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Author Topic: Major Flaw in BTC (IMO)  (Read 722 times)
BTCVirgin
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April 03, 2013, 01:26:04 PM
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I am new to BTC and have done a little research and I am ready to buy some.  Smiley

Trouble is that there are serious hoops to jump through for a UK investor.

So far I have been unale to find a way to fund my MtGox account since the information supplied is not compatible with the UK bank transfer system (ie, there is no Sort Code for MTGox and their account number is incompatible with our system).

So the flaw in my opinion is that buying BTC is such a pain in the posterior  - this makes it only compatible with the investor who is prepared to perform financial acrobatics to fund his account.

The point of BTC is supposed to be an easy transaction currency - UK users and many more around the world are finding it too difficult to get involved and BTC will simply become an investment and not a currency for real transactions.

Have I missed the point ?
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Anon136
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April 03, 2013, 01:29:33 PM
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I think you ought consider the possibility that what you are describing is a flaw with government not a flaw with bitcoin.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
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April 03, 2013, 01:32:49 PM
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As times goes in it will get easier and easier buying Bitcoins.
If there's a demand, someone will supply!
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April 03, 2013, 01:33:46 PM
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Yes, as stated. not a flaw in bitcoin in any way.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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April 03, 2013, 01:35:59 PM
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The real problem is UK banks freezing the feeder accounts of bitcoin exchanges (regardless of whether or not some evil conspiracy is involved).

An ingenious workaround will eventually come forth.

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MoonShadow
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April 03, 2013, 01:36:24 PM
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I am new to BTC and have done a little research and I am ready to buy some.  Smiley

Trouble is that there are serious hoops to jump through for a UK investor.

So far I have been unale to find a way to fund my MtGox account since the information supplied is not compatible with the UK bank transfer system (ie, there is no Sort Code for MTGox and their account number is incompatible with our system).

So the flaw in my opinion is that buying BTC is such a pain in the posterior  - this makes it only compatible with the investor who is prepared to perform financial acrobatics to fund his account.

The point of BTC is supposed to be an easy transaction currency - UK users and many more around the world are finding it too difficult to get involved and BTC will simply become an investment and not a currency for real transactions.

Have I missed the point ?

Yes, you've missed the point.  How easy is it for you to buy US $ in the UK?  It is an easy transaction currency once you have some.  Try starting an online business of some sort, and accept bitcoins.  That's what is needed more than a better ways to trade government fiat for bitcoins.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
Synapse_On_Slush
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April 03, 2013, 01:39:05 PM
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UK user here Smiley

It's not a BACS transfer like you are describing, it's an international wire transfer. Look around on your banking website and you should find a form for doing them.

Make sure you read the instructions on mt.gox VERY CAREFULLY and write the "DO NOT CONVERT" in the 'note' section.

That's about it Smiley p.s. if your depositing < £500 you should look into using OTC as the transfer fee to mt.gox is about £45 with everything totaled.

You could use BACS back in January but our banks have got anal about bitcoins and shut down all 3 of the accounts we used to use.

Barclay's hate it as it's competition to PingIt for example...

Also, UK being "finicail capital of the world" means our country pretty much relies on banks/trading and so bitcoins is our kryptonite.

0.000002 BTC welcome Wink
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BTCVirgin
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April 03, 2013, 01:57:20 PM
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[/quote]

Yes, you've missed the point.  How easy is it for you to buy US $ in the UK?  It is an easy transaction currency once you have some.  Try starting an online business of some sort, and accept bitcoins.  That's what is needed more than a better ways to trade government fiat for bitcoins.
[/quote]

Great idea, except for any business to succeed there needs to be cash flow. As long as I am unable to transfer BTC back to GBP the business wont last long  Angry
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April 03, 2013, 02:06:30 PM
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Great idea, except for any business to succeed there needs to be cash flow. As long as I am unable to transfer BTC back to GBP the business wont last long  Angry
I think this is a short term problem also. Think about work arounds for the short term. A business could use BTC directly for some of it's needs. One can pay phone service, save profits, buy business insurance, and other things right now; without converting.

In the long term, forget conversion. You have more useful money when holding bitcoins, especially if you want to go global. I doubt however you will ever be able to pay your taxes in bitcoin, so you will need some pounds.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
MoonShadow
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April 03, 2013, 10:40:25 PM
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Great idea, except for any business to succeed there needs to be cash flow. As long as I am unable to transfer BTC back to GBP the business wont last long  Angry

Then either start as a hobby business, and simply sell what you can sell; or just add bitcoin payments to another existing business model.  Maybe bitcoins will become  a significant part of the business, maybe they won't.  Doesn't really matter, if the goal is to aquire bitcoins for your own purposes cost effectively.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
chumpp
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April 03, 2013, 10:41:51 PM
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i would like to see some of those bitcoin ATMs they are putting in cyprus in more places
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