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Am I the only one interested in mobile payment apps that let you buy real things with dollars? Are dollars suddenly that uncool?

jerguismi 15y ago
Well, those will come maybe in couple of years I guess. Banks/Payment processors etc. are generally very slow to innovate on new technology, so I think we won't see dollar-based payment-app very soon. I think the biggest reason why bitcoin is so fast to innovate is that there is no barrier to entry, which means that anyone can create bitcoin android client. But if you want to create dollar-based android payment software, you have to be either visa or mastercard, or some big bank.
- thinkcomp 15y ago
  Several already exist. There are barriers to entry, such as laws; Bitcoin simply ignores them. Without real merchants, Bitcoin is useless to me no matter how fast it innovates. And even if it were useful, it's still [going to be] illegal.
  - wladimir 15y ago
    This is much larger than the US only. Even when USD-nominated mobile payment would finally be introduced in the US, it will be a long time before it is accepted in other countries, especially emerging economies. Also, merchants don't have to jump through any of the bank's hoops to accept Bitcoin. A grassroots initiative like this can allow for global, low-cost, payments from your mobile phone, without needing to wait for slow banking innovation. Right, it is still not a given that it will succeed, but it's much to early to dismiss it...
  - shii 15y ago
    It's distributed so it's probably hard to kill. Unless your the NSA or CIA and have tons of computing power with which you can just flood the market with rendering everyone else's bitcoins useless... Seriously though, it seems like Bitcoin is really vulnerable to this sort of attack, no matter what "hardening" features are builtin to make mining harder. NSA can spend a week and kill it all off. Is there a way to block whole hash blocks that the NSA or someone else who might have a large chunk of the bitcoin market? Still I wouldn't write it off so quick, it's the branding/legitimacy question along with traction among merchants and usd<->bitcoin that's holding it back right now.
barmstrong 15y ago
You're right, it's pretty theoretical at this point. But as Chris Dixon points out, most big ideas start out looking like toys: http://cdixon.org/2010/01/03/the-next-big-thing-will-start-out-looking-like-a-toy/ http://cdixon.org/2010/01/03/the-next-big-thing-will-start-o...
- thinkcomp 15y ago
  Don't be ridiculous. The USD isn't about to be disintermediated. The Euro, maybe...but then by the USD.
  - btcoal 15y ago
    I don't know why this got downvoted. With the financial trouble in Portugal, Spain and Greece and the imbalance in monetary and fiscal health (Contrast those 3 with Germany) within the EU, the Euro looks very shaky indeed.
  - njs12345 15y ago
    Bitcoin is unlikely to replace the dollar, but if I were Paypal I'd be worried..
- Astrohacker 15y ago
  Thanks for that link... amazing how well bitcoin fits into that picture.
sliverstorm 15y ago
The dollar is so 2000's
Tichy 15y ago
Your comment is a bit like commenting "am I the only one who only likes Android?" on every Apple story. In other words, it does not seem to convey any useful information related to BitCoin.

jerguismi 15y ago

Well, those will come maybe in couple of years I guess. Banks/Payment processors etc. are generally very slow to innovate on new technology, so I think we won't see dollar-based payment-app very soon. I think the biggest reason why bitcoin is so fast to innovate is that there is no barrier to entry, which means that anyone can create bitcoin android client. But if you want to create dollar-based android payment software, you have to be either visa or mastercard, or some big bank.

thinkcomp 15y ago
Several already exist. There are barriers to entry, such as laws; Bitcoin simply ignores them. Without real merchants, Bitcoin is useless to me no matter how fast it innovates. And even if it were useful, it's still [going to be] illegal.
- wladimir 15y ago
  This is much larger than the US only. Even when USD-nominated mobile payment would finally be introduced in the US, it will be a long time before it is accepted in other countries, especially emerging economies. Also, merchants don't have to jump through any of the bank's hoops to accept Bitcoin. A grassroots initiative like this can allow for global, low-cost, payments from your mobile phone, without needing to wait for slow banking innovation. Right, it is still not a given that it will succeed, but it's much to early to dismiss it...
- shii 15y ago
  It's distributed so it's probably hard to kill. Unless your the NSA or CIA and have tons of computing power with which you can just flood the market with rendering everyone else's bitcoins useless... Seriously though, it seems like Bitcoin is really vulnerable to this sort of attack, no matter what "hardening" features are builtin to make mining harder. NSA can spend a week and kill it all off. Is there a way to block whole hash blocks that the NSA or someone else who might have a large chunk of the bitcoin market? Still I wouldn't write it off so quick, it's the branding/legitimacy question along with traction among merchants and usd<->bitcoin that's holding it back right now.

barmstrong 15y ago

You're right, it's pretty theoretical at this point. But as Chris Dixon points out, most big ideas start out looking like toys: http://cdixon.org/2010/01/03/the-next-big-thing-will-start-out-looking-like-a-toy/ http://cdixon.org/2010/01/03/the-next-big-thing-will-start-o...

thinkcomp 15y ago
Don't be ridiculous. The USD isn't about to be disintermediated. The Euro, maybe...but then by the USD.
- btcoal 15y ago
  I don't know why this got downvoted. With the financial trouble in Portugal, Spain and Greece and the imbalance in monetary and fiscal health (Contrast those 3 with Germany) within the EU, the Euro looks very shaky indeed.
- njs12345 15y ago
  Bitcoin is unlikely to replace the dollar, but if I were Paypal I'd be worried..
Astrohacker 15y ago
Thanks for that link... amazing how well bitcoin fits into that picture.

sliverstorm 15y ago

The dollar is so 2000's

Tichy 15y ago

Your comment is a bit like commenting "am I the only one who only likes Android?" on every Apple story. In other words, it does not seem to convey any useful information related to BitCoin.