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CoinDash’s ICO Website Has Been Hacked

financemagnates.com

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Re: CoinDash’s ICO Website Has Been Hacked

#161

Post by QML »

nikolay wrote: post #16

Where's the news?! Why do people continue to bang heads against the wall with this madness? Unless you're a thief, how is the craptocurrency thing better than my credit card that's insured from unauthorized use and gives me a cash back?! Yeah, you can't speculate with credit cards, and get rich quick, because $1 = $1 like forever, but isn't that what the real investment tools are for?

Well how did you get a credit card? Wasn't it by going to a financial institution and submitting some type of identification?

You understand not everyone has that privilege right? Not everybody has access, the capital, or the identification to a first-world bank.

Re: CoinDash’s ICO Website Has Been Hacked

#162

Post by Marazan »

Marazan wrote: post #109
lucaspiller wrote: post #96

Earlier quoted context omitted.

I paid ~$0.60 to transfer ~$900 of Bitcoin the other day. For that amount it's not too bad, but you'd pay basically the same if you are paying for a $3 coffee. The transaction fee is based on the byte size of the transaction, not the monetary amount, so in it's current form it doesn't make sense to use Bitcoin for low-value transactions.

I paid £0 to transfer £10000 the other day. I had to split it into two transfers of £5000 but otherwise it was free to transfer between two completely separate financial institutions.

Oooh, I forgot to mention the transfer time was approximately 3 seconds.

Re: CoinDash’s ICO Website Has Been Hacked

#163

Post by QML »

Marazan wrote: post #109
lucaspiller wrote: post #96

Earlier quoted context omitted.

I paid ~$0.60 to transfer ~$900 of Bitcoin the other day. For that amount it's not too bad, but you'd pay basically the same if you are paying for a $3 coffee. The transaction fee is based on the byte size of the transaction, not the monetary amount, so in it's current form it doesn't make sense to use Bitcoin for low-value transactions.

I paid £0 to transfer £10000 the other day. I had to split it into two transfers of £5000 but otherwise it was free to transfer between two completely separate financial institutions.

How long did the transfer take? I have Bank of America, and a transfer to another. And would take 3 business days.

Re: CoinDash’s ICO Website Has Been Hacked

#164

Post by fma »

davnicwil wrote: post #41
nikolay wrote: post #16

Where's the news?! Why do people continue to bang heads against the wall with this madness? Unless you're a thief, how is the craptocurrency thing better than my credit card that's insured from unauthorized use and gives me a cash back?! Yeah, you can't speculate with credit cards, and get rich quick, because $1 = $1 like forever, but isn't that what the real investment tools are for?

Just to pick up on this one small point: as I understand it, the cashback you get with a credit card is more or less taken straight from the card processing fee charged to the vendor, which of course, raises prices overall and is therefore not really cashback at all. Without the fee, you would likely have just paid a lower price in the first place. The only party benefitting from the cashback scheme is, of course, th…

That is correct. My wife runs a retail service that charges monthly. The percentage the business pays depends on cards. Cards like Amex, and those high end one with good rewards - charge a higher percentage in fees, and Square passes it on.

Right now she will only accept the first month payment by credit card. Cash, check, or ACH for recurring payments. ACH costs $.99. If everyone decides to pay credit card she will raise cost by $5 (almost 3% of the charge).

Re: CoinDash’s ICO Website Has Been Hacked

#165

Post by horsawlarway »

davnicwil wrote: post #90
seanalltogether wrote: post #68

Earlier quoted context omitted.

> One of the hugely compelling benefits of cryptocurrencies is they entirely eliminate the necessity for such middlemen taking a cut and driving up costs for the parties actually partaking in the transaction. Don't all bitcoin transactions require a transaction fee in order to get processed these days?

Yes. There is no such thing as a free transaction, because payment methods and networks take work to administrate. I mean, take cash. It's expensive to make, to process, to transport, to safely store. These costs are, obviously, passed on to the users of cash in the aggregate. Cryptocurrency transaction fees are just very direct, but it's the same deal. The difference is that clearly inefficient transaction costs, li…

But the price you pay for removing those middle men is forcing the network to perform a truly astounding amount of computational work to verify the same transactions.

There's an efficiency trade-off here, and I think for at least many of the older crypto currencies, the amount of work to process transactions is literally unsustainable without some additional tech or service layer.

Which often leads us right back to clearly inefficient transaction costs.

Re: CoinDash’s ICO Website Has Been Hacked

#166

Post by fma »

criddell wrote: post #117
root_axis wrote: post #107

Earlier quoted context omitted.

The majority of purchases inside the store were cash because we required a $5 dollar minimum purchase for accepting cards. Most card purchases were used for gas which was already a loss leader most months out of the year, so it made more sense to keep posted prices competitive with stations in the area in order to bring people into the store rather than charge a few more cents in order to offset the cost of cards.

I thought minimum purchase requirements were against the terms of service for most credit cards. I've bought plenty of < $1 items with my credit card. I try to use it for everything to "earn" the rewards.

Yes they are against TOS. Usually only mom and pop shops have a policy. No one enforces it, though. The reason is there's usually a base charge..like $.30 + a percentage fee like 3%.

So if you buy a $1 soda, that mom and pop store just lost 30% of their revenue, plus 3%, and maybe sold that soda at a lost to you.

For places like McDonalds, they negotiate much better credit card processing fees and I don't care - plus they make a lot of money anyways.

Re: CoinDash’s ICO Website Has Been Hacked

#167

Post by pavel_lishin »

metroidfan832 wrote: post #113
pavel_lishin wrote: post #63

Earlier quoted context omitted.

I think there's a whole subreddit dedicated to Bitcoin schaudenfreude. It's fun at first, but then you start reading about the people (presumably with undiagnosed gambling addictions, but hey, I'm not a psychologist) who dump their entire savings, their kids' college funds, etc. into Bitcoin and then lose the whole shebang. That's the kind of decision that will break apart families.

One Bitcoin is over $2000. How could someone dump everything into Bitcoin and lose the whole shebang?

Same as the stock market - by investing a lot of money right before a huge downswing.

Re: CoinDash’s ICO Website Has Been Hacked

#168

Post by vertex-four »

resf wrote: post #157
vertex-four wrote: post #116

Earlier quoted context omitted.

On the other hand, they fund that ability off significant fees whenever you buy something with a debit/credit card. You rarely see those fees, but the shop does, meaning the shop has to increase prices of everything by a couple of percent to cover it - and usually don't provide a discount when you're paying by cash.

At least in the UK, merchants pay very low fees to process debit card payments, to the extent that some merchants (e.g. budget airlines) do not accept or charge a penalty for using credit cards.

Merchants pay up to 1.75% (Square) to process in-person payments. Whether this cost is embedded into the prices of what you buy or whether it's made clear to you is irrelevant to that point - that you're paying this. And even when credit cards are more expensive to process - do you ever get a discount for using a debit card at the supermarket? Cash?

Re: CoinDash’s ICO Website Has Been Hacked

#169

Post by QML »

resf wrote: post #155
davnicwil wrote: post #90

Earlier quoted context omitted.

Yes. There is no such thing as a free transaction, because payment methods and networks take work to administrate. I mean, take cash. It's expensive to make, to process, to transport, to safely store. These costs are, obviously, passed on to the users of cash in the aggregate. Cryptocurrency transaction fees are just very direct, but it's the same deal. The difference is that clearly inefficient transaction costs, li…

Centralized payment networks will always be cheaper to administer than blockchains. The only reason that Visa and Mastercard have such high fees is because it's a duopoly.

Harder to get access to a centralized payment network though, right?
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