Bitcoin

spelunkspelunk 3,400 Posts
edited June 2011 in Strut Central




While in practice right now this is only for tech people and people dumb enough to try to buy and sell drugs online (NPR story today), the theory behind it and the fact that it's even made it this far is pretty crazy. Direct P2P decentralized currency is such an incredibly threatening concept to nationalism, taxes, import tariffs, embargos, etc. I doubt this will ever impact how you buy a sandwich but across borders and political lines it's pretty crazy.

http://www.weusecoins.com/
http://www.bitcoin.org/
http://en.wikipedia.org/wiki/Bitcoin
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  • DJFerrariDJFerrari 2,411 Posts
    I had a meeting with some of the project developers a couple weeks ago because I was interested in using it as a currency in a mobile game platform kinda like Zynga. Very interesting concept, but it's gonna be a legal battle for so long that I wouldn't get into it for anything real any time soon. It will be a major hurdle moving from the digital goods world to the physical goods world because it's a different ballgame when fulfillment is involved. Also, I'm a bit weary on combining open source technology and currency... sooo many things can go just horribly wrong.

    I didn't see the NPR story... I'll check that out now.

  • GrandfatherGrandfather 2,303 Posts
    hmm, isn't lulzsec gaming bitcoin and kinda messing it up?

  • buttonbutton 1,475 Posts
    Rejoice, for the death of Paypal is upon us.

  • LaserWolfLaserWolf Portland Oregon 11,517 Posts
    Is it backed by gold?

  • DJFerrariDJFerrari 2,411 Posts
    button said:
    Rejoice, for the death of Paypal is upon us.

    Yes... this is happening... except when it comes to eBay unfortunately.

  • cookbookcookbook 783 Posts
    bitcoin is a really interesting concept, but with it being negatively portrayed by the media (tied to an internet black market, drug ring) from the start, i don't see how the mainstream becomes accepting down the line.

  • LaserWolfLaserWolf Portland Oregon 11,517 Posts
    The internet is always portrayed negatively in the media.
    Nigerian bankers, porn, congressmen, spam, porn, on line gambling, bomb making, porn, farmville addiction, celebretiestweetingtheirbreakfast, porn, music piracy....

  • The_NonThe_Non 5,691 Posts
    This seems to involve trust in the transaction participants and a finite amount of "coin," thereby making it not suitable to illegal transactions between parties (maybe laundering would do). It reads like an interesting idea using a small scale. It's utility is questionable.

  • cookbookcookbook 783 Posts
    LaserWolf said:
    The internet is always portrayed negatively in the media.
    Nigerian bankers, porn, congressmen, spam, porn, on line gambling, bomb making, porn, farmville addiction, celebretiestweetingtheirbreakfast, porn, music piracy....

    :balla:

  • Chinese markets are using it to scam dumb fuck westerners, and the data mining software is jank as fuck (uses the same ports as most malware too).

    The more you learn about it and know how it's being used will lead you to the conclusion it's shithouse.

  • DanteDante 371 Posts
    Ok, I'm really thick.

    How do you get your virtual coins if that thing can not be linked to a bank account or credit card?

  • DJFerrariDJFerrari 2,411 Posts
    http://www.singleclickcheckout.com/

    Personally, I'm rooting for these guys. First, because we're already business partners for selling physical goods in iPhone Apps, but second because their transaction fees are pennies compared to paypal as they're already integrated with the banks. Their biggest hurdle will be hitting the critical mass of users where it's a standard form of payment. They promote single click checkout, but there's a few steps needed to get to that level of course. These guys are totally legit in terms of security after passing rigorous tests with all the banks. I can't imagine that's a fun process!

  • ReynaldoReynaldo 6,054 Posts
    Dante said:


    How do you get your virtual coins if that thing can not be linked to a bank account or credit card?
    Provide a good or service in exchange for bitcoin.

  • rootlesscosmorootlesscosmo 12,848 Posts
    online currency, payment solutions, virtual payroll cards...these businesses are sonning all the social networking stuff...much more lucrative space to be in I think...

  • BrianBrian 7,618 Posts
    THE TOP HAS DEFINITELY BEEN REACHED NOW THAT WORD HAS HIT SOULSTRUT

  • spelunkspelunk 3,400 Posts
    rootlesscosmo said:
    online currency, payment solutions, virtual payroll cards...these businesses are sonning all the social networking stuff...much more lucrative space to be in I think...

    Ding!

    real money vs. play money. real money wins.

    To reiterate, there is no way that bitcoin in its current incarnation is ever going to be widespread or really all that functional. But it HAS gotten enough buzz that the idea and the principals it represents are influencing a whole lot of thinking about redefining online transactions, marketplaces, and banks.

    There are two directions this goes - one is the single-click checkout people that Ivan linked to, which is basically just streamlining and simplifying billing processes and scaling them properly for the future of micropayments.

    The other is the much more revolutionary notion of decentralized, anonymous, P2P currency, which is irrelevant to 99.99% of people but in certain contexts really, really crazy and soon to be illegal.

