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Author Topic: The Final Hurrah?  (Read 3198 times)
GeniuSxBoY
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July 28, 2011, 12:52:08 AM
 #1

Hmm. This could be the last hurrah of bitcoins.


With Dwolla being uncooperative, the amount of money it will take to keep up with the growing supply of bitcoin will not be able available.

I still haven't figured out an easy way as a merchant to accept bitcoins by sending btcs to an account by account names and numbers instead of passing untrusted addresses from person to person.

We desperately need a bitcoin bank to transfer funds to one another instantly and  in a monetary language that everyone is used to.


If not, it's going to be all downhill from here.
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evoorhees
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July 28, 2011, 12:53:43 AM
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I still haven't figured out an easy way as a merchant to accept bitcoins by sending btcs to an account by account names and numbers instead of passing untrusted addresses from person to person.


Check out bit-pay.com.  Super easy and you can receive the money as USD or BTC automatically. Brilliant.
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July 28, 2011, 01:13:20 AM
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BTC was growing for a years before dwolla became involved. It is annoying news, but wire transfers aren't that horrible to use.
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July 28, 2011, 01:44:42 AM
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Bitcoin survived PayPal and it will survive Dwolla.

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Stephen Gornick
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July 28, 2011, 01:47:43 AM
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With Dwolla being uncooperative, the amount of money it will take to keep up with the growing supply of bitcoin will not be able available.

Unlike PayPal and credit card processors, Dwolla does not object to its service being used for the purchase of bitcoins.  Dwolla simply was forced to pivot and it now passes most of the risk of fraud onto the merchant.  

That doesn't mean that Dwolla is no longer an acceptable funding method, it just means that it no longer is the least expensive acceptable funding method.

Price fixes everything.  Dwolla chargebacks are tougher than PayPal or credit card chargebacks, so the frequency will occur much less often.  

By adding a surcharge to all Dwolla payments, an exchange can still accept that payment method yet be able to absorb a certain level of chargebacks.  

Camp BX, for example, said recently that because each deposit converted to bitcoins produces enough commissions such that even if they see a 1% overall chargeback rate from Dwolla, they could absorb the losses and continue on.  And that is without a surcharge for Dwolla deposits.

This is just a speed bump and not a brick wall.

We desperately need a bitcoin bank to transfer funds to one another instantly and  in a monetary language that everyone is used to.

There are more and more of these coming every day.  Is WalletBit perhaps a little closer to what you are looking for?
- http://walletbit.com (and their Business Tools: http://walletbit.com/businesstools )
- http://en.bitcoin.it/wiki/Category:EWallets

GeniuSxBoY
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July 28, 2011, 02:37:00 AM
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I'm talking about a real bank that can store both USD and BTC.

MtGox would be perfect..............IF it allowed person to person and person to other financial institution money and btc transfers.
wolftaur
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July 28, 2011, 07:50:09 AM
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I'm talking about a real bank that can store both USD and BTC.

MtGox would be perfect..............IF it allowed person to person and person to other financial institution money and btc transfers.

It used to allow that, along with the all-important person to hacker transfers.

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
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July 28, 2011, 08:19:34 AM
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I'm talking about a real bank that can store both USD and BTC.

MtGox would be perfect..............IF it allowed person to person and person to other financial institution money and btc transfers.

The financial institutions are intensively regulated. Does mtgox have a team of lawyers to help them to be a REAL BANK? thank you.

GeniuSxBoY
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August 02, 2011, 07:29:22 PM
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Whose coins are we seeing? Mybitcoin or polands or both??
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August 02, 2011, 07:30:24 PM
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Whose coins are we seeing? Mybitcoin or polands or both??
Poland?

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GeniuSxBoY
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August 02, 2011, 07:32:08 PM
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yeh the polish exchange "lost" their entire wallet
hmblm1245
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August 02, 2011, 09:46:24 PM
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Thanks to amazon cloud service Poland is out of BTC.
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August 02, 2011, 10:03:23 PM
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More details please? And nothing to blame Amazon for, they specifically state that they don't guarantee even persistent volumes to be safe - backup, store in a fail-safe S3, there are many ways. Blame the idiots who ran it.

