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As somebody who has been closely watching NFC for years, I find this side of the Bitcoin business interesting. People moan that NFC has been "just around the c
by mpclark 13y ago
As somebody who has been closely watching NFC for years, I find this side of the Bitcoin business interesting.
People moan that NFC has been "just around the corner" for the best part of a decade, and some even think that it has missed its opportunity (it hasn't, btw), because it has taken so long to bring to market. This is largely because of the in-built security, and the demands it places on participants' business models.
These Bitcoin exchanges and other service providers, on the other hand, seem to have been put together with great haste. They seem to have little-to-no oversight, a high risk profile, untested systems, not much institutional experience -- and there's no safety net for customers.
It illustrates why the "old" financial services industry is so cautious when it comes to electronic money. "Move fast and break things" may work for all sorts of businesses, but it's not a good mantra if you're handling money.
- deleted 13y ago[deleted]
- astrodust 13y agoNew mantra: "Move fast, break things, and lose hundreds of millions of dollars by being reckless."
- Kenji 13y agoCorrection: New mantra: "Move fast, break things, and lose hundreds of millions of _other people's_ dollars by being reckless."
- bduerst 13y agoNFC adoption was either killed (or put on hold) by Apple, thanks to their resistance in adopting it for god knows why. Bitcoin exchanges seem to be trying to rebuild the wheel while touting they're not wheels. There are many layers to banks and exchanges, including security and risk reduction, which add to the overall operational cost. These exchanges either thought they were exempt to these same issues or they thought they could skate by without addressing them. It's almost an agency effect - "If other exchanges aren't doing it, why should I increase my costs by doing it?" This line of thinking and deferment of responsibility is what leads to financial crises.
- jv22222 13y agoWhat is NFC?
- novaleaf 13y agoSibling Posters: Re NFC: Guys, I hate acronyms too, but Near Field Communication? Seriously? Parent poster is talking about Non-Fiat-Currencies. edit: oh, sorry I thought it was obvious, but I say "seriously" because how could you seriously think this bitcoin topic is about Near Field Cmu.....