Facebook said to be readying electronic payment system, could preempt Apple entry

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Comments

  • Reply 21 of 27
    ceek74ceek74 Posts: 324member
    Prempt doesn't mean PREVENT.

    Correct. It does not.
  • Reply 22 of 27
    adamcadamc Posts: 573member
    Remittance and money transfer is not the same as making payments with a mobile device and FB is entering a business with many money transfer entities and the biggest of which I'd Western Union.

    Can they beat Western Union in the trust factor I doubt so.

    And also there many banks getting into this service and I doubt FB can win in this battle.
  • Reply 23 of 27
    ksecksec Posts: 1,562member
    Quote:


     Facebook already processes more than $2 billion in payments each year


    I really like AI highlight that part. Was it a joke because i find it funny. :D  Apple 2013 App Store Sales Top 10 Billion.

     

    Secure payment system its an hard thing to do worldwide. I dont think Apple is quite up to the task yet.

  • Reply 24 of 27
    solipsismxsolipsismx Posts: 19,566member
    ksec wrote: »
    Secure payment system its an hard thing to do worldwide. I dont think Apple is quite up to the task yet.

    That is sarcasm, right?
  • Reply 25 of 27
    nanoakronnanoakron Posts: 122member
    I've found the people who laugh the most at bitcoin are the ones who understand it the least.

    It's a peer-to-peer, distributed, cryptographically secure means of transferring ownership tokens. It just so happens that the tokens have a value attached to them in traditional currencies. A complete transaction ledger is always available meaning every token can be tracked. There's a hard creation limit meaning no inflation of tokens once fully established. And the cryptographic private keys to claim the tokens belong to you, meaning you are your own bank.

    Now, there's no denying it's in it's infancy right now, and some bad actors have removed some of its shine. But the underlying technology is already highly secure and trustworthy, without the need for corporate backing and central control.

    You already trust AES256 encryption. You already believe in the power of P2P data transfers. You know an unforgeable public ledger of ownership makes a good way of recording possession.

    So why not bitcoin.
  • Reply 26 of 27
    Quote:

    Originally Posted by NanoAkron View Post



    I've found the people who laugh the most at bitcoin are the ones who understand it the least.



    It's a peer-to-peer, distributed, cryptographically secure means of transferring ownership tokens. It just so happens that the tokens have a value attached to them in traditional currencies. A complete transaction ledger is always available meaning every token can be tracked. There's a hard creation limit meaning no inflation of tokens once fully established. And the cryptographic private keys to claim the tokens belong to you, meaning you are your own bank.



    Now, there's no denying it's in it's infancy right now, and some bad actors have removed some of its shine. But the underlying technology is already highly secure and trustworthy, without the need for corporate backing and central control.



    You already trust AES256 encryption. You already believe in the power of P2P data transfers. You know an unforgeable public ledger of ownership makes a good way of recording possession.



    So why not bitcoin.

    Because all of the attributes that you cite amount to nothing if you view bitcoins as currency rather than a speculative commodity. Aside from a handful of businesses and websites, nobody takes bitcoins as payment for goods or services rendered. The gold rush right now is with ATMs, where those bitcoins actually become valuable because they get traded for dollars -- y'know currency that businesses actually accept. Yeah, you "choose freedom" -- tell that to your landlord or service provider or cashier when the bill arrives and you whip out your bitcoin vault on a stick.

  • Reply 27 of 27

    Why do assets have to fall into one neat category or another? Gold and silver used to straddle two categories, why can't bitcoin? What's wrong with speculating on value during these early days of price discovery whilst the network effect is teaching more people about what money actually represents and how the current central banking-fiat system is broken to the core.

     

    The fact that people can travel the world and spend their bitcoins in more than 4000 locations today means it has a use as a trans-national currency as well. This should grow further in the future.

     

    As to your point regarding paying people in bitcoins, do you think I have all of my money in bitcoins? Why would I be paying my landlord in a currency they choose not to accept? If I wanted to pay my rent in Botswanan Pulos, he wouldn't accept them either, but they've still got value for the right people in the right place. So far, places which accept certain currencies are geographically defined. In the future, they might not be.

     

    So instead, I've taken out a reasonable hedging position which relates my current finances to my belief in the future of the underlying value-transferring technology behind bitcoin.

     

    And BTW, most bitcoin ATMs are for the purchasing of bitcoins for traditional currencies, not the other way around.

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