row5_seat47 (OP)
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 23, 2013, 09:23:17 PM |
|
At the eighth annual Western Union Consumer Protection & Compliance Conference held September 18th, 2013, Jay Postma, CAMS, President, MSB Compliance Inc. and Scott Apodaca, CAMS, Senior Manager, Western Union gave a presentation entitled “Emerging Risk of Digital Currency (E-Currency / Bitcoin / Liberty Reserve) [PDF link].” http://bitcoinmagazine.com/7692/western-union-says-bitcoin-not-ready-for-primetime/
|
|
|
|
zeroday
Donator
Hero Member
Offline
Activity: 784
Merit: 1000
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 23, 2013, 09:24:43 PM |
|
Heh. What else would they say? Bitcoin is their doom.
|
|
|
|
BitAddict
Legendary
Offline
Activity: 1190
Merit: 1001
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 23, 2013, 09:32:54 PM |
|
Yeah, better send money with Western Union...
Last time I had to send with them they charged me 4% fees, plus I lost nearly 2h to send it because software was not working at that moment... Also my partner couldn't take money because they fail entering info, they typed name on surname and surname on name.
Also you can only send and receive 3,000€ every 3 months...
They have nothing to do against bitcoin.
|
|
|
|
Anon136
Legendary
Offline
Activity: 1722
Merit: 1217
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 23, 2013, 09:42:08 PM |
|
Heh. What else would they say? Bitcoin is their doom.
it sure was nice of the bitcoin foundation to go and rub some salt in those wounds
|
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?
|
|
|
Singlebyte
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 02:58:51 AM |
|
Wasn't the horse and buggy industry saying the same thing about automobiles?
|
|
|
|
odolvlobo
Legendary
Offline
Activity: 4410
Merit: 3305
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 06:59:12 AM |
|
I can see that none of you even looked at the presentation. If you read the presentation, you will see that it is very neutral, and perhaps even a little pro-bitcoin because it acknowledges many of the advantages of Bitcoin. The reasons it gives for saying it is not "ready for prime time" (regarding international money transfer) are accurate: Worldwide use of bitcoin is growing - but there is not sufficient use and liquidity yet for massive adoption Also, consumer interfaces to bitcoin are not sufficiently mature yet - ease of use, clarity of transactions, taxation issues, etc. And…many regulatory issues yet to be adequately addressed
|
Join an anti-signature campaign: Click ignore on the members of signature campaigns. PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
|
|
|
Puppet
Legendary
Offline
Activity: 980
Merit: 1040
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 07:25:29 AM |
|
I can see that none of you even looked at the presentation. If you read the presentation, you will see that it is very neutral, and perhaps even a little pro-bitcoin because it acknowledges many of the advantages of Bitcoin. The reasons it gives for saying it is not "ready for prime time" (regarding international money transfer) are accurate:
Exactly. Moreover bitcoin is not necessarily an enemy of WU. Its also potentially a huge business opportunity for them. For instance, its great that bitcoin allows immigrant workers to send remittances home at no fee, but its pointless if the people back home dont have the required PC skills and access to a bitcoin exchange and bankaccount. WU could just cash out the bitcoins for them, they have a huge presence just about everywhere that matters.
|
|
|
|
de3mka
Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 102
Merit: 13
How do I change an avatar?
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 08:10:28 AM |
|
Its also potentially a huge business opportunity for them.
This. Too bad they don't understand they can optimize their back-end to use bitcoin to transfer value between subsidiaries (WU nodes). When they realize the benefits there will be another company offering the same service with lower commission.
|
BTC: 16o89714EG9WGyi39NxifutFYk55QkxqQK
|
|
|
Puppet
Legendary
Offline
Activity: 980
Merit: 1040
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 08:14:26 AM |
|
Its also potentially a huge business opportunity for them.
This. Too bad they don't understand they can optimize their back-end to use bitcoin to transfer value between subsidiaries (WU nodes). When they realize the benefits there will be another company offering the same service with lower commission. Im pretty sure WU sees this too. As does paypal btw, its definately not incompatible with bitcoin either. But as they point out, its too early for them to get involved.
|
|
|
|
Erdogan
Legendary
Offline
Activity: 1512
Merit: 1005
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 08:41:22 AM |
|
They are right you know - it is next week.
|
|
|
|
Mike Hearn
Legendary
Offline
Activity: 1526
Merit: 1129
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 11:17:29 AM |
|
The slides are pretty good. Kudos to Jay and Scott. I might use the first parts for my own presentations from now on.
