Biodom
Legendary
Offline
Activity: 3920
Merit: 4412
|
|
April 18, 2014, 12:42:55 AM |
|
How about this. http://www.nytimes.com/2014/04/18/business/walmart-to-offer-customers-money-transfers-between-stores.html?_r=0Walmart said that its new service, especially for larger money transfers, will be cheaper than the alternatives. Transfers of up to $50 will cost $4.50 and transfers of up to $900 — the maximum amount customers can send in a day — will cost $9.50.
According to a fee estimator on Western Union’s website, sending $900 within the United States could cost as much as $76 when done in person. MoneyGram’s website estimated that the same transaction would cost $73. Should be easy peasy for bitcoin to pick up these customers, unless they like to pay 10%.
|
|
|
|
hodlmybtc
|
|
April 18, 2014, 12:46:56 AM |
|
How about this. http://www.nytimes.com/2014/04/18/business/walmart-to-offer-customers-money-transfers-between-stores.html?_r=0Walmart said that its new service, especially for larger money transfers, will be cheaper than the alternatives. Transfers of up to $50 will cost $4.50 and transfers of up to $900 — the maximum amount customers can send in a day — will cost $9.50.
According to a fee estimator on Western Union’s website, sending $900 within the United States could cost as much as $76 when done in person. MoneyGram’s website estimated that the same transaction would cost $73. Should be easy peasy for bitcoin to pick up these customers, unless they like to pay 10%. Haha what are they thinking? This definately is very bullish for Bitcoin
|
|
|
|
MatTheCat
|
|
April 18, 2014, 12:47:47 AM |
|
How about this. http://www.nytimes.com/2014/04/18/business/walmart-to-offer-customers-money-transfers-between-stores.html?_r=0Walmart said that its new service, especially for larger money transfers, will be cheaper than the alternatives. Transfers of up to $50 will cost $4.50 and transfers of up to $900 — the maximum amount customers can send in a day — will cost $9.50.
According to a fee estimator on Western Union’s website, sending $900 within the United States could cost as much as $76 when done in person. MoneyGram’s website estimated that the same transaction would cost $73. Should be easy peasy for bitcoin to pick up these customers, unless they like to pay 10%. Pay 10% to who? 10% to Walmart or 10% to the LocalBitcoins vendor who exchanges the fiat currency that the customers require? Except that the 10% premium will have to be paid at both ends, i.e, 20%. Except that the 10% premium is actually much higher than 10% when BTC are exchanged into physical cash. i.e. much more than 20%. I would go with Walmart personally.
|
|
|
|
hodlmybtc
|
|
April 18, 2014, 12:54:52 AM |
|
How about this. http://www.nytimes.com/2014/04/18/business/walmart-to-offer-customers-money-transfers-between-stores.html?_r=0Walmart said that its new service, especially for larger money transfers, will be cheaper than the alternatives. Transfers of up to $50 will cost $4.50 and transfers of up to $900 — the maximum amount customers can send in a day — will cost $9.50.
According to a fee estimator on Western Union’s website, sending $900 within the United States could cost as much as $76 when done in person. MoneyGram’s website estimated that the same transaction would cost $73. Should be easy peasy for bitcoin to pick up these customers, unless they like to pay 10%. Pay 10% to who? 10% to Walmart or 10% to the LocalBitcoins vendor who exchanges the fiat currency that the customers require? Except that the 10% premium will have to be paid at both ends, i.e, 20%. Except that the 10% premium is actually much higher than 10% when BTC are exchanged into physical cash. i.e. much more than 20%. I would go with Walmart personally. Almost noone sane pays 10% premium when buying Bitcoins, go to Walmart, byee
|
|
|
|
MatTheCat
|
|
April 18, 2014, 12:57:20 AM |
|
Almost noone sane pays 10% premium when buying Bitcoins, go to Walmart, byee
Oh really. Then perhaps you could tell me how u can send me Bitcoins, and I can turn them into cash in my local area, paying less than 10%. I challenge you to tell me how it's done. Infact, I guarantee that you can't tell me how it's done because it is not possible.
|
|
|
|
BitcoinBobbeh (OP)
|
|
April 18, 2014, 01:07:56 AM |
|
Almost noone sane pays 10% premium when buying Bitcoins, go to Walmart, byee
Oh really. Then perhaps you could tell me how u can send me Bitcoins, and I can turn them into cash in my local area, paying less than 10%. I challenge you to tell me how it's done. Infact, I guarantee that you can't tell me how it's done because it is not possible. Coinbase takes 1%. Although I guess the wait defeats the purpose. Even if you already have an account it'll take 3 or so business days for the money to appear in your bank.
|
By the end of next month at the latest we will have permanently left behind 3 digits. You can quote me on this.
|
|
|
MatTheCat
|
|
April 18, 2014, 01:09:11 AM |
|
Coinbase takes 1%.
