[poll] US Senate hearing reception (part II)

mrjeff

newbie

Activity: 18

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Quote from: Buffer Overflow on November 20, 2013, 06:50:40 AM

Quote from: mrjeff on November 20, 2013, 06:15:10 AM

I always here this and all I can think of is what do people do now if they're paying with cash? What's the difference between bitcoin and cash?

Massive difference. I have to actually hand it over in person.
If I walked into a store and purchased a book with cash, and the cashier didn't give me the book I would cause a huge uproar.

If I purchased a book on an online store and paid with Bitcoins and it didn't arrive in post, who do I turn to now?

Problem with reputation is a new store begins at 0, so the first customer has to take a leap of faith.

OK - So what you're talking about is online transactions but people can and do use bitcoins to pay for things face to face. Bitcoins are also being used to purchase digital goods and services with reputable retailers who provide immediate delivery. This forum is sponsored by one, Private Internet Access.

vokain

legendary

Activity: 1834

Merit: 1019

Quote from: Buffer Overflow on November 20, 2013, 06:50:40 AM

Quote from: mrjeff on November 20, 2013, 06:15:10 AM

I always here this and all I can think of is what do people do now if they're paying with cash? What's the difference between bitcoin and cash?

Massive difference. I have to actually hand it over in person.
If I walked into a store and purchased a book with cash, and the cashier didn't give me the book I would cause a huge uproar.

If I purchased a book on an online store and paid with Bitcoins and it didn't arrive in post, who do I turn to now?

Problem with reputation is a new store begins at 0, so the first customer has to take a leap of faith.

or the store has to take a leap of faith....
OR ESCROW IT LIKE SILK ROAD HAS TAUGHT US

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote from: mrjeff on November 20, 2013, 06:15:10 AM

I always here this and all I can think of is what do people do now if they're paying with cash? What's the difference between bitcoin and cash?

Massive difference. I have to actually hand it over in person.
If I walked into a store and purchased a book with cash, and the cashier didn't give me the book I would cause a huge uproar.

If I purchased a book on an online store and paid with Bitcoins and it didn't arrive in post, who do I turn to now?

Problem with reputation is a new store begins at 0, so the first customer has to take a leap of faith.

mrjeff

newbie

Activity: 18

Merit: 0

Quote from: Buffer Overflow on November 20, 2013, 02:57:02 AM

Quote from: TheFootMan on November 20, 2013, 12:54:36 AM

I do not agree the buyer has little protection against fraud. Please elaborate.

Well I've spoke to a friends (non technical ones) about Bitcoin, and the question that always pops up is "Who do I turn to if I'm purchasing an item and something goes wrong?"

With a normal non-reversable Bitcoin transaction, this is a problem.

Protection is expensive, but if we want Bitcoin to go mainstream, average Joe users will demand consumer protection....

I always here this and all I can think of is what do people do now if they're paying with cash? What's the difference between bitcoin and cash? There are very few places where I use a credit card to protect myself and it's usually for accidental damage protection or something similar. If I don't trust a company to refund me if something go's wrong, then I'll probably just find a better company to buy from..

Buffer Overflow

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Quote from: TheFootMan on November 20, 2013, 12:54:36 AM

I do not agree the buyer has little protection against fraud. Please elaborate.

Well I've spoke to a friends (non technical ones) about Bitcoin, and the question that always pops up is "Who do I turn to if I'm purchasing an item and something goes wrong?"

With a normal non-reversable Bitcoin transaction, this is a problem.

Protection is expensive, but if we want Bitcoin to go mainstream, average Joe users will demand consumer protection, which could be done with escrow and multi-sig.

vokain

legendary

Activity: 1834

Merit: 1019

Quote from: adamstgBit on November 20, 2013, 01:16:06 AM

i just have 1 question about the hearing, who was that Chinese girl in the back? ... seriously who? just a random bitchick?

http://www.linkedin.com/pub/jinyoung-lee-englund/31/b39/35b

She is the Director of Public Affairs of our very own Bitcoin Foundation <3

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

i just have 1 question about the hearing, who was that Chinese girl in the back? ... seriously who? just a random bitchick?

F-bernanke

sr. member

Activity: 308

Merit: 250

Quote from: TheFootMan on November 20, 2013, 12:54:36 AM

Quote from: Buffer Overflow on November 20, 2013, 12:19:04 AM

They said they currently won't regulate. My guess is they are hoping Bitcoin will fizzle out, because currently the buyer has little protection against fraud. Which will hinder adoption.

What ever was wrong with people taking responsibility for their actions? If you want to shop at a site, you should check their reputation first.

