31–40 of 52 posts
I love Balanced. Pushing money to debit cards is cool, but my customers don't have a problem providing banking details. Especially since payouts are fast as is. But international payouts, that would be huge!
We're still working on the international story. I care about it a lot, regulations are hard. :/
I think it will be pretty cool to see how this plays out and what kinds of debit cards can be used (pre-paid, tied to checking/savings accounts, etc.). I'm even interested if something like this will make it easier to exchange cryptocurrencies remotely without going through a central exchange.
(co-founder of Balanced here) Thanks! We're pretty interested in cryptocurrencies at Balanced [1]. Would love to have your support on this project: https://balanced.crowdhoster.com/let-s-push-to-debit-cards/c...
[1] https://twitter.com/steveklabnik/status/423271986073063424
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
The US economics are pretty simple - banks know they can charge for it.
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
As someone who spent a lot of time in the UK/EU and is now back in the states, I'd love for someone with insight/experience in the EU/UK to explain how the economics make it possible for a system of banks to talk to each other without charging the users. The US economics are pretty simple - banks know they can charge for it.
TL;DR: regulation
* http://en.wikipedia.org/wiki/International_Bank_Account_Numb...
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
Automated Clearing House (ACH) transfers are usually much cheaper than wire transfers (often free at credit unions). http://www.mybanktracker.com/news/2013/03/20/ways-send-money...
From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
In the US you only need a name and bank account number (and to know which bank it belongs to to find the routing number) to make ACH withdrawals. That's why.
I'm not aware of any reforms in the banking system to change this awful system, so these online services are the next best thing. I am still waiting to find a good opportunity to use Square Cash.
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I was thinking I could use this some how to create a process where two users can initiate and complete a trade between themselves.
Gotcha. Thanks, I thought you meant sending BTC to cards somehow. Cryptocurrency exchange is currently against our terms, "Prohibited Transactions" -> "(18) currency exchanges or dealers" and "(49) virtual currency or credits that can be monetized, re-sold or converted to physical or digital goods or services or otherwise exit the virtual world," in https://www.balancedpayments.com/terms/selleragreement . This is due…
As a side note, out of curiosity, what do you see in Dogecoin over Bitcoin or Litecoin?
Earlier quoted context omitted.
Gotcha. Thanks, I thought you meant sending BTC to cards somehow. Cryptocurrency exchange is currently against our terms, "Prohibited Transactions" -> "(18) currency exchanges or dealers" and "(49) virtual currency or credits that can be monetized, re-sold or converted to physical or digital goods or services or otherwise exit the virtual world," in https://www.balancedpayments.com/terms/selleragreement . This is due…
What do you think of partnering with Coinbase or Bitpay to allow bitcoin payments to be deposited into the "escrow" account as USD? The only question would be how refunds would work, but certainly there can be a solution to that. As a side note, out of curiosity, what do you see in Dogecoin over Bitcoin or Litecoin?
Yup, this is one of a bunch of problems. For example, "no chargebacks" is great for merchants, but bad for consumers. And while coinbase does support a simple charge, they don't have any way of doing things like holds.
As for Doge: http://words.steveklabnik.com/how-dogecoin-changed-my-perspe...
Sorry, but I have to ask as I did yesterday: Why was (YC S11) removed from the title? They were in Y Combinator Summer 2011 batch...
Earlier quoted context omitted.
What do you think of partnering with Coinbase or Bitpay to allow bitcoin payments to be deposited into the "escrow" account as USD? The only question would be how refunds would work, but certainly there can be a solution to that. As a side note, out of curiosity, what do you see in Dogecoin over Bitcoin or Litecoin?
> The only question would be how refunds would work, but certainly there can be a solution to that. Yup, this is one of a bunch of problems. For example, "no chargebacks" is great for merchants, but bad for consumers. And while coinbase does support a simple charge, they don't have any way of doing things like holds. As for Doge: http://words.steveklabnik.com/how-dogecoin-changed-my-perspe...
In the end, I think it makes sense that it should be the merchant's task to handle the refund requests. If the possibility is not built-in to bitcoin, why do you feel that you should make it? And of course, there would be no need for holds.
I actually did read that article in the past, didn't realize that was you. It may be interesting as a phenomenon, but I certainly wouldn't hold Doge in higher regard than Bitcoin, which has a much larger network.