Three Huge Breakthroughs for Bitcoin

Good News for Bitcoin

There were three big stories regarding Bitcoin this week.

Business Insider notes:

Union Square Ventures [an early investor in Twitter, Tumblr, Foursquare, Zynga and other huge Web successes] principal Fred Wilson just led his first startup deal in nearly two years.

Wilson led a $5 million round in Coinbase, a startup for buying, selling, and accepting Bitcoins.

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“We believe that Bitcoin represents something fundamental and powerful, an open and distributed Internet peer to peer protocol for transferring purchasing power,” Wilson wrote on the USV blog.

Tech Crunch reports:

Today, mobile gift card company Gyft has partnered with BitPay to start accepting bitcoins within its app.

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Gyft allows you to purchase gift cards at more than 50,000 retail locations in the U.S., including Brookstone, Lowe’s, GAP, Sephora, Gamestop, American Eagle, Nike, Marriott, Burger King and Fandango. So, technically, you’ll now be able to use bitcoin to pay for a Whopper.

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The new bitcoin payment option is only available on the Android version of Gyft, but is as easy as choosing your choice of payment once you’ve chosen the gift card that you want to buy. Simply pick bitcoin and then use your wallet to pay for it.

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TC: How long do you suspect it will take until the average consumer gets educated on bitcoin and uses it?

Gallippi: Bitcoin is hard to use today, and that’s a good thing. There are still bugs and it is too risky for the average consumer. The infrastructure of bitcoin cannot handle hundreds of millions of users at this time, so a gradual adoption is better.

***

TC: Since this lets you convert into a gift card, how long do you think it will take to be able to make direct purchases using bitcoin?

Gallippi: E-commerce will adopt new direct bitcoin payments faster than retail, since e-commerce already has payment gateways in place for software-only payments.

TC: How do you feel about the recent stories of DDOS attacks that have affected bitcoin and how that’s perhaps scared some people away from the currency?

Gallippi: Bitcoin companies suffer from DDOS like all banks do. However consumers actually are inconvenienced less with a bitcoin wallet DDOS. With your online banking, if your bank is down, you cannot access your money. However with bitcoin, if you are in control of your private keys, if the wallet you use is down, you can upload your backup into a different wallet that is up, and have immediate access to your funds. That is possible with bitcoin, but not possible with any other type of traditional bank.

And the Bitcoin Channel points out that a China Central Television, a state-run broadcaster, has given Bitcoin a positive review.    This is likely a shot in the currency war by China against the U.S. Dollar.

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  • Tonto

    “We believe that Bitcoin represents something fundamental and powerful, an open and distributed Internet peer to peer protocol for transferring purchasing power,” says the article quoting a presumably visionary Bitcoin trader.

    Having lived long enough to fully comprehend how difficult it is to give anything legs in this -rightly-skeptical and -even more- cynical world, one needs to wonder, how does this Bitcoin (note the capital letter!) get itself rolling along from nothing, into the widely misunderstood idea being repeatedly forced into the consciousness of so many? The -bitcoin- is a manufactured media-phenomenon, with someone -or something- behind the scheme.

    However it is happening, rest assured the nefarious actors behind the -bitcoin- itch with amazingly deep pockets and suspiciously virulent media connections, have a scheme, and it’s a whopper.

    The -bitcoin- scheme is a whopper whose design is perfectly matched and tuned to the dull, euphoric and predictably gullible pundits of the alternative media. Bitcoin seems to be nothing less than the latest Morgellon’s disease, a mass induced hysteria created solely with the social fibers of the new social connectivity of the Internet, where young minds play, and regularly fool themselves into believing they have an omniscient prescience on a parallel with God himself.

    The Internet creates the very same dopamine stimulus as did smoking a joint, or listening to Rock& Roll music a few generations ago. The people who fall for all this alternative media hype are stoned on their own false ideas of omniscient prescience. A half-dozen generations back it was ably named -delusions of grandeur-. It’s always been associated with mental decline. But now it has become so widespread, it seems now more a social disease, like syphilis or perhaps Mormonism.

