USA Banking Giants announce new bitcoin like money transfer service clearXchange

[cablepair]

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

[ArtForz]

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

[marcus_of_augustus]

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?  

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

[cloud9]

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

[Insti]

How is the system they are proposing anything at all like Bitcoin?

[cablepair]

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]

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?

[AntiVigilante]

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.

[cablepair]

haha ... hell yeah! ;>

[proudhon]

Fantastic!  Hopefully this makes it easier to send money that I put in the bank to MtGox so I can buy bitcoin with it.  

[Anonymous]

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

 

[elewton]

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]

That is NOTHING close to bitcoin..

[kwukduck]

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.

[Serge]

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]

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]

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

[silversurfer]

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

[db]

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]

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.