Google Wallet + Facebook apply for banking license

[nikauforest]

I do not agree with Martin Armstrong that Bitcoin ( or other known or unknown cryptocrurrencies) do not have a chance against Google Wallet. However I find this an interesting article and perspective.
This is the third article down (at this time) . Note: Articles will continually be added on top so you will have to scroll down to see them over time.

http://armstrongeconomics.com/author/armstrongeconomics/

excerpt:
The real birth in electronic money is not Bitcoin, but Google Wallet. Standing in line at Starbucks you will see the under 25 crowd pay with their cell phones. Sorry, but Google is already there. Bitcoin cannot compete nor will traditional banks. Just as Amazon reduced book publishers to a subservient role at their direction, and book stores went out of business, while the internet is rendering newspapers obsolete, the trend to pay attention to is Google Wallet, which is targeting the traditional banks.

[faalhaas]

sounds great , is google wallet decentralized ?
Where can I buy those hype coins ?

[nikauforest]

Yea exactly. I do not think Martin Armstrong understands the decentralized nature of Bitcoin etc..

[PirateHatForTea]

From reading that blog I do not think Martin Armstrong understands much of anything at all. He writes like he is functionally illiterate.

[jbrnt]

I do not think he is completely wrong. On a consumer level, like buying coffee or newspaper, bitcoin at the moment is no match for google wallet. Think about those people at the queue, is there a bitcoin alternative? Well, no. Bitcoin is not designed to be used as an over-the-counter currency.

However, it doesn't mean Bitcoin cannot evolve into that in the future. It would take time for an instant off-chain Bitcoin payment system to be developed and accepted. I would say we need at least another year before we see glimps of that, but google wallet is here, now!

What Martin Armstrong failed to see is the potential of Bitcoin as a decentralised currency. No government or corporation can control or seize your coins. That is the essence of Bitcoin, and google wallet is no match in that respect.

[Mervyn_Pumpkinhead]

I agree that bitcoin and google wallet operate on different fields.

As I understand, then google won't try to create an currency, but will create a value transfer service.
Bitcoin has never been a serious tool for value transfer. Most of it's utility has been in illegal fields, where bitcoin's anonymity had importance. The unstable nature of the unit price, makes even value transfer risky, because you could lose(or win) a big part of the value that you wanted to transfer. Bitcoin unit value can radically change in a matter of minutes, so it's not a serious transfer tool, but more of an innovative gambling platform.

What is interesting though, is that google is big enough to create it's own currency. It can quickly give value to the currency, by accepting it as payment for services. They could also keep a predictable and stable unit price by giving their currency a dynamic inflow mechanism. This is something that bitcoin lacks and that is needed for a stable unit price.

[lyth0s]

Honestly with Bitcoin apps on your phone using NFC (same technology as google wallet and visa's version) it will be just easy to pay with bitcoins as it will/would be with other payment services.

[blatchcorn]

Honestly with Bitcoin apps on your phone using NFC (same technology as google wallet and visa's version) it will be just easy to pay with bitcoins as it will/would be with other payment services.

Yup people forget bitcoin is not a finished product.

[zetaray]

If google wallet is as successful as google+, we have nothing to worry about. Credit card companies have similar contactless systems too, and I do not need an android phone to use it.

[Ibian]

I do not think he is completely wrong. On a consumer level, like buying coffee or newspaper, bitcoin at the moment is no match for google wallet. Think about those people at the queue, is there a bitcoin alternative? Well, no. Bitcoin is not designed to be used as an over-the-counter currency.

However, it doesn't mean Bitcoin cannot evolve into that in the future. It would take time for an instant off-chain Bitcoin payment system to be developed and accepted. I would say we need at least another year before we see glimps of that, but google wallet is here, now!

What Martin Armstrong failed to see is the potential of Bitcoin as a decentralised currency. No government or corporation can control or seize your coins. That is the essence of Bitcoin, and google wallet is no match in that respect.

Have you been living under a rock? Bitcoin is already being used for small purchases, and it's easy to set up. I very much doubt googles money will be as secure as bitcoin.

