Western Union: 'Too Early' to Discuss Ripple Labs Pilot Project

[Coinbuddy]

Western Union has formally responded to statements suggesting it is taking concrete steps toward using distributed ledger technologies via a partnership with Ripple Labs.

Long cited as a technology that could enable more cost-effective cross-border payments, Western Union has, as commentators have noted, what is perhaps one of the more evident vested interests in exploring digital currency offerings.

SOURCE: http://www.coindesk.com/western-union-too-early-ripple-labs-pilot-project/

[tokeweed]

Yo, PranLele, this is the wrong subforum for that.

[Kaneki]

it seems you are wrong subforums,

should in https://bitcointalk.org/index.php?board=77.0

[tyz]

No matter whether it is the wrong subforum or not. The news is interesting. WU is going to undermine its core business when they focus on crypto. I think it is a rumor and keeps a rumor.

[tokeweed]

No matter whether it is the wrong subforum or not. The news is interesting. WU is going to undermine its core business when they focus on crypto. I think it is a rumor and keeps a rumor.

Nah.  Their just gonna use Ripple at the backend for their remittances.  The customer won't be holding any XRP at all, or know that Ripple was being used in the backend for remittance.  Same fees for the customer but less expenses for Western Union, since network fees at Ripple costs .000001 of an XRP.

Ain't that right Pran Lele..?

[yayayo]

Ripple is PayPal V.1.5, maybe 2.0, if you're generous. It's centrally controlled and subject to inflation.

Investing in Ripple is like betting on a one-legged horse, ridden by a blind jockey suffering from class III+ obesity. But WU is way too much attached to the old world, so they can't see the coming revolution.

The days of fiat-based conversion/remittance companies are counted, because Bitcoin renders their services obsolete. All they can do is trying to become a bit more efficient to stretch the time span before their demise, but in the end they can't compete with the Bitcoin, because Bitcoin doesn't need corporate overhead to function.

ya.ya.yo!

[pawel7777]

Yo, PranLele, this is the wrong subforum for that.

It's actually pretty relevant to Bitcoin.

Looks like it's WU's response to emerging BTC remittance services. I think we had ~10 new start-ups of that sort in the last 2 years. If some of them turned to be successful, WU would be in trouble.

So the question is whether BTC-powered services will still be able to offer cheaper services than rippled WU.

[Kprawn]

Let's just expose this for what it is... WU have to decrease fee's to compete with Bitcoin... their current business model does not allow room for that. They will ride the Ripple train to decrease fee's, or to put more $$$ in their pockets.

Once people see through this and just use Bitcoin for remittance, they will never look back at WU.

WU dug their own grave, when they fuxed over their customers with HIGH fees....and this will be what they will be remembered for.  

[coinpr0n]

I have a friend who works for WU - though not in America. He tells me WU is a slow-moving company, not half as tech-savvy as one might think. I think 'tight-lipped' in this case probably means nothing at all.

[Phat Buzz Tart]

Of course they will go for Ripple,
after all its centralized and thats what they want.

[tokeweed]

Are start ups going to follow and build on Ripple if WU becomes successful in using the network?  I could imagine established companies like MoneyGram following.  And there are a handful of banks already using it...

[PolarPoint]

If Western Union is just looking for a ledger system, they can clone bitcoin or any alt they want. They do not need to use Ripple. They should move forward and adopt bitcoin. They can even be an exchange and earn money there.

[tokeweed]

If Western Union is just looking for a ledger system, they can clone bitcoin or any alt they want. They do not need to use Ripple. They should move forward and adopt bitcoin. They can even be an exchange and earn money there.

Sure.  But they're not.  So what does this mean for Ripple and where can we make money there?  Build a start up, hoard XRP, what?

Also Ripple is going to be compliant with the banks, so I think it is a more attractive solution for them.

Edit: Did a little research.  Ripple has an accelerator program for start ups here http://www.crosscoinventures.com

Looks good and very encouraging.

