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I think people finally realized that Bitcoin is never gonna be a mass-market thing... especially after Apple Pay.

by kolev 12y ago

hoodoof 12y ago
I always found it hard to get behind as an idea because I've never known anyone except one person to ever use Bitcoin to pay for anything. It seems very complicated and techie to me.
- kolev 12y ago
  The problem is not complexity, but uselessness. Why do anybody need Bitcoin, especially when the price is not doubling every couple of months anymore? Also, with Tor being owned by the NSA, even those interested in buying child porn or illegal drugs with Bitcoin are no longer that interested. Speculators are leaving the market as clearly indicated by the dropping trade volumes. So, if you've got any, sell them in January (baseless New Year optimism), because in February, prices will go below $300 again!
  - syllogism 12y ago
    Unfortunately the killer app of bitcoin is probably ransom ware. Malware infections won't go away, and ransom ware seems a good way to monetise them.
    - kolev 12y ago
      That's another more practical use, yes, but still traceable.
    - Avalaxy 12y ago
      No, that's not the killer app. Bitcoin is extremely traceable, much more so than cash. Actually there is a fair chance of deanonymizing users. One of Bitcoin's killer apps would probably be micropayments. Changetips is really taking off and for the first time it's making micropayments really feasible.
  - Avalaxy 12y ago
    You are all massively missing the point. You don't need to hold Bitcoin yourself, you can just use the network to send money around the world in an instant. Banks could do this on a large scale under water and convert it to another currency right away.
    - kolev 12y ago
      Banks don't need Bitcoin - they've got SWIFT.
      - Avalaxy 12y ago
        ... It takes days to send money with SWIFT and the costs are much higher. Bitcoin is a superior technology that provides substantial benefits to banks. That's why the 3 biggest banks in the Netherlands are seriously looking at using Bitcoin for their payments.
        kolev 12y ago
        No, SWIFT is not slow. I move money from US to EU in 12 hours thru wires and pay a flat fee of $20. SWIFT is fast, it's just a messaging system, but slowness comes from elsewhere, for example, going thru correspondent banks. "Seriously looking" is a gross exaggeration. Banks always look at alternatives, but are very careful about changing their proven methods!
jontaylor 12y ago
I wager it will at least be more commonly used for remittances in the future.
- kolev 12y ago
  Don't bet on it! I've been using TransferWise [0] recently - it's cheaper than Bitcoin as its fee is up to 1%, which is lower than Coinbase and all fees (and possible losses due to rate fluctuations) associated with buying on end and selling on the other. Disclaimer: [0] is a referral link, which will give you a free transfer up to 3,000 GBP. [0] https://transferwise.com/u/eb4f https://transferwise.com/u/eb4f
Avalaxy 12y ago
It doesn't have to be, just like HTTP doesn't have to be mass-marketable in order for you to use the internet. Also: Apple Pay is no innovation, it's just the existing financial system in a new coat. It's so completely different from Bitcoin...
- kolev 12y ago
  Tell the billion consumers out there that Apple Pay (and Google Wallet) are no innovation! It's fast, it's secure, it's convenient - nobody except the crooks and those vested in it need Bitcoin!
  - Avalaxy 12y ago
    If that's really what you think, you have sooo not any clue about what Bitcoin is. Bitcoin is much faster and much cheaper than the current financial system. How can you say nobody needs it?
    - kolev 12y ago
      Yeah, the Bitcoin fans always arrogantly assume and claim that they are smarter and only they can get Bitcoin (which shows how flawed their thought process is anyway as if Bitcoin is so hard to grasp, how can one hope for mass adoption). I do get it, I've been using Bitcoin since 2011, I trade Bitcoin as there are enough idiots to still keep this thing going, but I've never used it for buying stuff or moving funds as there are better, safer, and cheaper alternatives.

I think people finally realized that Bitcoin is never gonna be a mass-market thing... especially after Apple Pay.

by kolev 12y ago

I think people finally realized that Bitcoin is never gonna be a mass-market thing... especially after Apple Pay.

I always found it hard to get behind as an idea because I've never known anyone except one person to ever use Bitcoin to pay for anything. It seems very complicated and techie to me.

kolev 12y ago
The problem is not complexity, but uselessness. Why do anybody need Bitcoin, especially when the price is not doubling every couple of months anymore? Also, with Tor being owned by the NSA, even those interested in buying child porn or illegal drugs with Bitcoin are no longer that interested. Speculators are leaving the market as clearly indicated by the dropping trade volumes. So, if you've got any, sell them in January (baseless New Year optimism), because in February, prices will go below $300 again!
- syllogism 12y ago
  Unfortunately the killer app of bitcoin is probably ransom ware. Malware infections won't go away, and ransom ware seems a good way to monetise them.
  - kolev 12y ago
    That's another more practical use, yes, but still traceable.
  - Avalaxy 12y ago
    No, that's not the killer app. Bitcoin is extremely traceable, much more so than cash. Actually there is a fair chance of deanonymizing users. One of Bitcoin's killer apps would probably be micropayments. Changetips is really taking off and for the first time it's making micropayments really feasible.
- Avalaxy 12y ago
  You are all massively missing the point. You don't need to hold Bitcoin yourself, you can just use the network to send money around the world in an instant. Banks could do this on a large scale under water and convert it to another currency right away.
  - kolev 12y ago
    Banks don't need Bitcoin - they've got SWIFT.
    - Avalaxy 12y ago
      ... It takes days to send money with SWIFT and the costs are much higher. Bitcoin is a superior technology that provides substantial benefits to banks. That's why the 3 biggest banks in the Netherlands are seriously looking at using Bitcoin for their payments.
      - kolev 12y ago
        No, SWIFT is not slow. I move money from US to EU in 12 hours thru wires and pay a flat fee of $20. SWIFT is fast, it's just a messaging system, but slowness comes from elsewhere, for example, going thru correspondent banks. "Seriously looking" is a gross exaggeration. Banks always look at alternatives, but are very careful about changing their proven methods!

jontaylor 12y ago

I wager it will at least be more commonly used for remittances in the future.

kolev 12y ago
Don't bet on it! I've been using TransferWise [0] recently - it's cheaper than Bitcoin as its fee is up to 1%, which is lower than Coinbase and all fees (and possible losses due to rate fluctuations) associated with buying on end and selling on the other. Disclaimer: [0] is a referral link, which will give you a free transfer up to 3,000 GBP. [0] https://transferwise.com/u/eb4f https://transferwise.com/u/eb4f

Avalaxy 12y ago

It doesn't have to be, just like HTTP doesn't have to be mass-marketable in order for you to use the internet. Also: Apple Pay is no innovation, it's just the existing financial system in a new coat. It's so completely different from Bitcoin...

kolev 12y ago
Tell the billion consumers out there that Apple Pay (and Google Wallet) are no innovation! It's fast, it's secure, it's convenient - nobody except the crooks and those vested in it need Bitcoin!
- Avalaxy 12y ago
  If that's really what you think, you have sooo not any clue about what Bitcoin is. Bitcoin is much faster and much cheaper than the current financial system. How can you say nobody needs it?
  - kolev 12y ago
    Yeah, the Bitcoin fans always arrogantly assume and claim that they are smarter and only they can get Bitcoin (which shows how flawed their thought process is anyway as if Bitcoin is so hard to grasp, how can one hope for mass adoption). I do get it, I've been using Bitcoin since 2011, I trade Bitcoin as there are enough idiots to still keep this thing going, but I've never used it for buying stuff or moving funds as there are better, safer, and cheaper alternatives.