First Bitcoin vault?

[rebuilder]

All this hype about security measures is beside the point. Personally, I'm not giving significant amounts of bitcoins to anyone to hold unless they guarantee I will be able to withdraw my coins, and I have a reason to trust them to live up to their word.

I don't ask my bank how strong their vaults are. That's their problem. I trust they'd be in serious trouble if they decided on their own to take withhold my deposits from me in some way not allowed for in my contract with them. That trust is what anyone wishing to run a bitcoin vault needs to gain.

[raze]

I'd rather just make my own security measures. Then I only need to trust myself

[bobdude17]

I think you guys are missing the point.

Their target customers are obviously not the type of people who frequent this forum. That's why this is exciting.

Whether you would use the service or not is irrelevant. They're looking mainstream.

[raze]

I think you guys are missing the point.

Their target customers are obviously not the type of people who frequent this forum. That's why this is exciting.

Whether you would use the service or not is irrelevant. They're looking mainstream.

I disagree. You would only need a "Bitcoin safe" if you know and at least sort of understand what Bitcoins are.

To make Bitcoins mainstream, you'd have to get lots of people using Bitcoins to buy and sell goods/services, only then will these Bitcoin safes make sense to the general population.

[bobdude17]

I disagree. You would only need a "Bitcoin safe" if you know and at least sort of understand what Bitcoins are.

Not really, all you have to have to know is that they were valuable. To rich people - valuable things are stored in shiny vaults with lasers in a country where the government and bank have an understanding. They are anticipating future demand of a such a service, and rightfully so.

To make Bitcoins mainstream, you'd have to get lots of people using Bitcoins to buy and sell goods/services, only then will these Bitcoin safes make sense to the general population.

Again - they are anticipating the future value of BTC. They are betting that Bitcoin will become widely used, a very good sign.




I really am surprised at all the negativity here. The fact that there is even "unconfirmed" evidence of a high security Bitcoin vault, a 300k+ per second trade engine, and a Bitcoin exchange haven in South America with support from the local government, all to be operational in the next couple months is extremely "bullish" news at the least.

[Chakraball]

I disagree. You would only need a "Bitcoin safe" if you know and at least sort of understand what Bitcoins are.

Not really, all you have to have to know is that they were valuable. To rich people - valuable things are stored in shiny vaults with lasers in a country where the government and bank have an understanding. They are anticipating future demand of a such a service, and rightfully so.

To make Bitcoins mainstream, you'd have to get lots of people using Bitcoins to buy and sell goods/services, only then will these Bitcoin safes make sense to the general population.

Again - they are anticipating the future value of BTC. They are betting that Bitcoin will become widely used, a very good sign.




I really am surprised at all the negativity here. The fact that there is even "unconfirmed" evidence of a high security Bitcoin vault, a 300k+ per second trade engine, and a Bitcoin exchange haven in South America with support from the local government, all to be operational in the next couple months is extremely "bullish" news at the least.

Wonderful, and all supplied by a company that doesn't show any real address and doesn't appear to be registered anywhere. I'm sure the millionaires will be queuing up to hand over their cash and Bitcoins, well me, I'll trust my 20 btc is safe on my 3 pen-drives.

[bobdude17]

You really believe BTC Global is a scam?

[threeip]

You really believe BTC Global is a scam?

If not an outright scam, then 'paying for less security than not using their service'... still a scam.

[bobdude17]

Well I guess we will find out come May 30 when they say the exchange is set to launch. June 1st for the vault.




And if I can't seem to get the "value of having a bank account to a lot of people" point across to you... I don't know what else to say really.

[keatonatron]

rich people who are used to the idea of secure offshore holdings, and would be impressed with laser cut crystals stored in converted maximum security prisons or whatever.

I think the people that would be impressed by that probably don't have a lot of money to store 

People who pay for gimmicks don't usually get rich.

[rebuilder]

You really believe BTC Global is a scam?

I'm saying they have to provide reasons to trust them, and an undeground vault is not one.

[threeip]

And if I can't seem to get the "value of having a bank account to a lot of people" point across to you... I don't know what else to say really.

