Western Union would include bitcoins if they were "regulated"

DannyElfman

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Quote from: scribbles on July 01, 2014, 03:41:42 PM

Quote from: cinder on June 29, 2014, 08:29:15 PM

If bitcoin is regulated like fiat, it will be as bad as fiat money and no one will use it.

That's the beauty of a decentralized currency built on a P2P network - it can't be regulated (unless interference with the internet counts as regulation). But as long as we have a need to convert between fiat and bitcoin, then governments can attempt to regulate the companies performing these services.

In this case, I think WU is full of it. We don't need WU to transfer bitcoin and they know it, regulation is just a straw man.

A decentralized currency like bitcoin can very much be regulated. It would need to be regulated when it is traded for fiat

Swordsoffreedom

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Quote from: scribbles on July 01, 2014, 03:41:42 PM

Quote from: cinder on June 29, 2014, 08:29:15 PM

If bitcoin is regulated like fiat, it will be as bad as fiat money and no one will use it.

That's the beauty of a decentralized currency built on a P2P network - it can't be regulated (unless interference with the internet counts as regulation). But as long as we have a need to convert between fiat and bitcoin, then governments can attempt to regulate the companies performing these services.

In this case, I think WU is full of it. We don't need WU to transfer bitcoin and they know it, regulation is just a straw man.

That sounds about right person to person exchanges can still be done with ease between individuals across far distances
Exchanges can remain regulated for larger quantities but more or less it is kept pseudo-anoymous for most transactions on the network.
Less the problem of internet surveillance and IP tracking to Bitcoin clients.

scribbles

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Quote from: cinder on June 29, 2014, 08:29:15 PM

If bitcoin is regulated like fiat, it will be as bad as fiat money and no one will use it.

That's the beauty of a decentralized currency built on a P2P network - it can't be regulated (unless interference with the internet counts as regulation). But as long as we have a need to convert between fiat and bitcoin, then governments can attempt to regulate the companies performing these services.

In this case, I think WU is full of it. We don't need WU to transfer bitcoin and they know it, regulation is just a straw man.

ThomasCrowne

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I agree with the OP. Screw Western Union. They will hold out as long as they possibly can because they know full well this destroy's their virtual monopoly on money transmission services worldwide. Especially relevant for 2nd and 3rd world nations. They are the ones literally getting pounded in the keister by ridiculously high fee's.

cr1776

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Quote from: Elwar on June 26, 2014, 08:40:26 AM

http://www.coindesk.com/western-union-open-bitcoin-regulated-currency/

Quote

“That’s the issue with bitcoin. We are a very regulated industry. If bitcoin is regulated and the customer wants that, I mean, why not? [...]

I am not sure bitcoin is a currency. Bitcoin is a system. It is not used as a currency, it is defined as an asset. When the reserve bank issues bitcoin and when it is regulated we would be more than happy.”

So basically...Western Union is whining because they have to follow regulations and want their competition, Bitcoin, regulated too.

Guess what Western Union? You are old news.

A Bitcoin ATM next to every Western Union in the world would make them obsolete.

These are the same people who said:

Quote

This `telephone' has too many shortcomings to be seriously considered as a practical form of communication. The device is inherently of no value to us.
- Western Union internal memo, 1878

QuestionAuthority

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Quote from: zimmah on July 01, 2014, 04:22:44 AM

Who cares?

By the time western union accepts bitcoin, bitcoin is already bigger than western union.

And besides, who would like to pay huge fees to transfer bitcoin?

Bitcoin will make WU obsolete.

Are you kidding? Do you know how they work? WU could replace ACH/ETF and wire transfers internationally and cash people out in fiat. They could work like a very trustworthy exchange.

So everyone's big plan is to eliminate every business on the planet except Overstock, Dish Network and grocery stores? That's pretty short sighted. I'm exactly the opposite, I want every existing business on the planet to figure out a way to incorporate Bitcoin into their business model.

zimmah

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Who cares?

