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Kazu
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April 19, 2013, 02:28:07 AM |
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5%? Thats almost 10 times the goxxian fee. When you take into account the fact that there is two sides to any exchange that means they are essentially taking 10% on every trade. If 10% fees aren't ridiculous I don't know what is.
Give cash, get bitcoins, pay 5% Wait 3 weeks for bank transfer, get goxxed, pay .6% I know which I'd pick. Don't worry, they'll still charge you the normal WU fees. Its just like any other form of currency exchange. Normal transfer fees PLUS exchange fees. |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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myrkul
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April 19, 2013, 02:30:45 AM |
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5%? Thats almost 10 times the goxxian fee. When you take into account the fact that there is two sides to any exchange that means they are essentially taking 10% on every trade. If 10% fees aren't ridiculous I don't know what is.
Give cash, get bitcoins, pay 5% Wait 3 weeks for bank transfer, get goxxed, pay .6% I know which I'd pick. Don't worry, they'll still charge you the normal WU fees. Its just like any other form of currency exchange. Normal transfer fees PLUS exchange fees. Still worth it.  |
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bitcon
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Activity: 2212
Merit: 1008
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April 19, 2013, 02:46:39 AM |
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time is money
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computerlamp
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Activity: 32
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April 19, 2013, 04:10:03 AM |
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Sent them an e-mail. Any kind of integration with WU would be huge for bitcoin.
huge for bitcoin and huge for WU, and WU cares about being good for WU curious as to what your email was as they are already showing interest in btc. This makes me excited! |
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Zangelbert Bingledack
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April 19, 2013, 03:38:53 PM |
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Perhaps the company itself would use bitcoin as a tool to transfer funds internationally, and as a result cut down on their overhead so they can put more money in their own pockets while charging customers the same fees?
It's a pretty smart move, if you think about it. Customers would still just work with their fiat, and WU would insulate them from the bitcoin part of it, while the bitcoin is used simply to speed up the transfer. Then the customer can be told their $ can now be transfered in mere minutes. Yes, this. Their immediate interest can only be in boosting their profits in existing business, not jumping into Bitcoin exchange as a business (hardly anyone uses Bitcoin yet!). Bitcoin can drive their back end invisibly from the customer's perspective. Or customers could choose a "fast cash" option "powered by the Bitcoin network" that is cheaper and faster than usual. We have people emailing them...we need to appeal to their bottom line, not try to convince them to get into Bitcoin as a business. Once they start using it they may make that decision on their own, but for now it's just a tool to streamline their operations (massively). |
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Anon136
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Activity: 1722
Merit: 1217
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April 19, 2013, 06:31:48 PM |
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I think you guys fail to understand the gravity of the situation.
WU literally could, with extremely little effort, turn every single WU place into the equivalent of a Bitcoin ATM.
yep this is what is happening. they know there time is up. they are going to die here within the year or two so better buck up and turn there company into an exchange place. it will be like an atm. you put your money in and then type the bitcoin address in and bam five-ten minutes and you have your BTC(money)sent to whomever you need to. and just like you say no need to change it to yen/euro/frank/lirea etc just sends it. you know what this means??? for dear god hold onto your bitcoins they are literally worth gold now. ok no literally but they will be in one year just you wait. If they did do this, it would be huge. However, if they do, expect insane exchange fees, like 5%. I wonder what their withdraw limits would be. If you could get out huge chunks of money quickly from them I would take the 5% fee instead of waiting damn well forever for gox to wire the damn money. you really think 5% is that bad? i was planning on charging 5% with my vending machine and i thought i was being reasonable =( 5%? Thats almost 10 times the goxxian fee. When you take into account the fact that there is two sides to any exchange that means they are essentially taking 10% on every trade. If 10% fees aren't ridiculous I don't know what is. its a shame that you feel that way =( Buying gift cards and a vending machine and renting a spot in the mall and paying electricity and driving back and forth to empty out the machine is all pretty expensive. I'm praying that ill turn a profit at 5%. |
Rep Thread: https://bitcointalk.org/index.php?topic=381041If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited? |
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myrkul
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April 19, 2013, 06:39:12 PM |
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its a shame that you feel that way =( Buying gift cards and a vending machine and renting a spot in the mall and paying electricity and driving back and forth to empty out the machine is all pretty expensive. I'm praying that ill turn a profit at 5%.
For you, 5% is reasonable. Significant capital outlay and overhead. For WU, 5% is a bit excessive, given that they would have almost no marginal cost to add Bitcoin processing. |
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Anon136
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April 19, 2013, 06:40:43 PM |
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its a shame that you feel that way =( Buying gift cards and a vending machine and renting a spot in the mall and paying electricity and driving back and forth to empty out the machine is all pretty expensive. I'm praying that ill turn a profit at 5%.
For you, 5% is reasonable. Significant capital outlay and overhead. For WU, 5% is a bit excessive, given that they would have almost no marginal cost to add Bitcoin processing. true |
Rep Thread: https://bitcointalk.org/index.php?topic=381041If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited? |
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Zangelbert Bingledack
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Activity: 1036
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April 19, 2013, 06:43:34 PM |
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Price ceilings are set by competition, not cost.
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myrkul
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April 19, 2013, 06:45:48 PM |
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Price ceilings are set by competition, not cost.
Price floors are set by cost, though. |
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Transisto
Donator
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Activity: 1731
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April 19, 2013, 06:46:30 PM |
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They could somewhat easily act as escrow,
Sender add the signature of the contract in the transfer note.
BTC Seller sign the message of "10btc at 1500$ via WU to "buyer address"" with the address the BTC are to be sent from.
When Mr Seller goes to get his money verification is made that the transaction has been made.
There will never be any ambiguity so verification shouldn't add much to the cost.
Edit : There need to be a publicly available confirmation that the buyer sent the money with the correct note.
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