I am never using Bitpay!Former SEC chair takes advisory roles bitpay and vaurum!

[traderman]

http://www.coindesk.com/former-sec-chair-takes-advisory-roles-bitpay-vaurum/

If you don't want to see Bitcoin get taken over by the Scum from Wallstreet, I suggest everyone in the Bitcoin community boycott any company that hires these types of people!

[thms]

What I don't understand is, people created Bitcoin to avoid middle men such as banks and then companies like Bitpay are created... people should avoid middle men at all costs.

[Elwar]

the sky is falling





 

[traderman]

The pegging of Bitcoin to USD will be the demise of Bitcoin! If you really think about it, all the exchange scams, all the BS stems directly from that. Imagine how many problems would be eliminated if Bitcoin was not associated with USD at all.

What I don't understand is, people created Bitcoin to avoid middle men such as banks and then companies like Bitpay are created... people should avoid middle men at all costs.

[MrBig]

The pegging of Bitcoin to USD will be the demise of Bitcoin! If you really think about it, all the exchange scams, all the BS stems directly from that. Imagine how many problems would be eliminated if Bitcoin was not associated with USD at all.

What I don't understand is, people created Bitcoin to avoid middle men such as banks and then companies like Bitpay are created... people should avoid middle men at all costs.

What would you peg the price of BTC to then?

[Piper67]

The pegging of Bitcoin to USD will be the demise of Bitcoin! If you really think about it, all the exchange scams, all the BS stems directly from that. Imagine how many problems would be eliminated if Bitcoin was not associated with USD at all.

What I don't understand is, people created Bitcoin to avoid middle men such as banks and then companies like Bitpay are created... people should avoid middle men at all costs.

What would you peg the price of BTC to then?

Yeah, pegging doesn't mean what you think it means... even this definition of pegging 

[RodeoX]

If you don't want Wall St. in your cool aid then you should not be using money. Wherever there is money the banks will come. There is nothing that can be done about it.
The good news is that bitcoin is not something the banks can do much about, except participate.

[traderman]

Against goods and services! Take the most popular/necessary for human life and use those! Maybe even digital goods! Valuing bitcoin against fiat is the worst thing that could have happened to Bitcoin!

The pegging of Bitcoin to USD will be the demise of Bitcoin! If you really think about it, all the exchange scams, all the BS stems directly from that. Imagine how many problems would be eliminated if Bitcoin was not associated with USD at all.

What I don't understand is, people created Bitcoin to avoid middle men such as banks and then companies like Bitpay are created... people should avoid middle men at all costs.

What would you peg the price of BTC to then?

[traderman]

Yes there is something that can be done about it. It just takes some balls!

If you don't want Wall St. in your cool aid then you should not be using money. Wherever there is money the banks will come. There is nothing that can be done about it.
The good news is that bitcoin is not something the banks can do much about, except participate.

[TonyT]

This is significant.  As I have said, it's inevitable that BTC loses some anonymity in exchange for greater market share. 

Levitt of course is right about what he says below.

TonyT

The Wall Street Journal reported today that consultant Arthur Levitt – who served as SEC chairman from 1993 to 2001 and was actually the longest-serving person in that role – has joined the boards in order to guide the bitcoin firms' approach to financial regulation.

Levitt affirmed he was impressed by the "innovative energy" of the digital currency industry's youthful representatives, but that they remained unaware of the inevitable regulatory issues their companies would face in winning the public's trust.

[RodeoX]

Yes there is something that can be done about it. It just takes some balls!

If you don't want Wall St. in your cool aid then you should not be using money. Wherever there is money the banks will come. There is nothing that can be done about it.
The good news is that bitcoin is not something the banks can do much about, except participate.

I'm down with a boycott. But there is no way to enforce any bitcoin rules that are outside of the protocol. There is a financial reward for not joining a boycott and no repercussions for playing spoliator. Similarly you can't "peg" the price of bitcoin to anything. You can make all the rules you want, but they are voluntary and no one has to obey any of them.  

