Topic: Calling all Bitcoiners: SPEAK OUT against CIRCLE! - page 7. (Read 6812 times)

I'm a big fan of the Bitcoin protocol!

Thought Circle's implementation was a great idea. Am I missing something here?

How does it differ from any operating Bitcoin business/exchange like; Bitstamp, Coinbase, Kraken?

Once you transact with them, you can immediately withdraw your BTC, can you not?

read the terms, they put a lien on your coin as soon as its deposited. they then use those coins to trade for their profit AKA fractional reserve

where the total bitcoins on members balances. DOES NOT equal the total holdings in cold store. its not used as a reserve. its used as trading money. no wallet provider should EVER take your bitcoins and then play with them behind the scenes. if they want to do it, they should stick with FIAT.

if they make a bad gamble and lose coins, yes its protected by their insurance (kind of). but most insurance companies do not pay out simply on request multiple times per year, they usually do it when there is no other way out. so circle would probably keep their investing losses a secret from the public and continue with the less coin to attempt to recoop losses, without publicising it. after all if they did publicise it, they would see soo many withdrawal requests, they would be left in debt.

thus until totally in unrecoverable debt to make an insurance claim, you will never know the true reserve they have backing the balances of their customers..

we dont need fractional reserved investments paying for bitcoin business profits. as it never ends well. EG first meta putting funds into MTGOX, then losing it. and the women in charge ends up committing suicide. while brock pierce walks away selling off his stake in the first meta company.

1st: I am the strongest fan of this Decentralized Monetary Revolution.

2nd: No 'centralized' organizations can captivate nor 'control' Bitcoin.

3rd: Empty statements that the CEO is corrupt without references wiz right past my ears. (is the competition of Circle fuming already???)

4th: No one is going to control my "savings wallet" and it's private keys but myself. Nor should anyone that has nary a clue let anyone control larger amounts for them either.

 That said the best financial service will likely end up as my "Online Bitcoin checking/purchasing/spending account" for ease of use. aka an Online Spending Wallet. Toss in viable insurance and free transactions costs for purchases and it's a huge winner as long as other things like markups to and from Bitcoin to fiat isn't unreasonable for the Mainstream folks. But a word of caution; just don't try and play online poker/gaming with any Circle account in the USA. There is a warning in their terms about that for USA based accounts, after all their playing by the rules and laws here, unlike Wall Street, and Banksters, whom change the rules when they lose and turn their losers back into winners, much the same for Congress and certain others for that matter.

5th: I believe that Circle is the Biggest thing to happen yet to Bitcoin, that is if their ducks are all in a row, and it proves to be a solid run organization. After watching the video I believe the CEO has extremely good credibility, but only time will prove everything out. To sum it up I have no problem with anyone with solid business plans including any company that cares to offer Bitcoin financial services. How could anyone attempt to freeze any business endeavor out by screaming about  so called phony threats of 'centralization of Bitcoin'. What nonsense.

6th: One major big event after another is going down starting in January 2014. From Overstock to Tiger Direct to now quite likely the biggest and best thing yet for Bitcoin. From here out things get mighty exciting. With or without Circle there is an army of big guns arriving on scene over the next months directly ahead.

2014 is THE YEAR OF BITCOIN
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 And here we have the OP worried about the impossibility of the centralization of Bitcoin by financial firms. Wrong. No one can centralize a Decentralized Cryptocurrency. The genie is out of the bottle. It's a done deal. Bitcoin is Free and can't be stopped, nor captured, by any enemies, unless they purchase it all up, and if so then we all semi-retire and start all over with another Bitcoin, lol.

 I have a strong suspicion Circle is going to be a huge success with their business model, like it or not. Of course if so their competition is either going to be forced to compete and offer the same great deals or perish. That's the joy's of real competition, it gets better for customers, unlike what we suffer under today in almost the entire world.

 Don't fret OP. No one can centralize Bitcoin. It's not possible.



Bitcoin is Freedom.

What Hunyadi said.

Centralizing Bitcoin is one thing, developing a centralized Bitcoin service (one of many) is another thing. If you don't like Circle, don't use it and continue to use Bitcoin as you do now. This is for the unwashed.

We need services like Circle. It is good for the less tech savvy users. Of course, we also need decentralized exchanges and dark wallets (and BTC ETF). Something for everybody. You don't have to use Circle.

