/biz/ - Business & Finance

lol like this will ever get traction.. people will much rather run full nodes and maintain channel states on lightning because its decentralized

>>9737533
I can't tell if this is sarcasm

Why would I need this?

>>9737631
To fund Venezuelan insurgents.

Seriously debating buying another BCH tonight. I only have 1.

>>9737644
what % is that of your portfolio?

>>9737515
No thanks

>>9737533
kek

If both people have to use the same app connected to the same centralized server to send money to each other what the fuck is the point of BCH here? This is the stupidest vaporware shit I've ever seen, lmao. This bitcoin cash shilling is getting ridiculous, and its so obvious.

>>9737678
https://cointext.io/faqs/
just read it

>>9737967

Just did. Doesn't need BCH. Cointext maintains an account for you, and you tell it to send any amount from one cointext account to another. There is no need for a blockchain since all users have to interact with centralized cointext. Cointext doesn't even have to commit any transactions to BCH blockchain because they just are just transferring money between cointext accounts. It has absolutely 0 benefit over a centralized server. Its obviously vaporware shit.

>>9738145

CoinText is private and secure for casual use. CoinText never holds funds. The system does not write data to disk and stores no information about phone numbers, keypairs, or transactions pushed through the system. There’s no database to attack. All transactions are settled immediately on-chain.

CoinText has multiple safeguards against number spoofing (faking caller ID on SMS messages) like using the originating number as the seed and two-factor authentication (2FA) for SEND commands that a spoofer can’t receive.

But because CoinText relies on some third-party services, it is recommended to treat it the same as cash in your physical wallet and export your private key. Cold storage using paper or hardware wallets is more appropriate for your long-term BCH hodlings.

Where is my private key?

CoinText doesn’t store your keypair together. It uses a proprietary algorithm to generate your keypair on the fly when you use the SEND command to securely sign the requested function and then split the keys again. This entire process takes only a fraction of a second and, once the action has completed, all trace of the private key is wiped from memory. At no time are private keys, addresses, or any record of a transaction written to disk.

If you prefer more sovereignty, CoinText enables you to retrieve the private key to your SMS wallet.

>>9738236

Wow so its a centralized server that has access to private keys. Just because you generate a key from the phone number + base key doesn't make it any more secure or less centralized. You have to be dumb as fuck to fall for this shill. More expense than existing phone based money transfer too.

>>9738320
>But because CoinText relies on some third-party services, it is recommended to treat it the same as cash in your physical wallet and export your private key. Cold storage using paper or hardware wallets is more appropriate for your long-term BCH hodlings.
it's a wallet to allow poor people to use bitcoin cash. they say in their FAQ that there are more appropriate ways to store your bitcoin cash.
but i guess if you don't think of bitcoin as a currency then I can understand your pov.

>>9738434
NO spend only HODL
Bitcoin isn't meant for commerce it is meant to go up in price!

>>9738434

and its more expensive than existing phone transfer with none of the benefits of crypto. Its isn't trust-less, it isn't decentralized, and it isn't secure. Its just some shit they made up in a day to help shill bch.

>>9738500
>with none of the benefits of crypto
like when inflation destroys your local fiat

>>9737533
Severe cognitive dissonance

>>9738646

It could be any asset. It has nothing to do with BCH other than being paid for by people who want to promote BCH. They also allow you to send dollar amounts.

>>9738784
no it cannot, because tx fees are too high for other coins

>>9738810

No tx is needed because you are telling a centralized server to transfer funds from two accounts they have complete control over. Its like venmo or paypal. No blockchain is required. BCH isn't only jammed in this solution as part of the marketing effort.

>>9738856
>daily tx on phone wallet
>send your bch from phone to cold wallet
The ability to transact Bitcoin Cash without Internet, over SMS (Short Message Service), opens global market opportunities for billions of poor and underbanked people around the world.

you want purely decentralized- just transfer it to another wallet. but this project is about letting dirt poor people use bch.

>>9737515
5.1 billion people covered by end of 2018
https://twitter.com/vinarmani/status/1003119520985374720

China, Indian, whatever the fuck else. Think about the remittance market.

>>9738856
the brainlet cope is strong with this one

>>9738856
Gimme your phone number anon, i will text you some bch so you arent left behind

>>9737533

>>9738320
wtf is wrong with you reddit-tier deluded retards? >Decentralization is not the goal.
>It's just a tool we use to achieve censorship resistance.
>Censorship resistance is the goal.
if you're afraid cointext is not secure, then don't use it. or even better, build your own.
but this concept that you socialist faggots hold that "omg theres a company and/or a server involved its not decentralized" is so fucking stupid.
go back to /r/cryptocurrency and stop shitting up this board with your teenage-tier logic.