re: Western Union, MoneyGram execs: opportunity for bitcoin to be used through WU/MG

Wonder if Wiki knows that Reddit CEO Yishan recently revealed that Reddit spends more money on managing bitcoin transactions than it actually receives.




So much for that. Reddit is spending more money on people to police the currency than actual bitcoins received. A whopping 2%, what a model for the exploding bitcoin economy.

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And you, sir, are a flaming pile of neutrality in your own right

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Wonder if Wiki knows that Reddit CEO Yishan recently revealed that Reddit spends more money on managing bitcoin transactions than it actually receives.

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Yep. I participated in that thread.

But you don't really like telling the whole story, do you?

Here are some other comments by him:

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I mean that on an hourly basis, they have already spent more hours having to reconcile the transactions reported as sold with funds passed to us by the payment processor, including the forex fees and gain/loss due to the slight difference in time between the transaction and us receiving any funds in USD (it's a daily sweep, not instant conversion).

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If you were interested in the whole truth, you'll know that they've since switched to a system of instant conversation, which makes accounting much easier.

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If BTC transaction volume went up by 10x, the accounting cost probably wouldn't go up by 10x, so this is really just a fixed (or at least sublinear scaling) cost issue, and it only came up because we just did our monthly close. So I'm really just talking about the first two weeks, where there is a lot of upfront work.

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hmmmmm


https://www.reddit.com/r/Bitcoin/comments/19t3uq/hey_rbitcoin_you_asked_for_some_stats/


Why didn't your buttcoin buddies include that in their screenshot? Do you think they have an agenda?

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Why didn't your buttcoin buddies include that in their screenshot? Do you think they have an agenda?

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I will NOT, stand here, while you accuse me and my Buttcoin buddies of malicious intent. HOW DARE YOU? bitcon < Buttcoin <----------FACT

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Authorities would have to intercept a transaction as it happens. But it is trivial to encrypt it so that the transmission, even if intercepted, would be secure

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What if the authorities are a participant in the transaction? Or do you think that sting operations are beyond the techniques law enforcement organizations will use to track Bitcoin users? Also, Bitcoin users will have to avoid transactions with entites subject to Bank Secrecy Act provisions since they are required to gather information, and make it available to law enforcement, if they suspect the other party is trying to circumvent the Bank Secrecy Act they have an obligation to report it. So much for the protection of encryption if tryng to convert Bitcoins to another currency.

You and Wiki seem to think the government has zero tech savvy employees. I've identified weaknesses in the BItcoin network, and Wiki makes fun of my tech knowledge. Well I'm willing toa admit my limited knowledge, but I'm not fool enough to think that the government is not able to hire people with tech skills superior to anyone who posts on this website. It won't be me chasing Bitcoin users. It will be those experts.

At the same time that law enforcement will be trying to track users for enforcement purposes, criminals will be trying to track Bitcoin users for theft purposes. There will also be tech savvy thiefs who will be trying to gain access to wallets. If they should succeed who does the victim complain to?

What is to stop a government from maintaining a database of every validation request made over the network and using that information to track ownership of every Bitcoin? The only limitation is storage since the information is freely exchanged.

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Obv typo


(That's play #5 from your playbook)

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Well, according to Vols&Shaft, he's never seen LSURussian go grammer nazi (or typo nazi) on someone, even though LSURussian is the biggest grammar nazi on this whole site. Isn't that amazing?






And seriously, how pathetic is it to be a grammar nazi on obvious typos and/or on obvious "auto-correct" errors caused by smart phones. But you know what, I bet LSURussian is so tech stupid that he doesn't know about smartphone autocorrect issues. He probably has a Zack Morris phone.

It wasn't grammar, silly girl.

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But you know what, I bet LSURussian is so tech stupid that he doesn't know about smartphone autocorrect issues

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And you would be wrong again, silly girl. In fact, I'm so tech savvy when it comes to my iPhone 5 that I simply turned off that annoying auto correct feature.

If you don't know how to do that, I can walk you through it. It's so simple even a computer programmer like you can do it....if you're given enough time.

It will be a long time before bitcoins represent enough revenue volume to justify tax evasion monitoring, in spite of you comparing bitcoins' business success with Facebook.

Speaking of that, by the time Facebook had been in use by the general population that bitcoin has now, Facebook was adding more new users EVERY MONTH than bitcoin has in total users now. Now don't you look stupid?

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No doubt that governments all over are going to attempt whatever they can to fight bitcoins (or decentralized crypto-currencies in general), but the issue truly is, can they do it in a cost effective manner?

If it costs them more to investigate crypto-currencies than they can collect in taxes, then the end-game will be in sight.

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Been tried before, Coinstamps remember, didn't work out then, won't work now.