6 ms·

yeah, those are the ones you can't sent 2 or 3 units of abroad in a minute by chat, where the receiver is not taxed 2-5%

bad_user 7y ago
There are newer services like Revolut proving that it can be done. All you need is somebody's phone number and the transfer is instant and with no taxes. You can also exchange currency at the interbank exchange rate during the week. And transferring that money to your local bank account is also free of taxes. Not sure if Revolut will last, but I've been very happy with it.
- manicdee 7y ago
  And then there’s PayID in Australia: “pay anyone using their phone number”. Only the people setting up the processing system decided that all the security required for Visa/MasterCard processing was an obstacle and they didn’t think to implement rate limiting on their facility that provides account details in response to a phone number query. https://www.itnews.com.au/news/aussie-banks-warn-customers-after-fresh-payid-data-breach-529938 https://www.itnews.com.au/news/aussie-banks-warn-customers-a... In this story they refer to a “spike” in queries to the database. What actually happened is that someone tried querying every mobile phone number in Australia.
asjw 7y ago
Why should I send 2 or 3 euros to someone over a chat? In Europe I can authorize a seller to directly take money from my account, if it's money for someone I trust (family, close friends) I can give them my prepaid credit card number and charge it with just the amount they need Do you really think that Libra would make this simpler?
jbverschoor 7y ago
My revolut transaction for eur->cad didn't arrive. Now I have to pull all strings at bth banks to figure out what happened.
kuschku 7y ago
Why not? Thanks to SEPA ICT I can send up to 15'000€ in less than 10 seconds — actually faster than Bitcoin or anything else — to anyone else in the EU. Why would I need to use Libra or anything else, what does it provide me that normal money doesn't? Why should a broken commercial currency with surveillance integration be used globally just because the US payment situation is broken?
- deleted 7y ago
  [deleted]
- azernik 7y ago
  > Why should a broken commercial currency with surveillance integration be used globally just because the US payment situation is broken? I suspect it won't be. Possibly could also catch on in developed countries, although places like Kenya and India already have home-grown non-bank phone-based payment systems. One market I can see would be remittances for international migrant workers - think the Indian workers in the UAE, or Filipinos (well, mostly Filipinas) across the Middle East.
- lawn 7y ago
  You cannot compare the speed of the different services without bringing up settlement time, how long it takes for money to become irreversible. Yes you can send money very quickly with SEPA, but that's not the settlement time. The money can still be reversed (although with more difficulty than credit card payments). With Bitcoin you also get a notification in seconds, but the payment becomes extremely more difficult to reverse in around 10 minutes. So they're either equally fast or Bitcoin is faster.
  - leetcrew 7y ago
    most people most of the time care more about the time it takes to get the initial confirmation, not the actual settlement. most consumer transactions are not large enough for reversibility to matter that much.
    - lawn 7y ago
moonbug 7y ago
that's just the broken, backwards US banking system.

bad_user 7y ago

There are newer services like Revolut proving that it can be done. All you need is somebody's phone number and the transfer is instant and with no taxes. You can also exchange currency at the interbank exchange rate during the week. And transferring that money to your local bank account is also free of taxes. Not sure if Revolut will last, but I've been very happy with it.

manicdee 7y ago
And then there’s PayID in Australia: “pay anyone using their phone number”. Only the people setting up the processing system decided that all the security required for Visa/MasterCard processing was an obstacle and they didn’t think to implement rate limiting on their facility that provides account details in response to a phone number query. https://www.itnews.com.au/news/aussie-banks-warn-customers-after-fresh-payid-data-breach-529938 https://www.itnews.com.au/news/aussie-banks-warn-customers-a... In this story they refer to a “spike” in queries to the database. What actually happened is that someone tried querying every mobile phone number in Australia.

asjw 7y ago

Why should I send 2 or 3 euros to someone over a chat? In Europe I can authorize a seller to directly take money from my account, if it's money for someone I trust (family, close friends) I can give them my prepaid credit card number and charge it with just the amount they need Do you really think that Libra would make this simpler?

jbverschoor 7y ago

My revolut transaction for eur->cad didn't arrive. Now I have to pull all strings at bth banks to figure out what happened.

kuschku 7y ago

Why not? Thanks to SEPA ICT I can send up to 15'000€ in less than 10 seconds — actually faster than Bitcoin or anything else — to anyone else in the EU. Why would I need to use Libra or anything else, what does it provide me that normal money doesn't? Why should a broken commercial currency with surveillance integration be used globally just because the US payment situation is broken?

deleted 7y ago
[deleted]
azernik 7y ago
> Why should a broken commercial currency with surveillance integration be used globally just because the US payment situation is broken? I suspect it won't be. Possibly could also catch on in developed countries, although places like Kenya and India already have home-grown non-bank phone-based payment systems. One market I can see would be remittances for international migrant workers - think the Indian workers in the UAE, or Filipinos (well, mostly Filipinas) across the Middle East.
lawn 7y ago
You cannot compare the speed of the different services without bringing up settlement time, how long it takes for money to become irreversible. Yes you can send money very quickly with SEPA, but that's not the settlement time. The money can still be reversed (although with more difficulty than credit card payments). With Bitcoin you also get a notification in seconds, but the payment becomes extremely more difficult to reverse in around 10 minutes. So they're either equally fast or Bitcoin is faster.
- leetcrew 7y ago
  most people most of the time care more about the time it takes to get the initial confirmation, not the actual settlement. most consumer transactions are not large enough for reversibility to matter that much.
  - lawn 7y ago

moonbug 7y ago

that's just the broken, backwards US banking system.