Post
Topic
Board Speculation
Re: permabulls not only lost the control over this section-in fact they are extinct
by
NotLambchop
on 08/12/2014, 19:29:58 UTC
... Bitcoin is the single greatest development in payments since the credit card. There is nothing faster, cheaper, or more secure. ...

I'm tired of hearing the same tripe regurgitated.

-Bitcoin is tremendously slow.  You aren't new to this, I'm sure you know how long six confirms take.  
A CC transaction takes seconds.
So much for "fast."
I don't think you understand how credit cards work. It takes 2-30 days for a credit card to clear, sometimes longer. The retailer receives a promise to pay immediately, but no money. Like checks and the like, identity must be confirmed and that takes at least days. Oh, and because sometimes the identity is fake, you must pay to subsidize the criminals who use the cards also. You don't think that insurance is free do you?

As a consumer, I do not have to wait more than a few seconds to transact via CC.  The rest of your reply has nothing to do with speed--the point being addressed--and thus irrelevant.

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-A CC transaction costs the consumer zilch.  I also get to flyer miles as perks.  The argument "the CC fee is already a part of the price" is valid, but opens Bitcoin to an identical one--the miners are compensated for processing transactions with block rewards, currently over 10% BTC market cap per year.
So much for "cheap."

MasterCard did not get rich writing checks, they charge you for using their services. And man are they rich. Where did that money come from? Well the retailer has to pay 3%, and that is passed to you, of course. They also make huge money from interest and a million hidden fees. No thanks. I will control my own money and pay only a fee to the miners. That's fine with me as the price is silly low and they are doing something for me.

Again, as a consumer, I don't care how much credit card companies make--using CC costs me nothing.  Re. "hidden fees":  Kindly review what you are responding to, the point was addressed.

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-More secure?  How much of Bitcoin's market cap was lost to theft/hacks/scams?  Start with Mt.Gox.
Bitcoin user has absolutely no recourse when his coin magically vanishes--due to his stupidity or maleficence of others.
CC, on the other hand, offers real buyer protection.
So much for "secure."
How much was lost in bank robberies this year? Are dollars safe?
If people are not safe with money, someone will take it. Is that your point? If so I agree.
Credit cards offer insurance, which is paid for by you and the retailer. That is not protection. Hell I could buy insurance for bitcoin.

Regardless of how CCs accomplish security & how much it costs, this security both exists and is superior to that offered by BTC, which is none.  Existent security is what you're attempting to address.
But I'll humor you:
If you buy insurance for Bitcoin, odds are ~95% that you are being ripped off, see:  all the "insured" Pirate@40 passthroughs.
Further, your argument is absurd on its face:  For insurance to be meaningful, there must be a trusted third party--the very thing Bitcoin was created to avoid.

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I'm on my 3rd. card this year! MasterCard has proven to me that they CAN'T keep my financial information safe. Fortunately, with bitcoin I control my security and I have never lost a Satoshi.

You went through three CC this year?  But you said you use BTC?