Thursday, July 20, 2017

Payments

Altcoins are about to go crazy

At some point late last year the price of bitcoins started to go crazy. We saw huge month over month gains, anyone who got in at the right time did fairly well. Altcoins are just about to do the same thing. If you buy into Gresham’s Law this all starts to make a lot more sense. The value of money is directly related to it’s security. Security is comprised of two components, price stability and actual security. Price stability is still tough with crypto-currency but things are getting better, albeit slowly. Security on the other hand is pretty simple. Assuming …continue reading

Why bitcoin will survive the firey hell that fiat cannot

The other night I read a post on hacker news that just seems overly angry at the success of the bitcoin community. Bitcoin cannot, should not, and will not die in a fiery hell. There are a lot of reasons for this, and despite recent volatility there are lots of reasons why bitcoin is great. It’s a new system, new systems tend to attract lots of hate and loathing from those who are uninitiated. In the case of the author I’m referencing I think he’s just plain jealous of those of us who are winning I’m not sure why (s)he …continue reading

Bitcoin Bolsters Banks

There seem to be a lot of people thinking that banks should be “scared” of bitcoin, or that bitcoin will replace modern banking. This is simply not the case. To quote the FDIC “8.2 percent of US households are unbanked. This represents 1 in 12 households in the nation, or nearly 10 million in total.” An additional 10% or 14 million households are considered underbanked. It is this unbanked and underbanked population that stands to gain the most from technologies like bitcoin. The pros for the unbanked population are clear, while the gains for the underbanked population are a little …continue reading

How bitcoin payments should work

Bitcoin needs a physical merchant payment system. An ambient backscatter type device could provide a truly elegant solution, to what is a mildly complex problem.  A solution of that quality may be several years or more away. This device will require some computing power.  To maintain security transactions must be signed on a device carried by the user. This could look something like Trezor, but I’d prefer it to look and feel more like coin. Regardless of the form factor there should be a “2-touch” process, where the users’ device receives transaction details from the merchants gateway, the user is …continue reading