By the time western union accepts bitcoin, bitcoin is already bigger than western union.

And besides, who would like to pay huge fees to transfer bitcoin?

Bitcoin will make WU obsolete.

Keyara

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Quote from: Sardine on July 01, 2014, 02:27:24 AM

Quote from: DannyElfman on June 30, 2014, 11:02:15 PM

Bitcoin would more likely then not be less expensive then 2%.

This price does sound low for moneygram transactions. Are they not instant transfers?

Yes, it's an instant transfer. Although, admittedly, I pick up the money only after 10-18 hours because of time zone differences.
On moneygram's site, when I click on "estimate fees",
it currently shows only a 1.6% fee to transfer 1000 USD from my client to me.
With such low fees, I have little or no motivation to find a cheaper alternative.

Ten years ago, when western union was the only option we had, I recall the WU instant transfer fee was approximately 10% !!

USD to USD transfer is cheap.

For people doing non-usd transfer, that is when bitcoin shine because currency conversion fee alone is usually 2-3%.

Sardine

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Quote from: DannyElfman on June 30, 2014, 11:02:15 PM

Bitcoin would more likely then not be less expensive then 2%.

This price does sound low for moneygram transactions. Are they not instant transfers?

Yes, it's an instant transfer. Although, admittedly, I pick up the money only after 10-18 hours because of time zone differences.
On moneygram's site, when I click on "estimate fees",
it currently shows only a 1.6% fee to transfer 1000 USD from my client to me.
With such low fees, I have little or no motivation to find a cheaper alternative.

Ten years ago, when western union was the only option we had, I recall the WU instant transfer fee was approximately 10% !!

I am very happy to continue using moneygram and continue using traditional banking.
My dream is that bitcoin and altcoins will eventually replace credit cards and paypal because I hate how those guys try to control my activity !
But that's another discussion.

DannyElfman

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Quote from: Sardine on June 30, 2014, 09:06:13 PM

Quote from: Nagle on June 30, 2014, 02:17:26 AM

Quote from: Elwar on June 26, 2014, 08:40:26 AM

A Bitcoin ATM next to every Western Union in the world would make them obsolete.

Nah. There's a Bitcoin ATM at Hacker Dojo in Mountain View. 15% buy/sell spread, 5% fee. Makes Western Union Money Transfer look cheap.

My client pays 2% fee to send me an international cash transfer via moneygram.
Can Bitcoin ATM beat that?

Bitcoin would more likely then not be less expensive then 2%.

This price does sound low for moneygram transactions. Are they not instant transfers?

Sardine

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Quote from: Nagle on June 30, 2014, 02:17:26 AM

Quote from: Elwar on June 26, 2014, 08:40:26 AM

A Bitcoin ATM next to every Western Union in the world would make them obsolete.

Nah. There's a Bitcoin ATM at Hacker Dojo in Mountain View. 15% buy/sell spread, 5% fee. Makes Western Union Money Transfer look cheap.

My client pays 2% fee to send me an international cash transfer via moneygram.
Can Bitcoin ATM beat that?

ShakyhandsBTCer

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It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: rhino34567 on June 30, 2014, 01:32:26 AM

Quote from: spazzdla on June 26, 2014, 08:45:11 AM

Quote from: ?? on ??

Quote from: Elwar on June 26, 2014, 08:40:26 AM

http://www.coindesk.com/western-union-open-bitcoin-regulated-currency/

Quote

“That’s the issue with bitcoin. We are a very regulated industry. If bitcoin is regulated and the customer wants that, I mean, why not? [...]

I am not sure bitcoin is a currency. Bitcoin is a system. It is not used as a currency, it is defined as an asset. When the reserve bank issues bitcoin and when it is regulated we would be more than happy.”

So basically...Western Union is whining because they have to follow regulations and want their competition, Bitcoin, regulated too.

Guess what Western Union? You are old news.

A Bitcoin ATM next to every Western Union in the world would make them obsolete.

