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I like the nod to Coinbase. For me there needs to be more emphasis on paying with cryptocurrency as a legitimate form of payment. All these gatekeepers listed h

I like the nod to Coinbase. For me there needs to be more emphasis on paying with cryptocurrency as a legitimate form of payment. All these gatekeepers listed here can freeze your money at any time and you have to wade through paperwork and boring calls to support-desks to get your money back. With cryptocurrency the trust is already built with smart-contracts and there is no middleman to decide whether payments are released or not.

freehunter 7y ago
Is that actually true? I don't follow cryptocurrency that closely but I seem to remember headlines of a site shutting down and something like a million BTC disappearing forever and people never got it back.
- Trias11 7y ago
  The key is not relying on any exchange/entity to hold your cryptofunds. There are software solutions (such as electrum master public keys) that can be used to dynamically generate “pay to” bitcoin addresses against your own bitcoin wallet without exposing you to any hacking risks.
  - genghisjahn 7y ago
    That’s right grandpa! Just generate an electrum master public key and you’re all set!
    - Trias11 7y ago
      Create Electrum wallet. Generate MPK. MPK allows you to generate unlimited number of bitcoin addresses that belongs to your wallet. There are softwares that do that.
      - deleted 7y ago
        [deleted]
jMyles 7y ago
> I like the nod to Coinbase. > the trust is already built with smart-contracts and there is no middleman to decide These two statements seem to be contradictory. Coinbase is certainly a middleman. I like (and use) a lot of Coinbase's offerings, but I think it's also a good time to start promoting a more truly distributed view of the merchant service side for payments.
- travisjungroth 7y ago
  They’re absolutely contradictory. Coinbase will shut down accounts based on certain activity.
- siruncledrew 7y ago
  IMO, Coinbase is in the same bucket as Paypal because they will decide to block transfers or freeze accounts if a violation of the User Agreement is presumed: https://support.coinbase.com/customer/en/portal/articles/1905680-does-coinbase-freeze-accounts- https://support.coinbase.com/customer/en/portal/articles/190... Coinbase also has internal wallet blacklists so transfering to any of those could lead to account issues (ex. Wallets associated with marijuana products, online pharmacies, or in OFAC countries).
lawn 7y ago
Well if you really want to remove the risk of a gatekeeper to freeze your money you shouldn't rely on Coinbase, which is a gatekeeper like all the others. Instead you should do transaction verification yourself.
yhoiseth 7y ago
My understanding is that by using public blockchains for payments, people can in some cases figure out who you are and what you've bought by tracing the transactions. Is this correct?

freehunter 7y ago

Is that actually true? I don't follow cryptocurrency that closely but I seem to remember headlines of a site shutting down and something like a million BTC disappearing forever and people never got it back.

Trias11 7y ago
The key is not relying on any exchange/entity to hold your cryptofunds. There are software solutions (such as electrum master public keys) that can be used to dynamically generate “pay to” bitcoin addresses against your own bitcoin wallet without exposing you to any hacking risks.
- genghisjahn 7y ago
  That’s right grandpa! Just generate an electrum master public key and you’re all set!
  - Trias11 7y ago
    Create Electrum wallet. Generate MPK. MPK allows you to generate unlimited number of bitcoin addresses that belongs to your wallet. There are softwares that do that.
    - deleted 7y ago
      [deleted]

jMyles 7y ago

> I like the nod to Coinbase. > the trust is already built with smart-contracts and there is no middleman to decide These two statements seem to be contradictory. Coinbase is certainly a middleman. I like (and use) a lot of Coinbase's offerings, but I think it's also a good time to start promoting a more truly distributed view of the merchant service side for payments.

travisjungroth 7y ago
They’re absolutely contradictory. Coinbase will shut down accounts based on certain activity.
siruncledrew 7y ago
IMO, Coinbase is in the same bucket as Paypal because they will decide to block transfers or freeze accounts if a violation of the User Agreement is presumed: https://support.coinbase.com/customer/en/portal/articles/1905680-does-coinbase-freeze-accounts- https://support.coinbase.com/customer/en/portal/articles/190... Coinbase also has internal wallet blacklists so transfering to any of those could lead to account issues (ex. Wallets associated with marijuana products, online pharmacies, or in OFAC countries).

lawn 7y ago

Well if you really want to remove the risk of a gatekeeper to freeze your money you shouldn't rely on Coinbase, which is a gatekeeper like all the others. Instead you should do transaction verification yourself.

yhoiseth 7y ago

My understanding is that by using public blockchains for payments, people can in some cases figure out who you are and what you've bought by tracing the transactions. Is this correct?