used on large scale by everyone for purchasing everything
XBT is the spine of finance 2.0, but it won't be used for payments and related things, it's just too slow. |
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I never tried using a Visa Debit card till date as I am really confused of the fee charged while using it. I used to feel that they work like my normal ATM card without any activation/monthly fee or merchant fee. Does this card only work at stores that accept Visa cards or that accept BTC as a payment mode?
Works anywhere VISA is accepted. I've used it a few more times now at different merchants, for small purchases at some places you don't even need the PIN. Xapo charges the fee to your account. So you send XBT to your Xapo online wallet, say 1XBT. If you make a .5XBT purchase, you will have (0.5XBT - 3%) remaining in your online wallet. Thanks for the reply but it won't be of any use to me. I usually get a 3%-5% cashback if I use my HDFC Debit Card and even PayPal gives rewards if we use the debit card while shopping. Here they are charging a fee to use it. If your fiat inflates at less than 3-5% annually and you don't mind trusting those third parties with your money, than what you're doing makes sense. This all just depends on your worldview and who you trust. |
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What are the relative pros and cons?
Case uses biometrics (plus it doesn't actually exist), so it's out for me. I love my Trezor, it's been very reliable. I'll buy another one as soon as a higher build quality is available. |
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It's a VISA DEBIT card, which means it's not a true VISA and won't work in a lot of machines. Too bad.  More machines than breadwallet  |
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What's the point of purchasing bitcoin, then converting it back to fiat before spending?
This example helps to demonstrate the fundamental roadblock to Bitcoin's success: required unneeded steps. The first part of your sentence is really all one needs to understand. What is the point in purchasing bitcoin at all? So I can buy things at fewer places? The same things I could have already bought beforehand without the conversion to bitcoin. the point is to invest, bitcoin is mostly an investment right now, not still used as a currency and because it is faster for online payments compared to a wire transfer or sepa, and while it doesn't offer 100% anon, it is still more anonymous than purchasing online stuff with fiat But he's using it as a currency so the point seems moot. In theory bitcoin is faster, but only because of payment processors but bitcoin really isn't any faster than when I use my debit card - they're essentially the same. A few clicks and I've purchased something within seconds. And bitcoin essentially provides the same anonymity if you're buying something online and getting it shipped straight to your door with your name on it. If you were that bothered about anonymity you could use other things like use an online debit card or even Paypal account but register with a fake name. I get paid in XBT and I use the XBT protocol as my bank. Think of this debit card as a side-chain, or off-chain transaction processing tool that's much faster than the blockchain but still connects to it. There is no anonymity in XBT. I like XBT because I like the economic model and I like being in control of my assets at all times. There is a small amount of privacy to be gained, but that's not really the point. For real privacy just use cash or XMR or something when that's viable. |
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Not sure if it's a true visa issued card but it sounds odd because the fee incurred while spending is supposed to be levied to the merchant not to us as the user.
EDIT: as what I've thought when I checked the xapo website, the card itself did not mention anything about visa. It looks like xapo internally issued card. Also maybe you can snap a pic of the actual card?
True VISA debit card, issued by http://www.mychoicecorporate.comIt's a pretty sexy card, all black. Has the Xapo color scheme but does not say Xapo, probably maybe because this is a beta and they don't want to be liable if something goes wrong. |
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I never tried using a Visa Debit card till date as I am really confused of the fee charged while using it. I used to feel that they work like my normal ATM card without any activation/monthly fee or merchant fee. Does this card only work at stores that accept Visa cards or that accept BTC as a payment mode?
