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Send Money to Friends in Messenger

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Re: Send Money to Friends in Messenger

#221

Post by ajessup »

6stringmerc wrote: post #26

"Hey RELATIVE it's me here on Facebook I had to get a new account because I'm in trouble here in FOREIGN COUNTRY so please send me money. It's really easy and I need it bad! Just enter your credit card and I will be saved!" I know, I know, it's not the tool...but I am reminded of a certain scene from The Fifth Element... "I hate warriors, too narrow-minded. I'll tell you what I do like though: a killer, a dyed-in-the…

You have a explicit friend graph in this case. It's a great for you (and more importantly Facebook) to assess creditworthiness.

Re: Send Money to Friends in Messenger

#223

Post by robryan »

mahyarm wrote: post #77
encoderer wrote: post #23

Earlier quoted context omitted.

You only need to convince the payer. The recipient gets an email that says "You have money waiting, let us give it to you."

No, they then tell the payer, pay me with this instead, I don't want to sign up for this. The usual use case is giving money back for restaurants and such, so you have the social closeness to do this.

Seems to work pretty well for PayPal.

Re: Send Money to Friends in Messenger

#224

Post by jsprogrammer »

astazangasta wrote: post #117
zacharypinter wrote: post #6

At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. The current situation is almost comical. "Do you have Venmo? Haven't set that up yet, can you send over Paypal?. No, what about Square Wallet? Nope, what about Gmail?"

It's bizzare that our financial sector is the largest area of the economy and yet has not managed to produce any innovation in this regard. Shouldn't banks be giving us easy ways to transfer money? Isn't this their function? Financial services?

Innovation and long-term market share are probably inversely correlated.

Re: Send Money to Friends in Messenger

#225

Post by vectorpush »

vanzard wrote: post #167
vectorpush wrote: post #154

Earlier quoted context omitted.

Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. Worse, the recipient also needs a bitcoin exchange account to even make the conversion possible, then they have to wait two days for the exchange to ACH the money into their bank. This all assumes the exchange will even do business with them…

> needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web That's not true. Americans (Facebook's intended audience for this Messenger money-sending feature) can spend bitcoins directly at Microsoft, Dell, Expedia, Overstock, Newegg, Tiger Direct, DISH Network, etc. They can use and spend bitcoins theoretically received from FB friends witho…

Admittedly, my dark web remark was an exaggeration, however, it remains a practical truth for every day life. In the overwhelming majority of locales, bitcoin cannot be used to pay for groceries, insurance, utilities, rent/mortage, fuel, student loans, daycare, tuition, taxes, medical expenses, phone service, car payments or pretty much any of the common expenses someone might need to pay for. Newegg, Tiger Direct, Microsoft etc are all great companies, but for most people those companies only account for a small number of purchases per year.

The reality is that using bitcoin as money is very impractical, that's just a fact.

Re: Send Money to Friends in Messenger

#226

Post by EarthLaunch »

yesplorer wrote: post #204

Facebook on the shutting down of their email service: "It seems wrong that an email message from your best friend gets sandwiched between a bill and a bank statement," the company wrote in its announcement blog post for the feature. The service didn't catch on, perhaps in part because Facebook never truly created a friendly or familiar interface for emailing. [0] In much the same vain, wouldn't it be that users would…

That possibility a really good point. It gives a lot of people, whether they owe or are owed, a strong reason to avoid actively using FB, the same way people avoid logging into chat because they don't want to feel obligated to chat with certain people. People who owe will feel guilty and not want to appear, while people who are owed will feel angry that they're not being paid back when it's so simple.

Re: Send Money to Friends in Messenger

#227

Post by dustcoin »

ethanbond wrote: post #211
gonehome wrote: post #170

Earlier quoted context omitted.

I used Venmo for a while and it works well. Square Cash I've found is even better since it skips the unnecessary social part, doesn't hold funds (directly transfers to bank) and somehow people can sign up without having to do the mini deposit account verify dance with their bank. I'm not sure how this is possible since doesn't that mean that anyone can just input a debit card and start withdrawing money? It is nice t…

I've never understood how the hell Square does it. It's an awesome experience though.

They (ab?)use the transaction that occurs when money is refunded to a debit card.

http://jonbwhite.tumblr.com/post/66853226398/how-square-move...

Re: Send Money to Friends in Messenger

#228

Post by vectorpush »

grubles wrote: post #187
vanzard wrote: post #167

Earlier quoted context omitted.

> needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web That's not true. Americans (Facebook's intended audience for this Messenger money-sending feature) can spend bitcoins directly at Microsoft, Dell, Expedia, Overstock, Newegg, Tiger Direct, DISH Network, etc. They can use and spend bitcoins theoretically received from FB friends witho…

I think we need to kill the "bitcoin requires a passport" myth as well. I have used bitcoin for 4 years and have never had to present a passport for anything.

Just because you haven't experienced something doesn't mean it's a myth.

http://www.reddit.com/r/Bitcoin/comments/246mlg/bitstamp_blo...

http://www.reddit.com/r/Bitcoin/comments/25jyf1/bitstamp_ive...

http://www.reddit.com/r/Bitcoin/comments/26c1y6/buying_bitco...

http://www.reddit.com/r/Bitcoin/comments/2renc7/why_dont_peo...

I could go on, all I did was search /r/bitcoin for the word "passport" and I was overflowing with results.

Re: Send Money to Friends in Messenger

#229

Post by eldavido »

blhack wrote: post #32
zacharypinter wrote: post #6

At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. The current situation is almost comical. "Do you have Venmo? Haven't set that up yet, can you send over Paypal?. No, what about Square Wallet? Nope, what about Gmail?"

Simple dominates all of these, in my opinion. It is perfect from a user experience side. (If people already have the service, but people really want the service for more than the mobile payments part)

Simple has several significant limitations, namely, the need to mail checks over a certain threshold (I think $5k) and I don't know whether they do credit origination, either.

End of the day, I went with good-old-brick'n'mortar Wells Fargo because (1) I wanted to establish a long-term customer relationship with a bank that can provide me with various credit products (including for business) (2) their ATM network is ubiquitous where I live (SF) and (3) there are many branches with convenient hours for when I want to do something a little off the beaten path.

I don't give a rat's about how quickly a $10 payment is available. I care a lot more about good fraud controls, and the ability to speak to a human being, in person, when things occasionally go wrong.

Re: Send Money to Friends in Messenger

#230

Post by vectorpush »

grubles wrote: post #159
vectorpush wrote: post #154

Earlier quoted context omitted.

Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. Worse, the recipient also needs a bitcoin exchange account to even make the conversion possible, then they have to wait two days for the exchange to ACH the money into their bank. This all assumes the exchange will even do business with them…

>Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. I guess you've never read https://en.bitcoin.it/wiki/Trade

No, I haven't read the list of locations where bitcoin is accepted. The reason for this is, like most people, I have a bank account and don't need to double check that I can actually pay for dinner and a movie before I patronize an establishment.
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