141–150 of 150 posts
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BitAuth is an overly complex system that's seriously standing in the way of mass developer adoption. http://blog.bitpay.com/2014/07/01/bitauth-for-decentralized-...
Hey Rygu! We really appreciate the feedback – we're doing everything we can to make working with Bitcoin extremely simple. What can we do to reduce the complexity?
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Its not about need. Its about somebody paying you interest on your money. To the degree bitcoins don't pay interest, they are less valuable than hard currencies.
No one opens a bank account for the interest paid. Most accounts barely pay a tenth of a percent annually, maybe a quarter percent from a credit union—meanwhile, inflation is 2% a year. You’re losing net worth by holding USD in a bank account.
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Perhaps you don't understand the meaning of the phrase "on this news." Perhaps you do understand, but it makes you feel good to say something nasty about bitcoin. And that feeling is more important to you than honest discussion.
Is context undesirable in honest discussions about Bitcoin then?
So e.g. "It's worth keeping in mind, though, that bitcoin is down X% in the last month."
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Equivocation fallacy. By that logic every other available currency in the world is saving us from the corrupted governments. Hell, the "virtue" of cowry shells can save me from hyperinflation and help protect my free speech! Except people stopped using cowry shells as a currency, just as people stopped using Bitcoins as a currency. Now people hoard/trade them like digital beanie babies. If liquidity and insurance pro…
When $1 million in cowry shells become as simple to smuggle in and out of Argentina as a signed Bitcoin transaction, you'll have a point.
That level of No-True-Scotsman shows confirmation bias. How much have you put into bitcoins?
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Sooo when Mt. Gox became insolvent the bitcoin holders there didn't need insurance?
The point is that bitcoin holders don't need MtGox to hold their money. They would've been safer by far storing it in a 2-of-3 wallet, with one key held by a third party which does passphrase authentication (or similar) before they'll sign a transaction, one held on your computer, and a third stored somewhere hidden as a backup in case one of the other keys cannot be accessed. Two of these already exist: BitGo[0] and…
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If someone is willing to murder me for my money, a bank (or the FDIC) won’t keep that from happening. All the bank needs for me to wire all of my money into someone’s account is my ID, signature and the other account’s details. This would-be robber could strap a bomb to me while I execute the transaction, or hold a loved one hostage. The FDIC can do nothing in this scenario. I’d suggest reading up on multisignature t…
I think we disagree because you haven't lost money due to no fault of your own, thanks to Bitcoin. I have, and it sucks. Most consumers will take risks like these seriously. If Bitcoin is going to go mainstream, it needs to address these concerns. No one is going to strap a bomb onto you and then force you to wire them money. Remember, if someone were to do that, they would be caught immediately, because it's very ea…
It's become a much more dangerous world, just by the mere existence of Bitcoin.
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> Small global market share for legal uses. How do you know? It's currently small because it's currently impossible. > Most non-US residents can do bank transfers as fast as Bitcoin or will be able to Real Soon Now. I disagree, most non-US residents in the world don't even have bank accounts . Not to mention, the US and Canada are a huge market with a terrible banking system that refuses to modernize. > So like 5%? 5…
>I disagree, most non-US residents in the world don't even have bank accounts. Not to mention, the US and Canada are a huge market with a terrible banking system that refuses to modernize. Didn't Nigeria, specifically, just issue national ID cards which are implicitly tied to being Mastercard direct debit cards as well?
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The point is that bitcoin holders don't need MtGox to hold their money. They would've been safer by far storing it in a 2-of-3 wallet, with one key held by a third party which does passphrase authentication (or similar) before they'll sign a transaction, one held on your computer, and a third stored somewhere hidden as a backup in case one of the other keys cannot be accessed. Two of these already exist: BitGo[0] and…
That doesn't solve the problem mitigating risk from insolvency - it's just yet another complex layer of security.
Does FDIC insurance? If the dollar's worth nothing tomorrow, where's the insurance for that?
Everyone in my country has insurance for becoming personally insolvent, it's called welfare. If you have enough bitcoins that losing them would be devastating, you can also get bespoke insurance on them, even if there's not a pre-existing insurance product.
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That doesn't solve the problem mitigating risk from insolvency - it's just yet another complex layer of security.
> That doesn't solve the problem mitigating risk from insolvency Does FDIC insurance? If the dollar's worth nothing tomorrow, where's the insurance for that? Everyone in my country has insurance for becoming personally insolvent, it's called welfare. If you have enough bitcoins that losing them would be devastating, you can also get bespoke insurance on them, even if there's not a pre-existing insurance product.
You've also confused deposit insurance with insurance for hypothetical government failure, and drawn a false equivocation with welfare, though my guess is you didn't have any other point so you went with the slippery slope.