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Author Topic: Will bitcoin actually take off? Is it possible really?  (Read 3157 times)
gusti
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May 24, 2011, 01:50:39 PM
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If you don't own the private keys, you don't own the coins.
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tachi641
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May 24, 2011, 03:42:45 PM
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1) How can this become a main stream currency if, when you buy something there's no way to actually implement a return system. Since there are no authorities that ultimately means, when you buy something it's final, unless you can convince the seller to refund you. In the event the seller doesn't comply you're stuck with your item.

2) Now lets say, you buy something and it's DOA (dead on arrival) for example a videocard, or a cell phone anything electronic will serve the purpose. Now the seller claims it worked before they shipped it, what do you do? You're obviously not going to get a refund.is.

Not sure why you made two items, since they are both about the same issue.
The answer is: Bitcoin is a currency. It is *coins*. If you buy a hotdog and it is DOA.... uh ok, bad example. If you buy a camera and pay it in dollars cash, you get home and it's defective. Now the seller claims it worked before he sold it, what do you do?
There's also online payments that deal with the same issue. If I make a direct bank transfer to a company, I cannot have it reversed either. If I pay with iDeal (popular in Netherlands for example), same thing.
Bitcoin does not magically solve all problems related to paying for goods. It solves a number of issues and is better at others than fiat currency.

I don't want to sound crude or judgmental but damn you surprise me a whole load of stupid. I'll use Amazon for example, they accept fiat right now and not BTC too bad. But if you buy something they'll take it back no matter what it is DOA or not, and if they don't contact your credit card company and show them a copy of their guarantee and you get your money back the same minute. With BTC, once you transfer your coins they are gone. Plus, with you talking about bank transfer and iDeal and all this other non protective garbage that's exactly like BTC. So my questions are asking how can we as a community come up with a solution or they may already be one, like Clearcoin. Bottom line is don't come on these forums and write stupid shit. Thanks. Either say something smart to help or shutup.

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May 24, 2011, 03:45:25 PM
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No, I don't want to use what you call deodorant. You smell like shit buddy  Wink

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Basiley
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May 24, 2011, 07:17:10 PM
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thats a good story, tnx.
/pop-corn.
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May 24, 2011, 07:37:30 PM
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I don't want to sound crude or judgmental but damn you surprise me a whole load of stupid. I'll use Amazon for example, they accept fiat right now and not BTC too bad. But if you buy something they'll take it back no matter what it is DOA or not, and if they don't contact your credit card company and show them a copy of their guarantee and you get your money back the same minute. With BTC, once you transfer your coins they are gone. Plus, with you talking about bank transfer and iDeal and all this other non protective garbage that's exactly like BTC. So my questions are asking how can we as a community come up with a solution or they may already be one, like Clearcoin. Bottom line is don't come on these forums and write stupid shit. Thanks. Either say something smart to help or shutup.

Sorry if the others are a little touchy. The question you're asking gets brought up a lot by people new to the forums, particularly as an argument against bitcoins. This is probably why you've been getting condescending comments from certain corners. There are a lot of people out there who fail to grasp that bitcoins are a bit of a cash analogue.

As for your concerns, there have been a number of ideas floated on the forums. ClearCoin is probably the most successful consumer-protection service so far. The Bitcoin OTC web of trust is also pretty effective, though its interface is a bit byzantine and out of reach for most users.

If you'd like to start a consumer advocacy group or service, go for it. If you want to see what's been done so far, search the forums. I couldn't tell you off the top of my head though. Sorry.
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May 24, 2011, 08:14:20 PM
 #26

Bitcoin is designed to be a currency, not to replace all credit card services. The US Dollar, for example, provides no buyer-protection services; these services are layered on top by businesses such as American Express. In places where you would be opposed to paying in cash, you would use Bitcoin along with services that duplicate credit-card style buyer protections (Clearcoin, perhaps, though I haven't used it myself and can't vouch for its quality)

This is the answer ^1.  As the bitcoin economy evolves, people will make use of services which help guarantee returns are possible. Such services become augmented on top of bitcoin. I would imagine that in a matured bitcoin market most transactions will not be anonymous, because it makes sense in most transactions for both parties to be known and accountable. However, entering into these non-anonymous transactions is voluntary.

In the same way, a mature bitcoin economy would not have every participant storing his/her coins on their personal computer. Rather, companies will exist to protect money and individuals can decide to utilize such services.

There is a market demand for security and safety in trade. Entrepreneurs will figure out the best way to deliver, building services upon Bitcoin's fundamentals.
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