Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[jbreher]

Why in the hell would anyone want a prepaid card that costs $40 and charges them 5% for the privilege of using their own money?

Well, the Shift card is $10 for the card itself and zero-point-zero to use, but why let the truth get in the way of a good bout of hyperbolic ranting?

Personally, I don't find a one-time charge of around the cost of a good hamburger to be too much to be able to convert my Bitcoin into merchandise at will, at literally every merchant that accepts Visa. But maybe I'm unique in that regard.

[sunnydeep]

Why in the hell would anyone want a prepaid card that costs $40 and charges them 5% for the privilege of using their own money?

Well, the Shift card is $10 for the card itself and zero-point-zero to use, but why let the truth get in the way of a good bout of hyperbolic ranting?

How about figuring out what's happening before being a rude fuck?

I paid about $40 for my ANX card. And they charge a 5% fee to load it (which I found out later). $10 is tiny compared to most prepaid cards.

Personally, I don't find a one-time charge of around the cost of a good hamburger to be too much to be able to convert my Bitcoin into merchandise at will, at literally every merchant that accepts Visa. But maybe I'm unique in that regard.

Willingness to pay for the privilege of using your own money, instead of *getting paid* to use other people's, doesn't make you unique. Merely stupid.

[brg444]

Why in the hell would anyone want a prepaid card that costs $40 and charges them 5% for the privilege of using their own money?

Well, the Shift card is $10 for the card itself and zero-point-zero to use, but why let the truth get in the way of a good bout of hyperbolic ranting?

Personally, I don't find a one-time charge of around the cost of a good hamburger to be too much to be able to convert my Bitcoin into merchandise at will, at literally every merchant that accepts Visa. But maybe I'm unique in that regard.

What is the point though?

Do you hold most of your money in Bitcoin?

I'm really trying to see what the incentive would be for someone that is not paid in bitcoins to use it as a mean of exchange at this current stage of its evolution. What problem do you have with spending fiat like everyone else?

It seems rational to me, if you value your coins, to hold them and rather spend inflationary fiat for your expenses.

[ChartBuddy]

Coin



Explanation

[hdbuck]

Why in the hell would anyone want a prepaid card that costs $40 and charges them 5% for the privilege of using their own money?

Well, the Shift card is $10 for the card itself and zero-point-zero to use, but why let the truth get in the way of a good bout of hyperbolic ranting?

Personally, I don't find a one-time charge of around the cost of a good hamburger to be too much to be able to convert my Bitcoin into merchandise at will, at literally every merchant that accepts Visa. But maybe I'm unique in that regard.

What is the point though?

Do you hold most of your money in Bitcoin?

I'm really trying to see what the incentive would be for someone that is not paid in bitcoins to use it as a mean of exchange at this current stage of its evolution. What problem do you have with spending fiat like everyone else?

It seems rational to me, if you value your coins, to hold them and rather spend inflationary fiat for your expenses.

there is no point. only brain-damaged people.

[JayJuanGee]

For what reason do they need to charge for such a card? 

Call me a cheapskate, but I think that I will wait it out until either such issuance is free to me or there is some tangible (and/or financial) benefit that would cause me to earn back such $10 within a reasonable period of time.

Issuing and sending a card to you isn't completely free for them.

This card is cheap compared to Bitstamp, Xapo or Bit-x.

>Bitcoin lets you be your own bank, thus avoiding exorbitant fees charged by middlemen such as CC companies.
>Coinbase CC is the most reasonably priced of all the grossly overpriced preloaded bitcoin CC.

Bitcoin Visa doesn't charge hidden fees Visa typically charges retailers. This allows you to get ~5% discount, whenever and wherever you use it. Not 100% sure, but would make sense. Please correct me if wrong.

If I were to receive a 5% discount or any other meaningful amount, then surely that could cause me to pay for such card under the belief that the card  will pay for itself.

[brg444]

For what reason do they need to charge for such a card? 

Call me a cheapskate, but I think that I will wait it out until either such issuance is free to me or there is some tangible (and/or financial) benefit that would cause me to earn back such $10 within a reasonable period of time.

Issuing and sending a card to you isn't completely free for them.

This card is cheap compared to Bitstamp, Xapo or Bit-x.

>Bitcoin lets you be your own bank, thus avoiding exorbitant fees charged by middlemen such as CC companies.
>Coinbase CC is the most reasonably priced of all the grossly overpriced preloaded bitcoin CC.

Bitcoin Visa doesn't charge hidden fees Visa typically charges retailers. This allows you to get ~5% discount, whenever and wherever you use it. Not 100% sure, but would make sense. Please correct me if wrong.

If I were to receive a 5% discount or any other meaningful amount, then surely that could cause me to pay for such card under the belief that the card  will pay for itself.

Use fiat and get 5% cash back on all your purchases!

[jbreher]

being a rude fuck?

Well, you were the one slinging out allegations of 'stupid'. Ya rude fuck.

I paid about $40 for my ANX card. And they charge a 5% fee to load it (which I found out later). $10 is tiny compared to most prepaid cards.

Yup, in comparison to the Shift card, which started the convo...

Personally, I don't find a one-time charge of around the cost of a good hamburger to be too much to be able to convert my Bitcoin into merchandise at will, at literally every merchant that accepts Visa. But maybe I'm unique in that regard.

Willingness to pay for the privilege of using your own money, instead of *getting paid* to use other people's, doesn't make you unique.

Whatevs. Use a service, pay for the privilege. Not a problem. You got a better way to spend bitcoin at 'Every Where You Want To Be', as it says in the tagline?