Bitstamp takes between 0.2% and 0.5%. But for that, I need a bank account and cash transfer customers aren't using bank accounts. They are paying cash to some desk in some location, allowing somebody to go to some desk in some other location and get given the specific sum of cash. If I was using a bank account, I could transfer the money for free. I don't need Western Union, I don't need Walmart, and I don't need Bitcoin.
|
|
|
|
hodlmybtc
|
|
April 18, 2014, 01:22:11 AM |
|
At this moment it may be hard if you want cash only for your Bitcoins.
If you want cash only it might be good to have enough cash at hand and sell at Coinbase so it doesn't really matter if you have to wait a couple of days because you have enough cash at hand.
It only sucks if you are 100% in Bitcoins and need to pay something what can only be paid in cash but that wouldn't be that smart at this moment since Bitcoin is still a very new technology.
|
|
|
|
Siegfried
|
|
April 18, 2014, 03:37:20 AM |
|
Gox's 200,000+ btc is going to be liquidated soon, and that could be bullish or bearish depending on how you look at it. Some people view the recent positive assessment by financial analysts as bullish. I don't really see much on the horizon right now that would draw the masses that we'd need to go from $500 to $5000. The average person who had heard of btc has only heard negative things about it; hacks, stolen coins, drugs, nerds, etc.
We don't need the masses to get to 5000/BTC. We only need a few hundred million dollars of demand, and that could easily come from a single person (oligarch, sheik, etc.).
|
|
|
|
master-P
|
|
April 18, 2014, 04:31:28 AM |
|
Gox's 200,000+ btc is going to be liquidated soon, and that could be bullish or bearish depending on how you look at it. Some people view the recent positive assessment by financial analysts as bullish. I don't really see much on the horizon right now that would draw the masses that we'd need to go from $500 to $5000. The average person who had heard of btc has only heard negative things about it; hacks, stolen coins, drugs, nerds, etc.
We don't need the masses to get to 5000/BTC. We only need a few hundred million dollars of demand, and that could easily come from a single person (oligarch, sheik, etc.). So a few hundred millions is going to raise the market cap from $6 billion to like $60 billion? Just doesn't seem very plausible to me. We'll need more than a few adopters to reach such a valuation. I don't even think bitcoin is ready for the masses. Maybe 10s of thousands of people lost coins on gox; imagine if we had mass adoption and millions of users lost money. Btc would come crashing down. Btc services need more robust security of decentralization.
|
|
|
|
Siegfried
|
|
April 18, 2014, 05:05:20 AM |
|
Gox's 200,000+ btc is going to be liquidated soon, and that could be bullish or bearish depending on how you look at it. Some people view the recent positive assessment by financial analysts as bullish. I don't really see much on the horizon right now that would draw the masses that we'd need to go from $500 to $5000. The average person who had heard of btc has only heard negative things about it; hacks, stolen coins, drugs, nerds, etc.
We don't need the masses to get to 5000/BTC. We only need a few hundred million dollars of demand, and that could easily come from a single person (oligarch, sheik, etc.). So a few hundred millions is going to raise the market cap from $6 billion to like $60 billion? Just doesn't seem very plausible to me. We'll need more than a few adopters to reach such a valuation. I don't even think bitcoin is ready for the masses. Maybe 10s of thousands of people lost coins on gox; imagine if we had mass adoption and millions of users lost money. Btc would come crashing down. Btc services need more robust security of decentralization. Yes, because only a small fraction of total coins are available for sale. It would require more than a few hundred million dollars to permanently stay above 5000/BTC, but much less than the 54 billion dollar difference between 6 billion and 60 billion.
|
|
|
|
lumierre
|
|
April 18, 2014, 06:06:28 AM |
|
It is very likely that a financial crisis will trigger a panic buy maybe not in the US but in Japan (debt to gdp problem), China (housing bubble and shadow banking), Russia (capital flight and currency devaluation)or Europe (stagnant job market).
|
CDEX-CROSS-CHAIN DECENTRALIZED EXCHANGE PLATFORM
|
|
|
Swordsoffreedom
Legendary
Offline
Activity: 2926
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
|
|
April 18, 2014, 06:16:02 AM |
|
Bitcoin overtakes Western Union consistently for money transfers worldwide With a government license from some company who does this business
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
TERA
|
|
April 18, 2014, 07:04:47 AM |
|
Bitcoin opens on eTrade
[citation needed] 1Sorry I interpreted this thread as what would spur the next run, as in hypothetically.
|
|
|
|
Wilhelm
Legendary
Offline
Activity: 1652
Merit: 1265
|
|
April 18, 2014, 07:08:15 AM |
|
Moneyrace If countries figure out that this will be the basis of new wealth distribution or inter-country money system (like a new federal reserve) it might go viral. China, US and other countries will fight each other over the coins causing the prices to go sky-high and hodlers to become billionaires
|
Bitcoin is like a box of chocolates. You never know what you're gonna get !!
|
|
|
MatTheCat
|
|
April 18, 2014, 10:43:17 AM |
|
At this moment it may be hard if you want cash only for your Bitcoins.