Works anywhere VISA is accepted. I've used it a few more times now at different merchants, for small purchases at some places you don't even need the PIN. Xapo charges the fee to your account. So you send XBT to your Xapo online wallet, say 1XBT. If you make a .5XBT purchase, you will have (0.5XBT - 3%) remaining in your online wallet. |
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I transitioned entirely to using XBT recently, so I've been exploring new tools to make life easier. About two weeks ago, I created an account at xapo.com. Didn't put any XBT or anything in there, just created the account (took maybe 5 minutes with a slow connection) and requested the VISA card. I was doubtful about how things would turn out. However, I received my card in the mail a few days ago and got pretty excited. To activate the card you can call a number or go to a website, just like any credit/debit card. I chose the website route, and had the card setup in about 2 minutes. This card-setup website I don't plan to use much, unless I need to change a password for some reason. It will always show a balance of $0 so there's no reason to visit it at all. So I go to xapo.com and deposit a small amount of XBT. I think they wait a few confirmations before they make the funds available, but I'm not sure since I didn't get to use the card until a day later. Today I got a chance to try it out - and this is what my first XBT purchase looks like with a VISA card: http://lookpic.com/O/i2/996/rA7uiNd.jpegOn about a $2 purchase (which was smooth as butter and near-instant), the fee to xapo was $0.06. Typical merchant rate, so no problem at all, and I'll probably put more funds in here over time and use this thing on a daily basis. This has been the most delicious way to use XBT yet  |
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Here are some notes I've gathered regarding currency exchange: AlertPay: see alsonot a scam, still not a scamThe Pirate Bay's IPREDator VPN service uses AlertPay. OmniPaywikipediaOmniPay are based in Melbourne, Florida, United States, but are seeking to move their operation to West Africa i wonder why. OmniPay transition -> e-gold website statementIs there potential for OmniPay's services to be used/established with Bitcoin-related services/projects? London Gold ExchangewikipediaThe London Gold Exchange is the World’s largest and most established trader of Digital Currency We focus only on Digital Currency and Digital Gold and can offer you an unrivalled experience AOL? What? Where? O_O Otherwikipedia: Digital currency exchangerHas anyone tried Coinffeine? This seems to be the best option right now, Bitsquare is coming along as well. |
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Maybe. A fork will severely damage the price. |
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We genuinely need a real trustless format to exchange any currency anywhere to bitcoin and make it untraceable.
This seems like a relevant place to share a link to our recently-announced plans for B&C Exchange. B&C will be a trustless, reputation-based decentralized exchange that is capable of trading native cryptoassets. It will be entirely controlled by users who own cryptoequity in the form of "BlockShares", which allow its holders to earn Bitcoin from the transaction fees paid on B&C Exchange. The exchange will be using NuBits as a synthetic USD substitute for its trading pairs, thereby resolving one of the fundamental issues decentralized exchanges have, which is a lack of stable fiat tokens. NuBits have closely held a $1.00 US peg since September 2014. We'd enjoy hearing everyone's thoughts on the B&C Exchange design document and proposal. B&C Exchange will be developed by the same group of developers that has guided Peercoin and NuBits development in the past. I skimmed the thread, it seems like this is only a crypto exchange. When people ask "how do I buy Bitcoin?" the answer needs to be: "download xyz application from abc website and then send money from your bank account via SEPA or ACH to the account that is presented to you. You'll receive your Bitcoin in a few minutes." |
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Most bitcoin users are speculators and not consumers. Bitcoin is failing miserably on the consumer side.
If someone can explain to Joe down the street why he should jump through verification hoops so he can buy bitcoins on coinbase, and then go make purchases for goods and services at a limited number of places using those freshly exchanged bitcoins, while he could have bought those same goods and services at those same places, and at a wider range of places, with the debit card he already has in his wallet, then Bitcoin usage will increase.
It's because you can't explain inflation in a 3 second news blurb. |
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The 64BTC question though is how to decentralize and deregulate the exchange options - because those controls can kill domestic currency exchanges in any nation. There has to be some protocol developed to bypass this entirely. The closest would be the local bitcoin trading option. We genuinely need a real trustless format to exchange any currency anywhere to bitcoin and make it untraceable.
