Dwolla stops support for virtual currencies - page 3.

harposox

newbie

Activity: 37

Merit: 0

Quote from: impulse on October 10, 2013, 04:56:51 PM

I don't live in the States and so I am not intimately familiar with how Dwolla works, so what makes them special? How are they different from other payment systems like Paypal? Why can't a Bitcoin company replicate their success?

My understanding is that they operate outside of the traditional banking system – they're essentially in the process of setting up their very own financial payments network. Not sure of the actual nuts and bolts, but part of their mission is to provide super-cheap transactions, because in their most basic form, financial transactions are simply exchanges of data. Anything under $10 is free, and anything over – even millions – is only $.25.

This is really a bummer for those of us in the States. Dwolla rocks.

yvv

legendary

Activity: 1344

Merit: 1000

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Quote from: impulse on October 10, 2013, 04:56:51 PM

I don't live in the States and so I am not intimately familiar with how Dwolla works, so what makes them special? How are they different from other payment systems like Paypal? Why can't a Bitcoin company replicate their success?

They are not special at all. I used Paypal for years, but I learned about Dwolla only few month ago, when I tried to buy some bitcoins.

murraypaul

sr. member

Activity: 476

Merit: 250

Quote from: tclo on October 10, 2013, 04:47:40 PM

They aren't "ignoring" their bitcoin customers if they are actively going out of their way not to service their accts, and lose business in the future.

They've made a simple calculation that the cost and effort required for the Bitcoin related business is more than the fees it brings in.

yvv

legendary

Activity: 1344

Merit: 1000

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Quote from: tclo on October 10, 2013, 04:47:40 PM

They aren't "ignoring" their bitcoin customers if they are actively going out of their way not to service their accts, and lose business in the future.

It may not even be Dwolla's fault and probably the US gov't (backed by Bankers) putting the pressure on them.

I do not share this conspiracy. IMO, dealing with all this crypto technologies, which are in beta phase at best, cost them too much pain in the ass with too little profit.

impulse

full member

Activity: 151

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I don't live in the States and so I am not intimately familiar with how Dwolla works, so what makes them special? How are they different from other payment systems like Paypal? Why can't a Bitcoin company replicate their success?

btc4ever

sr. member

Activity: 321

Merit: 250

Why the Only Real Way to Buy Bitcoins Is on the Streets
http://www.wired.com/wiredenterprise/?p=47251

tclo

hero member

Activity: 518

Merit: 500

Quote from: yvv on October 10, 2013, 04:39:21 PM

Quote from: tclo on October 10, 2013, 02:44:37 PM

Yes I just got this email and that is bad bad bad for me, because I use Dwolla with CampBX all the time...damn.

The War on Bitcoin continues...

It is not the war, it is ignoring. Crypto coin adopters are freaking negligible number of people, and this number is not going to grow in observable future. Who would bother about 0.1% of customers?

They aren't "ignoring" their bitcoin customers if they are actively going out of their way not to service their accts, and lose business in the future.

It may not even be Dwolla's fault and probably the US gov't (backed by Bankers) putting the pressure on them.

JackH

sr. member

Activity: 381

Merit: 255

Quote from: mccoyspace on October 10, 2013, 04:31:51 PM

I got this message from them on Tuesday. They are about to introduce new features and I think they see Bitcoin as competition. They don't want to support the development of their competor.

Reserve your seat.
We’ve been working on something we’re pretty excited about, something that will:
Allow you to buy the things you love, immediately
Introduce a new level of convenience to the community
Carry the same low transaction fee
Introduce some new friends to the platform
Open up the network to new ideas and possibilities

LOL! Really? This is just yet another centralized system among, what, 50? Seriously, we dont need Dwolla, Bitcoin has grown bigger than this piece of shit system, and as many others they will realize they will fail at the idea of "we will hold your money safe".

yvv

legendary

Activity: 1344

Merit: 1000

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Quote from: tclo on October 10, 2013, 02:44:37 PM

Yes I just got this email and that is bad bad bad for me, because I use Dwolla with CampBX all the time...damn.

The War on Bitcoin continues...

