Bitcoin Forum
October 14, 2019, 12:09:28 AM *
News: Latest Bitcoin Core release: 0.18.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: [2014-01-01] Techcrunch:Why I Lost Faith In Bitcoin As A Money Transfer Protocol  (Read 1208 times)
bitbouillion
Sr. Member
****
Offline Offline

Activity: 870
Merit: 250



View Profile
January 01, 2014, 06:46:33 PM
 #1

http://techcrunch.com/2014/01/01/why-i-lost-faith-in-bitcoin-as-a-money-transfer-protocol/

Quote
Overall, it was a painful experience, even more painful than using traditional foreign exchange services. But more importantly, I don’t see how I could trust Bitcoin as a money transfer protocol with such a high volatility.

What have exchange services and price volatility to do with the bitcoin protocol? His complaint is outright stupid.

1571011768
Hero Member
*
Offline Offline

Posts: 1571011768

View Profile Personal Message (Offline)

Ignore
1571011768
Reply with quote  #2

1571011768
Report to moderator
1571011768
Hero Member
*
Offline Offline

Posts: 1571011768

View Profile Personal Message (Offline)

Ignore
1571011768
Reply with quote  #2

1571011768
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1571011768
Hero Member
*
Offline Offline

Posts: 1571011768

View Profile Personal Message (Offline)

Ignore
1571011768
Reply with quote  #2

1571011768
Report to moderator
1571011768
Hero Member
*
Offline Offline

Posts: 1571011768

View Profile Personal Message (Offline)

Ignore
1571011768
Reply with quote  #2

1571011768
Report to moderator
TraderTimm
Legendary
*
Offline Offline

Activity: 2394
Merit: 1066



View Profile
January 02, 2014, 05:32:46 PM
 #2

Techcrunch is becoming the Gizmodo of article-writers.

Seriously, its all clickbait idiocy.

fortitudinem multis - catenum regit omnia
odolvlobo
Legendary
*
Offline Offline

Activity: 2646
Merit: 1419



View Profile
January 02, 2014, 07:24:12 PM
 #3

I think his complaint about the risk of volatility due to the time it takes to do the end to end transfer is valid. However, he should be complaining about the banking system and not bitcoin. 99% of his time was spent waiting for the banking system.

Buy stuff on Amazon at a discount with bitcoins or convert Amazon points to bitcoins: Purse.io
Join an anti-signature campaign: Click ignore on the members of signature campaigns.
Peter R
Legendary
*
Offline Offline

Activity: 1162
Merit: 1007



View Profile
January 02, 2014, 08:24:07 PM
 #4

His article considered moving money between the US and France as a fiat->bitcoin->fiat transaction.  This is a version of the "international remittance" problem we promote as one of the killer apps for bitcoin.  

Two notes:

1.  He tried to do this all manually, and therefore had to spend some effort to 'set everything up' and he also had to accept some currency exchange risk.  For bitcoin to succeed in this application, we need to wait for the 'BitPay of Remittance' to enter the scene (or build it!).  At this point, the remittance service will absorb the volatility risk while still performing the transaction cheaper, faster, and easier than the legacy system.

2.  In a more distant Bitcoin Economy, international remittance is just a bitcoin->bitcoin transfer.  At this point, the process is indistinguishable from sending 9 mBTC to pay for your burger.  

Run Bitcoin Unlimited (www.bitcoinunlimited.info)
hacknoid
Sr. Member
****
Offline Offline

Activity: 417
Merit: 252


Proud Canuck


View Profile WWW
January 02, 2014, 11:21:41 PM
 #5

His article considered moving money between the US and France as a fiat->bitcoin->fiat transaction.  This is a version of the "international remittance" problem we promote as one of the killer apps for bitcoin.  

Two notes:

1.  He tried to do this all manually, and therefore had to spend some effort to 'set everything up' and he also had to accept some currency exchange risk.  For bitcoin to succeed in this application, we need to wait for the 'BitPay of Remittance' to enter the scene (or build it!).  At this point, the remittance service will absorb the volatility risk while still performing the transaction cheaper, faster, and easier than the legacy system.

2.  In a more distant Bitcoin Economy, international remittance is just a bitcoin->bitcoin transfer.  

Or use an ATM and deposit fiat directly to the recipient's wallet.  Done.

BitcoinRunner : Side scroller game powered entirely by Bitcoin! 
Game (alpha): http://hacknoid.ca/bitcoinrunner
Discussion: https://bitcointalk.org/index.php?topic=907618.0
kjlimo
Legendary
*
Offline Offline

Activity: 1890
Merit: 1002


View Profile WWW
January 03, 2014, 12:08:10 AM
 #6

A fair argument that we need a rebuttle for.  Some offer semisolutions here, but there is definitely opportunity for western union to reduce fees (or a competitor to enter the market)

I'd love to hear of a successful experience and how people like this & reduce currency risk as much as possible. Any first hand experience?

Coinbase for selling BTCs or Vircurex for trading alt cryptocurrencies like DOGEs
CoinNinja for exploring the blockchain.
PM me with any questions on these sites!  Happy to help!
Lethn
Legendary
*
Offline Offline

Activity: 1540
Merit: 1000



View Profile WWW
January 03, 2014, 06:12:15 AM
 #7

LOL! He used Coinbase, that's his problem right there, not the Bitcoin protocol, these people really are clueless, I've been seeing quite a number of complaints about these guys on the boards, he also didn't take into account how much of a pain in the arse the verification process would be either, but of course no, he blames Bitcoin, it can't possibility be the fault of all those systems involving fiat.

If he had tried a different service that people spoke well of or better yet bought Bitcoins in person through localbitcoins he would have a much more different experience.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!