[God27]

Ripple is PayPal V.1.5, maybe 2.0, if you're generous. It's centrally controlled and subject to inflation.

Investing in Ripple is like betting on a one-legged horse, ridden by a blind jockey suffering from class III+ obesity. But WU is way too much attached to the old world, so they can't see the coming revolution.

The days of fiat-based conversion/remittance companies are counted, because Bitcoin renders their services obsolete. All they can do is trying to become a bit more efficient to stretch the time span before their demise, but in the end they can't compete with the Bitcoin, because Bitcoin doesn't need corporate overhead to function.

ya.ya.yo!

Did you say the Ripple network is subject to inflation or did you mean XRP?

I wouldn't say Ripple Labs is competing with bitcoin. Seems like bitcoin geeks from 2010-2011 used their great experience of bitcoin to create their own ledger system that can be compliant and create prosperity across the world.

Let's just expose this for what it is... WU have to decrease fee's to compete with Bitcoin... their current business model does not allow room for that. They will ride the Ripple train to decrease fee's, or to put more $$$ in their pockets.

Once people see through this and just use Bitcoin for remittance, they will never look back at WU.

WU dug their own grave, when they fuxed over their customers with HIGH fees....and this will be what they will be remembered for.  

Once people see through this? How long will you be stuck here saying that? 20 years?  

So your saying Western Union is on the verge of bankruptcy?

I have a friend who works for WU - though not in America. He tells me WU is a slow-moving company, not half as tech-savvy as one might think. I think 'tight-lipped' in this case probably means nothing at all.

I bet most WU offices are like this.  How good can Ripple Labs sell it?

[scryptasicminer]

Western Union has formally responded to statements suggesting it is taking concrete steps toward using distributed ledger technologies via a partnership with Ripple Labs.

Long cited as a technology that could enable more cost-effective cross-border payments, Western Union has, as commentators have noted, what is perhaps one of the more evident vested interests in exploring digital currency offerings.

SOURCE: http://www.coindesk.com/western-union-too-early-ripple-labs-pilot-project/

Way to cut cost and bypass the international banking system.

[hua_hui]

If Western Union is just looking for a ledger system, they can clone bitcoin or any alt they want. They do not need to use Ripple. They should move forward and adopt bitcoin. They can even be an exchange and earn money there.

I don't think WU is just looking for the ledger system. They are trying to exploit the benefits Ripple can bring to them (low cost, fast international remittance), integrate them with their existing system, to keep it competitive advantage among global competitors.

[tokeweed]

If Western Union is just looking for a ledger system, they can clone bitcoin or any alt they want. They do not need to use Ripple. They should move forward and adopt bitcoin. They can even be an exchange and earn money there.

I don't think WU is just looking for the ledger system. They are trying to exploit the benefits Ripple can bring to them (low cost, fast international remittance), integrate them with their existing system, to keep it competitive advantage among global competitors.

And Ripple will have the edge due to it working on compliance.  I wouldn't be suprised if other Bitcoin exchanges starts using and integrating Ripple too.  So far there's only Bitstamp.

[louise123]

Western Union chose to do business with Ripple Labs?

Well it makes sense since Ripple is centralized and regulated.

[LFC_Bitcoin]

Western Union running scared of BTC?
Trying to prevent the inevitable end of their organisation with BTC growing year by year.
WU can't compete with the fees they charge.

[TsonicTsunami]

It is the power and security of the Bitcoin network that make it unique and useful. Transferring value across the globe at little cost is intrinsically valuable and the killer app. Old models and new tech that mimic old models will go the way of the Do Do bird. Western Union is done, the fact that they acknowledge they are looking to a pre mined digital asset is confirmation of their demise. Bitcoin is well into the process of a network exponential adoption curve and nothing short of complete ( and I mean complete ) destruction of the internet will stop it. Unless Western Union adopts the Bitcoin block chain, they are done.