It doesn't appeal for me neither, but they demoed features which could be very useful for newbies. Instant covnersion, no fees, insurance, etc.

I'm more concerned about the sustainability of their services. Free insurance, no fees, allegedly very good infrastructure...sounds too good to be true.

Not to mention that if circle gets many clients paypal won't hesitate to capture this market.

http://bitcoinpete.com/2014/05/16/who-sucks-more-circle-or-twobitidiot/

The idea sounds bad for me too. Why should we centralize a non centralized currency just like said.

Circle also has no transaction fees and buying or selling fees...

This kind of service is really needed for bitcoin to go mainstream especially in developing countries

First of all please explain why do you call him corrupt..

Next why do you call this a ponzi scheme?

A ponzi is one where you the company collects your money and promises a large sum later, but in this case, is there such a promise like that?

After all this is just an insurance backed wallet storage sevice..

Think about all those who suffered in that Mt.Gox crisis...

Now think about how an insurance backed instutution will help people have confidence in this already FUD filled bitcoin world.

Thanks for sharing your view.
But I am worried about the effects when some bad big event occur in the case of Circle and put Bitcoin (again, like MtGox) in a negative view.
For example, lets assume that Circle will be a huge success. Sounds great right. It is. Now lets assume that the success will be so big that almost everyone will use Circle. When Circle gets too much power turn bad and they decide to destroy primary keys OR will be hacked in some way... When this happens a lot of people lost trust in Bitcoin, because they feel robbed. But this is not Bitcoins fault. It is because people trust to easy on other people. One of the primary goals of Bitcoin is (original Bitcoin document): No one can be trust (and in case you don't trust bitcoin itself, do not use it!). This primary advance will disappear if people decide to store their coins at some place other than by themselves (brainwallet / paper wallet / local pc)

Sorry for my bad English

You know what else is mainstream?  Federal reserve notes.  

It doesn't matter how mainstream bitcoin becomes if it becomes another fiat currency controlled by centralized institutions in the process.  Circle issues IOU's to bitcoin.  IOU's can and will be manipulated unless we reject any and all centralized bitcoin institutions / bitcoin "banks".

Why?

Circle looks interesting so far. Take a look at this intro video:
https://dotsub.com/view/472e43ab-0c1c-48a4-8f38-3780e18fcff5

Things like Circle can only make Bitcoin more popular and take it mainstream. But even when Bitcoin is mainstream, there will always be ways for hackers and crypto-anarchists to use Bitcoin anonymously and untraceably.

So everyone wins.

No reason to get spun up yet:

1) Perusing these forums, the majority of posters are hardcore technophiles who most likely are looking for ways where they can profitably fit in the new BTC economy while it's early days. Are these hardcore types really the market for "Circle", ahhhhhhh........ no.

2) The market for circle is Pops in Kansas who has a few extra bucks to invest or some young chump from Yutzville who has more money than sense. This crowd needs some sort of security blanket, or at the minimum, the patina of some sort of fiscal responsibility. This crowd won't enter the water until they can dip their toe. So if Circle can bring in people who otherwise would not get involved in BTC at this time, it's probably a good thing.

3) Finally bitcoiners will have to get use to the idea that some corporate giant "central authority" will attempt to gen up their own cyptocurrency and try to control it.

I hate these kind of developments. People apparently like to get screwed time after time. Fully agree with OP. And f-bernanke. And always finds these scumbags ways to destroy freedom.

People: It's one thing to be concerned they are a scam, but Circle cannot literally inflate the amount of actual Bitcoins.


Great reminder ^^
Even Apple OSX is/was based on Open source, if my memory is correct.
Checking...
Yes, correct: http://www.apple.com/opensource

The concept of an open neutral system means that people are free to use it in ways that you don't like, and they're not stopping you from using it the way you like.

A great analogy is GNU/Linux. IBM can go ahead and contribute to it and load it on their own commercially-sold servers, but that doesn't stop a teenager in a third world country from learning about programming by loading Debian onto a Raspberry PI.

That explains a lot of things: https://www.youtube.com/watch?v=ZloserjZNfM

I agree with OP.

People need to learn that if they don't own the private keys, they don't own the coins. Company's like circle can inflate bitcoin massively, just like gox inflated the bitcoin supply.