    You’ve got to love the Mormons. They gave us Mitt Romney, the -bitcoin- of Republican presidential nominees!

    This is my opening quote from the article again.

    “We believe that Bitcoin represents something fundamental and powerful, an open and distributed Internet peer to peer protocol for transferring purchasing power,” says the article quoting a supposedly visionary Bitcoin trader.

    Note how the person speaks in the first person plural, “we”. Anyone who speaks thus is a delusional fool, -or an intentional schemer. The Mormons will get caught speaking in the “we” pronoun too.

    The -bitcoin- is nothing different from when kids all over the world started using greasy kid’s stuff to comb their hair like Elvis, when another generation of kids started surfing all over the planet, or when the flower-power generation starting hitch-hiking to San Francisco in search of peace and love, except that it’s far too likely -bitcoin- is going to make a lot of people very poor, and a few nefarious, scheming, scoundrels laughably rich.

    Did people stop getting Morgellon’s disease when the alternative media stopped writing about it?

    Get a life. And stop falling into these common ninny-traps.

    • gordon strickland

      I hope I’m not the only one saying this: You lost me at Morgellons’s……

    • You sir, are a little bit crazy, but I don’t blame you. Bitcoin is like the internet was in the 90’s.. a crazy idea that didn’t make sense to anybody except for those who were educated enough in how it worked to understand its implications. You cannot understand bitcoin or its implications if you don’t fully understand open-source software, peer-to-peer distributed networking, public key cryptography, one way hashes, and what is known in distributed computing as the consensus problem. Anybody who doesn’t understand all of these things will inevitably label bitcoin a scam, or a sham, because they simply cannot understand what it actually is, what problems it solves, nor what its implications are. Bottom line is that bitcoin is a better mouse trap. I can safely, securely, quickly transact with anybody in the world without going through a middle man like a bank who takes a significant portion of my transaction. This means my internet company can instantly go global just by accepting bitcoin. I can sell my services to Nigerians, to Chinese, to Syrians, to Venezuelans, to anybody. They don’t have to have access to U.S. dollars, a VISA or Paypal account. Bitcoin allows people to do things that they couldn’t do before. This is something that cannot be easily dismissed.

    • Egg

      Oi Nutter! It’s time for your medication. Nurse Doris will be with you in a moment.

    • handsome johnny tubesteaks

      ya,… bro… i think you might be nuts. maybe im just a manufactured “voice” to you, but i know i’m not. i’ve been with this bitcoin things since before any news media ever heard of it. since before they published shitty scary “omg ur money will be haxxed” pieces.

      bitcoin is a technological LEAP because it takes the power to CREATE money out of the hands of people and puts it in the hands of a pre-set algorithm. the ONLY way to change ANYTHING pre-set into the code is for EVERYONE to do so. Not just one person. Not one large company.

      EVERYONE.

      you’re telling me it’s being MANUFACTURED just to completely lose control of their own financial system?

    • Tonto

      Oh! I get it now. Everyone has been so helpful. Especially those brilliant obfuscators whose reasoning is based on their desire to call me a turd. Thanks. The light bulb is lit, thanks to all of you!

      http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/05/20130512_BTC.jpg

      Bitcoin is a new role-playing game like Dungeons and Dragons. Yes, that’s it. The key to winning the game is having the most computational power and the best computational algorithm for “mining” bitcoins. It sort of makes bitcoin-wealth a function of computer-game literacy and brute force effort, like finally winning at Zelda after six months worth of trying.

      Well, that’s just great. Congratulations for making this wonderful “breakthrough”. You should be extremely proud.

      Don’t ever say that there isn’t a sucker born every minute! Of course there are lots of kids today who want to play computer games. That’s all they’ve ever done in their lives, is play computer games.

      But just because they like to play computer games, doesn’t mean they’re not naive kids anymore. This is going to come as a shock to some, and be obvious to others. Computer games aren’t real. They’re made up by insiders who know exactly how to beat the game before any of you kids ever even gets the chance to play.

  • Banned4Truth

    Domination.

  • I just got some bitcoins to play around with by trading in the old smartphone I had laying round at http://traade.co/ pretty cool.