Bitcoin Forum

Found an interesting thread on Reddit regarding Google Wallet and Bitcoin...

http://www.reddit.com/r/Bitcoin/comments/hsp5g/google_may_be_the_first_bitcoin_bank/

Makes me wonder if GoogleCoin isn't far off...

I'd trust 'em.

Think I would, too.  If anybody can lock down SQL, I'm sure it's Google.

I would never do it. I may let them have my email, but I don't want google acting as an unregulated bank. Just unsettling. 

I'd doubt that google has any such plans, but I would say that google wallet is DOA.

Actually, the more I think about it, they would have to have a full hands off of recording anything at all regarding transactions past what they are dealing with directly with people.  Other than that, I don't think they need to keep records (but then again, that is what people want I'm sure, records)

Interesting. Thanks for posting.  Not sure most folks would want to give up their anonymity for it, though.

Still, Apple has tried getting their Cloud service (yeah, I know, it's not exactly doing MapReduce) off the ground a couple of times.  I can definitely see the upside of creating a virtual currency, especially if I owned the sites where it intersected other currencies like Mt. Gox or TradeHill. 

I still think the best way for Bitcoin to flourish is to make sure the places where they intersect with the economy in general is as hardened and secure as anything on the Internet.  Flaunt it.  Challenge hackers to take it down.  I'd trust a site that openly talked trash to LulzSec, Anonymous, or any of those guys...  :)

Even better would be a market trade site ran by LulzSec openly trash talking the others to break it.

...and then they take all the bitcoins in everybody's accounts... "just for the lulz"...  yikes.

very interesting
 

Google has an aptitude for knowing many things about its users. The government has hassled Google before to allow them to use Google's database to track people.

I thought the whole point was to be de-centralized and not regulated...

That would actually be such a great and big step for the Bitcoin. It will be get a lot more attention and be trusted by many more people.

exactly.  i like google and all of their free products, but i think this move pretty much violates the central concept of bitcoins.

^this

I personally wouldn't mind using a Google wallet. I wouldn't keep all my btc money in there, but I think it would be convenient for doing purchases on the go, etc. Think if they had a nice mobile web front end, etc. Plus Google has a knack for adding in all the little features you didn't realize you needed until they code them (think Gmail) and their security would be better than most. I think for pure convenience sake, I would use it for small day to day transactions. Just not as my savings account.

No, the central point of Bitcoins is to allow the user the choices.  Other options can't be decentralized nor anonymous.  Just how far the user wants to go do that rabbit hole is entirely up to them.

What are the scenarios in which a Bitcoin bank would be valuable? For example I imagine paypal esq remote access to funds might be one but are there others? Why might you want google, or anyone else for that matter to hold on to your bitcoins for you?

Consumer protection.  I.E. theft & fraud insurance against misuse of your mobile wallet funds, just like a credit card works today.  There would have to be a liability cap.

"Instant" checkout.  Since Google knows who you are, they become the trusted intermediary for the vendor, so he doesn't actually have to wait for confirms nor employ a third party company to risk assess unconfirmed transactions on the fly.

Overspending credit, for some users.

Basic security, for mobile users who don't know any better.

All good scenarios, if BTC becomes more mainstream I could imagine there being a willingness to pay for such things. I think much of the portability security stuff could to a great be addressed via technology vs business but loans, account insurance and transaction liability management would for sure need a TTP.

Wow is this real/legit?

This could be very big, heh I've been wondering what does GOOG think about bitcoins...I guess we'll see what happens later this year.

don't think Google will touch btc and I would never leave my wallet there. It's enough of information about us that Google keeps anyway.

I agree, this is not likley something they would do; I can imagine someone doing it tough its just unclear if its good business at this time, hence my question about value prop.

I think bitcoin centralization is antithetical to the project, but I understand some centralization is necessary for currency exchange, etc

1 Take bitcoin code
2 Chenge it
3 Buy 10 000 ASCI chip and make network.
4 Start generate coins for seciure google transaction
5 Ignore bitcoin
6 Profit.
 

yea it all depends on how google done this to if it would of been a good idea or not

Our first Google Wallet customer (http://www.youtube.com/watch?v=gKGptWtzeaU) (YouTube)

I'm not sure why some people think that the rest of the 99.999% of the world gives a shit about anonymity? If they did, I doubt you would have ever heard of Facebook.

Only a small portion of geeks, care about online anonymity. Even most geeks I know don't really care. Now, I can understand anonymity in some places (like some forums), but for everything else........ not so much.

EXACTLY.  With Bitcoin, user can choose how much anonymity he desires. Some don't care and some do... all along a gradient.

The utility of cash stems in no small part from its anonymity. We don't want any hassle when we pay the baby sitter, tip the bar tender, give a congratulatory card. The lack of counter party risk is directly related to the fact that it can't be traced and thus undone. Anonymity is not about the dark shadows but of immediacy and finality. We don't pay friends with credit but with discreet honest value.

interesting how nobody noticed this was posted back in june...
not like google anounced anything since then

Yes, an advertisement (http://www.youtube.com/watch?v=gKGptWtzeaU).

right sorry i missed that...
but it doesn't say anything about bitcoins.

Ah, therein lies the rub!

This came out today

http://www.wired.com/reviews/2011/09/gwallet/