details. To guarantee a transaction goes through you have to wait for it to be confirmed, but most transactions really aren't that important/high risk, so beyond checking that the address does actually have the money, it's instantaneous. Many payment processors (I know Bitpay has this option) actually take the 0 confirmation t…
> actually using bitcoin (that you already have) to buy things is a better experience than using credit cards It's just not. It's not easier than swiping a magnetic strip and signing something, or typing in sixteen digits (or using autofill or the site's previously saved CC info) and pressing buy. It's not good that I can't demand a return or have recourse in the event of fraud. And it's not a benefit that with bitco…
And as for credit cards - product can be built on top of bitcoin to provide similar service I believe.
Are there ways to reduce the size of the block chain? Or will we get to the point where only large service providers can hold the block chain? I ask because I was maintaining my own wallet for awhile but stopped because the block chain database was getting unwieldy - it would take up to a week to resync if I ever turned my wallet software off for a significant amount of time. You know though... I actually don't care.…
https://itunes.apple.com/us/app/breadwallet-bitcoin-wallet/i...
If they raised over $100M, why do they need Bitcoin? I'd assume they intend to have their own coin. Fewer headaches.
It would be very difficult to get another coin to the level of adoption that bitcoin has. Many have tried, and none have come close.
Are there ways to reduce the size of the block chain? Or will we get to the point where only large service providers can hold the block chain? I ask because I was maintaining my own wallet for awhile but stopped because the block chain database was getting unwieldy - it would take up to a week to resync if I ever turned my wallet software off for a significant amount of time. You know though... I actually don't care.…
There is an iOS wallet that connects directly to the network that downloads the necessary info in seconds: https://itunes.apple.com/us/app/breadwallet-bitcoin-wallet/i...
Are there ways to reduce the size of the block chain? Or will we get to the point where only large service providers can hold the block chain? I ask because I was maintaining my own wallet for awhile but stopped because the block chain database was getting unwieldy - it would take up to a week to resync if I ever turned my wallet software off for a significant amount of time. You know though... I actually don't care.…
I imagine in any IoT scenario, a fleet of sensors talks to a trusted central hub. If Bitcoin is involved then the hub could run the wallet and the sensors could delegate transactions to it.
Earlier quoted context omitted.
> Fraudulent purchases are another issue, but the risk of fraud is lower with bitcoin versus credit cards The CC companies have full control over the transactions. They can stop and/or reverse charges. As far as the consumer is concerned, there is very little risk of fraud.
You can get fraud protection with Bitcoin (if you want it) by using two-of-three multisig transactions with an escrow agent of your choosing. The "no recourse for fraud" meme about Bitcoin is simply wrong. There are not many dispute-resolution mechanisms right now because the technology is young and because most existing users don't particularly want (and don't want to pay for) the second-order services that credit-c…
OK, but wait:
> There are not many dispute-resolution mechanisms right now... If Bitcoin catches on among a wider demographic, dispute resolution... will get built. The technology is very flexible and can accommodate just about everything...
Ah, OK. So the fact that there's no recourse for fraud is actually correct. But because, in theory, there could be fraud detection, then there's no reason to worry about fraud.
Reminds me of: https://www.google.com/search?q=assume+a+ladder