VISA & MASTERCARD blocked Russians from accessing their money - page 5.

Nemo1024

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Quote from: niothor on May 16, 2014, 12:52:46 PM

Quote from: Balthazar on May 16, 2014, 12:48:57 PM

Quote from: niothor on May 16, 2014, 12:40:06 PM

So , this will actually not hurt their profits

Yes, in case of absence of sanctions. It seems like this deposits are will be used as something like insurance fund.

Let's for a moment suppose that visa and mastercard go nuts.
They block all the card and money transfers.

What would be the short term consequences?
A bank run? A drop in e-commerce? enormous use of webmoney ? Bitcoin usage?

If I discover that Visa stops its operations, I would look for alternatives, and Bitcoin would be an obvious choice. I would be asking international merchants to accept BTC in the absence of Visa payments.
Bank run? No.

niothor

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Quote from: Balthazar on May 16, 2014, 12:48:57 PM

Quote from: niothor on May 16, 2014, 12:40:06 PM

So , this will actually not hurt their profits

Yes, in case of absence of sanctions. It seems like this deposits are will be used as something like insurance fund.

Let's for a moment suppose that visa and mastercard go nuts.
They block all the card and money transfers.

What would be the short term consequences?
A bank run? A drop in e-commerce? enormous use of webmoney ? Bitcoin usage?

Balthazar

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Quote from: niothor on May 16, 2014, 12:40:06 PM

So , this will actually not hurt their profits

Yes, in case of absence of sanctions. It seems like this deposits will be used as something like insurance fund.

niothor

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Quote from: Nemo1024 on May 16, 2014, 08:35:32 AM

It would seem that Moscow Times is closer to what I read being proposed earlier, a deposit and not a tax.

It is something like the deposits bank have to maintain with the central banks I guess.
So , this will actually not hurt their profits

Stupid journalists.

Balthazar

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http://www.youtube.com/watch?v=KXGPzDq45gM

Something about SWIFT and USD Roll Eyes

Nemo1024

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It would seem that Moscow Times is closer to what I read being proposed earlier, a deposit and not a tax.

Balthazar

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It seems that we need to read this bill without using proxy entities like RT. Roll Eyes

niothor

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RT:

Quote

Russian President Vladimir Putin signed a law on foreign payment systems on May 5 that requires foreign payment systems to be levied at 25 percent of an average amount of transfers profit during one calendar day in Russia, to be paid each quarter to the Central Bank. The law will be enacted on July 1.

Moscow Times:

Quote

The legislation will require international payment systems who intend to remain on the Russian market beyond July 1 to place a security deposit in the Central Bank equal to the cumulative value of two days of transactions processed in Russia.

Lols

Balthazar

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Quote from: bryant.coleman on May 16, 2014, 07:14:17 AM

lol... Morgan Stanley advises Visa / Master to GTFO Russia.

Visa, MasterCard Better Off Quitting Russia, Morgan Stanley Says

http://www.themoscowtimes.com/business/article/visa-mastercard-better-off-quitting-russia-morgan-stanley-says/500169.html

What's happened? They don't want to be responsible for some of their recent actions?

bryant.coleman

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lol... Morgan Stanley advises Visa / Master to GTFO Russia.

Visa, MasterCard Better Off Quitting Russia, Morgan Stanley Says

http://www.themoscowtimes.com/business/article/visa-mastercard-better-off-quitting-russia-morgan-stanley-says/500169.html

niothor

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Quote from: Balthazar on May 16, 2014, 06:38:24 AM

Quote from: Malin Keshar on May 16, 2014, 06:17:27 AM

Russia gov hates everything that they can't control, like bitcoin

Well, again somebody talks about the government control while being unable to see the world beyond own nose. Sorry, but it seems very strange to me.

https://bitcointalksearch.org/topic/m.6691455

Quote from: Malin Keshar on May 16, 2014, 06:17:27 AM

so what will speak louder?

Bitcoin wiki, maybe? Roll Eyes

Quote from: Malin Keshar on May 16, 2014, 06:17:27 AM

but bitcoin can be a great way to bypass these credit card bans and USA future and current economic sanctions

It can't be the great way, because this solution won't work at all. Forget about bitcoin in the mainstream banking. Modern implementations of bitcoin protocol are incapable to achieve the required transaction rate. There are no decentralized cryptocurrencies which would be able to work as national payment system. Too many scalability issues there waiting for a solution before it will be possible. Sorry for strong language, just tired of these dreams about decentralized & full-scale international banking. It simply won't happen in the near future. It's not about hate or control, it's technically impossible right now. But, eventually, it will be possible.

