4 ms·

This is a nice workaround. I've been long thinking about what could be used instead of dollars to trade for Bitcoin. Of course, starbucks cards are not as wides

by snitko 13y ago

This is a nice workaround. I've been long thinking about what could be used instead of dollars to trade for Bitcoin. Of course, starbucks cards are not as widespread and their amount is probably limited (in a sense that there's not enough of them to satisfy demand in the case this seriously takes off), but it's nevertheless great to see people finding ways to bypass the stupid regulatory system, because of which there are no real Bitcoin exchanges in the US.

oleganza 13y ago
NY will classify Bitcoin as money and your little card swapping business will go the same road as Charlie Shrem's. French bank today issued press release saying that intermediation of Bitcoin transactions requires "payment processor" license. Even if you are not touching fiat at all. http://acpr.banque-france.fr/fileadmin/user_upload/acp/Communication/Communiques%20de%20presse/20140129-Communique-ACPR-position-bitcoin.pdf http://acpr.banque-france.fr/fileadmin/user_upload/acp/Commu...
- mhluongo 13y ago
  Not sure this is quite the same thing. I'm just trying to buy gift cards for BTC.
  - eric_bullington 13y ago
    It's not clear from the article; are you selling them, too? I can't imagine what else you'd do with so many Starbucks cards.
al2o3cr 13y ago
"it's nevertheless great to see people finding ways to bypass the stupid regulatory system" Keep saying that when your "Freedumb Über Alles" exchange takes your USD, gives you 0 BTC, and tells you "tough shit, sucker".
- eric_bullington 13y ago
  I'm curious. What is it about the freedom to conduct commerce that so upsets some people? If I chose to spend my money on a business that you believe will rip me off, why does that make you want to post an insulting message on HN?
- snitko 13y ago
  But that's my choice. See, that's the problem with advocates of any regulation. Regulating != informing. If all government did was saying "This business is not reliable" I'd be perfectly fine with it. But then they actually prevent businesses from operating without licences. This creates a lot of opportunities for corruption. On what grounds do governments think they have the right to tell every person what to do with their money?
  - gnaritas 13y ago
    > On what grounds do governments think they have the right to tell every person what to do with their money? On the grounds that it's the law; those are pretty good grounds.
    - snitko 13y ago
      Slavery was also legal not so long ago. Being gay was illegal not so long time ago. Alcohol was illegal at some point. Weed is still illegal in most places these days. Something being a law doesn't make that something justified or moral. It just allows certain groups of people to benefit from it while lying to others that it's for their own good.
      - gnaritas 13y ago
        > Something being a law doesn't make that something justified or moral. Strawman, I never said it did. Grounds != moral.

by snitko 13y ago

oleganza 13y ago

NY will classify Bitcoin as money and your little card swapping business will go the same road as Charlie Shrem's. French bank today issued press release saying that intermediation of Bitcoin transactions requires "payment processor" license. Even if you are not touching fiat at all. http://acpr.banque-france.fr/fileadmin/user_upload/acp/Communication/Communiques%20de%20presse/20140129-Communique-ACPR-position-bitcoin.pdf http://acpr.banque-france.fr/fileadmin/user_upload/acp/Commu...

mhluongo 13y ago
Not sure this is quite the same thing. I'm just trying to buy gift cards for BTC.
- eric_bullington 13y ago
  It's not clear from the article; are you selling them, too? I can't imagine what else you'd do with so many Starbucks cards.

al2o3cr 13y ago

"it's nevertheless great to see people finding ways to bypass the stupid regulatory system" Keep saying that when your "Freedumb Über Alles" exchange takes your USD, gives you 0 BTC, and tells you "tough shit, sucker".

eric_bullington 13y ago
I'm curious. What is it about the freedom to conduct commerce that so upsets some people? If I chose to spend my money on a business that you believe will rip me off, why does that make you want to post an insulting message on HN?
snitko 13y ago
But that's my choice. See, that's the problem with advocates of any regulation. Regulating != informing. If all government did was saying "This business is not reliable" I'd be perfectly fine with it. But then they actually prevent businesses from operating without licences. This creates a lot of opportunities for corruption. On what grounds do governments think they have the right to tell every person what to do with their money?
- gnaritas 13y ago
  > On what grounds do governments think they have the right to tell every person what to do with their money? On the grounds that it's the law; those are pretty good grounds.
  - snitko 13y ago
    Slavery was also legal not so long ago. Being gay was illegal not so long time ago. Alcohol was illegal at some point. Weed is still illegal in most places these days. Something being a law doesn't make that something justified or moral. It just allows certain groups of people to benefit from it while lying to others that it's for their own good.
    - gnaritas 13y ago
      > Something being a law doesn't make that something justified or moral. Strawman, I never said it did. Grounds != moral.