Topic: You'd better sell when APPLE competes with bitcoin.. - page 3. (Read 5918 times)

Who cares?
A payment system attached to a credit card is nothing new. Just the Apple fan boys will bite that, for the rest that's just another PayPal.

Please read what you're responding to.  It makes no difference to me if AAPL has shit security and a bunch of btards got to fap to shitty celeb pr0nz because of it.  I don't care, just like I don't care if my bank gets robbed--my money is safe.  If AmEx, who is partnering with AAPL, thinks their security is ass, that's their problem--they will be covering the potential losses.
Not an argument against people using AAPL coin.

The point is crappy AAPL security is not an argument against using AAPL e-cash.  If they get hax0rd, I lose nothing.
Your bad experience with those institutions is no more of an argument against them than some hipster's bad experience with guns is a reason to ban guns.

@Bitcopia:  Of course banks make money, learn to Capitalism.  Banks provide a service, they're not free, they're not charities.  Children know this.
Unless you think AAPL is going to charge more than other payment methods, I'm cool with them not giving me a special discount "because banks make money, and AAPL is Communism."  

*The point is not to simply make *any* complaints against AAPL, but ones that stick, that makes sense.  Otherwise we just look stupid.

Gr8 B8 M8

No seriously, do you believe that a company that can't even secure their cloud storage services (I'm looking at you iCloud) that are by default used by all of their devices is going to compete with bitcoin?

Those "entities" are great for chargeback scams, aren't they?...

And those entities are profitable. Even after paying for all of the theft and fraud, they are still making a killing. Guess where that money comes from....

Shit, there are entities? I have bad experiences with entities.

I don't think that's how it works.  If my bank gets robbed/some ATM gets hacked, I don't lose any money.  I don't even lose money if someone cards me.  Or even if my PayPal gets compromised.  I don't need to worry about the nuts & bolts.
Unlike Bitcoin, there are entities backing those payment services.

Only a small percentage of really well off people can afford apple products. It's not that much of a threat if most people are using android, or a shit "feature" phone.

Better SELL when apple competes?

Sure, in the meantime try to ask Jennifer Lawrence what she thinks....

You mean the same Apple that leave a brute-force system open and got its cloud hacked? 

Isn't this exactly like Google Wallet, only a year or two later?

(It falls perfectly in line with everything else that Apple does just because Google did it first, from notifications and multitasking/intents in Android to all the cloud stuff. But it makes sense, since Google is probably the only credible competitor to Apple right now.)

Anyway, we all know how Google Wallet killed Bitcoin .. right?

(I think it's going to bring more people into mobile payments, and that can only be good for Bitcoin.)

The future of brick-and-mortar payments is away from secure payment terminals and towards a mobile solution.  The consumer should see the merchant's payment request on a device he trusts (e.g., his phone), and authorize this payment if correct (e.g., using biometrics).  Credit card details could be transferred encrypted (for example using a Diffie-Hellman shared secret) or, better yet, the mobile device could sign a bitcoin transaction (without revealing its private keys).  Secret keys (or card details) could be stored in a secure computing environment on new processors, safe from malware.  If the merchant's payment request is signed (using some sort of certificate system) so that the user can verify that the payment is indeed going to the right entity, then we've almost got an almost ideal solution.  

Apple's touch-ID combined with NFC is a great platform to begin this much-needed transition away from the archaic payment terminal.  The NFC component links the mobile device with the merchant's register, and the touch ID links the individual with the mobile device.  Displaying the price on the user's phone reduces the risk of fraudulent overcharges.  Logistically, merchant's who already have NFC payment terminals may not require new hardware as NFC devices (including sigsafe) are based on the ISO/IEC 14443-4 standard to ensure interoperability.  Speaking with a former Versapay executive, I learned that the software running on the terminals can be update remotely (subject to extensive certification and testing).  Given Apple's immense power, I'd expect that all these details are taken care of and at t=0 numerous merchant terminals across the country will just start to work with iWallet.  But this also means that in a more distant future, another software upgrade could seamlessly enable NFC bitcoin payments across the country.  

I am on the fence whether this will be short/medium-term helpful or hurtful to bitcoin adoption.  The payment system will attract media attention, and I'm sure Apple will do a good job of making it simple to use.  But it won't address any of the problems outlined in Satoshi's white paper:


Furthermore, the Apple hardware (touchID + NFC + secure computing) is more suited to bitcoin than the legacy payment networks, so we should be thankful that we'll have new hardware to write bitcoin apps for.  Long term we are evolving to an open global payment system, and for this electronic cash is critical.  This is the age of disintermediation.  


I should also add that I really hope the iPhone has 2-way NFC like the Samsung phones (so the phone can act as a NFC passive target or as a NFC initiator), but I'm doubtful.  It would be better for bitcoin if it's two-way NFC.

That situation was from 2006. Google checkout was a project more focused on e-commerce, and was ultimately discontinued. Google wallet is a newer project, that has a feature that allows users to checkout in retail stores via NFC. It seems very similar to this new apple payment system.

It constantly amazes me that anyone could be so stupid and gullible as to actually give money to Apple Corporation.

Google checkout failed to get market share because google store is a failure. And ebay is doing all it can to ban google checkout to be used on ebay.

Apple iphone store on the other hand is a success. They can force users to use it and not their competition.

Apple, Visa, Mastercard,

it will be expensive and only bring profit to large corporations.

it will probably catch on, because the world has plenty of retards to fuel these kind of things, but it will be no match to bitcoin, as bitcoin has a completely different target audience.

...not worth a shit...

People always compare bitcoin to corporations and their payment systems.
There is no real incentive for one corporation to adopt the system of another.
Likewise why should any corporation create a system where they do not profit at all?

It makes no difference if Apple or Google has their own "awesome" payment network. Bitcoin offers an opportunity to bridge different ecosystems, it is more or less agnostic to who or what uses it.
That's why it is often compared to http or tcp/ip. You can build stuff on top of it for your own use case.

It's pretty much the nail in the coffin for adoption at the average joe level. We will always have each other though!