The Bitcoin Thread

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Sabre Wulf said:
And everyone here is assuming everyone has a capable device, internet access and is at least savvy to that extent.
Besides, not being able to confirm the address you're sending money to is a major security risk. The mere fact that you simply accept it / take it for granted is proof of the way we blindly trust technology. A site hack and replacement of code that dishes out addresses is enough. How sure are you that your fav supplier will honour your purchase if you deposit to the wrong address, which, by the way, you can't even prove you were supplied by their site.
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In todays world with bank accounts, you also simply accept it. You also cant confirm if you're sending it to the right place. And why wouldn't you be able to prove the supplier send you BTX address xyz? Surely they would simply email it to you along with the invoice. If that is not proof enough then the current system is equally as broken. I'm really not following your counter argument here
 
Sabre Wulf said:
And everyone here is assuming everyone has a capable device, internet access and is at least savvy to that extent.
Besides, not being able to confirm the address you're sending money to is a major security risk. The mere fact that you simply accept it / take it for granted is proof of the way we blindly trust technology. A site hack and replacement of code that dishes out addresses is enough. How sure are you that your fav supplier will honour your purchase if you deposit to the wrong address, which, by the way, you can't even prove you were supplied by their site.

You know, everyone is crowing about decentralization yet your choice of crypto server and these sites you purchase from use certificates that are generated by a central authority. You wouldn't do business without that.

My only point in there is that it's not yet ready for prime time.
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Smartphone penetration is pervasive, I don't see that as an issue.

Confirming the recipient account number has no different issues from using a bank account the old way, really, apart from the irreversibility. But the irreversibility can also be a positive - e.g. look at how much of an issue online retailers have with people who dispute and reverse their charges after they've received the goods. In that sense, cryptocurrencies are irreversible in the same way that handing physical cash to someone is irreversible.

As I pointed to, the issue of a user friendly way for handling addresses is actually a fairly trivial problem that needs slightly more user friendly wallets allowing you to publish your wallet receiving address in a directory with some kind of sms validation to your cell number, and I'll bet there are already a lot of them in the pipeline.

As for blindly trusting technology, intrinsically no different from anything else we do, but I'd argue that there is actually more trust built into the way blockchain works as transactions must be independently verified multiple times in a decentralised fashion.
 
So here's an issue. I'm savvy and I've tried three times to make BTC payments to local suppliers - 2x Payfast, 1x BoB - they all timed out before they could be confirmed and they had to send the money back. Each time it comes back with a little less $
 
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Sabre Wulf said:
So here's an issue. I'm savvy and I've tried three times not to make BTC payments to local suppliers - 2x Payfast, 1x BoB - they all timed out before they could be confirmed and they had to send the money back. Each time it comes back with a little less $
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What do you mean you tried three times not to make BTC payments to local suppliers. Not making BTC payments is easy, just don't do it... :confused:

I don't know how payfast and bob work with regards to btc payments but btc payments don't really timeout - it can take time for them to be processed though. Why would it come back with a little less $?
 
That was my HP's mouse trackpad... while I'm typing my thumb bumps it - probably find 'not' belonged somewhere else in the sentence. That or I'm typing faster than my brain operates :D

It comes back less fees. I incur fees to send, they incur fees to send it back.
In payfast's case, both times I was caught out by CEX's .001 fee - you're supposed to pay .045 so you send .045 from CEX but only .044 lands becuause CEX take their fee off the value you chose to withdraw instead of taking it off your remaining balance. No standards, remember... decentralization and all that.

No timeout on the transfer, just on the rate they quote you when you opt to pay. Yesterday what I bought cost 44mBTC today it cost 44.9mBTC. Pedantic and unhelpful, but there you are. 10 minutes is what you're given to make the payment... and from what I can understand, for the payment to be confirmed by at least 1 node. Everyone I've paid has something like that.
 
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Just did some depressing sums for fun... was given a payout some years ago by the company. If I'd bought BTC instead of put it into the bond, it'd be worth around R580 mil today :whistle:
Hindsight and all that lol
 
Sabre Wulf said:
Just did some depressing sums for fun... was given a payout some years ago by the company. If I'd bought BTC instead of put it into the bond, it'd be worth around R580 mil today :whistle:
Hindsight and all that lol
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That's quite depressing
 
Sabre Wulf said:
Just did some depressing sums for fun... was given a payout some years ago by the company. If I'd bought BTC instead of put it into the bond, it'd be worth around R580 mil today :whistle:
Hindsight and all that lol
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Ag we can all say that about almost anything.

Like if I invested 50% of my salary since I started working I would have retired by now.

Hindsight really isn’t a measure of anything.

I mean if I jumped on USD/ZAR Forex the other day as they announced the secret vote I could have gotten a crap load of money out of it too.

Then again if I stayed in too long I would have lost it all.
 
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There are so many stories like that. Myself included. Must admit it did eat me up a bit. Have moved on this is round 2

Ok so I recon big’ish sell off tomorrow before Segwit2X lock in around Wednesday. My plan is all in when it hits around 3600-3700. Then I hold till end of the year and ride that bull
 
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Sabre Wulf said:
That was my HP's mouse trackpad... while I'm typing my thumb bumps it - probably find 'not' belonged somewhere else in the sentence. That or I'm typing faster than my brain operates :D

It comes back less fees. I incur fees to send, they incur fees to send it back.
In payfast's case, both times I was caught out by CEX's .001 fee - you're supposed to pay .045 so you send .045 from CEX but only .044 lands becuause CEX take their fee off the value you chose to withdraw instead of taking it off your remaining balance. No standards, remember... decentralization and all that.

No timeout on the transfer, just on the rate they quote you when you opt to pay. Yesterday what I bought cost 44mBTC today it cost 44.9mBTC. Pedantic and unhelpful, but there you are. 10 minutes is what you're given to make the payment... and from what I can understand, for the payment to be confirmed by at least 1 node. Everyone I've paid has something like that.
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Hopefully as bitcoin gains acceptance and popularity there will be more competition in terms of exchanges and better fee options as well as faster processing of transactions
 
C4Cat said:
Hopefully as bitcoin gains acceptance and popularity there will be more competition in terms of exchanges and better fee options as well as faster processing of transactions
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IMO the issue is the vendors - 10 minutes is daft.
 
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