kjj
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August 20, 2012, 02:22:04 AM |
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As awesome as it is to be able to actually -buy- things with my bitcoins, the very concept of creating this alternative decentralized currency free of the issues of credit cards, merely to add those issues on for convenience again is mind-numbing. I'll take one, don't get me wrong, because I love spending bitcoins-- but isn't this like being a cop and doing coke that you confiscate? Shouldn't we feel like we're destroying Bitcoin by not making it work in -other- ways, or is this going to be the way that gets it working more? Thoughts anyone?
This seems silly to me. As a credit card user, I absolutely love credit cards. They are super convenient, and totally free (if you don't carry a balance and don't have an annual fee). Having a credit (debit) card that converts from bitcoin on the fly is super awesome. As a vendor, however, credit cards blow ass. They have insane fees, they are slow, and they have chargebacks. I'll be happy to pay bitcoin to any vendor that accepts bitcoin, but I'll be just as happy to use a credit card with any vendor that doesn't. Their problems, not mine. |
17Np17BSrpnHCZ2pgtiMNnhjnsWJ2TMqq8
I routinely ignore posters with paid advertising in their sigs. You should too.
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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kjj
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Activity: 1302
Merit: 1024
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August 20, 2012, 02:24:54 AM |
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As awesome as it is to be able to actually -buy- things with my bitcoins, the very concept of creating this alternative decentralized currency free of the issues of credit cards, merely to add those issues on for convenience again is mind-numbing. I'll take one, don't get me wrong, because I love spending bitcoins-- but isn't this like being a cop and doing coke that you confiscate? Shouldn't we feel like we're destroying Bitcoin by not making it work in -other- ways, or is this going to be the way that gets it working more? Thoughts anyone?
Good point. The big huge plus is it means bitcoin can be used for every day transactions so its a foot in the door. The transaction fees will push folks towards using bitcoin directly, any smartphone or PC can do that, the main hurdle is getting them accepted and in use. I suppose so. I retract my initial inquiry entirely. It seems as long as we can 'sneak it in" and people say "If I use bitcoins, I can't spend them!", this can always be that slap in the face they need. That said, I feel really sorry for -any- company trying to offer these services because it seems like they're only going to be defrauded. I hope I'm wrong. Why would the issuer be defrauded? They have your bitcoins, and they can claw back anything they pay to a vendor. I'm surprised it took this long for someone to see that. |
17Np17BSrpnHCZ2pgtiMNnhjnsWJ2TMqq8
I routinely ignore posters with paid advertising in their sigs. You should too.
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Matthew N. Wright
Untrustworthy
Hero Member
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Activity: 588
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Hero VIP ultra official trusted super staff puppet
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August 20, 2012, 02:26:38 AM |
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Why would the issuer be defrauded? They have your bitcoins, and they can claw back anything they pay to a vendor. I'm surprised it took this long for someone to see that.
Good point, don't know what I was thinking. Back on track now  |
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thebaron
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August 20, 2012, 02:35:21 AM |
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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.
It will promote more agorist merchants within the BTC community. A quicker way of converting them to cash (at least in the USA) is needed, and this will fill the gap for now. |
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FreeMoney
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Activity: 1246
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Strength in numbers
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August 20, 2012, 02:41:16 AM |
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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.
It will promote more agorist merchants within the BTC community. A quicker way of converting them to cash (at least in the USA) is needed, and this will fill the gap for now. Yes, this is nice (like tiny unnoticeable nice) for every merchant in the world, now you guys can more easily and cheaply spend your coins to them. But it's really nice for small merchants who have been earning coins and unloading them in medium sized batches with somewhat large fees. Also nice for Bitcoin savers who live on the edge of 0 fiat. |
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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FreeMoney
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Strength in numbers
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August 20, 2012, 02:48:14 AM |
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You can keep BTC on the card, the conversion will be instant when you use it. Someone confirm this?
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Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
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btcinstant
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August 20, 2012, 03:43:16 AM |
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Good to see some competition!  we've been doing this for a bit btc -> $$ mastercard the debit card angle does bring a new face to it . good luck! edit: we'll be opening a whole new site very shortly also. |
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arklan
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August 20, 2012, 03:45:40 AM |
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absolutely brilliant.
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i don't post much, but this space for rent.
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Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem
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August 20, 2012, 03:52:46 AM |
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Good to see some competition! we've been doing this for a bit btc -> mastercard -> good luck! edit: we'll be opening a whole new site very shortly also. Pleasure, looking forward to joining the market. We're offering a product thats kinda different though, you shall see!  absolutely brilliant.
Thank you good sir. -subscribing to this thread- |
Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer. More about me: http://CharlieShrem.com |
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btcinstant
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August 20, 2012, 03:53:58 AM |
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Pleasure, looking forward to joining the market. We're offering a product thats kinda different though, you shall see! ya corrected my post to reflect it looking forward to seeing it! |
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cbeast
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Activity: 1736
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Let's talk governance, lipstick, and pigs.
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August 20, 2012, 04:06:06 AM |
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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.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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The-Real-Link
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August 20, 2012, 05:31:32 AM |
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Very cool. If anything I'd hope this would assist in more widely used BTC. That or at least more people coming into contact with Bitcoins in any conceptual manner and learning about them.
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Oh Loaded, who art up in Mt. Gox, hallowed be thy name! Thy dollars rain, thy will be done, on BTCUSD. Give us this day our daily 10% 30%, and forgive the bears, as we have bought their bitcoins. And lead us into quadruple digits
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RoloTonyBrownTown
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August 20, 2012, 05:50:07 AM |
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Very nice guys, looking forward to having AUD as an option |
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TheButterZone
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RIP Mommy
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August 20, 2012, 06:22:56 AM |
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Notice that it says the card is owned by BitInstant. AFAICT, that means when you swipe it, the merchant is debiting BitInstant's pool account(s), and BI has a $1,000 limit before it gets denied, to prevent their accounts being emptied before more can be transferred in.
Where do I sign up? And for the hell of it, can we provide our own vanity keypairs?
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Saying that you don't trust someone because of their behavior is completely valid.
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mc_lovin
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www.bitcointrading.com
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August 20, 2012, 06:26:21 AM |
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Where do I sign up? And for the hell of it, can we provide our own vanity keypairs?
I would LOVE a vanity keypair on my BitInstant card. |
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Bitcoin Oz
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August 20, 2012, 06:39:33 AM |
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Cant wait for an AUD one to come out
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drakahn
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August 20, 2012, 06:42:36 AM |
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Cant wait for an AUD one to come out
This. Or, what would be the possibility/cost of spending USD in an AUD store? |
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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Bitcoin Oz
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August 20, 2012, 06:47:23 AM |
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Cant wait for an AUD one to come out
This. Or, what would be the possibility/cost of spending USD in an AUD store? I think the usual rate is 3% + |
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dust
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August 20, 2012, 07:59:07 AM |
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This is great for bitcoin, and I would probably get one because it is cool. That said, it is hard for a 1-2% fee to compete with the 1-4.5% I can get back from using a credit card I pay in full every month. Even some debit cards offer a 1% or so reward. Perhaps when bitcoin exchange rates stabilize it would be possible to offer a card like this with 0 fee with revenue coming from the standard merchant fees.
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unclescrooge
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August 20, 2012, 10:16:53 AM |
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OMG this is so awesome. Tyhank you guys, thank you so much. I love you.
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