Xapo will never work

[moriartybitcoin]

Xapo just announced its Bitcoin debit card, but it will never work.  They received $20million+ from venture capitalists, so they have to show something for their efforts.

Here are the problems with XAPO:

First, Mastercard can (and will) pull the plug at any moment.

Second, the bank can (and will) pull the plug at any moment.

Third, the card will work (if it EVER works) in only a few countries.

Fourth, you will have to submit your ID and personal information, exposing yourself to identity theft from hackers who penetrate their server (which happens in the Bitcoin world all the time)

Fifth, Xapo will report all your finances to the IRS and FinCEN.

Sixth, most likely they will never actually get their card off the ground, like CaVirtex failed to do.

If you want a REAL Bitcoin debit card that ACTUALLY WORKS RIGHT NOW, then the ONLY solution available is https://BitPlastic.com

[LostDutchman]

Xapo just announced its Bitcoin debit card, but it will never work.  They received $20million+ from venture capitalists, so they have to show something for their efforts.

Here are the problems with XAPO:

First, Mastercard can (and will) pull the plug at any moment.

Second, the bank can (and will) pull the plug at any moment.

Third, the card will work (if it EVER works) in only a few countries.

Fourth, you will have to submit your ID and personal information, exposing yourself to identity theft from hackers who penetrate their server (which happens in the Bitcoin world all the time)

Fifth, Xapo will report all your finances to the IRS and FinCEN.

Sixth, most likely they will never actually get their card off the ground, like CaVirtex failed to do.

If you want a REAL Bitcoin debit card that ACTUALLY WORKS RIGHT NOW, then the ONLY solution available is https://BitPlastic.com

Well, I dunno about Bitplastic but as far as the rest goes, you are spot on!

My $.02.

[cr4sh0verride]

I'm sure they are all sitting in their offices now going.. FUCK!

I can't believe we didn't think of all this before we decided to announce our product

Thankfully Sherlock's nemesis of the Bitcoin world is here to save the day!

Let me ask you a question... Are you a Stakeholder in any respect for BitPlastic?

[cwp]

Well, PAYPAL has proved, that they do not technically need the credit card issuers (middlemen)
and can work directly with the banks,
or as in Europe, register themselves AS A BANK.

The biggest mafia-style business in my book is visa/mastercard.
They literally do NOTHING but licensing a service with the layer for "yes/no" operations,
because banks are so stupid, that they couldnt figure out their own platform and API to do it and give the plastic companies the finger.

It is the proof that a bunch of idiots in suits,
can create a trillion dollar business that sells AIR to the general public.
The epitome of snake oil on steroids.

[Leogheo]

There are too many serious problems. they just have not to solve them!

[crocko]

Anyone used https://bitplastic.com/ before ?

What stop https://bitplastic.com/ to steal your coins ? Or give you less money than a regular exchange ?

[luna_from_cydonia]

I really do not understand the purpose of such cards if this is the tech age and people do everything to move from excessive number of cards stuck in the wallet.
I thought that paying with Bitcoins could free us from cards, but here I see the opposite.

So, giving +100 to the arguments in the top post.

[Elwar]

BitPlastic costs 5% to convert your bitcoins to cash to put on the card and it's not instantaneous meaning you have to pre-load it.

With Xapo it converts right when you make a purchase so you can keep your money in bitcoin right up until you make a purchase and not have to worry about loading it with cash.

The key will be how much, if anything, they charge to use the card.

[Elwar]

I really do not understand the purpose of such cards if this is the tech age and people do everything to move from excessive number of cards stuck in the wallet.
I thought that paying with Bitcoins could free us from cards, but here I see the opposite.

So, giving +100 to the arguments in the top post.

Welcome to the forums.

The point is to move your money to bitcoins instead of holding inflating government fiat.

Until bitcoins are accepted everywhere you either have to cash out bitcoins to government fiat then transfer it to something to spend the money or keep some government fiat or whichever.

With Xapo you will be able to convert every paycheck immediately to bitcoins. Then just use your one card to pay for things that you cannot pay with bitcoins.

[Pente]

I really do not understand the purpose of such cards if this is the tech age and people do everything to move from excessive number of cards stuck in the wallet.
I thought that paying with Bitcoins could free us from cards, but here I see the opposite.

So, giving +100 to the arguments in the top post.

Welcome to the forums.

The point is to move your money to bitcoins instead of holding inflating government fiat.

Until bitcoins are accepted everywhere you either have to cash out bitcoins to government fiat then transfer it to something to spend the money or keep some government fiat or whichever.

With Xapo you will be able to convert every paycheck immediately to bitcoins. Then just use your one card to pay for things that you cannot pay with bitcoins.

+1

I even gave them a small show of faith & opened an account at Xapo and sent 0.04 BTC to it.

[luna_from_cydonia]

I really do not understand the purpose of such cards if this is the tech age and people do everything to move from excessive number of cards stuck in the wallet.
I thought that paying with Bitcoins could free us from cards, but here I see the opposite.

So, giving +100 to the arguments in the top post.

Welcome to the forums.

The point is to move your money to bitcoins instead of holding inflating government fiat.

Until bitcoins are accepted everywhere you either have to cash out bitcoins to government fiat then transfer it to something to spend the money or keep some government fiat or whichever.

With Xapo you will be able to convert every paycheck immediately to bitcoins. Then just use your one card to pay for things that you cannot pay with bitcoins.

Ok, thanks for explanation. Find it reasonable now, but am expecting a very long transformation period...

[Lauda]

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

[LostDutchman]

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

Broad acceptance of Bitcoin will do the same thing but so many wanted to bring Bitcoin to the people...

My $.02.

[moriartybitcoin]

Why do you think Mastercard pull the plug

Oh, they will!  Because Bitcoin is a huge threat to the credit card companies. If Bitcoin gains wide acceptance even just online (nevermind offline), then credit card companies are losing a huge amount of business and market share.  Just like Paypal, they will NEVER allow bitcoin to flourish.

[moriartybitcoin]

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

Yeah, there is no anonymity with XAPO.  They require ID and verification documents and they report every penny you run through the card to the government (IRS, FinCEN, etc)

I understand some people don't like the 'high fees' of BitPlastic (which are not really all that high), but you get what you pay for. We don't report ANYTHING to the government and we don't even request your real name.  You're going to lose a lot more money paying taxes on your XAPO finances than you are paying .25btc for a debit card through BitPlastic.

[Lauda]

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

Broad acceptance of Bitcoin will do the same thing but so many wanted to bring Bitcoin to the people...

My $.02.

Not as much as Xapo but still. Bitcoin is/will be anonymous if you use it correctly. Xapo will have to report to the government.

[RomertL]

Guys, this is NOT as good as all most businesses in the world accenting Bitcoin directly, nobody claims that. But if it works it's second best and very useful for people having a large part of their income in Bitcoin OR prefers to have a large part of their savings in Bitcoin.

Regarding credit card-processors/banks pulling the plug, you would have to assume they've taken that in consideration. It's not like they just forgot that little detail, maybe they have a way of bypassing that through a middleman or something. Who knows if they succeed, but I really hope so and have signed up.

[moriartybitcoin]

so I wonder, how is XAPO doing?

Anyone actually using them?

Or is this more HYPE and bullshit and not the real McCoy?

[LostDutchman]

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

Oh, really?

And just WHO around here has been writing that for some time?

Think people will catch on?

[bitcoincal]

Has anyone used these Xapo cards yet?