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Author Topic: Bitcoin is killing Western Union!  (Read 9273 times)
ElectricMucus
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October 31, 2013, 01:28:16 PM
 #21

Simple: because Bitcoin is the future.

 Roll Eyes

Ripple "is the future" as well and it is much more appropriate than Bitcoin to be used as protocol to transmit money.

No, Ripple is a scam.

Its not. You parrot that because you are afraid your Bitcoin investment would fail.

No, otherwise I would have kept the free Ripples (and/or bough more). XRP is a centralized scheme much like fiat only the central organization "distributing" the currency is even less trustworthy. Good luck with that.

I'll keep repeating it's a scam to at least inform new members sufficiently to do their own due diligence.

You have sold your free shares of a company and because of that they are a scam.
Striking logic, keep it up!


They want to centralize their profits, big whoop is that what this is about?
Or that Ripple uses a distributed client/server architecture ala Forex in contrast to the p2p architecture Bitcoin uses? Doesn't Bitcoin dream about having full nodes only at certain big entities?

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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ElectricMucus
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October 31, 2013, 01:35:16 PM
 #22

No, Ripple is a scam.

Its not. You parrot that because you are afraid your Bitcoin investment would fail.
I'm not invested in Bitcoin, and I'll say this too. Ripple is a scam.

Bullshit.

Ok tell me how/why it is a scam. Is it because the idiots who scream the loudest here say so?

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
augustocroppo
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October 31, 2013, 01:49:44 PM
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No, Ripple is a scam.

I am sorry to disrupt your "Bitcoin Dream", but no, Ripple is not scam. Ripple is a well designed protocol to transmit IOU (I Own You) of fiat and digital currency. It is still being developed and adopted at a slow peace, as happened with the Bitcoin protocol in the past.

Adoption of the Ripple protocol rather than the Bitcoin protocol would be much more advantageous to Western Union to improve their business model. The transactions are quicker than Bitcoin and the protocol allows use of scripts which could optimize the way people transmit money. The Ripple developers are working into something they call "Smart Contracts", which aims to automate process like escrow or auctions. This is indeed something cannot be done in the Bitcoin protocol without a drastic change in the original client developed by Satoshi Nakamoto.
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October 31, 2013, 02:24:25 PM
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No, Ripple is a scam.

Its not. You parrot that because you are afraid your Bitcoin investment would fail.
I'm not invested in Bitcoin, and I'll say this too. Ripple is a scam.

it´s a scam and the ripple worshippers getting really fanatic about it.  Kiss
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October 31, 2013, 02:26:27 PM
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Simple: because Bitcoin is the future.

 Roll Eyes

Ripple "is the future" as well and it is much more appropriate than Bitcoin to be used as protocol to transmit money.

No, Ripple is a scam.

Its not. You parrot that because you are afraid your Bitcoin investment would fail.

No, otherwise I would have kept the free Ripples (and/or bough more). XRP is a centralized scheme much like fiat only the central organization "distributing" the currency is even less trustworthy. Good luck with that.

I'll keep repeating it's a scam to at least inform new members sufficiently to do their own due diligence.

You have sold your free shares of a company and because of that they are a scam.
Striking logic, keep it up!


They want to centralize their profits, big whoop is that what this is about?
Or that Ripple uses a distributed client/server architecture ala Forex in contrast to the p2p architecture Bitcoin uses? Doesn't Bitcoin dream about having full nodes only at certain big entities?

Your response proves you fail at logic because that wasn't my point at all. I was arguing against your "argument". It isn't that hard Smiley

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October 31, 2013, 02:39:23 PM
 #26

Circular logic never fails. So I don't have that kind of safety net you have.

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October 31, 2013, 03:13:01 PM
 #27

Western Union is horrible. Their fee's are outrageous. Bitcoin does help eliminate the use of them.

ElectricMucus
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October 31, 2013, 03:16:13 PM
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I'm wondering, why the hostility towards western union?

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
augustocroppo
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October 31, 2013, 03:16:46 PM
 #29

No, Ripple is a scam.

Its not. You parrot that because you are afraid your Bitcoin investment would fail.
I'm not invested in Bitcoin, and I'll say this too. Ripple is a scam.

it´s a scam and the ripple worshippers getting really fanatic about it.  Kiss

The only digital currency which had literally attracted worshippers is Bitcoin. No other kind of digital monetary transmission attracts this peculiar kind of people, which advocates Bitcoin as kind of new religion, when in fact it is just a software produced by a mysterious Japanese character. This cult-like mindset is what generates plenty of misconceptions and misinformation in this forum, like "Bitcoin is killing Western Union".

To say that "ripple is a scam" is not different than religious fundamentalists to say "their god is not the right one". But, of course, not all people which use or appreciate the advantages of the Bitcoin protocol are Bitcoin worshippers. There are plenty of people which could care less for this "Bitcoin Dream", they are busy building the real future and more than happy to use the Bitcoin protocol when that provides them certain benefits.