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
How is this possible? (bolded part of your post) Trustless and decentralised blockchain-to-blockchain transactions will be possible fairly soon, I'd say. There are people developing that as we speak and it sounds like they're very close. Although it may be some time before the code finds its way into Bitcoin's core (good news for fans of altcoins, though). Cash-to-blockchain without any third party, on the other hand, could take considerably longer. It's going to take some real genius to solve that one. Fiat cash to digital should be solved this year I think, by at least one project. Bitsquare is one, but there are others. Here's the general blueprint for solving the problem: http://pastebin.com/SsLrxVP6The only thing missing is the reputation system, which is a critical component - in this example Jorg could easily take 50% all day long, with no intention of ever actually transferring funds, and Alice would have no idea that she's dealing with a scammer. This would make the fiat to crypto gateway censorship-resistant as well as make market manipulation more difficult, assuming it becomes the de facto method of moving between fiat and crypto. |
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I thought if the currency is "strong" then you have a better chance of profiting?
The only way you have a better chance of profiting in anything is if you are in control. Meaning, start your own company. Someone also mentioned ETF (I don't understand this) but in an article about the site it says that Betterment handles ETF:
"Betterment will build you an efficient portfolio comprised of widely diversified, low cost ETFs. If you don't want to manage your own portfolio, or hire a financial advisor, Betterment is tough to beat for the very low price."
If you don't understand it, never get involved in it. |
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I am sorry if this is in the wrong place, I really know very little about economics/financial stuff. I am 23 and a college student and a part time employee and my annual income is around $7,000 (I focus more on school right now than work). I have always wanted to learn how to invest but every time I try to research I get overwhelmed and it feels too complicated to me. But then I found this company website/Iphone app called Betterment and have been reading a lot of good reviews about it both from the App store and on websites. (I am in no way advertising this or spamming, this is a sincere post) Basically it manages your portfolio, it helps you set a goal and gives you advice on what to invest in and everything is just done there and to me it actually looks doable for once. The fees are really low and based on your account balanced. Basically if I start with $50 the monthly fee is $0.02 and if I had $30,000 in the account it would be $6 a month. But here is also a general warning given in an article about it which scares me: "In this Betterment review, I have to provide a common sense reminder. Like all market investments, Betterment’s stock and bond investments are subject to market risk. If the markets are up, your balance will likely grow. When markets go down, your balance will likely shrink. You have no guarantees and Betterment is not a FDIC insured savings account. If you need your money in the short term, a savings account might be the best place for it, because you’re guaranteed to get back the the same dollars you put in (known as your principal). When you invest in stocks and bonds, risk is present and you can lose money. The fact that you are taking more risk also means that you’ll likely earn higher returns over the long term." So this statement made me want to ask you guys that I assume are more experienced investors, is it too late to start investing? Do you think the American or USD economy will crash drastically soon and is it even worth it??? Would you recommend this for a beginner.. trying this site? BTW here is the article review I looked at: http://cashcowcouple.com/service-reviews/betterment-review/EDIT: This site is appealing to me because they apparently no longer have a minimum starting balance and having very little money I could start with a very small amount. Basically I want to know if this looks like a legit, safe, and good site for a beginner like me from an experienced investor. Also, does it look like I can take out money from profits at any time? Or do I have to keep money in my account and not touch it? Idk these things. I read their terms and conditions and they trade in the same securities that they advise people on. They also hide the investment agreement until you give them your info and become a customer. I would guess that agreement says they can change the fees and terms at any time... I personally don't play games with anybody in NYC, and I would also suggest developing useful, salable skills and start selling a product or service instead of worrying about this "investment" stuff. Most of it is just built by fly by night entrepreneurs looking for a quick sale - it is not for your benefit, but for theirs. |
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what is your shop number?
