Coinbase business development is kicking ass and taking names.
They'll end up bought by a big name company if Bitcoin continues to grow, I'm sure.
PayPal’s Braintree Embraces Bitcoin, One-Touch Payments
131–139 of 139 posts
Re: PayPal’s Braintree Embraces Bitcoin, One-Touch Payments
#132Bitcoin was created to get rid of the likes of Paypal.
Was it? As in, do you have some empirical basis for that statement -- as in, you know, something related to actual statements made by the creator(s) of the original bitcoin protocol itself? Or is it just something you find nifty to believe in (therefore it must be true)? Please clarify.
The original creator(s) just envisioned money designed to work in a digital medium. From there people derive that if Bitcoin is money for the internet it can replace PayPal, though in practice is more complex than that.
The reality is that as it stands now, Bitcoin is hard to understand and properly use, so even though it can be used as-is if you know well what you are doing and are careful, for Bitcoin to be usable for the vast majority of people a layer on top that makes it more consumer friendly is most likely necessary. Thus Bitcoin itself probably won't replace PayPal on its own, but a service that "consumerizes" it like Coinbase or Circle might, if Bitcoin were to become massive.
Re: PayPal’s Braintree Embraces Bitcoin, One-Touch Payments
#133Earlier quoted context omitted.
With that sentence, I meant that bankless people suffer hardship because they can't get access to basic banking services like savings accounts, currency exchanges, and money lending. Simply because a financial institution that provides those services transacts in bitcoin doesn't make it any more ethical/moral than a traditional bank. While it's true that bitcoin doesn't have a central monetary authority, you still ne…
>With that sentence, I meant that bankless people suffer hardship because they can't get access to basic banking services like savings accounts, currency exchanges, and money lending. That's exactly who I'm talking about. And I think this will be the group who adopts Bitcoin, because there's a lot of friction in that market. Bitcoin is being seeing major adoption by markets with significant friction (silk road -> gam…
Sorry, just saw this - am I being at all disrespectful?
I had no intention of doing anything other than striking up a conversation with people with a different viewpoint and more information than me.
Re: PayPal’s Braintree Embraces Bitcoin, One-Touch Payments
#134Earlier quoted context omitted.
Now I think you're trolling me, so I'll stop the conversation here.
Am I trolling you or are you reverse-trolling me?
So an immigrant from a country like Mexico, Africa or South-east Asia will send money back to his family in bitcoin?
How exactly would that go? Work -> Get paid in USD -> Convert to BTC -> Send -> your Taiwanese family gets the bitcoins -> Convert them to local currency -> Enjoy!!!
You can't be serious, indeed the % of people who opted for this solution is probably so big that could feel comfortable in a 24m^2 room.
Re: PayPal’s Braintree Embraces Bitcoin, One-Touch Payments
#135Earlier quoted context omitted.
Am I trolling you or are you reverse-trolling me?
So an immigrant from a country like Mexico, Africa or South-east Asia will send money back to his family in bitcoin? How exactly would that go? Work -> Get paid in USD -> Convert to BTC -> Send -> your Taiwanese family gets the bitcoins -> Convert them to local currency -> Enjoy!!! You can't be serious, indeed the % of people who opted for this solution is probably so big that could feel comfortable in a 24m^2 room.
[deleted]
Re: PayPal’s Braintree Embraces Bitcoin, One-Touch Payments
#136Earlier quoted context omitted.
Am I trolling you or are you reverse-trolling me?
So an immigrant from a country like Mexico, Africa or South-east Asia will send money back to his family in bitcoin? How exactly would that go? Work -> Get paid in USD -> Convert to BTC -> Send -> your Taiwanese family gets the bitcoins -> Convert them to local currency -> Enjoy!!! You can't be serious, indeed the % of people who opted for this solution is probably so big that could feel comfortable in a 24m^2 room.
"How exactly would that go? Work -> Get paid in USD -> Convert to BTC -> Send -> your Taiwanese family gets the bitcoins -> Convert them to local currency -> Enjoy!!!"
Yes.
"You can't be serious, indeed the % of people who opted for this solution is probably so big that could feel comfortable in a 24m^2 room."
Here's a thread full of people who have tried this very process:
https://bitcointalk.org/index.php?topic=74952.0
It is quite easy, and more inexpensive than other forms of international money transfer, to convert money between fiat and bitcoin at this point, in many countries. On Coinbase for me at this point the BitCoins are available instantly after purchase. You should give it a try sometime :-)
Re: PayPal’s Braintree Embraces Bitcoin, One-Touch Payments
#137Earlier quoted context omitted.
