241–250 of 255 posts
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?
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But do they eliminate the middleman? At least for Bitcoin, it takes an hour for any confidence that a transaction is truly valid. I'm not going to wait around for an hour just to grab my morning coffee. So obviously there's going to need to be a credit backed middle man to guarantee your transaction so the seller doesn't get screwed by a double spend. Eth is slightly better, but it still takes something on the order…
Eth confirmation is on the order of seconds: https://etherscan.io/chart/blocktime
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Eth confirmation is on the order of seconds: https://etherscan.io/chart/blocktime
That is the time to see it is in one block, not the time to feel truly confident in the payment.
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That is the time to see it is in one block, not the time to feel truly confident in the payment.
But if you're buying a coffee, I think it's safe to only wait for 1 or 2 confirmations.
It's the seller that would care about confirmations in that case. Hopefully they do something hilarious like have a bitcoin corral for people to wait in while their payments clear.
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But if you're buying a coffee, I think it's safe to only wait for 1 or 2 confirmations.
If you are buying coffee who cares about confirmations at all? Once the product is in your hand you are done. It's the seller that would care about confirmations in that case. Hopefully they do something hilarious like have a bitcoin corral for people to wait in while their payments clear.
I really don't think this is as big of a problem as you are making it out to be.
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If you are buying coffee who cares about confirmations at all? Once the product is in your hand you are done. It's the seller that would care about confirmations in that case. Hopefully they do something hilarious like have a bitcoin corral for people to wait in while their payments clear.
My point is that such a limited amount of money is at stake that confirmations really aren't all that important in this example. I think most places would just accept the risk. Heck, they could have the POS alert the owners if anything fishy happens between payment time, and when you actually receive your drink if they are really concerned. I really don't think this is as big of a problem as you are making it out to…
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…
Only if you don't count the online exchanges as middle men. Right now I still pay 3-5% to convert fiat to digital money, depending on where my fiat comes from.
The theoretical future where nobody needs to convert between digital coin and fiat isn't here yet.
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But if you're buying a coffee, I think it's safe to only wait for 1 or 2 confirmations.
If you are buying coffee who cares about confirmations at all? Once the product is in your hand you are done. It's the seller that would care about confirmations in that case. Hopefully they do something hilarious like have a bitcoin corral for people to wait in while their payments clear.
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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.
Show me one instance of an underbanked person who achieved a line of credit thanks to cryptocurrency. Just one, please. That's right, they don't exist, and this argument is bullshit.
[1] http://www.coindesk.com/united-nations-sends-aid-to-10000-sy...
[2] https://www.bloomberg.com/news/articles/2017-06-13/pot-entre...
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I don't believe that's accurate, cash-banks are inter-bank processes, and I know several vendors who do actually see a reduction in their bank account when a cash-back occurs. Yes, if the recieving bank won't honour a cash-back then it will come out of card processing fees, but that's more like insurance than anything else. I wouldn't say that insurance is without worth. Also, BitCoin has transaction fees. Except rat…
Are you talking about a charge back? Vs a cash back credit card program that gives the credit card holder some cash on purchases periodically?