I like the way they describe Bitcoin as "good money" (no chargebacks). I've never seen this term before, but the way it's used makes it sound like a piece of jargon with a standardised definition.
The assessment of the FinCEN guidance is spot on.
The second part is unfortunate. It appears to assume that all "e-currency" transactions are inherently criminal. Perhaps that reflects their prior experience.
|
|
|
|
LiteCoinGuy
Legendary
Offline
Activity: 1148
Merit: 1014
In Satoshi I Trust
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 12:50:55 PM |
|
i like this article. alot of nice little pieces of big companys that noticed bitcoin and its potential.
|
|
|
|
qwk
Donator
Legendary
Offline
Activity: 3542
Merit: 3413
Shitcoin Minimalist
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 04:47:52 PM |
|
Its also potentially a huge business opportunity for them.
This. Too bad they don't understand they can optimize their back-end to use bitcoin to transfer value between subsidiaries (WU nodes). When they realize the benefits there will be another company offering the same service with lower commission. Absolutely. If they decide to move quickly, they may as well be the one company to profit the most from bitcoin. They have precisely the kind of infrastructure to make inexpensive remittance with bitcoins happen. That's a Billion-Dollar-industry where right now they have a lot of competition. Being the first-mover in this area will ensure a huge piece of the pie when it comes to future market share.
|
Yeah, well, I'm gonna go build my own blockchain. With blackjack and hookers! In fact forget the blockchain.
|
|
|
TraderTimm
Legendary
Offline
Activity: 2408
Merit: 1121
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 08:11:00 PM |
|
Western Union is making the same monumental mistake that Microsoft did when it ignored the Internet.
They'll come crying later, when they notice their international wire traffic plummeting.
|
fortitudinem multis - catenum regit omnia
|
|
|
odolvlobo
Legendary
Offline
Activity: 4410
Merit: 3305
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 08:26:27 PM |
|
Exactly. Moreover bitcoin is not necessarily an enemy of WU. Its also potentially a huge business opportunity for them. For instance, its great that bitcoin allows immigrant workers to send remittances home at no fee, but its pointless if the people back home dont have the required PC skills and access to a bitcoin exchange and bankaccount. WU could just cash out the bitcoins for them, they have a huge presence just about everywhere that matters.
I think Puppet has the right idea, but I'm betting that WU will use Bitcoin internally to transfer funds, without customers knowing or caring. It will save them a ton of money. I think that is why they say it is not ready for prime time -- bitcoin is not yet big enough to support them.
|
Join an anti-signature campaign: Click ignore on the members of signature campaigns. PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
|
|
|
Spaceman_Spiff
Legendary
Offline
Activity: 1638
Merit: 1001
₪``Campaign Manager´´₪
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 09:10:15 PM |
|
I think that is why they say it is not ready for prime time -- bitcoin is not yet big enough to support them.
I think it means they are buying some with their personal money, but they are not implementing it into their business model yet ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) .
|
|
|
|
somestranger
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 10:47:53 PM |
|
I think they will change their minds in a couple years, otherwise they are going to disappear.
|
|
|
|
balanghai
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 10:48:49 PM |
|
Emerging Risk of Digital Currency to their business. It will be their doom. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
|
|
|
|
ranmn7
Newbie
Offline
Activity: 41
Merit: 0
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 24, 2013, 11:18:16 PM |
|
Sounds to me like there is an opportunity here to set up a competitive service.
Say a network of bitcoin users get together and offer exchanges to local currencies world wide.
Makes me wish I had the capital to start up a venture of this nature. Someone will I'm certain as soon as there is enough confidence in the use of Bitcoins for this type of exchange.
|
|
|
|
Anon136
Legendary
Offline
Activity: 1722
Merit: 1217
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 25, 2013, 02:35:32 AM |
|
Sounds to me like there is an opportunity here to set up a competitive service.
Say a network of bitcoin users get together and offer exchanges to local currencies world wide.
Makes me wish I had the capital to start up a venture of this nature. Someone will I'm certain as soon as there is enough confidence in the use of Bitcoins for this type of exchange.
im down. ill act as a gateway. get some more people together.
|
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?
|
|
|
|