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Message
re: Bitstamp Halts Withdrawls
Posted on 2/12/14 at 10:38 pm to LSURussian
Posted on 2/12/14 at 10:38 pm to LSURussian
quote:
If you understood how to comprehend written English you would know I didn't write that paragraph. I linked the article from Bloomberg.
If that's the deflection you need to makeup for your lack of knowledge on the subject, feel free to use it.
quote:
And so you're admitting that the wonderful, futuristic bitcoin network which is touted as removing third parties for buying and selling over the internet actually has to rely on a third party like coinbase to complete a significant % of its transactions?
No, but you sure are putting words in my mouth. It takes a little bit of vision to see why bitcoin is important.
1
Posted on 2/12/14 at 10:42 pm to joshnorris14
You're embarrassed, right?
You actually revealed that bitcoin as a peer-to-peer currency is a failure. It requires a dreaded third party resembling an evil bank for many of its transactions to be accomplished.
Just think how few transactions there would be without those third parties....
You actually revealed that bitcoin as a peer-to-peer currency is a failure. It requires a dreaded third party resembling an evil bank for many of its transactions to be accomplished.
Just think how few transactions there would be without those third parties....
Posted on 2/12/14 at 10:50 pm to C
quote:
Is coinbase audited on a regular basis to ensure they aren't creating fake btc?
I believe they are starting quarterly audits this upcoming quarter.
Also, considering there is nothing stopping a user from transacting with a non-coinbase wallet, that would be pretty easy to detect.
Posted on 2/12/14 at 10:51 pm to joshnorris14
quote:
I believe they are starting
Posted on 2/12/14 at 10:52 pm to LSURussian
quote:
You're embarrassed, right?
You're a shitty troll.
quote:
Just think how few transactions there would be without those third parties....
tx <= 7 per second as of right now. That will be easily changed in the future though.
Posted on 2/12/14 at 10:55 pm to joshnorris14
If you were intelligent you would be embarrassed.
Posted on 2/12/14 at 10:59 pm to LSURussian
quote:
If you were intelligent you would be embarrassed.
I'll be saying that to you in a few years, but you probably will feel pretty embarrassed anyways.
Posted on 2/12/14 at 11:03 pm to joshnorris14
quote:Yeah, your coinbase is just fabulous!
i bloody hate coinbase...i'm losing tons of money because of their dumb 4 day conversion policy
Posted on 2/12/14 at 11:05 pm to LSURussian
I have no idea what that post means. 4 day conversion policy?
Posted on 2/12/14 at 11:06 pm to joshnorris14
Does a coinbase btc transfer immediately to a non coinbase account or does coinbase have to process the exchange?
Posted on 2/12/14 at 11:08 pm to C
quote:
Does a coinbase btc transfer immediately to a non coinbase account or does coinbase have to process the exchange?
It acts as a normal bitcoin transaction (Assuming there isn't a run on Coinbase, they keep 97% of user bitcoins in cold storage).
The transaction happens instantly but takes time for verification by the network.
Posted on 2/12/14 at 11:18 pm to joshnorris14
quote:
I have no idea what that post means.
That happens frequently with you.
Posted on 2/12/14 at 11:25 pm to LSURussian
Could you explain the 4 day policy? I've never encountered or heard of it.
Posted on 2/12/14 at 11:55 pm to joshnorris14
quote:Well your vouching for Coinbase puts all my concerns to rest. I guess I should ignore stuff like this Coinbase Moves to Calm Security Concerns Amid Theft Reports, even though it was dated less than a week ago.
By far the most popular wallet is Coinbase. Coinbase to Coinbase transactions do not appear on the blockchain.
Posted on 2/13/14 at 1:03 am to Poodlebrain
So wait wait. Last week you guys told me the glory of Bitcoin was taking out the middle man, but it needs middle men like Coinbase to work.
Ok got it.
Ok got it.
Posted on 2/13/14 at 6:49 am to JayDeerTay84
So reading through this thread trying to gain knowledge on Bitcoin.... I didn't realize that the transaction HAD to go through one of the third party softwares.
So a couple of questions:
1) How is this any different than using a credit card?
2) Bitcoin is supposed to be impervious to "bank holidays"... Well if its got to go through a 3rd party whom you NEVER know when its going to go down for days at a time, how is that better? I mean with a bank holiday, I at least know years in advance when they are and can base my transaction around them... With Bitcoin, I may go to do a transaction and then end up having to wait 3-4 days for it actually to take place...
So a couple of questions:
1) How is this any different than using a credit card?
2) Bitcoin is supposed to be impervious to "bank holidays"... Well if its got to go through a 3rd party whom you NEVER know when its going to go down for days at a time, how is that better? I mean with a bank holiday, I at least know years in advance when they are and can base my transaction around them... With Bitcoin, I may go to do a transaction and then end up having to wait 3-4 days for it actually to take place...
Posted on 2/13/14 at 7:35 am to Lsut81
quote:Isn't bitcoin simply FAB-u-lous?!?
2) Bitcoin is supposed to be impervious to "bank holidays"... Well if its got to go through a 3rd party whom you NEVER know when its going to go down for days at a time, how is that better? I mean with a bank holiday, I at least know years in advance when they are and can base my transaction around them... With Bitcoin, I may go to do a transaction and then end up having to wait 3-4 days for it actually to take place...
Posted on 2/13/14 at 8:21 am to Lsut81
quote:Meanwhile, Coinbase is exposed to exchange risk. What have we learned about the stability of the exchanges on which Coinbase must make conversions? I wonder how large Coinbase's capital reserves are?
Bitcoin is supposed to be impervious to "bank holidays"... Well if its got to go through a 3rd party whom you NEVER know when its going to go down for days at a time, how is that better? I mean with a bank holiday, I at least know years in advance when they are and can base my transaction around them... With Bitcoin, I may go to do a transaction and then end up having to wait 3-4 days for it actually to take place...
Posted on 2/13/14 at 8:33 am to Poodlebrain
quote:
I wonder how large Coinbase's capital reserves are?
Want to bet what their capital consists of? You guessed it, bitcoin. That's my guess anyway.
Posted on 2/13/14 at 8:35 am to Broke
quote:
That's my guess anyway.
naa i think they actually have some decent funding. But with bitcoins price rising and falling so rapidly, who knows if it's enough. But I'm sure their creditors (owners) will get paid well before the coinbase users if things go south.
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