|
What would also be cool is to have a card without the address on it so nobody knows what it is when you cross borders. It would have a brain address.
|
|
|
|
|
So many times I see threads that say "I sold at the peak and bought at the bottom." They are usually followed by a reply like "pics or it didn't happen." Folks that trade Bitcoin frequently sound like the gambling addicts at the casino near my home. It's a fairly big complex and it was built by gamblers money. I don't begrudge someone entertainment, but when they tell tales of their big winnings, they usually forget to mention their huge losses. For many it is a problem.
You can talk about your theories and systems. Every gambler has one or two. I really wonder though if the real big winners are only the scammers. Here's the point of this thread:
1. Please post a story of a loss.
2. Why you feel you lost.
3. What you think you learned.
|
|
|
|
|
I like this card. It's a little pricey and it doesn't have the user name on the front. I might consider buying this card. I would rather just send Bitcoin to a Bitcoin address rather than use the Bitcurex website to load the card.
|
|
|
|
|
I understand from a purist standpoint the bitinstant card isn't our ultimate goal. It's baby steps toward adoption and the adoption period may take a long long time.
|
|
|
|
|
Think of this. You will have this card as cold storage for a deflationary currency that will grow in value and then spend some earnings anytime you want. This is perfect liquidity for our form of gold. I can't imagine anyone who wouldn't want one. From goldbugs to Overseas Foreign Workers, to business expense accountants that monitor fluctuating prices and everyone that wants to have a savings account that appreciates in value. This is a big deal.
|
|
|
|
Question: Does BitInstant convert the BTC to $$ when you:
1) send the BTC to the address on the card,
or when you
2) swipe the card?
If (2), I love it. If (1), I don't see the point. The attraction for me is being able to keep my cash in BTC until I am ready to spend it. If (2), I can pre-load the card with spending money once a week. If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.
If I am comprehending this correctly, it would appear to mean if you have a BTC balance, it can convert from your BTCs when you make the charge. <ThomasV_> bitinstant: is there an option to keep the deposit as BTC until the card is used to make a payment or withdrawal?
<bitinstant> ThomasV, yes
<bitinstant> The Bitcoin Address on the card, is YOUR address we give you
<bitinstant> you can see balance on blockcgain
So the only time there would be a delay in being able to use the card is if both your BTC balance and your USD (or whatever) balance for the card are insufficient. So then you send BTCs and after 1 confirmation (for an under $1K USD charge) those BTCs can be used for credit card purchases. I don't know how they found an issuer (bank) that was willing to work this way. From what little I know about it, for a prepaid debit card the process of adding funds to the card account are not in real-time. Perhaps there is some notification when a charge authorization comes in that an external party (BitInstant) can transfer funds immediately and thus the authorization would never fail, as long as there were sufficient BTCs available. I thought this might actually be a credit card used like a debit card where you get approval for a credit limit, and then all transactions are settled on a per-transaction basis from your BTC funds, but that's not at all the way this is being described. Who knows, maybe there is some innovation occurring that allows them to work the way Charlie is describing them. Looking forward to getting one! Put this capability into the Bitcoincard. Since it won't need solar panels, the debit card can go on the back side.  |
|
|
|
Bitcoin can be much more secure than any other bank anywhere.
Maybe if everyone agreed not to accept stolen coins. Security weaknesses seem to be found in Bitcoin services only after someone has broken in and committed theft, though. And since you cannot put a stop payment on BTC and can launder stolen coins through anonymous mixing wallets before someone finds out... I'm sorry you seem to only have one way of looking at banking. If the banks didn't have so many problems there would not be a reason to develop Bitcoin. Things like stop payments, account seizing, etc. can be replaced by m-of-n escrows, insurance, and personal responsibility. I'm sure there will always be people willing to allow others to manage their financial affairs. That can still be done. Would like to add my voice to the question of: will this be a loadable card going the other way too, as in from USD/EUR/JPY->BTC?
I must have missed the memo from the US Government where I'm supposed to scan the serial numbers on USD physical notes and check them with a central database of dirty money. You know to make sure no stolen money gets into the pure as snow US money supply.
Oh that's right, people would get mighty upset over a demand like that.
+1 |
|
|
|
If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.
The security implications of being a storage wallet-to-instant cash service is probably too big of a liability. Between hacking the servers and someone using stolen card numbers...yeah. A bunch of people are gonna whine about losing hundreds thousands of dollars one day and then Bitinstant is fucked. I don't think it would be a smart thing to stray from their business model of being a currency exchange. They make a pretty good profit on transaction fees and should be able to self-insure from hackers getting at a hot wallet. Bitcoin can be much more secure than any other bank anywhere. |
|
|
|
I will say this again:
All of these PPT's and interest earning "schemes" that are going on will likely not end pretty.
