Unsurprising that they've ceased to accept Bitcoin. The only significant use cases thus far have been ransomware and buying recreational drugs. And early adopters cashing out of the pyramid scheme.
The two key value propositions noted in the post are:
> Buy APIs instantly without signup or credit card
> Sell APIs instantly without a bank account
...which are solutions looking for a problem. If you are working with legal businesses and dealing with signup, credit cards, or bank accounts are deal breakers, then there are other significant problems with your business model.
We don’t have credit cards. At all. We use EC (the E in EMV), which is a completely independent payment system, but isn’t used at all outside of Europe.
So, no US websites accept it.
I’ve been trying for 3 years to find an actually free way to send Google money to get a Google Play Dev account, but the only way is to pay money to get a credit card.
Seriously, if companies in the US would just accept a fucking international wire transfer – globally standardized, free to send and accept, processes in a few minutes – I could use a lot more international services.
Eef, I hadn't seen that yet. That's really quite a thing.
I'm pretty sure that for most legitimate businesses, signup is something they want and wish everyone could do. It helps them track and maintain customer relationships, which is becoming an increasingly essential activity in the age of loyalty cards.
A bank account is similarly desirable. It takes a large part of the task of safeguarding your funds out of the hands of an amateur (i.e., oneself) and into the hands of a specialist with strong fiduciary responsibilities.
And global remittances, store of wealth, international monetary system resistant to government and bank controls, to name a few other uses. It's amazing how many people are willing, even eager to dismiss crypto-currencies. The concept is so radical and revolutionary that it scares the shit out of a lot of people. It will take time for humans to catch up but if you think it's just a fad then you are deluding yourself.
"And global remittances, store of wealth, international monetary system resistant to government and bank controls, ..."
BitCoin might be taken more seriously if their advocates explained why any of those need to be solved, and how BitCoin does it better than the existing solutions.
Global remittance isn't something people need very often, and there are already solutions for it.
BitCoin is not a very great store of wealth. Keeping a box of cash under your bed is more likely to retain its value than BitCoin. Storing wealth isn't even a very good idea, though, and if a person has enough money laying around they'd be better off investing it anyway.
Finally, being "resistant to government and bank controls" isn't very convincing either, and I would hypothesize advertising it that way actually hurts take up by making it sound subversive. A drug kingpin would love a money system resistant to the government and the banking system, but what actual benefit does a normal person get from it? And is it even a true statement?
Also never having to deal with credit card fraud, sending money across country borders, taking cash out of 1/3rd of the ATMs in Thailand, buying computer parts, buying anything from overstock, ordering food directly from your computer without punching in any numbers...
If someone uses my credit card to buy something I didn't approve, I get my money back and I get a new credit card, all for free. It's annoying, sure, but also reassuring.
If someone steals my Bitcoin wallet and uses it to buy something I didn't approve, well, boo hoo for me. No doubt it's all my fault. Blame the victim, etc.
I'm much happier "having to deal with credit card fraud."
minimaxir|10 years ago
The two key value propositions noted in the post are:
> Buy APIs instantly without signup or credit card
> Sell APIs instantly without a bank account
...which are solutions looking for a problem. If you are working with legal businesses and dealing with signup, credit cards, or bank accounts are deal breakers, then there are other significant problems with your business model.
kuschku|10 years ago
We don’t have credit cards. At all. We use EC (the E in EMV), which is a completely independent payment system, but isn’t used at all outside of Europe.
So, no US websites accept it.
I’ve been trying for 3 years to find an actually free way to send Google money to get a Google Play Dev account, but the only way is to pay money to get a credit card.
Seriously, if companies in the US would just accept a fucking international wire transfer – globally standardized, free to send and accept, processes in a few minutes – I could use a lot more international services.
But the way it is, I can’t.
CyberDildonics|10 years ago
- you run a low margin business and don't want 3% of everything you make to go to Visa
- or you don't want to eat the cost of credit card fraud
- or you live in a country that makes business banking more difficult
- or you can't have the possibility of fraud or charge backs (like selling precious metals, higher end jewelry etc)
- or you don't want to be gouged by credit card processors for a legal business like porn or marijuana...
bunderbunder|10 years ago
I'm pretty sure that for most legitimate businesses, signup is something they want and wish everyone could do. It helps them track and maintain customer relationships, which is becoming an increasingly essential activity in the age of loyalty cards.
A bank account is similarly desirable. It takes a large part of the task of safeguarding your funds out of the hands of an amateur (i.e., oneself) and into the hands of a specialist with strong fiduciary responsibilities.
SixSigma|10 years ago
jcoffland|10 years ago
moonbug|10 years ago
Oh please.
Certhas|10 years ago
jeffdavis|10 years ago
The illegitimate use cases are already proven.
jlarocco|10 years ago
BitCoin might be taken more seriously if their advocates explained why any of those need to be solved, and how BitCoin does it better than the existing solutions.
Global remittance isn't something people need very often, and there are already solutions for it.
BitCoin is not a very great store of wealth. Keeping a box of cash under your bed is more likely to retain its value than BitCoin. Storing wealth isn't even a very good idea, though, and if a person has enough money laying around they'd be better off investing it anyway.
Finally, being "resistant to government and bank controls" isn't very convincing either, and I would hypothesize advertising it that way actually hurts take up by making it sound subversive. A drug kingpin would love a money system resistant to the government and the banking system, but what actual benefit does a normal person get from it? And is it even a true statement?
CyberDildonics|10 years ago
troymc|10 years ago
If someone steals my Bitcoin wallet and uses it to buy something I didn't approve, well, boo hoo for me. No doubt it's all my fault. Blame the victim, etc.
I'm much happier "having to deal with credit card fraud."