Lols , so you're not just a red bear , but also a bitcoin bear

.

Balthazar

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Quote from: Malin Keshar on May 16, 2014, 06:17:27 AM

Russia gov hates everything that they can't control, like bitcoin

Well, again somebody talks about the government control while being unable to see the world beyond own nose. Sorry, but it seems very strange to me.

https://bitcointalksearch.org/topic/m.6691455

Quote from: Malin Keshar on May 16, 2014, 06:17:27 AM

so what will speak louder?

Bitcoin wiki, maybe? Roll Eyes

Quote from: Malin Keshar on May 16, 2014, 06:17:27 AM

but bitcoin can be a great way to bypass these credit card bans and USA future and current economic sanctions

It can't be the great way, because this solution won't work at all. Forget about bitcoin in the mainstream banking. Modern implementations of bitcoin protocol are incapable to achieve the required transaction rate. There are no decentralized cryptocurrencies which would be able to work as national payment system. Too many scalability issues there waiting for a solution before it will be possible. Sorry for strong language, just tired of these dreams about decentralized & full-scale international banking. It simply won't happen in the near future. It's not about hate or control, it's technically impossible right now. But, eventually, it will be possible.

Malin Keshar

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Russia gov hates everything that they can't control, like bitcoin, but bitcoin can be a great way to bypass these credit card bans and USA future and current economic sanctions, so what will speak louder?

niothor

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Quote from: Nemo1024 on May 16, 2014, 05:51:31 AM

Quote from: niothor on May 16, 2014, 04:42:39 AM

How the hell will a 25% fee on profit be larger than the revenue?

75% of profit is not profit at all, it won't even cover the bribes... sorry, lobbying.

I was referring strictly to the numbers the article claimed..
Let's not mention "hidden cost or gifts or travel expenses" here.

I haven't heard of a situation where 1/4 of the profit can be larger than the revenue. If we're dealing with the same definitions , profit can't be itself larger than revenue.. so wtf?

Nemo1024

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Quote from: niothor on May 16, 2014, 04:42:39 AM

How the hell will a 25% fee on profit be larger than the revenue?

75% of profit is not profit at all, it won't even cover the bribes... sorry, lobbying.

niothor

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Quote from: bryant.coleman on May 15, 2014, 10:46:47 AM

Oh god.. this is such an embarrassment for Visa / Master. They should have kept their mouths shut, rather than poking the bear with a stick. Really, I feel sorry for them after reading this news. Grin

Visa, MasterCard to pay $3bn to stay in Russia - Morgan Stanley

http://rt.com/business/159196-visa-mastercard-morgan-stanley

Quote

Russian President Vladimir Putin signed a law on foreign payment systems on May 5 that requires foreign payment systems to be levied at 25 percent of an average amount of transfers profit during one calendar day in Russia, to be paid each quarter to the Central Bank.

Quote

The Morgan Stanley Report titled “The Russian Bear: Impacts of V and MA” said the fees will be more than five times the two companies’ combined annual revenue in Russia. Analysts at Morgan Stanley report net sales for Visa to be between $350-470 million, and $160 million for MasterCard.

How the hell will a 25% fee on profit be larger than the revenue?

Davis14

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A company shouldn't be able to block a certain ethnicity from its business (which is really just bad business) and yes maybe this will work out good for bitcoin.

bryant.coleman

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Oh god.. this is such an embarrassment for Visa / Master. They should have kept their mouths shut, rather than poking the bear with a stick. Really, I feel sorry for them after reading this news. Grin

Visa, MasterCard to pay $3bn to stay in Russia - Morgan Stanley

http://rt.com/business/159196-visa-mastercard-morgan-stanley

Balthazar

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Quote from: bryant.coleman on May 14, 2014, 08:42:59 AM

Some good news for Visa / Master. At least they will not get banned in Russia. Grin

They will, in case of refusal to build local transactions processing centres.

bryant.coleman

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Some good news for Visa / Master. At least they will not get banned in Russia. Grin

Russia set for national payment system but Visa, MasterCard will stay

http://en.itar-tass.com/opinions/1769

Quote

As many as 85% will prefer a national payment system to Visa and MasterCard cards, shows the poll that the Regnum news agency conducted among about 40,000 web users, while 11% of respondents are not ready to quit them.

Topic: VISA & MASTERCARD blocked Russians from accessing their money - page 5. (Read 7243 times)