I believe it is: af628a03a01ff38c453279818b6ba9f488187d20 Edit: I had to restart OB, apparently my store crashed. |
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yeah unfortunately there is no real shops atm. I see and this 4btc screw. I think i will buy 10 of them..  . Openbazaar still has crash problems and you cant run it 24/7. In my node it crash after 10-11 hours I've got a OB shop open now with a contract for a cell phone for sale. Let me know if you find it. The interface is a little wonky but it's definitely improved since earlier versions. It would be great if we could eventually build a native OB app that runs on a cell phone connected to a data network, that way it could run in the background anytime there's network connectivity. |
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you must delete the old database there
Library/Formula/nailgun.rb
and this
nailgun.rb
Thanks - this did it! This little guy was hiding, but I found him: rm /usr/local/Library/Formula/nailgun.rb ./configure.sh then works just fine, and I was able to launch OB. Cool! |
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https://blog.openbazaar.org/openbazaar-beta-0-4-0-portobello-is-released/https://www.reddit.com/r/Bitcoin/comments/33dir7/the_openbazaar_04_beta_has_just_been_released_for/The fourth OpenBazaar beta has been released, named after the famed Portobello Road Market in London. Please note this is still a beta and for users with some level of technical expertise. This isn’t a consumer ready release. Binaries will be released soon. Windows users will need to wait for binaries. You can install beta 0.4.0 on Linux or OSX using the following instructions. For a detailed overview of the 0.4 beta client, visit this post. We’ve also released quick start guides, visit these links for buyer, merchant, and notary. This release includes a substantial number of new features and improvements. Most notable are the networking changes, which should allow better connectivity and largely eliminate the need for port forwarding. Also greatly improved is stability. Other improvements include: - Signing keys are now HD for increased privacy; - Internal messaging system for online parties to communicate; - Users can now select their avatars; - Images are now externally hosted and listings can support three images (including gifs); - Notaries can now offer refunds to buyer or release funds to seller; - Notaries can now set their fee (as a percentage) if their services are utilized; - The order workflow has been significantly improved; - Addition of simple walk-through on start up ; - Search improvements. InstallationIf you don’t have Git installed on Linux, open terminal (Ctrl+Alt+T) and type: sudo apt-get install gitIf you don’t have Git installed for OSX, download here and install. Now run: git clone https://github.com/OpenBazaar/OpenBazaar.gitOnce that’s complete, change directories: cd OpenBazaarRun the configure with this command: ./configure.shIf you’ve already been running OpenBazaar, you need to update the code. In terminal, run the following commands: git pull
./configure.shPlease note that as of the 0.4 beta release, the default branch will be develop instead of master. This means that beta testers will receive more frequent updates if they run ‘git pull’. If you prefer to keep to the more stable releases only, then switch to the master branch by running this command: git checkout masterTo start your node: ./openbazaar startTo stop your node: ./openbazaar stopTo get help on the commands you can use with OpenBazaar: ./openbazaar helpIf you find a bug, please let us know on our Github or on the bug reporting thread in our subreddit. When I run ./configure.sh on OSX I get: Updating, Upgrading and checking brew installation... error: The following untracked working tree files would be overwritten by merge: Library/Formula/nailgun.rb Please move or remove them before you can merge. Aborting Error: Failure while executing: git pull -q origin refs/heads/master:refs/remotes/origin/master Edit: forced it: git checkout -f ./configure.sh Then I hit this: ./openbazaar start Traceback (most recent call last): File "/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/runpy.py", line 162, in _run_module_as_main "__main__", fname, loader, pkg_name) File "/System/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/runpy.py", line 72, in _run_code exec code in run_globals File "/Users/justinsmith/Applications/OpenBazaar/node/openbazaar.py", line 14, in <module> import psutil ImportError: No module named psutil Now doing this: brew install psutils |
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This is a cautionary tale about "things digital". While I am a happy hodler of BTC, I have always recommended owning physical gold (silver and/or platinum OK too). While there IS manipulation of the "paper gold" markets, owning the metals and holding them yourselves (well hidden), gold will withstand these kinds of Flash Crashes.
"Flash crashes" happen due to HFT algorithms being used in a controlled environment, not the nature of the security being traded. Note that trading BTC on exchanges (etc.) might be vulnerable to these kinds of attacks. Buy & Hold BTC is what I do...
Robust information systems for XBT pricing (that cannot be manipulated) will be coming this year...so that's a good strategy! |
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