You are seriously going to claim that these guys basically handed an unknown third party what amounted to a pile of untraceable cash trusting that they wouldn't run off with it and that they knew the risk they were taking? They would have to be the dumbest crooks on the planet to do that and you're claiming that they understood what they were doing? Yeah, not buying that argument. This was smart crooks ripping off dumb crooks.

Oh I don't doubt that bitcoin could have some protective value but I very much doubt that all these folks fully understood the risk they were taking.

You're claiming that people who use black market's are not gullible on a thread about the news that people who use black market's just got ripped off to the tune of an (alleged) $12 million US? Curious logic you have there...

But, but, but... Fiat currencies are evil! Bitcoin uses encryption and encryption = safe! Bitcoin has no risk! I can leave a pile of virtual cash with an untrusted third party dealing in illicit goods and they won't take it right?

Seriously bitcoin sounds awesome to anyone who does not actually comprehend risk adjusted value or transaction friction or exchange rate volatility. I can honestly say that I am glad these idiots got taken advantage of.

And I don't have to do any of that with my phone. Touch and I'm done. PLUS nobody else can use my phone to pay unless they have my fingerprint. Is your wallet secure like that? Plus I'm curious how you would determine which card pays if you have more than one.

I didn't say it cannot work, I'm telling you it DOES NOT work at least on this side of the pond because almost nobody has NFC readers and the compatible cards over here.

That does not describe the shopping experience anywhere I've ever gone. We get asked to see the signature on the back and/or ID regularly for debit or credit cards. Most places your only option is magnetic swipe. Hell I even have a chipped card and the chip may as well not be there because I have yet to try it in a place where it works, even with major retailers.

So what? That doesn't make weed a medically appropriate treatment for stress that requires a prescription. People drink alcohol to relieve stress too so are you claiming we should start asking doctors to write prescriptions for Jack Daniels?

If you want to smoke weed I have no issue with that but the number of people who smoke weed for any valid medical reason is close to zero. The claim that it is medicinal is a fig leaf people use to circumvent the (stupid) laws regarding marijuana. I think the fact that it is illegal is a huge waste of money, brains and time but please don't insult my intelligence by claiming that it is a medically necessary treatment for stress or glaucoma or any of the other hundreds of "ailments" that people claim so they can get high.

The word "medical" has nothing to do with it and never did. The medical thing is a fig leaf to cover people wanting to get high. It's remarkable how many 20 year old glaucoma patients we suddenly have. I have NO problem with someone wanting to smoke weed but the notion that for 99.999% of people it has anything to do with a legitimate medical condition is just ludicrous. I'd be more supportive if they would drop the insulting pretense that it has anything to do with medicine because it doesn't and never did.

Never supported it in the first place but for better or worse that does not matter. There is nothing I am going to be able to do that will make it go away. Furthermore it's not as if the (theoretical) alternatives are somehow more compelling. Libertarian? Green? There's nothing out there that I think is likely to be meaningfully better even if I could somehow be convinced that a third party somehow had a realistic chance at attaining power.

The ONLY thing that will make our current "two" party system go away is to change the voting system to something other than first past the post. Until that goes away we are stuck with the two party system and I don't think it is likely to go away any time soon.

Apparently he forgot the words of Abraham Lincoln: "Nearly all men can stand adversity, but if you want to test a man's character, give him power."

Really? How are they going to get access to the phones without going through Apple, Google or Microsoft? Curious how you think that is going to happen. If you say they're going to do it through an app I'll laugh my ass off.

No swipe. No handing the card to the cashier to verify signatures. No request for ID. No pulling the card out of the wallet. No signature. Takes about 3 seconds for the payment to complete. ApplePay is significantly less hassle than a credit or debit card.

I've actually used ApplePay and there is not a faster or easier payment method out there right now. Not credit cards, no other contactless payment system, not cash, and certainly not checks. They all have their uses and advantages but given a choice and having used all of them I'd use ApplePay preferentially in most cases. I almost always have my phone with me anyway so it works great for me.

Yeah, that doesn't work. Hell, I have a chipped card and most of the places I've tried it it does not work because the merchant disabled the capability. Certainly doesn't work from inside my wallet and even if it did I'd still be asked to show the card and/or my ID.

You must not do much shopping in the US because you definitely have to here.

If your customers like it then it is not pointless. Furthermore most merchants either already have the tech or will have it within the next year. The costs get passed on to customers anyway so the only relevant comparison is if one merchant is getting a better deal than another merchant. If both accept the same methods of payment then there is effectively no cost to the merchant at all. You need to familiarize yourself with the concept of Incidence of Payment.

Because it won't be just a few phone enthusiasts. Have you not paid any attention to the effect Apple often has on markets it enters? ApplePay is easy enough my mother can use it and I assure you that she is no "phone enthusiast" and certainly not a techie. If you need an example, walk into any Starbucks and watch how many people pay with their phones. And that process is MUCH harder than ApplePay. People LIKE this tech and they'll use it.

ApplePay uses industry standard technology that was not created by Apple. Apparently you were not aware of this. Plenty of merchants already have the necessary tech to use ApplePay whether or not they elect to accept it. The only thing Apple did was to make setting up and using the whole thing FAR easier. I fully expect ApplePay to get copied in part or in whole by the Android and Windows ecosystems.

That does not happen. When I use ApplePay it shows up on my credit card statement as WALGREENS #3493 or similar. I just looked at a statement to confirm. Apple doesn't even appear on the statement line anywhere unless I'm actually buying something from Apple themselves (like through iTunes). They're providing all the information the merchants need to do the transaction and do it securely. If the banks cannot be bothered to secure their credit cards then that is a problem Apple needs to work out with the banks.

Different company, different product, different procedures. Not remotely relevant to this discussion because Apple does not do that.