To be honest if we could get banks to adopt bitcoins and keep them safe it would make a BOOM of the bitcoin market, we need not to be so ANTI bank right now (now i know i dislike them to) but the banks also need to be less Anti bitcoin and adapt and use them.

So much no.. just so much No.

Do you even money bro? Why in the Fuck of fucks would you want a central bank to print bitcoin into the trillion billion trillions?

If you think banks could ever print bitcoins, you have no idea on how Bitcoin works. Plus, that is completely unrelated to what he said.

in theory it would be possible as long as few enough request to be in control of their own bitcoin and people allow the banks to manage their bitcoin

yuleziji

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LOL

Nagle

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Quote from: Elwar on June 26, 2014, 08:40:26 AM

A Bitcoin ATM next to every Western Union in the world would make them obsolete.

Nah. There's a Bitcoin ATM at Hacker Dojo in Mountain View. 15% buy/sell spread, 5% fee. Makes Western Union Money Transfer look cheap.

rhino34567

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Quote from: spazzdla on June 26, 2014, 08:45:11 AM

Quote from: ?? on ??

Quote from: Elwar on June 26, 2014, 08:40:26 AM

http://www.coindesk.com/western-union-open-bitcoin-regulated-currency/

Quote

“That’s the issue with bitcoin. We are a very regulated industry. If bitcoin is regulated and the customer wants that, I mean, why not? [...]

I am not sure bitcoin is a currency. Bitcoin is a system. It is not used as a currency, it is defined as an asset. When the reserve bank issues bitcoin and when it is regulated we would be more than happy.”

So basically...Western Union is whining because they have to follow regulations and want their competition, Bitcoin, regulated too.

Guess what Western Union? You are old news.

A Bitcoin ATM next to every Western Union in the world would make them obsolete.

To be honest if we could get banks to adopt bitcoins and keep them safe it would make a BOOM of the bitcoin market, we need not to be so ANTI bank right now (now i know i dislike them to) but the banks also need to be less Anti bitcoin and adapt and use them.

So much no.. just so much No.

Do you even money bro? Why in the Fuck of fucks would you want a central bank to print bitcoin into the trillion billion trillions?

If you think banks could ever print bitcoins, you have no idea on how Bitcoin works. Plus, that is completely unrelated to what he said.

jc01480

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Nope..

Bye, Western Union. You're a relic.

cinder

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If bitcoin is regulated like fiat, it will be as bad as fiat money and no one will use it.

ShakyhandsBTCer

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It's Money 2.0| It’s gold for nerds | It's Bitcoin

Quote from: QuestionAuthority on June 28, 2014, 06:31:41 PM

Would you all be happy if WU started using Bitcoin to move money instead of ACH or wire transfer?

Take a look at this page and tell me it wouldn't be better looking with a Bitcoin option.

http://onlinefx.westernunion.com/fees/

The only thing WU could really do with bitcoin is exchange it with fiat. If someone wanted to send money the same way that western union does they could simply send bitcoin to them.

It is almost like bitcoin is a competitor to western union

henryjames1003

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Quote from: Elwar on June 26, 2014, 08:40:26 AM

http://www.coindesk.com/western-union-open-bitcoin-regulated-currency/

Quote

“That’s the issue with bitcoin. We are a very regulated industry. If bitcoin is regulated and the customer wants that, I mean, why not? [...]

I am not sure bitcoin is a currency. Bitcoin is a system. It is not used as a currency, it is defined as an asset. When the reserve bank issues bitcoin and when it is regulated we would be more than happy.”

So basically...Western Union is whining because they have to follow regulations and want their competition, Bitcoin, regulated too.

Guess what Western Union? You are old news.

A Bitcoin ATM next to every Western Union in the world would make them obsolete.

could someone explain? what it's mean - "regulated" for Bitcoins? is it real? I always thought's Bitcons is semi-regulating system

WtwkG

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"Western Union" can go to hell cause Bitcoin already surpasses it in daily transaction volume

Topic: Western Union would include bitcoins if they were "regulated" (Read 2490 times)