Anyone getting phsihing warning from Chrome?
http://i.imgur.com/MSESJYS.jpg
Dwolla launches Dwolla Credit – Real-time payments without interchange
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Re: Dwolla launches Dwolla Credit – Real-time payments without interchange
#32Related: BillMeLater Draws Federal Scrutiny
http://www.bloomberg.com/news/2013-10-22/ebay-probed-by-regu...
EBay Inc. (EBAY) is facing a probe by the Consumer Financial Protection Bureau over a loan program that mimics a structure used by high-interest lenders to evade state rules before the practice was stamped out by regulators. The program, called Bill Me Later, is a service of the online marketplace’s PayPal unit that relies on Salt Lake City, Utah-based Comenity Capital Bank to make loans that are then purchased and managed by EBay, according to regulatory filings. Under federal law, banks can lend in any state without being licensed there, or complying with local interest rate caps.
In 2008 EBay acquired Bill Me Later, which also lets users finance purchases in online markets run by Wal-Mart Stores Inc. (WMT), The Walt Disney Co. (DIS) and Apple Inc. (AAPL) Customers can avoid the annual 19.99 percent rate by paying off the loan before the end of a six-month promotional period. If they pay later, they incur accumulated interest and fees that effectively raise the annual rate.
Re: Dwolla launches Dwolla Credit – Real-time payments without interchange
#33Earlier quoted context omitted.
The deliberate balkanization of all finance in fiat money will backfire big time. The dinosaurs are simply herding everybody in the direction of bitcoin, and there will be no turning back ;-)
Sure, bitcoin is free to transfer for now, but soon exchanges will have to start charging a fee. Currently the "proof of work" kills two birds with one stone: it allows transfer of the currency and also mines new coins for the exchanges doing the transfer. But that only lasts until the 21 million cap is reached; after that, no mining, no free money for exchanges, but since someone still has to do the work ... it'll b…
Bitcoin does not require exchanges!
It's also not a cap, it's a target. "Reaching" the target means either:
1) all of our speculative bitcoin money becomes worthless as miners stop mining because it ceases to be profitable, so new blocks are not produced, so transactions don't flow.
2) miners stop processing transactions below a certain size or without a certain fee included, so only poor peoples' money becomes worthless as they can't afford the fees, don't meet the size limit, etc. or
3) the algorithm works, all of the money is fungible, and fees that are a fraction of what you and I would consider money today are enough for miners to make a living, as long as they are contributing a fraction of a percent of the hashes that sustain the whole network globally.
There's nothing "Free" about the miner fees. The subsidy of block rewards are meant to compensate early adopters for their hardware and electricity costs. If miners don't horde bitcoins to themselves, they don't "need" the money to be viable, once their investment is paid off they can just as well unplug the machines and let them sit on a shelf, assuming it's not worth their time and electricity to go on mining.
Bitcoin is "free to transfer" at exchanges because exchanges collect their fees through other vectors than transfer... eg, trade fees, merchant fees, venture capitalist infusion, ... there's no free money, and if you think there is, ask anyone who's already become rich on bitcoin how many they're keeping "in case the value goes sky high" eg. so others can make money off of us all.