Anyone of you got more bitcoins then me?(0) ;) I tried to get a single bitcoin for multiple times, but it never worked out ;) I guess my hardware is too bad.
6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
21–30 of 78 posts
Re: 6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
#22It's interesting how Bitcoin is now becoming exactly what Bitcoin was always against: a centralized bank. A bad and unreliable one at that. It kind of shows you the evolution of our banking systems and why we need one.
Even if I concede the point that Bitcoin is becoming a centralized bank - which I don't - how exactly is it "bad and unreliable"? At least this bank is run algorithmically by the crowd/cloud and can't rape pillage or otherwise screw you out of your money on the whim of a handful of rich white men... Perhaps I'm showing my politics too clearly here, but I do honestly believe that math is a better tool for deciding wha…
I may or may not subscribe to your politics, but you are sorely mistaken if you think bitcoin stops most of the problems with the worlds financial system( unless you consider how Central Banks handle the money supply such a problem). Using BTC instead of USD or GBP changes nothing for Goldman-Sachs or Barclays but the denomination used to value the financial instruments they manipulate ( oh and maybe who's tax laws they have to evade).
Even if we are talking about comercial banking as apposed to investment banking, little changes.Bitcoin is just a protocol. However, as more people interact with it via exchanges that may hold their private keys(think mtgox,bitconica, etc), we start to see things that look a lot like comercial banks: organizations run by people entrusted with the currency you store with them. The owners of these "banks",whether we white guys tanned by trips to the cayman islands and the vineyard or monitor-tanned cipher-punks of some more cuddly ethnicity/gender, can and eventually will abuse that privilege. The will abscond with peoples money, commit fraud, issue bad lonas and do any number of other things with it. Moreover, in the case of bitcoin exchanges,there is very little regulation and no legal recourse in the event of theft or default(since all transactions are final and there is no FDIC for bitcoin).
Re: 6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
#23This will be a huge factor in increasing demand for bitcoin if it comes through. The biggest problem with bitcoin now is that it's not widely accepted for payment (i.e., it's not yet a medium of exchange). A debit/credit card is a big step in allowing people the ability to exchange their bitcoins for real goods. What will be really exciting is the day when you can actually see goods priced in bitcoin. E.g., that cupc…
Really you think THAT is the biggest problem with Bitcoin.
Not the fact that its value fluctuates so wildly ?
Re: 6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
#24They should change the name to Bitstant. It's two syllables and rolls off the tongue more smoothly.
Re: 6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
#25I hope it's for real. I was just looking for a backup debit card for international travel. This would give me a low-risk but high-utility reason to finally try bitcoin. And avoid opening another damn bank account
There it is lots of vapourware in the bitcoin scene, lots of projects announced that we will not hear about again in long time. So I'm not too hopeful.
I think BitInstant is not special in this sense, they promised bitcoin to cash withdrawals like months ago but haven't managed to ship it.
Re: 6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
#26This will be a huge factor in increasing demand for bitcoin if it comes through. The biggest problem with bitcoin now is that it's not widely accepted for payment (i.e., it's not yet a medium of exchange). A debit/credit card is a big step in allowing people the ability to exchange their bitcoins for real goods. What will be really exciting is the day when you can actually see goods priced in bitcoin. E.g., that cupc…
Really you think THAT is the biggest problem with Bitcoin. Not the fact that its value fluctuates so wildly ?
> Not the fact that its value fluctuates so wildly ?
This does not worry me at all, since the value has been mostly fluctuating upwards. The positive risk outweights the negative.
With this card, people can invest in to bitcoin small amount each month, and they still can use their bitcoin reserves when they need.
Re: 6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
#27Anyone of you got more bitcoins then me?(0) ;) I tried to get a single bitcoin for multiple times, but it never worked out ;) I guess my hardware is too bad.
Your hardware is too bad if you don't have a dedicated miner with specialized hardware.
Re: 6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
#28Anyone of you got more bitcoins then me?(0) ;) I tried to get a single bitcoin for multiple times, but it never worked out ;) I guess my hardware is too bad.
Due to the heavy competition, mining BTC on a standard machine is no longer worth it. Unless you have access to "free" electricity, you're better off buying one.
Re: 6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
#29Anyone of you got more bitcoins then me?(0) ;) I tried to get a single bitcoin for multiple times, but it never worked out ;) I guess my hardware is too bad.
Your hardware is too bad if you don't have a dedicated miner with specialized hardware.
hmm so who own the best hardware win the game? what if Google decided to join!?
Re: 6-8 Weeks Until Bitcoin Debit/Credit Card, says BitInstant
#30Earlier quoted context omitted.
Your hardware is too bad if you don't have a dedicated miner with specialized hardware.
hmm so who own the best hardware win the game? what if Google decided to join!?
A company like Google could probably hijack the bitcoin network. However, no matter how much hardware you throw at it, you will never make more than 300 BTC per hour. So it would be unlikely to be economically feasible to throw a giant server farm behind calculating bitcoins.
Perhaps it would become a sensible concern if a country would adopt BTC as their currency and another country would decide to attack that country by destroying their currency.