Topic: will circle's new insurance model bring bitcoin mainstream? (Read 3912 times)
Screams scam. There's no insurance in online digital pirate money.
Mtgox was officially registered company and went down. Imo its safer to keep most bitcoins in local wallet.
This whole company screams scam.
Anyone else feel like that whole video just screams SCAM?
This whole company screams scam.
I think Circle is the probably the first real shot bitcoin has had at making a dent in the mainstream market.
How so, though? If they are using an unsustainable business model (which is hard to tell at this point, being that most information is under wraps), they are more detrimental than helpful.
I think Circle is the probably the first real shot bitcoin has had at making a dent in the mainstream market.
This. There is no way anyone could insure your own money, because there's too much of a liability. You could spend all of your coins and claim they were hacked and stolen, and nobody would know any better.
This is the problem with most schemes offering 'insurance'. Even if they offered insurance for other cases (such as hardware failure) it's all to easy to claim it and go spend both. It just seems to be impossible to insure something that people cannot verify you have and verify that you have lost.
Anyone else feel like that whole video just screams SCAM?
This whole company screams scam.
Circle has been pretty damn hazy as to how they will be paying the insurance premium...
Your account is not insured, they are insured.
If you computer is compromised and your account gets hacked you are just as fucked as you are with any other service.
The insurance is only against them getting robbed.
If you computer is compromised and your account gets hacked you are just as fucked as you are with any other service.
The insurance is only against them getting robbed.
This. There is no way anyone could insure your own money, because there's too much of a liability. You could spend all of your coins and claim they were hacked and stolen, and nobody would know any better.
Your account is not insured, they are insured.
If you computer is compromised and your account gets hacked you are just as fucked as you are with any other service.
The insurance is only against them getting robbed.
If you computer is compromised and your account gets hacked you are just as fucked as you are with any other service.
The insurance is only against them getting robbed.
it will bring bitcoin services alot further. for mainstream adoption you need a simple and secure service like this. most people will never install a wallet.
so its great to have such a company!
so its great to have such a company!
If "signing up and exploring" includes depositing money, I'll pass and would advise other do the same until more details are revealed. Aside from the track record of third parties being trusted with private keys, I think people generally shouldn't be so trusting of people on the internet claiming they'll look after your money for you.
I've used the analogy multiple times now, but if this was someone standing on a street corner with a glass box saying they'll look after your cash for you and convert it into another currency with no fees, I doubt you'd be too inclined to oblige in putting your money in. But show people a flashy youtube video asking people to deposit Bitcoin and for some reason they suddenly think it's a great idea to hand their money over to a complete stranger.
If they're not 100% clear and precise about how it works and how they make their profit while still protecting their customers' money, don't put money in.
I've used the analogy multiple times now, but if this was someone standing on a street corner with a glass box saying they'll look after your cash for you and convert it into another currency with no fees, I doubt you'd be too inclined to oblige in putting your money in. But show people a flashy youtube video asking people to deposit Bitcoin and for some reason they suddenly think it's a great idea to hand their money over to a complete stranger.
If they're not 100% clear and precise about how it works and how they make their profit while still protecting their customers' money, don't put money in.
There is no need to deposit money. On the contrary, Circle will give you $10 after you have signed up.
If you are concerned with Circle holding your private keys, just withdraw your btc.
But you are right, I am still not 100% clear how it works even after watching their demo video.
http://www.youtube.com/watch?v=Kgzu-QwzW3M
Having trouble figuring out what the business model is here. If there's no fees and everything is free, where does their profit come from? Is the deposit price the same as the withdrawal price? Is their trading price higher than the amount you'd pay elsewhere? And how they can afford to give away $10 to each new user while still being able to afford insurance?
Call me skeptical at the moment. There's a few too many unknown variables for me to take it at face value.
Call me skeptical at the moment. There's a few too many unknown variables for me to take it at face value.
Keywords: deposit, withdraw, send and spend.
I am not too concerned about profit as I've read that they have millions of VC fund backing them and they do not plan to charge fees at this stage. It is probably similar to how facebook operate in the early stages. To them it is about capturing market share. Profiting comes later.
What I do not understand is sending and spending. Just sign up and explore.
If "signing up and exploring" includes depositing money, I'll pass and would advise other do the same until more details are revealed. Aside from the track record of third parties being trusted with private keys, I think people generally shouldn't be so trusting of people on the internet claiming they'll look after your money for you.