Why use Bitcoin? 1. As a consumer, it's fast and cheap. My dad in France can send money, instantly, to me who live in the US. No waiting days for wire transfers. No trip to a local Western Union branch necessary. No exhorbitant fee (worldwide remittance fees average 9%!) I don't even have to bother exchanging the coins with dollars to spend them, because more and more merchants begin to accept Bitcoin. 2. For consume…
My dad in France can send money, instantly, to me who live(s) in the US. Umm, no. He can't send you "money", using BTC. All he can send you is bitcoin . There's still this pesky business of converting between bitcoin and fiat currency, on either end. And all the preamble about getting your Uncle to sign onto one of these proxy services (and to accept the general idea of bitcoin), and all that. Maybe the overhead work…
"converting between bitcoin and fiat currency, on either end"
Perhaps you missed that part where the grand-parent explained you don't even need to convert bitcoins to dollars as merchants begin to accept them (DELL, Dish Network, etc). This is true at the other end too: you can just sell something for bitcoins - no need to use an exchange service.
Re: PayPal’s Braintree Embraces Bitcoin, One-Touch Payments
#138Earlier quoted context omitted.
>has assets pegged to the $ No. It's pegged to nothing. >Once the market has reached a consensus that BitUSD should be valued the same as a real US Dollar no one will be able to trade against that consensus without losing money. Thus the value of BitUSD today is based upon the prediction of what market participants will value BitUSD at in the future. There is only one rational way to speculate, that the consensus wil…
No it's pegged to USD because it is backed by BTSX. BTSX does have value. It's an experiment, but it might just work. Perhaps this guy can explain how it works a little better than I have: http://bitcoinist.net/bitsharesx-i-join-the-grand-experiment...
>it is backed by BTSX. BTSX does have value.
Which makes it pegged to usd how?
The only way a dollar peg can work is when there exists an entity (it doesn't matter what it is, it can even be an alien civilization) with very big amount of dollars, ideally infinite. When the pegged currency gets too cheap it has to spend dollars to maintain the peg. There's no long-term reason for anyone to spend their dollars to maintain bitusd peg. The short-term reason is a modified pyramid scheme: as long as the cost of maintaining a peg is less than the influx of new money from people buying into btsx because of currently working usd peg (and perhaps others), it will be maintained by major btsx holders.
Re: PayPal’s Braintree Embraces Bitcoin, One-Touch Payments
#139Earlier quoted context omitted.
> BTC could allow an anonymous party to control a currency, How, exactly? They can't control the minting so I'm not sure what you mean by "control". The Fed is already an anonymous (because no one is personally responsible) party controlling the US dollar. > currently the central banker ... creates policies for the good of his country This is highly debatable. You can't just say that and pretend it is indisputable. I…
>> BTC could allow an anonymous party to control a currency, > How, exactly? They can't control the minting so I'm not sure what you mean by "control". The Fed is already an anonymous (because no one is personally responsible) party controlling the US dollar. By buying the largest chunk of bitcoins. Simple as that if you don't understand you clearly don't have a clue about what you're talking about. You're making rou…
I tend to be skeptical when instead of counter-arguments I'm told "it's so elementary I won't even tell you". Some quick research shows experts are still debating whether the 51% attack is a real threat. I also don't know that comparing Bitcoin to the stock market is fair, as you didn't offer an argument for it. They seem different to me.
Also, you're saying that it would be a really bad thing for a currency (such as Bitcoin) to suddenly become controlled by an anonymous party, yet that is exactly what instating the FED did to the dollar. But then you say the FED ensures stability. So I ask, do you believe the only way to achieve stability is through maintaining the worst possible scenario for a currency?
I don't believe in democracy and so of course I'm not promoting it, and I don't think it is associated to fairness as you imply - I see it more as a tragedy of commons. I do believe what I promote is fair because it is free of coercion and it encourages engagement with others and with one's community, leading by example, and so on.
People are desperate, people that lost their savings because of the government playing money scientist. They might not know that what they want is a money that cannot be manipulated by decree, but they seem to recognize pretty well why is it that their savings are gone.
And your view of economics in this micro/macro false duality is what might be making it hard for you to see what I am talking about. At what point does exchanging value for goods and services need to be divided into two different things? I don't see that.