If you want cash only it might be good to have enough cash at hand and sell at Coinbase so it doesn't really matter if you have to wait a couple of days because you have enough cash at hand.
It only sucks if you are 100% in Bitcoins and need to pay something what can only be paid in cash but that wouldn't be that smart at this moment since Bitcoin is still a very new technology.
Please bear in mind that this discussion was built around someone (you) stating that Bitcoin could steal the physical cash transferring market from WesternUnion, MoneyGram, and now Walmart. I have just given you reasons why it can't and it won't. These high premium money transfer services are for those transferring cash where one party doesn't have access to digital banking. For people wanting to use Bitcoin to transfer money around who don't have access to digital banking the premiums that must be paid are fucking massive. Much more than the conventional cash transfer agents. Only people who want to hide their money and remain totally 100% anonymous and untrackable would use a Bitcoin - Physical Cash service.
|
|
|
|
boomertoo
Member
Offline
Activity: 392
Merit: 10
|
|
April 18, 2014, 10:52:52 AM |
|
IMHO The collapsing faith in the dollar will lead the sheep to BTC at first it will be a means of storage for those scared of the fiat banks impending default, but soon after BTC or barter will be the only means to buy even a simple loaf of bread. This will be similar to the hyperinflation in the Weimar Republic , but this time the cause will come from china demanding payment of all outstanding USA debt .
|
|
|
|
MatTheCat
|
|
April 18, 2014, 10:55:40 AM |
|
IMHO The collapsing faith in the dollar will lead the sheep to BTC at first it will be a means of storage for those scared of the fiat banks impending default, but soon after BTC or barter will be the only means to buy even a simple loaf of bread. This will be similar to the hyperinflation in the Weimar Republic , but this time the cause will come from china demanding payment of all outstanding USA debt .
|
|
|
|
jamesc760
|
|
April 18, 2014, 11:18:59 AM |
|
Why would China want to cause the collapse of US$ at this point or near future? China holds trillions of US$, they're totally vested in US$. Chinese understands the consequences of US$ collapse will be hugely detrimental to China, probably leading to economic calamity and possible revolution and regime change.
|
|
|
|
inca
Legendary
Offline
Activity: 1176
Merit: 1000
|
|
April 18, 2014, 11:54:12 AM |
|
What spurs the next run?
It is worth remembering there are only 10,000 addresses with more than 100 coins currently. There will only ever be 21,000,000 coins available and over half of those are already mined and out there. Supply will constrain significantly after 2016.
My view is that bitcoin remains an incredible technology. A supranational, global internet currency which is cryptographically secure, allowing payment to someone in outer mongolia from scotland (for example Mat) in seconds. Money in the hands of the people, money given value by the the people for the first time, not the banks or government, unprintable/ or counterfeitable, existing only in the cloud.
The internet changed everything. More and more of the world will irreversibly become connected in the coming years. An rising tide that will flow until only the very poorest are excluded.
I view smartphones as the internet 2.0. A personal handheld device, always connected, a powerful linux client, already with the capabilities of a desktop computer. There are 7 billion mobile phones on the planet, mainly dumbphones. I don't have figures for smartphones but you better believe that they will be ubiquitous where there is mains electricity in the next 5 years as device costs continue to fall. This is a silent global revolution. A groundswell of ubiquitous powerful personal computing and communication devices for the masses.
Bitcoin is simply the next logical evolution of money. Money in the cloud, secure, and most importantly accessible and spendable on your phone. It can be cheaply integrated into online services avoiding the legacy banking system entirely. And it is.
I understand you are bearish Mat. But I wonder if you mistake being whipsawed a few times by the bitcoin market price, for the astonishing upside potential that bitcoin represents. I think you are missing the big picture.
Mathematically enforced scarcity drove up the price as bitoin users rose from a handful to a few. With 50k downloads of blockchain.info from the google play store and only 10,000 users with 100 coins or more the upside should be obvious. It's a big world out there and soon large swathes of it are coming online.
Infrastructure is being built. Political and central banking opposition and dirty price interference tactics will soon start in earnest if they havent already. Barring internet shutdown or global war, or a global political consensus against bitcoin, there is only one way this project ends. Everyone on this forum knows it. The cat is out the bag. If it isn't bitcoin it will be an usurper.
What other asset would you wish to hold for the next five years?
|
|
|
|
|