[yayayo]

What I don't understand is, people created Bitcoin to avoid middle men such as banks and then companies like Bitpay are created... people should avoid middle men at all costs.

Yes, they should avoid middlemen, but they don't. Reason is convenience. Most people simply do what seems convenient, without thinking too much about the possible consequences.

That's how banks became so powerful (it's even the reason why they exist at all).

However there's a difference when it comes to Bitcoin: The issuance of new currency units is not in the hands of government and banks, it's in the hands of an algorithm. So Bitcoin is not debt money like fiat, that can be manipulated by the slave masters.

ya.ya.yo!

[Elwar]

BitPay serves a purpose.

A business might not know much about Bitcoin and might not be willing to change how their whole system operates to adopt it.

BitPay allows them to keep things running the same but take a few extra minutes and start accepting Bitcoin. They continue to do their finances the same way, get paid in fiat without any major disruption while saving a little bit of money on transaction fees in the process.

If you were really concerned, instead of a boycott you would be coming up with simple solutions for businesses to integrate bitcoins into their finances such that accepting them without a middle man would make a lot of sense.

[bytecode]

Imagine how many problems would be eliminated if Bitcoin was not associated with USD at all.

I don't think you understand how economics work.

[lucasjkr]

Companies dealing with Bitcoin, in the US at least, are going to be heavily regulated entities, just like companies that handle cash, stocks and other investments. You might grumble about it, but there's no choice. Better that bitpay gets proactive and hires someone who can think through each of their decisions from th3 angle of "will this get us in trouble with regulators? Why or why not?", than try to do so through guesswork alone.

I don't see this as a bad thing, more of a pragmatic action

[lucasjkr]

The pegging of Bitcoin to USD will be the demise of Bitcoin! If you really think about it, all the exchange scams, all the BS stems directly from that. Imagine how many problems would be eliminated if Bitcoin was not associated with USD at all.

What I don't understand is, people created Bitcoin to avoid middle men such as banks and then companies like Bitpay are created... people should avoid middle men at all costs.

Bitcoin isn't "pegged" to the U.S. dollar, it's value floats freely against the dollar just as any other currency or investment does.

Nor does it have any association with the dollar. But users who want to buy BTC or sell it either need to go through things like local bitcoins or else transact with a company that is "associated" with both dollars and bitcoins. There's no way to just snap your fingers and make it so that people can no longer ascribe a dollar value to a bitcoin.

[traderman]

I think it the other way around, noob!

Imagine how many problems would be eliminated if Bitcoin was not associated with USD at all.

I don't think you understand how economics work.

Imagine how many problems would be eliminated if Bitcoin was not associated with USD at all.

I don't think you understand how economics work.

[traderman]

LOL The "public trust". You have got to be shitting me! After everything that has happened since 2007, you think the SEC or any government institution has the "trust" of the American people??

Did any of you read the article? Did you see the guy's pic?? Would you trust anyone that looks like that guy, LOL?

This is significant.  As I have said, it's inevitable that BTC loses some anonymity in exchange for greater market share.  

Levitt of course is right about what he says below.

TonyT

The Wall Street Journal reported today that consultant Arthur Levitt – who served as SEC chairman from 1993 to 2001 and was actually the longest-serving person in that role – has joined the boards in order to guide the bitcoin firms' approach to financial regulation.

Levitt affirmed he was impressed by the "innovative energy" of the digital currency industry's youthful representatives, but that they remained unaware of the inevitable regulatory issues their companies would face in winning the public's trust.

[lucasjkr]

I think it the other way around, noob!

How exactly does one "remove" bitcoin's "association" with the US Dollar??

[traderman]

Build an economy around bitcoin only, transact in bitcoin only!! That is what bitcoin was made for!!

I think it the other way around, noob!

How exactly does one "remove" bitcoin's "association" with the US Dollar??