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Author Topic: Western Union would include bitcoins if they were "regulated"  (Read 2246 times)
franky1
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June 28, 2014, 09:23:29 PM
 #21

if everyone realized what actually constituted being regulations they would laugh at western union for saying they would wait for bitcoins to be regulated.

1. regulations apply to the company and how the company handles funds. money does not have a consciousness to make good or bad decisions
2. regulations require the company to have liability insurancethis can be obtained whether its fiat, bitcoin or baked beans being traded
3. the policies the business should follow are about reporting crimes and reducing risk. most businesses tailor strategies to achieve this that fit their business model(policy handbook MADE BY THE BUSINSS!!!)businesses can still tailor their strategies to bitcoins and still report criminal suspicions whether is money, bitcoins, baked beans, guns, gold, anything
4. being independently audited and keep records for numerous yearsyou guessed it, nothing new here
5. regulations give the business a licence (certificate) to say the business is doing all 4 mentioned above.

well western union already have a licence... that they can wave above their head to say they are regulated...

there is no practical difference they need to do with bitcoins then any other currency.. so i guess all they want is to show off their boyscouts belt by having an extra meaningless badge stitched on... to show "we know bitcoins"

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BADecker
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June 28, 2014, 09:28:49 PM
 #22

C'mon. we need a funds transfer system that is controlled by the market rather than by some group. Don't we have enough fiats and controllers already?

Smiley
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June 28, 2014, 11:31:41 PM
 #23

Would you all be happy if WU started using Bitcoin to move money instead of ACH or wire transfer?

Take a look at this page and tell me it wouldn't be better looking with a Bitcoin option.

http://onlinefx.westernunion.com/fees/

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June 29, 2014, 04:41:56 PM
 #24

"Western Union" can go to hell cause Bitcoin already surpasses it in daily transaction volume
henryjames1003
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June 29, 2014, 04:50:24 PM
 #25

http://www.coindesk.com/western-union-open-bitcoin-regulated-currency/

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“That’s the issue with bitcoin. We are a very regulated industry. If bitcoin is regulated and the customer wants that, I mean, why not? [...]

I am not sure bitcoin is a currency. Bitcoin is a system. It is not used as a currency, it is defined as an asset. When the reserve bank issues bitcoin and when it is regulated we would be more than happy.”

So basically...Western Union is whining because they have to follow regulations and want their competition, Bitcoin, regulated too.


Guess what Western Union? You are old news.

A Bitcoin ATM next to every Western Union in the world would make them obsolete.

could someone explain? what it's mean - "regulated" for Bitcoins? is it real?  I always thought's Bitcons is semi-regulating system
ShakyhandsBTCer
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June 29, 2014, 11:35:43 PM
 #26

Would you all be happy if WU started using Bitcoin to move money instead of ACH or wire transfer?

Take a look at this page and tell me it wouldn't be better looking with a Bitcoin option.

http://onlinefx.westernunion.com/fees/
The only thing WU could really do with bitcoin is exchange it with fiat. If someone wanted to send money the same way that western union does they could simply send bitcoin to them.

It is almost like bitcoin is a competitor to western union
cinder
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June 30, 2014, 01:29:15 AM
 #27

If bitcoin is regulated like fiat, it will be as bad as fiat money and no one will use it.
jc01480
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June 30, 2014, 03:47:32 AM
 #28

Bye, Western Union.  You're a relic.

rhino34567
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June 30, 2014, 06:32:26 AM
 #29

http://www.coindesk.com/western-union-open-bitcoin-regulated-currency/

Quote
“That’s the issue with bitcoin. We are a very regulated industry. If bitcoin is regulated and the customer wants that, I mean, why not? [...]

I am not sure bitcoin is a currency. Bitcoin is a system. It is not used as a currency, it is defined as an asset. When the reserve bank issues bitcoin and when it is regulated we would be more than happy.”

So basically...Western Union is whining because they have to follow regulations and want their competition, Bitcoin, regulated too.


Guess what Western Union? You are old news.

A Bitcoin ATM next to every Western Union in the world would make them obsolete.
To be honest if we could get banks to adopt bitcoins and keep them safe it would make a BOOM of the bitcoin market, we need not to be so ANTI bank right now (now i know i dislike them to) but the banks also need to be less Anti bitcoin and adapt and use them.

So much no.. just so much No. 

Do you even money bro?  Why in the Fuck of fucks would you want a central bank to print bitcoin into the trillion billion trillions?
If you think banks could ever print bitcoins, you have no idea on how Bitcoin works. Plus, that is completely unrelated to what he said.

Nagle
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June 30, 2014, 07:17:26 AM
 #30

A Bitcoin ATM next to every Western Union in the world would make them obsolete.
Nah. There's a Bitcoin ATM at Hacker Dojo in Mountain View.  15% buy/sell spread, 5% fee. Makes Western Union Money Transfer look cheap.
yuleziji
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June 30, 2014, 07:39:15 AM
 #31

LOL
ShakyhandsBTCer
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June 30, 2014, 11:46:03 PM
 #32

http://www.coindesk.com/western-union-open-bitcoin-regulated-currency/

Quote
“That’s the issue with bitcoin. We are a very regulated industry. If bitcoin is regulated and the customer wants that, I mean, why not? [...]

I am not sure bitcoin is a currency. Bitcoin is a system. It is not used as a currency, it is defined as an asset. When the reserve bank issues bitcoin and when it is regulated we would be more than happy.”