I've used the analogy multiple times now, but if this was someone standing on a street corner with a glass box saying they'll look after your cash for you and convert it into another currency with no fees, I doubt you'd be too inclined to oblige in putting your money in. But show people a flashy youtube video asking people to deposit Bitcoin and for some reason they suddenly think it's a great idea to hand their money over to a complete stranger.
If they're not 100% clear and precise about how it works and how they make their profit while still protecting their customers' money, don't put money in.
Having trouble figuring out what the business model is here. If there's no fees and everything is free, where does their profit come from? Is the deposit price the same as the withdrawal price? Is their trading price higher than the amount you'd pay elsewhere? And how they can afford to give away $10 to each new user while still being able to afford insurance?
Call me skeptical at the moment. There's a few too many unknown variables for me to take it at face value.
Call me skeptical at the moment. There's a few too many unknown variables for me to take it at face value.
Keywords: deposit, withdraw, send and spend.
I am not too concerned about profit as I've read that they have millions of VC fund backing them and they do not plan to charge fees at this stage. It is probably similar to how facebook operate in the early stages. To them it is about capturing market share. Profiting comes later.
What I do not understand is sending and spending. Just sign up and explore.
Having trouble figuring out what the business model is here. If there's no fees and everything is free, where does their profit come from? Is the deposit price the same as the withdrawal price? Is their trading price higher than the amount you'd pay elsewhere? And how they can afford to give away $10 to each new user while still being able to afford insurance?
Call me skeptical at the moment. There's a few too many unknown variables for me to take it at face value.
Call me skeptical at the moment. There's a few too many unknown variables for me to take it at face value.
According to the coindesk article, Circle lets consumers deposit, withdraw, send and spend btc.
If Circle accepts customers from most of the countries, it will be big. Imagine the ability to deposit btc in US, send it to anywhere in the world and withdraw btc. It is frictionless remittance. The challenge is having banking relationships in each country.
I also do not understand how btc is spent in Circle, assuming Circle holds the private key.
If Circle accepts customers from most of the countries, it will be big. Imagine the ability to deposit btc in US, send it to anywhere in the world and withdraw btc. It is frictionless remittance. The challenge is having banking relationships in each country.
I also do not understand how btc is spent in Circle, assuming Circle holds the private key.
Hey sir, you sir, yes sir, come here, sir, i got somethin' for you, sir. Here sir....
I know is the proverbial ass-aproach in this forum to everything since this industry is plagued by professional scammers but...
I will not be an early adopter on this one. I dont have problems on joining during the "mainstream" phase :-)
Looks like exactly what average joes are looking for. Insured bank account and can buy bitcoins without fees. I'm gonna ask for a invite and check it out.
$10 btc free when you sign up.
Looks like exactly what average joes are looking for. Insured bank account and can buy bitcoins without fees. I'm gonna ask for a invite and check it out.
Anyone else feel like that whole video just screams SCAM?
NO.
In fact this could well be the Very BIGGEST THING to happen for Bitcoin so far!
Yes it could instead turn out to be a dud. But the CEO seemed extremely credible to me.
If their markups to and from Bitcoin are not excessive then their free services business model to their customers will almost surely go down as a huge sucess in the Mainstream. In return for insured accounts and all their "free" financial services offered at Circle it seems their covering all the bases quite well with a solid business plan if their ducks are all in a row. On the flip side their likely gaining additional fees through other means rather than directly from their customers. Time will tell, but hopefully this is The Real Deal, finally!
*Only their business address and phone or at least a fax number are not yet listed on their site so far, plus no mention I found yet of their insurance carrier. I haven't read everything yet though. Shortly I will, if I find any of this I will update in a reply below within 24 hours. If these are not found then hopefully they read this and decide to list all of these things very soon to put us at further ease: At least a business mailing address, a fax number, and their insurance carrier, at a minimum. Personally I don't expect it to be Lloyd's of London, any ole 'too big to fail' is okay, lol. Okay, not really, but one get's the joke I hope.
I believe Circle is on the up and up. I have a great feeling about Circle.
2014 is THE YEAR OF BITCOIN.
------------------------------------
From here out things just get better and better for all things Bitcoin.
With or without Circle, big things, huge things, are going to occur throughout the rest of 2014 for Bitcoin.
In 2013 Bitcoin merely arrived on scene in earnest. But 2014 and 2015 is when huge things occur for Bitcoin. HUGE THINGS. Very likely starting with a Circle!
To the person that asked what do they offer? Watch the video and listen, or read the article at:
http://www.coindesk.com/circle-reveals-roadmap-bringing-bitcoin-mainstream-market/
Bitcoin is Freedom.
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