Raize
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October 31, 2013, 04:28:24 PM
 #30

I've done plenty of remittances for people, using Bitcoin since 2011. It's pretty much the *only* business I've done in Bitcoin aside from mining. I think you guys underestimate the size of Western Union. They have been around forever and would likely adopt/integrate Bitcoin before failing. They essentially have a trust network that puts the OTC to shame. They do somewhere over 500,000 transactions per day compared to Bitcoin at 50,000 (which, let's be honest, are likely mostly internal instead of peer-to-peer).

Bitcoin might be making a dent in Western Union, I'm not going to lie. But I doubt it'll be replacing it anytime soon.

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October 31, 2013, 05:11:40 PM
 #31

The world is quickly going all digital and will leave behind those who lack the foresight to adapt.

First it was the digital photo business which sunk Kodak, now companies like Hewlett Packard are having a difficult time adapting in a world where people print less and less. My wife works directly with HP's upper management on advertising decisions, and she will be the first to tell you that the old executives are very staunch in their beliefs, opinionated, and the amount of waste that goes on is staggering. These huge companies are somewhat dysfunctional and don't always make logical decisions. They recently killed a $1 million project right before completion because one person lacked vision and pulled the plug. Money down the drain. They barely even had a Facebook presence before she started working with them last year.

I give HP as an example of the corporate lumbering dinosaur that is struggling to stay relevant.. Now with Bitcoin threatening WU's business model I see the older, more stubborn executives sitting back in their leather-bound offices smelling of rich mohagony, smoking their hubris cigars. Bitcoin a threat? Ha!
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October 31, 2013, 07:04:01 PM
 #32



The speed at which USD is getting irrelevant is no joke. The end to petrodollar is being invented right here in the US, thanks to Tesla Wink


I like that Smiley

When can I buy a Tesla with Bitcoin? Cheesy
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October 31, 2013, 07:11:24 PM
 #33

... And then you win.

 Cool

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October 31, 2013, 07:12:05 PM
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I've done plenty of remittances for people, using Bitcoin since 2011. It's pretty much the *only* business I've done in Bitcoin aside from mining. I think you guys underestimate the size of Western Union. They have been around forever and would likely adopt/integrate Bitcoin before failing. They essentially have a trust network that puts the OTC to shame. They do somewhere over 500,000 transactions per day compared to Bitcoin at 50,000 (which, let's be honest, are likely mostly internal instead of peer-to-peer).

Bitcoin might be making a dent in Western Union, I'm not going to lie. But I doubt it'll be replacing it anytime soon.


You're right. WU has a huge amount of investors in it that will not let it fail....

As you mention, they will most likely integrate Bitcoin before they lose a significant market share to it.


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October 31, 2013, 09:28:41 PM
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Quote
Bitcoin might be making a dent in Western Union, I'm not going to lie. But I doubt it'll be replacing it anytime soon.

I suspect that PayPal has had more of an impact on WU than Bitcoin since PP allows users to move money for free. Moving money by Bitcoin still requires too much complexity for the mainstream compared to WU, especially for American users. Keep in mind that WU appeals to low-end money movers. Businesses like WU are still the only way to move money without involving a money-handling account.
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October 31, 2013, 09:39:31 PM
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I see no reason WU using Bitcoin before there will be tens of thousand Bitcoin ATM all over world. Now they simply have no reason, Bitcoin is no big competitor to them
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October 31, 2013, 10:03:53 PM
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Quote
Bitcoin might be making a dent in Western Union, I'm not going to lie. But I doubt it'll be replacing it anytime soon.

I suspect that PayPal has had more of an impact on WU than Bitcoin since PP allows users to move money for free. Moving money by Bitcoin still requires too much complexity for the mainstream compared to WU, especially for American users. Keep in mind that WU appeals to low-end money movers. Businesses like WU are still the only way to move money without involving a money-handling account.

I e-mail money to someone using Coinbase.  It asks them to sign up with an account to retrieve the money.  Not that difficult.

Once we both have accounts, I can SMS text money to someone using their phone number by saying "Send $2 to 123-456-7890".

Really not that difficult.  I think people underestimate what some of these Bitcoin companies are doing.

As evidenced by people in this thread, it is WAY harder to use Western Union or even Paypal.

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October 31, 2013, 10:37:14 PM
 #38

I can't believe no one mentioned the fact that WU has already said they're looking into incorporating Bitcoin into their business model.
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October 31, 2013, 11:04:20 PM
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Bitcoin has a lot to do before that happens. Goverments want to track money, and will destroy every possibility for anonimity before they let it be the next WU.

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October 31, 2013, 11:11:23 PM
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Slightly extreme article, seems like a reaction piece to the WU stock oscillations. And even if the US authorities end up imposing the more extreme outcomes, Bitcoin will still survive in the US without a doubt, and it will continue to get used for remittance. It'll just be a huge advertisement for Bitcoin's international transfer advantages ("So dangerous to WU they tried to shut it down" etc). I think we all know that it's not disappearing from TCP/IP traffic anytime soon, whether or not it needs to be secreted in an encrypted sub-layer of the internet in the authoritarian US.

WU investors are right to be concerned long term though, it's dead in the water before the end of the 2010's.

The speed at which USD is getting irrelevant is no joke. The end to petrodollar is being invented right here in the US, thanks to Tesla Wink

This +100000
I predict one of the precipitants to a dollar crash will be countries pricing their oil in non dollar currencies. The see the dominos start to fall...

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