Bitcoin Forum

Western Union CIO: Bitcoin No Solution for Today's Market

For Western Union chief information officer John “David” Thompson, bitcoin represents an innovative technology that, if successful, could significantly impact the way people transact and exchange information.

Yet the path he sees to that future is fogged by regulatory and cultural challenges that are yet to be resolved.

In conversation with CoinDesk, Thompson detailed how he invested in bitcoin mining in order to learn more about nuts and bolts of the technology – a process that he continues to this day.

“I have some [KnCMiner] Neptunes – about two terahashes in bitcoin mining,” he said. “It’s done well.”


http://www.coindesk.com/western-union-cio-bitcoin-solution-todays-market/


maybe he is a hodler  :P

western union does not need to worry about regulations.

he already has all the god damn licences to play with converting fiat.. he doesnt need anything else

Fine I'll say it:

This is huge.

If anyone of you had any concerns about the longevity of Bitcoin and its continued saturation of the market, you can kick back just a little further in your chair and relax.

Always remember that a year ago, hearing something like this would've generated thousands of nerd-gasms.

It doesn't mean Western Union is going to use Bitcoin.

It does mean that its fucking incredible that the industry most poised to be destroyed by Bitcoin, is actually all over it right now.

-B-

The statement alone shown how clueless he is.

Me personally hearing of this gave me yet MORE confidence in where BTCitcoin/digital currencies is heading.  I've found out about and have been studying BTCitcoin since March and despite some of the negative headlines, there has been nothing but good news after good news, after good news, since! It just doesn't stop! I'm enjoying the ride on this Major Wave!

Yeah but I laughed when I heard that he was mining them - You know he's hoping for that promise! lol They are just being extra careful which is very understandable as they are in fact old school players in the game.  They will soon realize they will either have to bow down to the new digital age 0r! like the financial markets, get stopped out!

Actually, WU is almost continually under investigation for money laundering and constantly imposing more restrictions on how their services are used in order to keep themselves out of deep shit.  WU aligning themselves with Bitcoin in any way wouldn't necessarily be a good thing for Bitcoin.

Sweet, we got damned with faint praise, we're starting to worry them :D

The takeaway here is that their management appears to at least be open to the idea of bitcoin and that is a big step. Keeping you enemies closer might be the true nature of this but I can't help but feel cautiously optimistic.

Why? Three cubes give you 2TH/s.

If I had to guess, I would say that he probably started mining with the Neptunes around the time they first came out.

You also need to remember that he is really not mining for profit, but rather to see and understand how Bitcoin works. It was mentioned in the article that this was the reason why he is in the mining "business.".

He is going to get censured by his company for disclosing that.  ;D

That's pretty cool to see. I think a bunch of the big financial people are holding at least a few behind closed doors. Perhaps even involved with manipulation. Either way, awesome. They see the potential, it's just a matter of time. BTCBTCBTCBTCBTCBTCBTCBTC

I don't think "seriously" is the appropriate word here. He is using miners that are worth a few hundred dollars each at most now. It was stated in the article that he is mining in order for him (and the company) to get a better understanding as to how bitcoin works.

Heh. Interesting.

He appears to be mining/holding/using bitcoin in order for his company to better understand bitcoin (as mentioned above).

That is what they all say. He can't afford to say that he expects bitcoin to be the future of money transmission.  ;D

I would disagree. He did make a somewhat of a valid point that bitcoin does not solve anything to get money "the last mile" to the person receiving the money, although he does assume that people will want to ultimately receive fiat which I would say is not always the case.

I would make a counter-argument to him that if merchant adoption is high enough then people would easily be able to spend their bitcoin without needing to go the "last mile"

Which pool is he using?

I think this is a interesting question. I also want to know the answer to this question.

With only two terrahashes isn't that totally irrelevant?!

Wait so a Western Union member mines
I guess that means there is hope for them yet if he becomes the leader and brings them to the cryptoage
Well once people start moving over at significant paces until then just more profit and coins to mine for him
Like any other rational person