Value isn't a monthly fee to increase risk.
Can you please explain the 'value' here, and how Uruguay is better than eg my mattress?

[bobdude17]

Why would you go through all that trouble for security, but allow these people to have full access to your wallet? Buy your own engraver and bury the "wallet" in your backyard!

http://www.amazon.com/Dremel-290-01-Stroke-Engraver-Template/dp/B0000302YN

I think because having your money in a bank gives you plausible deniability. If someone sticks a gun in your face or the face of a loved one, you don't have access to that money. You could deter would-be attackers by making it public knowledge your savings are stored safely away in Uruguay or wherever.

Same premise banks were first founded on. That's not going to change. There are certain real world advantages to not being able to access all of your money immediately.

[greyhawk]

Why would you go through all that trouble for security, but allow these people to have full access to your wallet? Buy your own engraver and bury the "wallet" in your backyard!

http://www.amazon.com/Dremel-290-01-Stroke-Engraver-Template/dp/B0000302YN

I think because having your money in a bank gives you plausible deniability. If someone sticks a gun in your face or the face of a loved one, you don't have access to that money. You could deter would-be attackers by making it public knowledge your savings are stored safely away in Uruguay or wherever.

Same premise banks were first founded on. That's not going to change. There are certain real world advantages to not being able to access all of your money immediately.

What's the real world advantage of an unknown Uruguayan entity being able to access all of your money immediately?

[bobdude17]

Why would you go through all that trouble for security, but allow these people to have full access to your wallet? Buy your own engraver and bury the "wallet" in your backyard!

http://www.amazon.com/Dremel-290-01-Stroke-Engraver-Template/dp/B0000302YN

I think because having your money in a bank gives you plausible deniability. If someone sticks a gun in your face or the face of a loved one, you don't have access to that money. You could deter would-be attackers by making it public knowledge your savings are stored safely away in Uruguay or wherever.

Same premise banks were first founded on. That's not going to change. There are certain real world advantages to not being able to access all of your money immediately.

What's the real world advantage of an unknown Uruguayan entity being able to access all of your money immediately?

This is getting ridiculous. You literally just quoted my answer to your question.

I think because having your money in a bank gives you plausible deniability. If someone sticks a gun in your face or the face of a loved one, you don't have access to that money. You could deter would-be attackers by making it public knowledge your savings are stored safely away in Uruguay or wherever.

And yes it is an "unknown Uruguayan entity", because they haven't even launched yet. No advertising. Yet I am watching their Pre-IPO shares get sold to private investors. With no advertising. They could become "very known" soon. How can you not see that?
And why would they steal your money? Then who would save their money in there? Makes no sense to get all the funding to have a security prison and then just take the money people save there, they stand to lose a lot more money by stealing from their customers. I can't believe I'm explaining this.


Do you really think going mainstream means everyone storing their life savings under their mattress? Tech savvy crypto people might, and the great thing about Bitcoin is you will always have the option to, but honestly you are a fucking moron if you think there will not be a market for these kinds of services in the future.

[threeip]

I've got a privately funded moonbase to store bitcoin. Please send me coins, I've got lasers and stuff.

Geddit?
(Why am i arguing with a sock puppet i don't know..)

[bobdude17]

I've got a privately funded moonbase to store bitcoin. Please send me coins, I've got lasers and stuff.

Geddit?
(Why am i arguing with a sock puppet i don't know..)

That's it? That's all the argument you've got?

[greyhawk]

I've got a privately funded moonbase to store bitcoin. Please send me coins, I've got lasers and stuff.

Geddit?
(Why am i arguing with a sock puppet i don't know..)

Oh yeah? What if the moon blows up? What then, smart guy?

[threeip]

That's it? That's all the argument you've got?

I'll make a pretty website soon and it will be more convincing. Sorry for the delays but we are....

Oh yeah? What if the moon blows up? What then, smart guy?

....working closely with the Moon-ian government so...  

[keatonatron]

I thought the unofficial slogan for bitcoin was "be your own bank"...

This would be like [insert reference about using something the way it's not meant to be used]