Xapo will never work - page 2. | Bitcointalksearch.org

dave111223

legendary

Activity: 1190

Merit: 1001

Quote from: cwp on April 25, 2014, 01:41:37 AM

The biggest mafia-style business in my book is visa/mastercard.
They literally do NOTHING but licensing a service with the layer for "yes/no" operations,
because banks are so stupid, that they couldnt figure out their own platform and API to do it and give the plastic companies the finger.

This doesn't really make sense seeing as both Visa and Mastercard were created by banks (Bank of America and Wells Fargo and a bunch of others)....It's not like these "plastic companies" just showed up and said "You need us" to the banks...

bitcoincal

full member

Activity: 132

Merit: 100

Has anyone used these Xapo cards yet?

LostDutchman

sr. member

Activity: 476

Merit: 250

Quote from: Lauda on April 25, 2014, 07:43:50 AM

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

Oh, really?

And just WHO around here has been writing that for some time?

Think people will catch on?

moriartybitcoin

hero member

Activity: 560

Merit: 500

★777Coin.com★ Fun BTC Casino!

so I wonder, how is XAPO doing?

Anyone actually using them?

Or is this more HYPE and bullshit and not the real McCoy?

RomertL

sr. member

Activity: 470

Merit: 250

Guys, this is NOT as good as all most businesses in the world accenting Bitcoin directly, nobody claims that. But if it works it's second best and very useful for people having a large part of their income in Bitcoin OR prefers to have a large part of their savings in Bitcoin.

Regarding credit card-processors/banks pulling the plug, you would have to assume they've taken that in consideration. It's not like they just forgot that little detail, maybe they have a way of bypassing that through a middleman or something. Who knows if they succeed, but I really hope so and have signed up.

Lauda

legendary

Activity: 2674

Merit: 3000

Terminated.

Quote from: LostDutchman on April 25, 2014, 10:54:46 AM

Quote from: Lauda on April 25, 2014, 07:43:50 AM

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

Broad acceptance of Bitcoin will do the same thing but so many wanted to bring Bitcoin to the people...

My $.02.

Wink

Not as much as Xapo but still. Bitcoin is/will be anonymous if you use it correctly. Xapo will have to report to the government.

moriartybitcoin

hero member

Activity: 560

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★777Coin.com★ Fun BTC Casino!

Quote from: Lauda on April 25, 2014, 07:43:50 AM

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

Yeah, there is no anonymity with XAPO. They require ID and verification documents and they report every penny you run through the card to the government (IRS, FinCEN, etc)

I understand some people don't like the 'high fees' of BitPlastic (which are not really all that high), but you get what you pay for. We don't report ANYTHING to the government and we don't even request your real name. You're going to lose a lot more money paying taxes on your XAPO finances than you are paying .25btc for a debit card through BitPlastic.

moriartybitcoin

hero member

Activity: 560

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★777Coin.com★ Fun BTC Casino!

Quote from: ?? on ??

Why do you think Mastercard pull the plug

Oh, they will! Because Bitcoin is a huge threat to the credit card companies. If Bitcoin gains wide acceptance even just online (nevermind offline), then credit card companies are losing a huge amount of business and market share. Just like Paypal, they will NEVER allow bitcoin to flourish.

LostDutchman

sr. member

Activity: 476

Merit: 250

Quote from: Lauda on April 25, 2014, 07:43:50 AM

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

Broad acceptance of Bitcoin will do the same thing but so many wanted to bring Bitcoin to the people...

My $.02.

Wink

Lauda

legendary

Activity: 2674

Merit: 3000

Terminated.

Wouldn't this make every transaction traceable? Their project is a mistake. This way Bitcoin users would lose their anonymity.

luna_from_cydonia

newbie

Activity: 6

Merit: 0

Quote from: Elwar on April 25, 2014, 05:02:43 AM

Quote from: luna_from_cydonia on April 25, 2014, 04:58:03 AM

I really do not understand the purpose of such cards if this is the tech age and people do everything to move from excessive number of cards stuck in the wallet.
I thought that paying with Bitcoins could free us from cards, but here I see the opposite.

So, giving +100 to the arguments in the top post.

Welcome to the forums.

The point is to move your money to bitcoins instead of holding inflating government fiat.

Until bitcoins are accepted everywhere you either have to cash out bitcoins to government fiat then transfer it to something to spend the money or keep some government fiat or whichever.

With Xapo you will be able to convert every paycheck immediately to bitcoins. Then just use your one card to pay for things that you cannot pay with bitcoins.

Ok, thanks for explanation. Find it reasonable now, but am expecting a very long transformation period...

