Concern about the "Forum Credit" idea

[Arcas]

I'm not sure that the forum should be acting like an online wallet when the idea behind Bitcoin is to remove the need to rely on central storage. Unlike Reddit, most people have their bitcoin address on their profile page or their signature, so a built-in tipping service is redundant.

The idea of the forum acting as a Paypal to mediate transactions rubs me the wrong way. And also, I wouldn't want to encourage people to store their money on a website without the admins being able to prove it is secure.

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[theymos]

It's not a wallet. You can't withdraw forum credit.

[surfer43]

It's not a wallet. You can't withdraw forum credit.

tipping users

Tip users so they can buy 0.01% of a donator status?

[theymos]

Operating a full wallet service creates unacceptable legal and technical problems. To get around this, forum credit can only be bought from the forum, not sold. But you can sell forum credit to other people. And because there are real (though limited) uses for forum credit such as buying ads, there will certainly be a market for them. Once a market develops, few people will buy credit directly from the forum. 1 forum credit will be worth something like 0.9 BTC if you can buy 1 credit for 1 BTC directly from the forum. I expect that the exchange rate with BTC will remain fairly steady after a while, so it will be an acceptable short-term medium exchange for small tips. I do not want or expect anyone to use forum credit as a store of value or a medium of exchange for large transfers.

This is a very minor feature. It's mostly intended for buying ads, but it may have additional value for very small tips (too small for the Bitcoin network) and other small things.

(I actually have this entire feature written for the current forum, but it's mostly disabled because you can't actually buy anything major with credit.)

[BitOnyx]

As long as it is not mandatory I don't care since I won't use it. People who decide to use it and think it is good idea, well it is their problem

[squall1066]

My only concern is, WAT? I mean, I have no background on using linux or understand any program languages, Will I still be able to run "as normal" on a windows computer? is this a web interface or downloaded program? There's lots a noob like me does not know what has been put forward on the table here, Were supposed to make things easier for people to get into bitcoin, If this makes it harder for anyone not in "the know" to access information, This will be a hit down.

Saying this will be compiled in a Idont.knw format means nothing to me, I have no will to stop what your doing, But please think of the innocent souls you could lose.

I was a little concerned in the "promoting long posts, Tho shorter ones can be accepted" Does this mean we cant post "+1" to show agreeing of an OP?

[surfer43]

Operating a full wallet service creates unacceptable legal and technical problems.

Come on... A full disclaimer is surely enough. u/bitcointip still works fine.

There is currently no guarantee, no insurance, and no warranty of any kind.
Bitcointip is not a bank and is meant for amounts that you would carry in your pocket. Deposit large amounts at your own risk.

I mean, if you are going to have this system, at least make the tips worth something 

[Taras]

If a tipping system is set up, it will work. Depositing and withdrawing BTC would be nominal and regular.
I just can't see why it wouldn't be okay.

[Arcas]

If a tipping system is set up, it will work. Depositing and withdrawing BTC would be nominal and regular.
I just can't see why it wouldn't be okay.

The problem with tipping is that he also said that you can't withdraw your tips. Not much point in tipping someone with money they can't spend.

[Taras]

If a tipping system is set up, it will work. Depositing and withdrawing BTC would be nominal and regular.
I just can't see why it wouldn't be okay.

The problem with tipping is that he also said that you can't withdraw your tips. Not much point in tipping someone with money they can't spend.

If a tipping system is implemented, withdrawals will be too. If not, it'd be a bit... underused.

Theymos's forum credit idea would work in its place. But it should have a use other than being tradable. (Ad campaigns? Donor tiers?)

[surfer43]

If a tipping system is set up, it will work. Depositing and withdrawing BTC would be nominal and regular.
I just can't see why it wouldn't be okay.

The problem with tipping is that he also said that you can't withdraw your tips. Not much point in tipping someone with money they can't spend.

If a tipping system is implemented, withdrawals will be too. If not, it'd be a bit... underused.

Theymos's forum credit idea would work in its place. But it should have a use other than being tradable. (Ad campaigns? Donor tiers?)

Yes, withdrawals would be trivial to implement. No reason not to.

[SaltySpitoon]

If a tipping system is set up, it will work. Depositing and withdrawing BTC would be nominal and regular.
I just can't see why it wouldn't be okay.

If the forum is holding people's Bitcoins, it makes it a larger target for hackers. Then the legal liability comes when someone hacks the forums to steal people's coins, and then Theymos has to pay them back. I'm not entirely sure if the forum credit idea will be useful in anyway, but I too am of the opinion of, who cares as long as I'm not forced to use it. No security measures are 100% foolproof, given enough incentive, such as 100,000 user's Bitcoins that are held in a hot wallet, someone will at the very least try to hack the forums. Thats where the unwanted liability would come from.

[theymos]

This feature is tabled for now. We'll see if BTC deposits can be avoided. If they can, then credit is unnecessary and maybe not worth the trouble.

[b!z]

Basically D2jsp gold? I think having a forum-based economy might be interesting, but it's not really necessary since you could do the same with Bitcoin directly.