As in, how can we respond to this competitive threat that undercuts our business model while still maintaining our current revenues?
Western Union May Offer Digital Currency Services Similar to Bitcoin
31–40 of 40 posts
Re: Western Union May Offer Digital Currency Services Similar to Bitcoin
#32[deleted]
Re: Western Union May Offer Digital Currency Services Similar to Bitcoin
#33Where is the appeal in a WU created digital currency? 1. This will probably mean WU wants a cut of all transactions in any digital currency they create... for life. 2. No benefit over fiat currency? 3. Not anonymous. 4. All the "coins" are controlled by WU.
A WU created digital currency would be convertible to cash, on demand, at one's family's local Western Union agent in their remote village in Africa, so they can buy food and petrol with it when they need it. Much of this target market would never have had any access to any form of online payment service before.
And all the coins being "controlled" by a regulated, profitable multinational business with a lot to lose from scamming people (and probably tied to the dollar) is a lot more reassuring than a software protocol administered by a mysterious foreign foundation - transaction fees or no transaction fees.
Not every product has to be an appealing proposition to US-based early adopters to be phenomenally useful.
Re: Western Union May Offer Digital Currency Services Similar to Bitcoin
#34Hopefully hackers can bring us sound money again. Sound money as in money not debt money created out of thin air. The FED is privately owned by the big banks, see "The creature from Jekyll Island". The senator Aldrichs daughter who was on the island was married to one of the bankers. The by bank created new debt money out of thin air blows up assets bubbles that the central bankers later ride in and try and save, by…
If the FED is private why does turn it's profits over to the US Treasury every year?
Why is the Chairman & members of the Board of Governors nominated by the President & confirmed by the U.S. Senate.
I don't like the Federal Reserve either, but ignorance & conspiracy theories of the way the system actually works does no one any good.
"The members of the Board of Governors are nominated by the President of the United States and confirmed by the U.S. Senate." http://www.federalreserve.gov/faqs/about_12591.htm
Re: Western Union May Offer Digital Currency Services Similar to Bitcoin
#35Earlier quoted context omitted.
Because it's sort of like an old-time telegraph company saying, "Telephones? Hey, let's get in on this by offering a service where we transcribe telephone conversations and send them out to the other party as a telegraph." In other words, totally missing the point.
Do you actually think there is no need for money services with Bitcoin? I think you need to stop for a moment and think about this: what would Bitcoin be worth if there were no Bitcoin exchanges? Western Union can provide a lot of relevant services: escrow, conversion to obscure currencies (or just general exchange), fraud mitigation, etc.
I'm not trying to diss Western Union here, I'm just explaining why the other guy said that.
But OK, I'll take the bait :).
Yes, Western Union can provide a lot of relevant services, but so can _anybody_, and there are already a number of Bitcoin exchanges.
To assume that Western Union ought to provide Bitcoin services is like assuming that a horse-and-buggy company ought to start making cars. I mean, sure, it might be a really good idea, but cars are a _revolution_ of the horse-and-buggy, not an _evolution_. Likewise, Bitcoin is a revolution compared to traditional money transfer, not an evolution.
Re: Western Union May Offer Digital Currency Services Similar to Bitcoin
#36Earlier quoted context omitted.
Why?
Because it's sort of like an old-time telegraph company saying, "Telephones? Hey, let's get in on this by offering a service where we transcribe telephone conversations and send them out to the other party as a telegraph." In other words, totally missing the point.
I don't agree. WU has offices all over the world, which can be of a great service to customers, with USD or bitcoin.
Re: Western Union May Offer Digital Currency Services Similar to Bitcoin
#37Earlier quoted context omitted.
Do you actually think there is no need for money services with Bitcoin? I think you need to stop for a moment and think about this: what would Bitcoin be worth if there were no Bitcoin exchanges? Western Union can provide a lot of relevant services: escrow, conversion to obscure currencies (or just general exchange), fraud mitigation, etc.
> fraud mitigation Ah yes. The fraudsters favorite service for irreversible cash transfers will certainly have an advantage there.
Ok fine, fraud facilitation then. Also a lucrative segment.
Re: Western Union May Offer Digital Currency Services Similar to Bitcoin
#38Earlier quoted context omitted.
Perhaps he meant sploosh: http://25.media.tumblr.com/tumblr_lls5fsESx61qi7deco1_250.gi... Edit: Lol.. not sure why I was downvoted. It is obvious the previous poster meant that bitcoin is over-the-heads of employees of Western Union... this was a play on that. HN is a hideous bitch goddess.
It's also the type of discourse many of us would prefer to keep off of this site. Keep it to reddit, please.
So. Confused.
I agree that "if you have to explain a joke, it isn't funny", but not only was I on-topic for the story -- but also for the specific thread.
The implied point was that the good people at Western Union aren't as dumb as the previous commenter stated, and probably are excited about a (possible) reinvention and embracing of bitcoin.
Forgive me for injecting some levity into an otherwise boring story, but my point was clear and remains valid.
I suppose I should have just called the previous poster a troll and stated "they're probably excited". Oops. I'll be more confrontational next time.
(Also, not on reddit, just would rather attempt to use humor to get a point across. Maybe I watched too much Monty Python as a kid...)
Re: Western Union May Offer Digital Currency Services Similar to Bitcoin
#39Earlier quoted context omitted.
It's also the type of discourse many of us would prefer to keep off of this site. Keep it to reddit, please.
So. Confused. I agree that "if you have to explain a joke, it isn't funny", but not only was I on-topic for the story -- but also for the specific thread. The implied point was that the good people at Western Union aren't as dumb as the previous commenter stated, and probably are excited about a (possible) reinvention and embracing of bitcoin. Forgive me for injecting some levity into an otherwise boring story, but m…
It's not that your point was off-topic or that humor doesn't necessarily belong on HN, but the brand of humor Archer employs is not appropriate for HN, nor is the use of gifs to illustrate your point.
Re: Western Union May Offer Digital Currency Services Similar to Bitcoin
#40Earlier quoted context omitted.
It's also the type of discourse many of us would prefer to keep off of this site. Keep it to reddit, please.
So. Confused. I agree that "if you have to explain a joke, it isn't funny", but not only was I on-topic for the story -- but also for the specific thread. The implied point was that the good people at Western Union aren't as dumb as the previous commenter stated, and probably are excited about a (possible) reinvention and embracing of bitcoin. Forgive me for injecting some levity into an otherwise boring story, but m…
It's not that your point was off-topic or that humor doesn't necessarily belong on HN, but the brand of humor Archer employs is not appropriate for HN, nor is the use of gifs to illustrate your point.