Someone will get burned and will lose big time in their bitcoin investment.
And the funny thing is people on this forum are so willing to send their bitcoins to said-operator of the "scheme" with no signed contract/paperwork.
Mark my words, someone will get burned.  They are kind of preselected for that. All these get rich schemes and scams are causing me to drop some forum topics. |
|
|
|
Question: Does BitInstant convert the BTC to $$ when you:
1) send the BTC to the address on the card,
or when you
2) swipe the card?
If (2), I love it. If (1), I don't see the point. The attraction for me is being able to keep my cash in BTC until I am ready to spend it. If (2), I can pre-load the card with spending money once a week. If (1), I would have to whip out a calculator and load the card with just enough funds 60 mins prior to every transaction. Too much hassle.
Bitpay BitInstant isn't the bank back-end on the card. I think he said that you can load the funds and spend them immediately. very, very nice. will we be able to submit our own designs for the cards as well? (pretty please!)
+1 |
|
|
|
|
Bitcoin is like the fighter that gets the crap beat out of him round after round, but is barely standing every time the bell rings. The opponent however is getting weaker and weaker every round and yet not only does Bitcoin not fall, it recovers faster and faster every round. I know where I'll put my money.
|
|
|
|
I just went to BitInstant.com and chose from a cash deposit site that is open today. I then cashed in a coffee can full of change and used that to buy cheap Bitcoin.
is there some sort of USB slot on your computer for that? cant find one on mine. Nope. |
|
|
|
|
A correction is healthy. Allowing Bitcoin to crash to the lowest point in the last 6 months is irresponsible. I wish Wall Street would allow it, then we would be done with the stock market. But what the hell, I'll keep buying at whatever price it's at because anything below $10,000 is a bargain in the long run.
|
|
|
|
Coffe can full of change?
No offense but i have to chuckle at these things. Hello 5 soon.
That was in addition to what I had on hand. What can I say? The coin changer was in the same place I deposit cash on a Sunday. If Bitcoin goes to 5, then I'll sell bodily fluids to buy more  |
|
|
|
Bitcoin is like anything new on the net, acceptance takes time, could be a year, could be 10. There is no point trying to rush things because we'll be rushing to nowhere and when it collapses under its own weight it will put folks off for good, there's competition coming. Better to build up slowly on solid foundations and beat them simply by being better.
+1 - I feel the same way. I am currently working on projects to help build more plumbing for BTC. I am watching the charts and will be making some purchases once I see what I am looking for. That goodness for reading all those technical analysis books. D You guys don't get it, do you? How are these ridiculous price swings helping? It's good to put people off because that helps build a solid foundation? This is the silliest thing I have ever heard. So if Bitcoin would swing even more wildly, it would be even better? If liquidity is even less than now, this is great? These swings are caused by a few people with large caches dumping their accounts. We are paying for the stupidity of people trusting unsecured wallets. When folks stop giving away their money to scammers, Bitcoin price will go up and stabilize. You've listed three unrelated and probably untrue things as if its meant to make sense... did you mean to do that? Unrelated? Sure they are complexly related, but not unrelated. There are many different types of scams and/or poorly designed business operations, and it's hard to tell the difference. I simply don't trust anyone with *my* Bitcoin except an exchange for a short time. |
|
|
|
|
I just went to BitInstant.com and chose from a cash deposit site that is open today. I then cashed in a coffee can full of change and used that to buy cheap Bitcoin.
|
|
|
|
Bitcoin is like anything new on the net, acceptance takes time, could be a year, could be 10. There is no point trying to rush things because we'll be rushing to nowhere and when it collapses under its own weight it will put folks off for good, there's competition coming. Better to build up slowly on solid foundations and beat them simply by being better.
+1 - I feel the same way. I am currently working on projects to help build more plumbing for BTC. I am watching the charts and will be making some purchases once I see what I am looking for. That goodness for reading all those technical analysis books. D You guys don't get it, do you? How are these ridiculous price swings helping? It's good to put people off because that helps build a solid foundation? This is the silliest thing I have ever heard. So if Bitcoin would swing even more wildly, it would be even better? If liquidity is even less than now, this is great? These swings are caused by a few people with large caches dumping their accounts. We are paying for the stupidity of people trusting unsecured wallets. When folks stop giving away their money to scammers, Bitcoin price will go up and stabilize. |
|
|
|
|
Thisw is another case of spending other people's money. All the stolen Bitcoin lately has been waiting for a time to dump. I think we are near bottom.
|
|
|
|
I cashed out at $14.91 on the way up. I just didn't feel like the rally could be supported. I'm going to sit out for a day or two and see what happens now. $$$ is in the exchange though, just waiting to double the amount of coins I had Pics or it didn't happen  |
|
|
|
|
Show Posts