So basically...Western Union is whining because they have to follow regulations and want their competition, Bitcoin, regulated too.


Guess what Western Union? You are old news.

A Bitcoin ATM next to every Western Union in the world would make them obsolete.
To be honest if we could get banks to adopt bitcoins and keep them safe it would make a BOOM of the bitcoin market, we need not to be so ANTI bank right now (now i know i dislike them to) but the banks also need to be less Anti bitcoin and adapt and use them.

So much no.. just so much No. 

Do you even money bro?  Why in the Fuck of fucks would you want a central bank to print bitcoin into the trillion billion trillions?
If you think banks could ever print bitcoins, you have no idea on how Bitcoin works. Plus, that is completely unrelated to what he said.
in theory it would be possible as long as few enough request to be in control of their own bitcoin and people allow the banks to manage their bitcoin
Sardine
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July 01, 2014, 02:06:13 AM
 #33

A Bitcoin ATM next to every Western Union in the world would make them obsolete.
Nah. There's a Bitcoin ATM at Hacker Dojo in Mountain View.  15% buy/sell spread, 5% fee. Makes Western Union Money Transfer look cheap.

My client pays 2% fee to send me an international cash transfer via moneygram.
Can Bitcoin ATM beat that?
DannyElfman
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July 01, 2014, 04:02:15 AM
 #34

A Bitcoin ATM next to every Western Union in the world would make them obsolete.
Nah. There's a Bitcoin ATM at Hacker Dojo in Mountain View.  15% buy/sell spread, 5% fee. Makes Western Union Money Transfer look cheap.

My client pays 2% fee to send me an international cash transfer via moneygram.
Can Bitcoin ATM beat that?
Bitcoin would more likely then not be less expensive then 2%.

This price does sound low for moneygram transactions. Are they not instant transfers?

This spot for rent.
Sardine
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July 01, 2014, 07:27:24 AM
 #35

Bitcoin would more likely then not be less expensive then 2%.

This price does sound low for moneygram transactions. Are they not instant transfers?

Yes, it's an instant transfer.  Although, admittedly, I pick up the money only after 10-18 hours because of time zone differences.
On moneygram's site, when I click on "estimate fees",
it currently shows only a 1.6% fee to transfer 1000 USD from my client to me.
With such low fees, I have little or no motivation to find a cheaper alternative.

Ten years ago, when western union was the only option we had, I recall the WU instant transfer fee was approximately 10% !!

I am very happy to continue using moneygram and continue using traditional banking.
My dream is that bitcoin and altcoins will eventually replace credit cards and paypal because I hate how those guys try to control my activity !
But that's another discussion.
Keyara
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July 01, 2014, 07:32:55 AM
 #36

Bitcoin would more likely then not be less expensive then 2%.

This price does sound low for moneygram transactions. Are they not instant transfers?

Yes, it's an instant transfer.  Although, admittedly, I pick up the money only after 10-18 hours because of time zone differences.
On moneygram's site, when I click on "estimate fees",
it currently shows only a 1.6% fee to transfer 1000 USD from my client to me.
With such low fees, I have little or no motivation to find a cheaper alternative.

Ten years ago, when western union was the only option we had, I recall the WU instant transfer fee was approximately 10% !!



USD to USD transfer is cheap.

For people doing non-usd transfer, that is when bitcoin shine because currency conversion fee alone is usually 2-3%.

zimmah
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July 01, 2014, 09:22:44 AM
 #37

Who cares?

By the time western union accepts bitcoin, bitcoin is already bigger than western union.

And besides, who would like to pay huge fees to transfer bitcoin?

Bitcoin will make WU obsolete.
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July 01, 2014, 06:22:39 PM
 #38

Who cares?

By the time western union accepts bitcoin, bitcoin is already bigger than western union.

And besides, who would like to pay huge fees to transfer bitcoin?

Bitcoin will make WU obsolete.

Are you kidding? Do you know how they work? WU could replace ACH/ETF and wire transfers internationally and cash people out in fiat. They could work like a very trustworthy exchange.

So everyone's big plan is to eliminate every business on the planet except Overstock, Dish Network and grocery stores? That's pretty short sighted. I'm exactly the opposite, I want every existing business on the planet to figure out a way to incorporate Bitcoin into their business model.

cr1776
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July 01, 2014, 06:26:58 PM
 #39

http://www.coindesk.com/western-union-open-bitcoin-regulated-currency/

Quote
“That’s the issue with bitcoin. We are a very regulated industry. If bitcoin is regulated and the customer wants that, I mean, why not? [...]

I am not sure bitcoin is a currency. Bitcoin is a system. It is not used as a currency, it is defined as an asset. When the reserve bank issues bitcoin and when it is regulated we would be more than happy.”

So basically...Western Union is whining because they have to follow regulations and want their competition, Bitcoin, regulated too.


Guess what Western Union? You are old news.

A Bitcoin ATM next to every Western Union in the world would make them obsolete.


These are the same people who said:

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This `telephone' has too many shortcomings to be seriously considered as a practical form of communication. The device is inherently of no value to us.
- Western Union internal memo, 1878


 Cheesy
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July 01, 2014, 08:01:55 PM
 #40

I agree with the OP.  Screw Western Union.  They will hold out as long as they possibly can because they know full well this destroy's their virtual monopoly on money transmission services worldwide.  Especially relevant for 2nd and 3rd world nations.  They are the ones literally getting pounded in the keister by ridiculously high fee's.

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