Ending Bitcoin Support

Post by bparsons » Tue, Jan 23, 2018, 9:33 PM UTC

koheripbal wrote: post #49

vec wrote: post #18

For what it's worth, we just spent two weeks trying and failing to get Stripe's Bitcoin integration working on our site. The short version is that Stripe guaranteed a USD BTC exchange rate for an hour, after which they would automatically cancel the transaction. Given that most transactions now take well over an hour to be verified on the blockchain, that means basically every transaction fails.

I honestly don't know what use-case remains for Bitcoin. If you have large value transactions you'd probably choose something with privacy like Monero, and if you want something cheap and fast, maybe Bitcoin Cash. In both use-cases, you have a few competing alternatives. In no circumstance is Bitcoin preferable to one of the mature alternatives. ...and if no one is using it as a transaction medium, then acting as a s…

Post by BinaryIdiot » Tue, Jan 23, 2018, 9:33 PM UTC

mankyd wrote: post #314

sincerely wrote: post #308

Another day, another HN title changed without any clear rationale. Was the original "Stripe ends Bitcoin support" really so bad that it had to be changed to "Ending Bitcoin Support"?

They have a policy of _always_ changing it to match the title of the linked article. Most of the time this is either an improvement or (as in this case) neutral. I do wish they'd allow a little more editorializing, quite frankly. The linked title is not _always_ an improvement.

Post by lelandbatey » Tue, Jan 23, 2018, 9:35 PM UTC

Larrikin wrote: post #372

qwerty456127 wrote: post #363

Earlier quoted context omitted.

Not only they will stand a chance, they will grow substantially as the only way to mitigate the governments efforts to enforce surveillance and regulations. Darknet exchanges will emerge if not there yet. People have been dreaming of real electronic cash nobody can know you have or give to somebody for so long and wont give up easily. By the way this can even happen to be the way to the new kind of economy that relie…

How does money get in or out of such a system. If you're cut off from all sources of fiat what's the point?

Post by qwerty456127 » Tue, Jan 23, 2018, 9:37 PM UTC

JumpCrisscross wrote: post #376

qwerty456127 wrote: post #363

Earlier quoted context omitted.

Not only they will stand a chance, they will grow substantially as the only way to mitigate the governments efforts to enforce surveillance and regulations. Darknet exchanges will emerge if not there yet. People have been dreaming of real electronic cash nobody can know you have or give to somebody for so long and wont give up easily. By the way this can even happen to be the way to the new kind of economy that relie…

> they will grow substantially as the only way to mitigate the governments efforts to enforce surveillance and regulations Cash comes with substantial privacy benefits. It's also inconvenient. TL; DR Most people trade privacy for convenience.

Post by igorgue » Tue, Jan 23, 2018, 9:39 PM UTC

fokinsean wrote: post #50

gizmo385 wrote: post #25

Earlier quoted context omitted.

> Given that bitcoin isn't a medium of transaction anymore and a store of value this makes a lot of sense. Can someone bother explaining what this actually means? 3 weeks ago everyone is hype about how Bitcoin is going to be the future of currency and now that it's tanking and vendors are dropping it like a hot potato, its no longer a transactional currency and it's now a "store of value".

Currently Bitcoin transactions are very expensive (~$10-$20) and painfully slow taking hours to propagate. There are many more cryptocurrencies that are faster/cheaper such as Litecoin and even ETH (even though it's no _really_ supposed to act like a currency). Also there are some really cool platforms coming out such as REQ and Stellar which will arguably serve as better mediums of payment. The hype in crypto has co…