Quote from: Adrian-x on July 10, 2014, 01:46:19 AM

Quote from: JorgeStolfi on July 10, 2014, 01:23:39 AM

I just posted the news. I think it is good for Andreas, bad for TBF, not directly relevant to bitcoin. BUT the RealCoin initiative can only be bad for bitcoin; how much, who knows.

the RealCoin, initiative, shows up Brock Pierce (will show him up) as a fraudster, ultimately it will be good for Bitcoin, bad for all those suckers who get ripped off.

RealCoin seems like a joke, but may be problematic in the near term as it will distract funds that would otherwise go to Bitcoin and when it crashes it may make people even more distrusting of cryptos.

Exactly what does RealCoin offer? It is only exchangeable for the U.S. dollar which means that any international transactions still require currency exchange fees and delays. This guy's big, bright f---ing idea is WesternUnion. This is what Warren Buffett should be throwing his hands up and calling Western Union... not Bitcoin.

Also, what would motivate somebody to use this crypto domestically when there is limited market cap for dissolving the funds?

Also, it is moving too quickly to widespread adoption without accumulating market cap through, you guessed it, speculators. They are setting up ATMs and agreements with businesses who will be left with these things on their books until they can exchange them out. When they go to exchange them, because there is a limited market cap, the price will be tremendously distorted. In short, unless their is actually a reserve of dollars/gold/some other asset behind this crypto such that they can offer automatic exchange at some sort of fixed rate this is a complete non-starter. Even if the latter, you'll see fractional reserve activities, a run, and a bust (they'd have to just to make money on the venture and/or they'd have to charge so much in fees that you might as well just use a credit card and avoid the bull----). It strikes me as very stupid. Am I missing something or fundamentally wrong in some appreciable way? (honest question... some of you "old-timers" would know)