I do not agree the buyer has little protection against fraud. Please elaborate.

+1

All that "buyer protection" also has massive costs attached to it.

TheFootMan

hero member

Activity: 490

Merit: 500

Quote from: Buffer Overflow on November 20, 2013, 12:19:04 AM

They said they currently won't regulate. My guess is they are hoping Bitcoin will fizzle out, because currently the buyer has little protection against fraud. Which will hinder adoption.

What ever was wrong with people taking responsibility for their actions? If you want to shop at a site, you should check their reputation first.

I do not agree the buyer has little protection against fraud. Please elaborate.

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

They said they currently won't regulate. My guess is they are hoping Bitcoin will fizzle out, because currently the buyer has little protection against fraud. Which will hinder adoption.

the_sunship

full member

Activity: 230

Merit: 100

Quote from: pera on November 19, 2013, 11:59:12 PM

Quote from: Parazyd on November 19, 2013, 11:57:15 PM

The US Government doesn't miss business opportunities.

really? because they still didn't legalized marijuana Wink

that's coming soon enough. In a few years you'll be able to get an 1/8th of sour diesel at walmart with your bitcredit card.

pera

sr. member

Activity: 532

Merit: 261

バカ

Quote from: Parazyd on November 19, 2013, 11:57:15 PM

The US Government doesn't miss business opportunities.

really? because they still didn't legalized marijuana Wink

Parazyd

hero member

Activity: 812

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Space Lord

The US Government doesn't miss business opportunities.

porcupine87

hero member

Activity: 546

Merit: 500

hm

Quote from: wobber on November 19, 2013, 08:58:43 PM

Quote from: porcupine87 on November 19, 2013, 08:56:26 PM

Quote from: pera on November 19, 2013, 08:00:26 PM

wow the first part of the hearing is pretty bad, still watching it, why do you think this was positive? Huh

No strong regulations incoming! One senator even said "maybe we should just leave it alone". Only dreamer believe that all politicians in charge would just enumerate positive facts about virtual currencies...

Too good to be true. My paranoia says they have some hidden agenda.

I am a libertarian. I don't like the state. But I am not a maniac like Molyneux. Politicians are normal people. Some of them want more state some of them less. It's not like every senator is a marionette of the big banks which don't like bitcoin (I even would go so far, that not eben the last half sentence is absolute).

But I expected worse 6 months ago.

NamelessOne

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Quote from: pera on November 19, 2013, 08:00:26 PM

wow the first part of the hearing is pretty bad, still watching it, why do you think this was positive? Huh

How so? The Senator starts off comparing Bitcoin to cell phones in the 80s and how innovation is important. Experts might not understand it and all that but people doing it realize how important it is. Bam 15 years later the whole world is changed. The Senators themselves... aside from the "Bitcoin is Terrorism" idiot senator were pretty well informed and interested in the future. Also... they all kind of talk like this stuff is here to stay.

wobber

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Quote from: porcupine87 on November 19, 2013, 08:56:26 PM

Quote from: pera on November 19, 2013, 08:00:26 PM

wow the first part of the hearing is pretty bad, still watching it, why do you think this was positive? Huh

No strong regulations incoming! One senator even said "maybe we should just leave it alone". Only dreamer believe that all politicians in charge would just enumerate positive facts about virtual currencies...

Too good to be true. My paranoia says they have some hidden agenda.

theonewhowaskazu

sr. member

Activity: 448

Merit: 250

Where can I get a recording for part 1? I only got a chance to watch part 2.

porcupine87

hero member

Activity: 546

Merit: 500

hm

Quote from: pera on November 19, 2013, 08:00:26 PM

wow the first part of the hearing is pretty bad, still watching it, why do you think this was positive? Huh

No strong regulations incoming! One senator even said "maybe we should just leave it alone". Only dreamer believe that all politicians in charge would just enumerate positive facts about virtual currencies...

pera

sr. member

Activity: 532

Merit: 261

バカ

wow the first part of the hearing is pretty bad, still watching it, why do you think this was positive? Huh

NamelessOne

legendary

Activity: 840

Merit: 1000

It was generally positive to neutral. It was more boring as some of it was repeats and there weren't as many zingers in support of bitcoins innovation. The Senators were more informed than the damn witnesses half the time. And the dumb lawyer was on a war against Bitcoin and trying to pump Ripple, she spewed false information and wasn't properly told off either, so she brought things down a bit. Overall there was still emphasis on innovations and the general fact that virtual currencies are to be part of the future.

Topic: [poll] US Senate hearing reception (part II) (Read 2120 times)