[jbrnt]

Have you been living under a rock? Bitcoin is already being used for small purchases, and it's easy to set up. I very much doubt googles money will be as secure as bitcoin.

Have you been drinking too much coffee? Do you think large corporations and chain stores would let you walk away without at least 1 confirmation? Can you wait for your coffee until the next block is mined? You think it's a small purchase, so it's ok to accept 0 confirmation? It is not about whether it is easy to setup, or practical to make small transactions, it is about INSTANT guaranteed exchange of bitcoin.

For large retail stores to accept bitcoin as payment, wishing double spending is not easy to accomplish is not enough. They need near instant payment or guaranteed credit. Therefore, there is a need for an offchain payment system for over-the-counter retailers. That kind of system is not here yet.

Climb out of your rock and think before you make a fool of yourself.

[okthen]

It's just not the same thing. Google's concept is much more similar to PayPal than to Bitcoin.
Eventually, Google wallet will accept Bitcoin.

[Ibian]

Have you been living under a rock? Bitcoin is already being used for small purchases, and it's easy to set up. I very much doubt googles money will be as secure as bitcoin.

Have you been drinking too much coffee? Do you think large corporations and chain stores would let you walk away without at least 1 confirmation? Can you wait for your coffee until the next block is mined? You think it's a small purchase, so it's ok to accept 0 confirmation? It is not about whether it is easy to setup, or practical to make small transactions, it is about INSTANT guaranteed exchange of bitcoin.

For large retail stores to accept bitcoin as payment, wishing double spending is not easy to accomplish is not enough. They need near instant payment or guaranteed credit. Therefore, there is a need for an offchain payment system for over-the-counter retailers. That kind of system is not here yet.

Climb out of your rock and think before you make a fool of yourself.

Enjoy your rock, I guess. Must be a nice rock. Yes transactions do happen with 0 confirmations. And what's more, it works. Simple ignorance is easy enough to excuse, but don't pretend you know things you don't.

[sinner]

G+FB will be offering a wallet/payment system (their own version of paypal).  bitcoin wont be directly competing with that.  G+FB wallet may allow bitcoin transfer. i could definitely see them ripping off ripple's idea.

[CEG5952]

It seems he sees bitcoin only as the payment system. Fair enough, but he's obviously missing the point. I'm fairly sure BTC will be integrated in such wallet apps in the future, as well.

[RodeoX]

There is a huge difference! I would not pay more than 50% face value for a google coin. They are nothing more than a coupon or a frequent flier mile. Utterly under the control of an entity that can change the value or the circulation as it desires more of your money.
I think google is about to go through the same process as the Canadian government. Remember mint chip? No? don't worry, few do.

Mintchip was the Canadian mint's shot at an electronic currency. They even held a contest to popularize it. They asked "What can you do with a mintchip?" The #1 answer was "You can buy bitcoins." So they changed the rules of the contest and picked their own winner. 


The most important thing about bitcoin is that it is out of control. No company can match that. They do not have a space to compete in.

[bitcoinsrus]

There is a huge difference! I would not pay more than 50% face value for a google coin. They are nothing more than a coupon or a frequent flier mile. Utterly under the control of an entity that can change the value or the circulation as it desires more of your money.
I think google is about to go through the same process as the Canadian government. Remember mint chip? No? don't worry, few do.

Mintchip was the Canadian mint's shot at an electronic currency. They even held a contest to popularize it. They asked "What can you do with a mintchip?" The #1 answer was "You can buy bitcoins." So they changed the rules of the contest and picked their own winner. 


The most important thing about bitcoin is that it is out of control. No company can match that. They do not have a space to compete in.

I noticed that a lot of canadians know about bitcoin. Is there a reason why (and this goes back to like 2011-2012 as well). I know this from reading many forum posts in the past.

Are the canadian more into encryption etc or what?

[nwfella]

Sounds like the Canadians just know a good thing when they see it! 

Pretty smart fellers those Canadian's eh

[RodeoX]

...
Are the canadian more into encryption etc or what?

I guess they are? They have been well represented since I got here in early 2011. And Vancouver seems to really be into it.

[joehal]

It's colder in Canada, so it's easier to open mining facilities. Lots of cold air for free.