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Author Topic: USA Banking Giants announce new bitcoin like money transfer service clearXchange  (Read 7213 times)
cablepair
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May 26, 2011, 09:35:02 AM
 #1

I just find this very interesting that the banks are all of the sudden launching a service like this to "compete with paypal" right about the time BitCoin is just starting to get big.

I don't believe in coincidences - the big boys are afraid of our little p2p network. ;>

check it:

http://www.nydailynews.com/money/2011/05/26/2011-05-26_cashin_in_on_transfers_banks_venture_lets_you_send__by_email_phone.html


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ArtForz
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May 26, 2011, 09:38:39 AM
 #2

Note that the P2P there refers to person-to-person. Basically yet another paypal/dwolla/...

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marcus_of_augustus
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May 26, 2011, 10:07:58 AM
 #3

How are they going to get around all the KYC BS they have set-up to stop competition?

Talk about transparent, this technology has been available for 15 years and they just decide to do it now?

I suppose it just funny money they are playing with so who cares what they do with it?  Wink

Edit: on the plus side it should make it easier for people to escape the other system into bitcoin ... just a click away.

cloud9
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May 26, 2011, 10:17:31 AM
 #4

Seems like Banks are trying to play catch-up to Paypal.  In future maybe catch-up to Bitcoin.

Disclaimer:  Postings of Cloud9 are only individual views of opinion and/or musings and/or hypothesisses.  On a non-authoritative, peer-to-peer public forum, you do not need permission from Cloud9 to derive your own conclusions or opinions, so please do.  Calculations and assumptions to be verified.
Insti
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May 26, 2011, 10:23:12 AM
 #5

How is the system they are proposing anything at all like Bitcoin?
cablepair
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May 26, 2011, 10:44:03 AM
 #6

not the mining side of it, but they are trying to come up with a system where individuals can digitally with computer or cell phone - send money back and forth directly to each other using a set number like a phone number,

"You will soon be able to pay your friend back for dinner or give your kid $100 by simply logging in to your bank account and entering their name and phone number. No cash, check, PayPal or silly app required."


this does not sound familar at all to you?
eturnerx
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May 26, 2011, 10:46:23 AM
 #7

Lol we've had this for years. 1) It's called setting up payees in your internet banking software. 2) Use the bank's mobile website when out and about. Why is this news?

WatchMine - get Bitcoin prices and pool stats on your Mobile
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May 26, 2011, 10:54:13 AM
 #8

Venmo.

That is all.

Enemy tactical capability still limited to copycat.

Silly app indeed. What do you call it when you use an interface to initiate some sort of action? If that's not an application what the hell is it? Nothing like the validation you get when the bastards copy your work.

Bring it on fellas. A few thousand hacks, poor customer service, delays in movement of money, and investigation of fraud should soften them up for transactions using Bitcoin instead.

Gentlemen, start your IDEs, rev up your compilers, contact friendly hosting services, and show these wannabes how it's done.

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
Means: Code, donations, and brutal criticism. I've got a thick skin. 1Gc3xCHAzwvTDnyMW3evBBr5qNRDN3DRpq
cablepair
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May 26, 2011, 11:11:11 AM
 #9

haha ... hell yeah! ;>
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May 26, 2011, 11:11:45 AM
 #10

Fantastic!  Hopefully this makes it easier to send money that I put in the bank to MtGox so I can buy bitcoin with it.  
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May 26, 2011, 11:50:17 AM
 #11

It doesnt kill bitcoin it kills paypal and western union (and maybe dwolla)

 Smiley
elewton
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May 26, 2011, 11:57:32 AM
 #12

As with Google's phone payments, we must consider this as both a threat an an opportunity.

With a web-of-trust system, it will now be easy for Americans to exchange USD for BTC.

What if the banks take a hostile position to the vendor of Bitcoins?
bitpop
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May 26, 2011, 12:01:55 PM
 #13

That is NOTHING close to bitcoin..

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kwukduck
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May 26, 2011, 01:08:33 PM
 #14

I don't see how this is anything like bitcoin.
The 'official' currency/economic systems are broken at the core, just another way to transfer these funds in a broken system doesn't fix the system or compete with an actual good system.

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May 26, 2011, 01:40:06 PM
 #15

it looks like they are borrowing concept from LiqPay service run by Ukranian Privat Bank. Liqpay has great concept but very poor execution.
Also a while ago I heard on the news that Visa is in the works allowing p2p easy transfers between Vasa's card holders

I don't think Bitcoin has anything to worry about just yet
Littleshop
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May 26, 2011, 02:17:12 PM
 #16

Also a while ago I heard on the news that Visa is in the works allowing p2p easy transfers between Vasa's card holders
It is not p2p if it goes through visa first.


Serge
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May 26, 2011, 02:39:55 PM
 #17

Also a while ago I heard on the news that Visa is in the works allowing p2p easy transfers between Vasa's card holders
It is not p2p if it goes through visa first.


You are correct, my bad on poorly chosen term. They won't do decentralized ever Smiley
silversurfer
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May 26, 2011, 03:17:55 PM
 #18

No mention of fees... I guess it will be free, like Bitcoin!

That which is falling should also be pushed.
db
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May 26, 2011, 04:22:08 PM
 #19

Lol we've had this for years. 1) It's called setting up payees in your internet banking software. 2) Use the bank's mobile website when out and about. Why is this news?

I've heard banking in the USA is even more backwards than elsewhere; maybe it's news there?
tomcollins
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May 26, 2011, 04:35:28 PM
 #20

Lol we've had this for years. 1) It's called setting up payees in your internet banking software. 2) Use the bank's mobile website when out and about. Why is this news?

That still requires a paper check unless it's the same bank.
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