MoonShadow
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June 21, 2011, 09:02:22 PM |
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What are the scenarios in which a Bitcoin bank would be valuable? For example I imagine paypal esq remote access to funds might be one but are there others? Why might you want google, or anyone else for that matter to hold on to your bitcoins for you?
Consumer protection. I.E. theft & fraud insurance against misuse of your mobile wallet funds, just like a credit card works today. There would have to be a liability cap. "Instant" checkout. Since Google knows who you are, they become the trusted intermediary for the vendor, so he doesn't actually have to wait for confirms nor employ a third party company to risk assess unconfirmed transactions on the fly. Overspending credit, for some users. Basic security, for mobile users who don't know any better. |
"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'
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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smartcardguy
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June 21, 2011, 09:22:30 PM |
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All good scenarios, if BTC becomes more mainstream I could imagine there being a willingness to pay for such things. I think much of the portability security stuff could to a great be addressed via technology vs business but loans, account insurance and transaction liability management would for sure need a TTP.
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acesun
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June 21, 2011, 10:18:55 PM |
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Wow is this real/legit?
This could be very big, heh I've been wondering what does GOOG think about bitcoins...I guess we'll see what happens later this year.
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b1tc01n_wh0r3
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June 21, 2011, 10:20:39 PM |
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I'd trust 'em.
don't think Google will touch btc and I would never leave my wallet there. It's enough of information about us that Google keeps anyway. |
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smartcardguy
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June 22, 2011, 12:06:06 AM |
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I agree, this is not likley something they would do; I can imagine someone doing it tough its just unclear if its good business at this time, hence my question about value prop.
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muscles
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June 22, 2011, 03:33:26 PM |
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I think bitcoin centralization is antithetical to the project, but I understand some centralization is necessary for currency exchange, etc
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kerogre256
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June 22, 2011, 03:52:39 PM |
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1 Take bitcoin code
2 Chenge it
3 Buy 10 000 ASCI chip and make network.
4 Start generate coins for seciure google transaction
5 Ignore bitcoin
6 Profit.
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zerokwel
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June 22, 2011, 04:12:13 PM |
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yea it all depends on how google done this to if it would of been a good idea or not
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netrin
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September 18, 2011, 06:34:22 PM |
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Richard Rahl
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September 18, 2011, 06:43:56 PM |
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Not sure most folks would want to give up their anonymity for it, though.
I'm not sure why some people think that the rest of the 99.999% of the world gives a shit about anonymity? If they did, I doubt you would have ever heard of Facebook. Only a small portion of geeks, care about online anonymity. Even most geeks I know don't really care. Now, I can understand anonymity in some places (like some forums), but for everything else........ not so much. |
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Asymptote
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September 19, 2011, 01:53:50 AM |
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I thought the whole point was to be de-centralized and not regulated...
exactly. i like google and all of their free products, but i think this move pretty much violates the central concept of bitcoins. No, the central point of Bitcoins is to allow the user the choices. Other options can't be decentralized nor anonymous. Just how far the user wants to go do that rabbit hole is entirely up to them. EXACTLY. With Bitcoin, user can choose how much anonymity he desires. Some don't care and some do... all along a gradient. |
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netrin
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September 19, 2011, 02:04:06 AM |
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The utility of cash stems in no small part from its anonymity. We don't want any hassle when we pay the baby sitter, tip the bar tender, give a congratulatory card. The lack of counter party risk is directly related to the fact that it can't be traced and thus undone. Anonymity is not about the dark shadows but of immediacy and finality. We don't pay friends with credit but with discreet honest value.
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MadHacker
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September 19, 2011, 03:04:28 PM |
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interesting how nobody noticed this was posted back in june...
not like google anounced anything since then
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netrin
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September 19, 2011, 03:17:20 PM |
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MadHacker
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September 19, 2011, 03:27:20 PM |
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right sorry i missed that... but it doesn't say anything about bitcoins. |
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netrin
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September 19, 2011, 04:02:28 PM |
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right sorry i missed that... but it doesn't say anything about bitcoins. Ah, therein lies the rub! |
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Richard Rahl
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September 19, 2011, 11:14:47 PM |
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This came out today http://www.wired.com/reviews/2011/09/gwallet/Google Wallet is a service that eliminates the traditional notion of the leather carrying case, allowing you to store digital versions of your credit cards on your smartphone. |
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