...aaand can I get another 'stupid' for good measure?

Merely stupid.

Ah! There is is. My day is complete.

[sunnydeep]

<>
Whatevs. Use a service, pay for the privilege. Not a problem. You got a better way to spend bitcoin at 'Every Where You Want To Be', as it says in the tagline?

*Everywhere

...aaand can I get another 'stupid' for good measure?

Can't see why not. You deserve it

[jbreher]

What problem do you have with spending fiat like everyone else?

No problem at all. I guess in a world where you will never ever never part with your bitcoins, then the ability to spend them without any pain, strain, fuss, muss, bother, wear, or tear might not matter to you.

But to me -- and, I would assume, to most of the populace -- money is not and end in itself, but rather a tool with which to achieve one's goals. Money unspent upon one's death is money that has served you no purpose. I plan on spending some of my bitcoin before I die. You gonna croak with all of yours as unrealized potential?

Plus, it neatly solves the repeated dilemma of the conversation with the bitcoin skeptic:

Skeptic: "Well, what good is your magic internet money when nobody accepts it? I mean really, where can you spend that shit?"

Shift Card holder: "Anywhere that takes Visa"

Skeptic: "Oooooohhhh...."

[aztecminer]

always weeks and weeks of the same gimpy bitchcoin..



funny.. i read an article from a silver stacker in email inbox today saying he thought bitcoin was a good hedge.. lol. little does he know .. hhahhahha!

[jbreher]

You got a better way to spend bitcoin at 'Every Where You Want To Be', as it says in the tagline?

*Everywhere

I'll take that as a 'no' then.

[jbreher]

No problem at all. I guess in a world where you will never ever never part with your bitcoins, then the ability to spend them without any fuss, muss, bother, wear, or tear might not matter to you.

One problem: you're not spending bitcoin. You're spending good old USD via Visa. Coinbase sells your bitcoin to other bitcoiners, and funds your ridiculous Visa card with that money.

At the instant of purchase. So what? It is still an effortless means of converting bitcoin to stuff.

[sunnydeep]

You got a better way to spend bitcoin at 'Every Where You Want To Be', as it says in the tagline?

*Everywhere

I'll take that as a 'no' then.

You are not spending it everywhere. You're spending your bitcoin at Coinbase, Coinbase loads the $$$ onto your Visa card, and you spend $$$ everywhere. No retailer ever sees BTC.

[Cconvert2G36]

Whatevs. Use a service, pay for the privilege. Not a problem. You got a better way to spend bitcoin at 'Every Where You Want To Be', as it says in the tagline?

Yeah, just sell some bitcoin and spend the proceeds. They're just selling your bitcoin for you in small amounts, creating a taxable gain/loss on every single transaction you make.

I get that some people like to think they're spending bitcoin, but you're just having a middle man sell it for you, while creating a complete accounting mess in the process.

I know, I know, most of y'all don't pay taxes. But that's not because you aren't required to... it's just because you're too small for them to go through the hassle of pinning you to the wall and shaking the lint out of your pockets. (not you specifically jbreher, just a general observation)

I wish them luck with the card, but personally, I see absolutely no benefit to using it.

[ChartBuddy]

Coin



Explanation

[jbreher]

You got a better way to spend bitcoin at 'Every Where You Want To Be', as it says in the tagline?

Yeah, just sell some bitcoin and spend the proceeds.

Thereby making two transactions -- one of them fairly heavy-weight -- and a wait time in between, out of each transaction. My time in a single such transaction is worth the $10 one time fee.

They're just selling your bitcoin for you in small amounts, creating a taxable gain/loss on every single transaction you make.

And providing you with a nice tidy statement capturing the taxable event which is automatically imported into my accounting software.

I think maybe you're too dug in on hating this idea to open your mind to the benefits.

It's not something I'd use daily. Hell - it's not even available yet in my jurisdiction. But any option is another option. In this crypto world, more options are only a good thing.

[jbreher]

Are you mining your BTC? Because if not, it's just an extra step in the most convoluted way to buy shit: Buy BTC with USD, pay trading fee; Buy Visa card from Coinbase, pay for card; Have coinbase convert the BTC you just bought back into USD, pay merchant.

Are you starting your own corporation? Because if not, it's just an extra step in the most convoluted way to buy shit: Buy bonds with USD, pay trading fee; Buy Visa card from brokerage, pay for card; Have brokerage convert the bonds you just bought back into USD, pay merchant.

A well balanced liquid asset portfolio is likely to contain more than just cash. A bitcoiner's liquid asset portfolio might even contain some (*gasp!*) bitcoin. What makes you think I'd need to buy bitcoin in order to fund the card to spend on a single transaction?

Guess which steps you can cut out, and get free money to play with for a month?
Tell me if you need a hint/another day to think.

Guess which steps don't need to be cut out?
You can have that day and hint to do your own thinking on the matter.

[jbreher]

Coinbase loads the $$$ onto your Visa card, and you spend $$$

<<This text is meant to serve as a standin for the semi-obligatory Nicholas Cage 'You Don't Say" meme>>

[Richy_T]

Bitcoin Visa doesn't charge hidden fees Visa typically charges retailers. This allows you to get ~5% discount, whenever and wherever you use it. Not 100% sure, but would make sense. Please correct me if wrong.

That doesn't sound correct. I believe Visa is a standard charge for merchants. Remember you're transacting in fiat, not Bitcoin.

I believe the card issuer gets the kickback (hence why every entity you associate with wants to get you to sign up for a CC) so it looks like they might be double dipping.

Which considering the low volume may not be that big of a deal.