Although Bitcoin does seem to be some sort of obstacle for WU, couldn't Ripple (XRP) be a simple and efficient solution for them? Their users could be given XRP which would be redeemable at any of their outlets...
WU would still charge exorbitant fees. That's what they are all about. Their dependance upon huge fees IS their business model. BTC should, and probably will, destroy them. Good riddance to bad trash! There are multiple regulations around know your customer, anti-money laundering, etc, which these companies have to comply with. A big chunk of their costs is in relation to these regulations. Having said that, Bitcoin will still make the process much more efficient. |
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In reality, if all the Greek people invested their money early into Bitcoin, the price would have gone up and they would have been able to pay for some of that debt in the short term future. If they went back to the Drachma, their money would have been less valueble. <Some economist predicted up to a 50% drop in value>
Greek people making paper gains on Bitcoin wouldn't solve the Government's debt problems.  If Bitcoin's price went up because Greeks decide to enter it as a short-term measure, it would also go down when they decide to exit. |
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Seems to be a straight forward ponzi scheme. The operation was based in Saint Vincent and the Grenadines; so I am not sure how easy it will be to get the money back. I wonder why the article calls it a "fake" digital currency. |
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FULL OBSCURITY FOR THE PEOPLE! jokes, I bet the mixers keep records.
If you are that paranoid, go through 2 different mixers. It is double the fee, but the chance that they are in cohoots is very low |
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My biggest problem with bitcoin:
Though Bitcoin is a fine digital currency, it is hard seeing it take off for consumers the same way credit cards have. While centralized payment systems like credit cards have their disadvantages, they offer one very large advantage as well: they act as an arbiter in the case of disputes. The buyer and seller both agree that "Papa Visa" knows best and with that confidence consumers open their wallets.
Bitcoin has none of that. Yes it is decentralized, yes it is amazing to see payments go through so quickly and so cheaply, but what happens when it goes wrong? I can trust tiny merchants with my credit card because I know if something goes wrong I have a recourse, there is no such recourse with Bitcoin.
Most often case filed against the trade of bitcoin with another currency is often defeated in disputes , so i dont like this nature , even though it is specialty of bitcoin..
Its good , its bad ..it always make me confuse.
Bitcoin just reinforces caveat emptor. Over a period of time, only trusted sellers will be able to survive. Right now, power is in the hands of buyers. Unfair chargebacks can dent the profitability of sellers. |
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The flaw would only affect those using web-based wallets or exchanges, correct?
If you are using cold storage or other secure methods, I presume your coins will still be safe.
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Bitcoin ("regardless of being a govt. project or not"  ) is still a new and fragile currency trying to make it's mark on the world economy. So volatility will be there. Volatility will be there until the velocity of money is so high that people are not able to influence its values. Right now, there are few transactions taking place with Bitcoin and its velocity (rate at which it changes hands) is pretty low. |
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The 1200 bubble was for the most part produced by WillytheBot (MtGox) and his followers. Cyprus crisis had about the same impact on Bitcoin price as Greece has right now. Problem is mainly, when the banks are closed, people are not able to buy Bitcoins.
Cyprus was loaded with deposits from wealthy Russian investors. When these billionaires wanted to move some of their money, Bitcoin was a natural fit. In the case of Greece, that is not happening. Even if the banks were open, Greeks would withdraw Euros and keep it with them. |
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The problem is people's fiat is locked up in banks, with daily withdrawal limits. The Euro isn't such a bad currency after all. People would be happy to store their money in Euros. The problem is the threat that banks may seize a portion of the deposits.
So if somebody has hard Euros, he might just decide to keep it, instead of buying BTCs at an ATM.
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We all want a free internet man... Probably payed about $20k to pull it off, but the spammer is free to spam all he wants.
Network is doing fine... pay the fee, get the Tx...
I suspect that RBF and CPFP are all going to be folded in soon enough then we can augment fees of Tx in the mempool.
Soo....? Your not interested in what the intent of it was? Do you think it was a Chinese Pool/Miner or Chinese Government or other? Do you think the spammer foresee alts gaining tremendously from this attack? If he could have done that, he could have easily recouped his money by trading Litecoin or other alts. |
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Somewhere I heard that, cyprus was a wealth heaven, during the crisis the wealth was exported using bitcoin. I don't know if would be the same scenario with greece.
That is true. A lot of Russians had deposits in Cyprus and when capital controls / deposit cuts were imminent, converting fiat into Bitcoin was a workaround. In Greece, deposits belong to common citizens and the government won't be comfortable imposing haircuts. |
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I've had 2 transactions this week. One went fine and fast, the other remains unconfirmed after 49 hours. Something needs to be done. Increase block size, increase the minimum fee, increase the minimal amount to make a transaction... I'm not enough of a techie to know which solution is the best, but something needs to be done!
This needs to be debated once the spam attack stops. A stop gap solution implemented now to deal with the situation may not really present the best situation. This attack may be good for Bitcoin in the long run, if it forces some changes. |
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even if they can it could always recover, remember that bitcoin started from zero, and it will never reach it again, because i'll buy a tons if it will ever approach 1 Breaking bitcoin is not just about price. It could be about making people lose confidence (51% attack) or blocking transactions through the current spam attack. If this attack continues for long, people could get tired of trying to send bitcoins. |
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I read today that greece people are limited to use the ATM only for 60€ which is pretty low for a person living there.
That's why people are moving to bitcoin.
People don't have to move to Bitcoin. They just have to get their cash out of the banks. It is the government control and the banks which are the problem. If they withdraw euros and stuff it under their pillow, they should be okay. |
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Litecoin Trading Volume Is on the Verge of Overtaking BitcoinThe 24-hour Litecoin trading volume is edging close to overtaking that of Bitcoin, as traders and developers investigate alternatives to BTC's backlog, while fears of a pump and dump rise. Following a 24-hour jump of 21.21%, Litecoin sits at only US$800,000 of trading volume away from overtaking Bitcoin as the most traded digital currency in July 9 trading. The volume has quadrupled in the last week to its current US$40M figure. On July 2, 24-hour trading volumes stood below US$10M. http://cointelegraph.com/news/114797/litecoin-trading-volume-is-on-the-verge-of-overtaking-bitcoin Once the backlog clears, things will be back to normal. The correction already seems to have started, with Litecoin already down 25%. |
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Banks will remain closed until at least 9 July, having not opened at all this week, and capital controls mean Greeks cannot withdraw more than €60 (£43) each day from banks. But credit and debit cards can be used as normal,Credit cards can be used as normal? This seems to be a big loophole. |
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Looks like bitcoin is expanding rapidly. Bitcoin definitely has a future in payments. It is one area where Bitcoin has huge advantages compared to existing systems. If Visa ignores Bitcoin, it may not have a future.  |
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No wonder they not pass legislation all around europe ,that starts to ban cash, you can only pay now with credit/debit cards.
So all pensions, salaries, subsidies, or any other form of income will go to your bank not your hand.
And the banks will start imposing -1% interest rates, so say goodbye to your money.
People who have borrowed tend to benefit. The government implicitly rips off people who save and rewards those in debt, through low interest rates. It is not sufficient that they levy taxes on common people. |
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I think the most important thing many people seem to over look, is the $229 million in backing from VC firms... Ask yourself the question.. Why would that much money be invested in something, if the people behind it, did not see potential in the technology?
I often ask myself - why aren't they directly buying bitcoins? Could they possibly think that the technology has applications, but the price could go to double digits? |
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