Pente

hero member

Activity: 529

Merit: 527

Quote from: Elwar on April 25, 2014, 05:02:43 AM

Quote from: luna_from_cydonia on April 25, 2014, 04:58:03 AM

I really do not understand the purpose of such cards if this is the tech age and people do everything to move from excessive number of cards stuck in the wallet.
I thought that paying with Bitcoins could free us from cards, but here I see the opposite.

So, giving +100 to the arguments in the top post.

Welcome to the forums.

The point is to move your money to bitcoins instead of holding inflating government fiat.

Until bitcoins are accepted everywhere you either have to cash out bitcoins to government fiat then transfer it to something to spend the money or keep some government fiat or whichever.

With Xapo you will be able to convert every paycheck immediately to bitcoins. Then just use your one card to pay for things that you cannot pay with bitcoins.

+1

I even gave them a small show of faith & opened an account at Xapo and sent 0.04 BTC to it.

Elwar

legendary

Activity: 3598

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Viva Ut Vivas

Quote from: luna_from_cydonia on April 25, 2014, 04:58:03 AM

I really do not understand the purpose of such cards if this is the tech age and people do everything to move from excessive number of cards stuck in the wallet.
I thought that paying with Bitcoins could free us from cards, but here I see the opposite.

So, giving +100 to the arguments in the top post.

Welcome to the forums.

The point is to move your money to bitcoins instead of holding inflating government fiat.

Until bitcoins are accepted everywhere you either have to cash out bitcoins to government fiat then transfer it to something to spend the money or keep some government fiat or whichever.

With Xapo you will be able to convert every paycheck immediately to bitcoins. Then just use your one card to pay for things that you cannot pay with bitcoins.

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

BitPlastic costs 5% to convert your bitcoins to cash to put on the card and it's not instantaneous meaning you have to pre-load it.

With Xapo it converts right when you make a purchase so you can keep your money in bitcoin right up until you make a purchase and not have to worry about loading it with cash.

The key will be how much, if anything, they charge to use the card.

luna_from_cydonia

newbie

Activity: 6

Merit: 0

I really do not understand the purpose of such cards if this is the tech age and people do everything to move from excessive number of cards stuck in the wallet.
I thought that paying with Bitcoins could free us from cards, but here I see the opposite.

So, giving +100 to the arguments in the top post.

crocko

hero member

Activity: 826

Merit: 1000

'All that glitters is not gold'

Anyone used https://bitplastic.com/ before ?

What stop https://bitplastic.com/ to steal your coins ? Or give you less money than a regular exchange ?

Leogheo

member

Activity: 93

Merit: 10

There are too many serious problems. they just have not to solve them!

cwp

newbie

Activity: 11

Merit: 0

Well, PAYPAL has proved, that they do not technically need the credit card issuers (middlemen)
and can work directly with the banks,
or as in Europe, register themselves AS A BANK.

The biggest mafia-style business in my book is visa/mastercard.
They literally do NOTHING but licensing a service with the layer for "yes/no" operations,
because banks are so stupid, that they couldnt figure out their own platform and API to do it and give the plastic companies the finger.

It is the proof that a bunch of idiots in suits,
can create a trillion dollar business that sells AIR to the general public.
The epitome of snake oil on steroids.

cr4sh0verride

full member

Activity: 189

Merit: 100

I'm sure they are all sitting in their offices now going.. FUCK!

I can't believe we didn't think of all this before we decided to announce our product

Thankfully Sherlock's nemesis of the Bitcoin world is here to save the day!

Let me ask you a question... Are you a Stakeholder in any respect for BitPlastic?

LostDutchman

sr. member

Activity: 476

Merit: 250

Quote from: moriartybitcoin on April 24, 2014, 11:57:53 PM

Xapo just announced its Bitcoin debit card, but it will never work. They received $20million+ from venture capitalists, so they have to show something for their efforts.

Here are the problems with XAPO:

First, Mastercard can (and will) pull the plug at any moment.

Second, the bank can (and will) pull the plug at any moment.

Third, the card will work (if it EVER works) in only a few countries.

Fourth, you will have to submit your ID and personal information, exposing yourself to identity theft from hackers who penetrate their server (which happens in the Bitcoin world all the time)

Fifth, Xapo will report all your finances to the IRS and FinCEN.

Sixth, most likely they will never actually get their card off the ground, like CaVirtex failed to do.

If you want a REAL Bitcoin debit card that ACTUALLY WORKS RIGHT NOW, then the ONLY solution available is https://BitPlastic.com

Well, I dunno about Bitplastic but as far as the rest goes, you are spot on!

My $.02.

Wink

Topic: Xapo will never work - page 2. (Read 7282 times)