  • spelunkspelunk 3,400 Posts
    FortyFivan said:
    http://www.singleclickcheckout.com/

    Personally, I'm rooting for these guys. First, because we're already business partners for selling physical goods in iPhone Apps, but second because their transaction fees are pennies compared to paypal as they're already integrated with the banks. Their biggest hurdle will be hitting the critical mass of users where it's a standard form of payment. They promote single click checkout, but there's a few steps needed to get to that level of course. These guys are totally legit in terms of security after passing rigorous tests with all the banks. I can't imagine that's a fun process!

    Right...that critical mass is the tough part, because the entities that are large enough to bring that critical mass all have their own payment platforms - Apple, Facebook, Amazon, Paypal, even Google Checkout.

    Their system looks pretty great though...

  • DJFerrariDJFerrari 2,411 Posts
    spelunk said:
    FortyFivan said:
    http://www.singleclickcheckout.com/

    Personally, I'm rooting for these guys. First, because we're already business partners for selling physical goods in iPhone Apps, but second because their transaction fees are pennies compared to paypal as they're already integrated with the banks. Their biggest hurdle will be hitting the critical mass of users where it's a standard form of payment. They promote single click checkout, but there's a few steps needed to get to that level of course. These guys are totally legit in terms of security after passing rigorous tests with all the banks. I can't imagine that's a fun process!

    Right...that critical mass is the tough part, because the entities that are large enough to bring that critical mass all have their own payment platforms - Apple, Facebook, Amazon, Paypal, even Google Checkout.

    Their system looks pretty great though...

    Yeah, certainly they'll have a tough time in the digital goods space, but they have a solid chance in the physical goods space on mobile because aside from Amazon, none of these big companies want anything to do with fulfillment responsibilities. This is why Apple does not allow you to use their billing system for physical goods purchases, making it really difficult for developers to sell stuff in apps. With these guys, the fulfillment responsibility is in the hands of the merchant... as it should be. What sucks for developers and end users is that there will be two different billing mechanisms in apps to cover digital and physical goods... not great user experience there. Although, Apple did announce last week that they're loosening their restrictions on In App Digital Subscriptions allowing developers to use their own billing system... as long as it's web based and not native. Ugg... so many development considerations!

  • DJFerrariDJFerrari 2,411 Posts
    rootlesscosmo said:
    online currency, payment solutions, virtual payroll cards...these businesses are sonning all the social networking stuff...much more lucrative space to be in I think...

    Square = :killin_it:

  • DJFerrariDJFerrari 2,411 Posts
    FortyFivan said:
    rootlesscosmo said:
    online currency, payment solutions, virtual payroll cards...these businesses are sonning all the social networking stuff...much more lucrative space to be in I think...

    Square = :killin_it:

    Twitter, FourSquare, Sonar, etc. = :talib:

  • FortyFivan said:
    Square = :killin_it:

    mark my words, ten years from now Square will have a larger market cap than Twitter (assuming both go public). lord knows what dude's third act will be.

  • RAJRAJ tenacious local 7,779 Posts
    I like Cash

  • fckvwlsfckvwls 178 Posts
    Ill take zynga over all these social bubble burst clowns. Linkedin, groupon, etc whatevs. Zynga actually provides real revenue and profits. As for bitcoin, w no central bank, whats to stop it from devaluating to zero? I heard the guy who has the largest amount of bitcoin is valuated at 9.2 million. This just boggles my mind, how it has even progressed to this level where people are actually even discussing it like its even relevant or has a future. A buncha highstakes poker players were getting in on this, i doubt it survives, but i could be wrong.

  • DJFerrariDJFerrari 2,411 Posts
    herbacios tweed said:
    FortyFivan said:
    Square = :killin_it:

    mark my words, ten years from now Square will have a larger market cap than Twitter (assuming both go public). lord knows what dude's third act will be.

    I'll go out on a limb and say that will be the case in 1-2 years. Dorsey is smart to shift his focus from Twitter to Square. He even said himself something along the lines of "Twitter has mainstream awareness, but not mainstream relevance". Twitter has yet to find a viable business model... all it has is a community... but even then only 13% of Americans have an account. I think it's an extremely valuable "right now" tool for many, but I don't see it surviving in the long run if it stays in its current form. They have a ton of funding so I do hope they further their technology and service because I actually kinda like it

  • DJFerrariDJFerrari 2,411 Posts
    fckvwls said:
    Ill take zynga over all these social bubble burst clowns.

    "Zynga - The Best Recycling Company in the World" - Forty Fivan Jun 2011 ;)

    They are printing money over there... it's ridiculous.

  • rootlesscosmorootlesscosmo 12,848 Posts
    tech bump.

    Zynga not doing so hot.

    Bitcoin still confuses more folks than it converts.

    Square continues to kill.

  • DJFerrariDJFerrari 2,411 Posts
    Nice bump... I forget that I used to care about this shit. Now I'm rooting for all of Silicon Valley to implode... taking all the < 25 ego maniacal douchebags with it. Nerds have never been and will never be rock stars... please to stop with all the nonsense... do your work and shut the fuck up about it!

    - Bitter old tech guy

  • rootlesscosmorootlesscosmo 12,848 Posts
    SF has been feeling pretty insufferable lately due to the people.

  • BrianBrian 7,618 Posts
    whats new with that

  • DJFerrariDJFerrari 2,411 Posts
    These assholes all need to go away...

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