Bitcoin - Part 2

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jhunter1163 said:
While the fundamental security tech is sound, the weak point in the system is the exchanges and there is at present no practical way to get BTC without going through an exchange.
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*sigh* This is ancient stuff. You are just repeating stuff I have posted many times over the years except that you seem to believe that no alternative to a centralized exchange will ever appear (and I have also discussed emerging alternatives many times as well).
 
Prometheus said:
Why? Perhaps I'm just being dense, but I am at a loss to think of a legitimate reason why I would want to send money to someone, somewhere, without knowing where or to whom my money is going.
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Neither can I (unless you are making an anonymous donation to a charity perhaps). The point is that I can take as few or as many precautions as I like to ensure I get value for my money and don't need to appeal to a third party for the transfer.

It is a bit like the reason why toasters often have a "burnt" setting even though nobody wants burnt toast. If you set any limit at all on how dark the toaster will make the toast there will always be somebody who finds that the toaster doesn't make his toast dark enough.
 
psionl0 said:
It is a bit like the reason why toasters often have a "burnt" setting even though nobody wants burnt toast. If you set any limit at all on how dark the toaster will make the toast there will always be somebody who finds that the toaster doesn't make his toast dark enough.
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Those numbers on the dial are minutes - not degree of toastiness :D
 
I thought the really high numbers were for if the bread was frozen?
 
jhunter1163 said:
[...] and there is at present no practical way to get BTC without going through an exchange.
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Apart from mining them. Or privately purchasing them from someone who has some. Or earning them by providing goods or services for people or organisations who are willing to pay in Bitcoin (which is sometimes automated).

Maybe you're confusing practical with convenient?
 
Brian-M said:
Apart from mining them. Or privately purchasing them from someone who has some. Or earning them by providing goods or services for people or organisations who are willing to pay in Bitcoin (which is sometimes automated).

Maybe you're confusing practical with convenient?
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The difficulty of mining has increased to the point that you need a large outfit to make mining worthwhile, and even the big farms aren't making a lot of money at current BTC prices. As far as your other methods, I don't know of anybody in my immediate circle of friends who has any BTC, and I'm reluctant to provide and goods or services to someone who will pay me in a "currency" whose value is diminishing by the day.
 
psionl0 said:
So let's examine how much "trouble" setting up an anonymous Apple Pay account would entail:

Apart from the iCloud account, you need to link a bank account that is in your name to the iCloud account. I don't know about the US but in Australia, to get a bank account you need to provide the same sort of identification that is needed to get a passport. So to get an anonymous bank account, you are talking about some serious fraud (identity theft at the very least).

You don't need to provide fraudulent information to get a bitcoin wallet because you don't have to provide any information. Once again, apples and oranges.


No, those are your words. I only left out the "Its failure may take longer than I predicted, but it will fail, because it is unsafe, unsecure ..." because in spite of you ignoring the rebuttals, that has already been dealt with.
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You could do it with a prepaid card.
 
psionl0 said:
Is that a debit card or something else? Can you get one that is not issued in anybody's name (essentially an anonymous bank account)?
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Yes. I purchase them all the time to use as "universal" gift cards that don't tie the receiver to one particular merchant of my choice. The people I give them to can use them with any merchant that accepts normal credit cards.

ETA: Or I can buy one with cash and use it myself as an anonymous credit card.
 
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Prometheus said:
Yes. I purchase them all the time to use as "universal" gift cards that don't tie the receiver to one particular merchant of my choice. The people I give them to can use them with any merchant that accepts normal credit cards.

ETA: Or I can buy one with cash and use it myself as an anonymous credit card.
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I have learned something new today.

Prepaid cards are even available in Australia. You can get "Load&Go" Travel cards (Visa) from Australia Post and it is not necessary to register the card to use it.
You can use your Load&Go Travel card online, over the phone, in store, and at ATMs before registering your card. However, you must register your details online as soon as possible to access the following benefits:
  • Convert your funds from Australian Dollars into $NZD, $USD, €EUR or £GBP and move funds between currency 'wallets' for immediate use
  • Manage your currency options
  • Check your card balance and view transaction history
  • View and manage personal details
  • Manage SMS servicing options
  • Automatic card renewal
  • Balance transfer at card expiry
  • Access to lost/stolen card protection
Please note: If your Load&Go Travel card is lost or stolen and it is not registered, you will not be able to retrieve the remaining funds on your card.

http://auspost.com.au/travel-id/register-your-load-and-go-travel-card.html
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Of course, Apple Pay doesn't work with Australia Post (yet?). Apple Pay will work with prepaid cards from Chase, Regions Bank and Wells Fargo. (http://support.apple.com/en-au/HT6288).
 
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ponderingturtle said:
But it must be nearing the perfect time to buy, I am sure it will be back to $1300 any day now.
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While Bitcoiners were patting themselves on the back for the bubble and trying to figure out how a deflationary system could be shoehorned into pretending it was a currency, Apple was busy looking at it and saying "Good tech here. How can we make something like this, but linked to real money and that will get more people to buy an iPhone?"

If Bitcoin ever had a window of opportunity*, it's closed now. Apple is surely not the only one working out a viable e-payment system, they're just the 'name' brand so they get most of the news. Sell while you can get something for 'em.


* Well, it'll always be popular for purchasing drugs, "services", or CP, but i don't see these ever going particularly mainstream.
 
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