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BitcoinStore Launch - Cheaper In Bitcoin

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Re: BitcoinStore Launch - Cheaper In Bitcoin

#41

Post by wlesieutre »

jamoes wrote: post #33
prodigal_erik wrote: post #32

Earlier quoted context omitted.

A big enough mining pool could DoS some or all users by consistently producing a longer block chain than anyone else's (which clients would accept as authoritative) while omitting any transactions they don't wish to let through.

This is true. A 51% attack in which the attacker prevents all transactions from going through is probably bitcoin's largest vulnerability. However, even at today's difficulty levels, this attack would be very expensive to maintain. With the introduction of dedicated mining ASIC's coming soon, the difficulty will rise substantially, which will offer even more security against this type of attack.

On the other hand, even with those ASICs, the government could buy more of them than anyone else. And then make us pay for them. I don't think the threat is worth discounting.

Re: BitcoinStore Launch - Cheaper In Bitcoin

#42

Post by r2DEYdly »

ewillbefull wrote: post #39
srdev wrote: post #36

Earlier quoted context omitted.

How do you fill the gap for me, the consumer, of not having chargebacks available? Chargebacks are a net plus for me.

This is usually filled by escrow services which I'm not sure this website has implemented. Even Silk Road has implemented this, so it's a deal-breaker for me.

Silk Road has implemented this because it is a market between sellers and buyers. BitcoinStore is a company selling stuff, having escrow would have no point at all.

Re: BitcoinStore Launch - Cheaper In Bitcoin

#43

Post by mikeash »

r2DEYdly wrote: post #42
ewillbefull wrote: post #39

Earlier quoted context omitted.

This is usually filled by escrow services which I'm not sure this website has implemented. Even Silk Road has implemented this, so it's a deal-breaker for me.

Silk Road has implemented this because it is a market between sellers and buyers. BitcoinStore is a company selling stuff, having escrow would have no point at all.

How does the fact that it's a company instead of an individual change the picture at all? In both cases, escrow serves the same purpose: to safeguard against getting ripped off.

Re: BitcoinStore Launch - Cheaper In Bitcoin

#44

Post by rdl »

mikeash wrote: post #43
r2DEYdly wrote: post #42

Earlier quoted context omitted.

Silk Road has implemented this because it is a market between sellers and buyers. BitcoinStore is a company selling stuff, having escrow would have no point at all.

How does the fact that it's a company instead of an individual change the picture at all? In both cases, escrow serves the same purpose: to safeguard against getting ripped off.

Assuming bitcoinstore hasn't ripped off their previous N customers, I'm fairly confident being purchaser N+1, especially if my transaction isn't "special" in any way.

They would have a lot to lose by ripping off customers, vs. a random seller on silkroad, so I'd feel comfortable up to a few thousand dollars.

I think I've actually bought something from Memorydealers before. I'm not sure of the relationship between bitcoinstore and Memorydealers. If they're the same entity, then I'd be fine up to $100k or so -- it's a real business.

Re: BitcoinStore Launch - Cheaper In Bitcoin

#45

Post by mikeash »

rdl wrote: post #44
mikeash wrote: post #43

Earlier quoted context omitted.

How does the fact that it's a company instead of an individual change the picture at all? In both cases, escrow serves the same purpose: to safeguard against getting ripped off.

Assuming bitcoinstore hasn't ripped off their previous N customers, I'm fairly confident being purchaser N+1, especially if my transaction isn't "special" in any way. They would have a lot to lose by ripping off customers, vs. a random seller on silkroad, so I'd feel comfortable up to a few thousand dollars. I think I've actually bought something from Memorydealers before. I'm not sure of the relationship between bit…

That makes escrow less likely to be useful, but the chance doesn't go to zero, so it hardly has "no point at all".

Re: BitcoinStore Launch - Cheaper In Bitcoin

#46

Post by rdl »

mikeash wrote: post #45
rdl wrote: post #44

Earlier quoted context omitted.

Assuming bitcoinstore hasn't ripped off their previous N customers, I'm fairly confident being purchaser N+1, especially if my transaction isn't "special" in any way. They would have a lot to lose by ripping off customers, vs. a random seller on silkroad, so I'd feel comfortable up to a few thousand dollars. I think I've actually bought something from Memorydealers before. I'm not sure of the relationship between bit…

That makes escrow less likely to be useful, but the chance doesn't go to zero, so it hardly has "no point at all".

Escrow has its own risk and cost. The hilarious thing with previous online currencies (E-Gold, OSGold, Pecunix, ...) was that the escrow providers themselves were often the weak link.

Re: BitcoinStore Launch - Cheaper In Bitcoin

#47

Post by mikeash »

rdl wrote: post #46
mikeash wrote: post #45

Earlier quoted context omitted.

That makes escrow less likely to be useful, but the chance doesn't go to zero, so it hardly has "no point at all".

Escrow has its own risk and cost. The hilarious thing with previous online currencies (E-Gold, OSGold, Pecunix, ...) was that the escrow providers themselves were often the weak link.

Well sure, but it's still useful, just not something you might automatically want.

My credit card issuer effectively acts as an escrow agent, and I love that fact when ordering from companies. It has saved me more than once, too.

Re: BitcoinStore Launch - Cheaper In Bitcoin

#48

Post by nirvana »

john78 wrote: post #26
taligent wrote: post #12

Earlier quoted context omitted.

You know what all you delusional conspiracy theorists keep forgetting. That roughly the same financial system model in the US exists in many other countries. So does that mean that there is a mini-conspiracy in each country or is it between countries ? Anyway this whole government is scared of Bitcoin is ridiculous. They know, just like everyone else does, that Bitcoin is nothing but a modern day pyramid scheme that…

There's nothing theoretical about what's he's suggesting. You'd be referring to BIS.org, the central banker's bank, which was setup in 1930 for reparation payments to Germany. The bank was almost dissolved in 1944 after allegations it facilitated Nazi Germany's looting of other countries assets. Two of its directors were convicted at the Nuremberg trials and one owned the bank used by the Gestapo. But the modern fath…

You're correct on everything, except for the "marketing plans and promotion", which were not deceptive, nor illegal.

Making it clear that the Liberty Dollar was NOT from the government was one of the key selling points they promoted.

Unfortunately, the truth wouldn't help the government's case.

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