It is not the war, it is ignoring. Crypto coin adopters are freaking negligible number of people, and this number is not going to grow in observable future. Who would bother about 0.1% of customers?

mccoyspace

full member

Activity: 237

Merit: 101

I got this message from them on Tuesday. They are about to introduce new features and I think they see Bitcoin as competition. They don't want to support the development of their competor.

Reserve your seat.
We’ve been working on something we’re pretty excited about, something that will:
Allow you to buy the things you love, immediately
Introduce a new level of convenience to the community
Carry the same low transaction fee
Introduce some new friends to the platform
Open up the network to new ideas and possibilities

rampantparanoia

sr. member

Activity: 516

Merit: 283

Quote from: Cubic Earth on October 10, 2013, 03:37:21 PM

I think this is going to hurt CampBX much more than it will Dwolla, and it for Bitcoin it is only a matter of wounded pride. Now the only way to get money to them is by using postal mail via money orders or personal checks. No wire transfers, no ACH.

Agreed. Why send a MO when you can sell for cash on localbitcoins?
CampBX, I'm sorry but your days are numbered.

Cubic Earth

legendary

Activity: 1176

Merit: 1020

I think this is going to hurt CampBX much more than it will Dwolla, and it for Bitcoin it is only a matter of wounded pride. Now the only way to get money to them is by using postal mail via money orders or personal checks. No wire transfers, no ACH.

I probably should cancel my Dwolla account out of protest, but I also may keep it for my own self interest, just in case Dwolla changes their mind.

My average revenue-generating Dwolla transaction was probably $1,500 - $2,000, so I can see the $0.25 fee not being worth it to them. And forget about any interest, most of my transactions passed into and out of Dwolla within minutes.

btceic

sr. member

Activity: 392

Merit: 250

♫ A wave came crashing like a fist to the jaw ♫

Quote from: rampantparanoia on October 10, 2013, 03:33:20 PM

considering i only used this service to send money to campbx, I'll be deactivating. Also won't be using campbx anymore.

Anybody see an easy 1 click way to deactivate your dwolla account? It is quite possible that I missed the link or button...

rampantparanoia

sr. member

Activity: 516

Merit: 283

considering i only used this service to send money to campbx, I'll be deactivating. Also won't be using campbx anymore.

tclo

hero member

Activity: 518

Merit: 500

Quote from: ralree on October 10, 2013, 02:58:24 PM

Go deactivate your account and email them to let them know why.

Yes I'm going to deactivate my account out of principle, if nothing else.

FullLife

hero member

Activity: 503

Merit: 500

Quote from: JackH on October 10, 2013, 02:50:51 PM

So a lesser used system, on the brink of disappearing into the unknown (especially when compared to Bitcoin) drops the usage of allowing people to convert into BTC? Sounds like a suicide attempt. Honestly, nobody knows what Dwolla is, its a niche system, and we should move on and leave them die without dignity.

Dwolla isn't going anywhere, they seem to be doing quite well actually.

ralree

hero member

Activity: 518

Merit: 500

Manateeeeeeees

Go deactivate your account and email them to let them know why.

btceic

sr. member

Activity: 392

Merit: 250

♫ A wave came crashing like a fist to the jaw ♫

It just means that they are taking bitcoin away from the "little hands" so that it can "safely" go onto the "real" exchanges aka nyse, nasdaq etc. I expect that we will experience some serious volatility very soon and then quiet and then some seriously good news. If you have the balls to hold or purchase through the dips that are sure to come then you should come out alright.

JackH

sr. member

Activity: 381

Merit: 255

So a lesser used system, on the brink of disappearing into the unknown (especially when compared to Bitcoin) drops the usage of allowing people to convert into BTC? Sounds like a suicide attempt. Honestly, nobody knows what Dwolla is, its a niche system, and we should move on and leave them die without dignity.

FullLife

hero member

Activity: 503

Merit: 500

Quote from: tclo on October 10, 2013, 02:44:37 PM

Yes I just got this email and that is bad bad bad for me, because I use Dwolla with CampBX all the time...damn.

The War on Bitcoin continues...

I used the same method, and I'm sure plenty of other people did as well. I guess we're down to USPS money orders now.

Topic: Dwolla stops support for virtual currencies - page 3. (Read 5960 times)