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ampirebus
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August 02, 2011, 10:24:06 PM
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More details please? And nothing to blame Amazon for, they specifically state that they don't guarantee even persistent volumes to be safe - backup, store in a fail-safe S3, there are many ways. Blame the idiots who ran it.

actually if you run a service that stores data, and then your service fails, it is amazons fault. if you cant garuntee that, dont be in the data storage business...
The_JMiner
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August 03, 2011, 12:02:15 AM
 #15

Hmm. This could be the last hurrah of bitcoins.


With Dwolla being uncooperative, the amount of money it will take to keep up with the growing supply of bitcoin will not be able available.

I still haven't figured out an easy way as a merchant to accept bitcoins by sending btcs to an account by account names and numbers instead of passing untrusted addresses from person to person.

We desperately need a bitcoin bank to transfer funds to one another instantly and  in a monetary language that everyone is used to.


If not, it's going to be all downhill from here.

You make valid points but I do not believe you have it right. IMO your close, that things need to be EASIER (DUMBED DOWN) for the general public to adapt. I mean lets be real can you really expect someone to load ubuntu onto a flash drive and add the wallet.dat etc to "secure" it?!

I work customer service everyday and you really would be amazed at how stupid people are. I do not mean average people , I speak to lawyers, doctors, and business professionals with zero common sense.

GeniuSxBoY
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August 03, 2011, 12:09:33 AM
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I own a pizza joint. I get the same lawyers, judges, etc that don't know how to place an order, read a menu, or understand why their total includes tax.
The_JMiner
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August 03, 2011, 12:26:21 AM
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I own a pizza joint. I get the same lawyers, judges, etc that don't know how to place an order, read a menu, or understand why their total includes tax.

lol

I am in a call center where we deal with a lot of customer service related to signed agreements/contracts. I laugh when they say " oh i didn't read all that paper work".
Bitcoin has to be dumbed down to be accepted. Why is Windows the dominant operating system?! Because its so ez!!

shmadz
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August 03, 2011, 03:29:20 AM
 #18

I'm talking about a real bank that can store both USD and BTC.

MtGox would be perfect..............IF it allowed person to person and person to other financial institution money and btc transfers.

not sure such a bank exists, but the canadian exchange (virtex.ca) seems to be close in that your account is similar to a bank account in that you can transfer both BTC and CAD into and out of your account - directly into your BTC wallet or your CAD bank account easily, *relatively* quickly (1 or 2 banking days), and *relatively* cheaply (3 bucks per withdrawl for CAD, 0 on BTC)

they *seem* to have learned from the mistakes of other exchanges, and perhaps their model should be mimicked in other countries, but only time will truly tell...

*edit* but the premise of the thread regarding making bitcoin more "user friendly" holds true. having to un-encrypt my wallet, open the client, make the exchange, and then re-encrypt my wallet and "delete" the original file *(who knows if it's ever truly deleted, even after emptying the recycle bin? not to mention that the whole time I'm trying to catch up to the network my wallet is pretty much fair game)*

if this doesn't get easy enough for the masses, it will never be adopted by the masses.

"You have no moral right to rule us, nor do you possess any methods of enforcement that we have reason to fear." - John Perry Barlow, 1996
Smalleyster
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August 03, 2011, 04:03:38 AM
 #19

The problem with making any system idiot proof is that idiots as so amazingly ingenious.

"I can't find the 'any' key" was a great joke until I actually heard it over the phone.

Feel like investing in a Miner?:
http://bitcointalk.org/index.php?topic=30044.msg377773#msg377773
A soup to nuts newbee system for a secure, portable USB wallet (free instructions):
NoobHowTo: http://bitcointalk.org/index.php?topic=27088.msg341387#msg341387
piramida
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August 03, 2011, 07:58:00 AM
 #20

The problem with making any system idiot proof is that idiots as so amazingly ingenious.

ingenious idiots? Doubt it, but the lack of ingenuity is compensated by their sheer numbers Smiley You know that saying about 10,000 monkeys with typewriters...

i am satoshi
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