Deleted
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Post by Deleted on Jan 25, 2015 16:43:39 GMT -5
We no longer need central clearing houses, which slow things down and cost money. So why link to a bank? Who keeps the records? Who guarantees the transactions? Who keeps the actual money?
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Loopdilou
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Post by Loopdilou on Jan 25, 2015 16:45:25 GMT -5
Are you saying the transfer of data is a kb? Money transactions are more than just data transfers. Lets ta be real. This is about cyber currency.... Right? Money transactions are now just data tranfers and have been for a while. What century do you bank in?
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Loopdilou
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Post by Loopdilou on Jan 25, 2015 16:46:50 GMT -5
We no longer need central clearing houses, which slow things down and cost money. So why link to a bank? Who keeps the records? Who guarantees the transactions? Who keeps the actual money? Again, "actual money" is a figment of our imagination.
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haydentiff
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Post by haydentiff on Jan 25, 2015 16:50:11 GMT -5
Are you saying the transfer of data is a kb? Money transactions are more than just data transfers. Lets ta be real. This is about cyber currency.... Right? Why do you think this? Bitcoin created the first protocol that proved that a central clearing house is not needed. A protocol is simply a set of rules that computers use to communicate with each other. The email protocol SMTP (Simple Mail Transfer Protocol) is a set of rules for sending messages on the Internet. Our app is built on the Ripple protocol, but nobody has to use digital currencies. Banks are already starting to implement the Ripple protocol. Our current financial infrastructure is archaic.
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Deleted
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Post by Deleted on Jan 25, 2015 16:51:47 GMT -5
Well, when I send money to my relatives in Romania, they go to Western Union and pick up actual money...
To send money to Romania through casheer, I would? Initiate the transaction that was debited from my bank and transferred to.... ? Where would it be transferred to?
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Deleted
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Post by Deleted on Jan 25, 2015 16:52:49 GMT -5
Are you saying the transfer of data is a kb? Money transactions are more than just data transfers. Lets ta be real. This is about cyber currency.... Right? Money transactions are now just data tranfers and have been for a while. What century do you bank in? One in which I still, you know, bank...
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Formerly SK
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Post by Formerly SK on Jan 25, 2015 16:54:35 GMT -5
So it sounds like a debit card (without the card). You buy something and it pulls directly from your checking account, but is free for the merchant vs debit fees. Is that it? Sort of like Paypal, but free for merchants?
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Deleted
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Post by Deleted on Jan 25, 2015 17:01:03 GMT -5
Ripple doesn't accept deposits directly... Will casheer?
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Loopdilou
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Post by Loopdilou on Jan 25, 2015 17:02:07 GMT -5
Well, when I send money to my relatives in Romania, they go to Western Union and pick up actual money... So, where do you get the money to send?
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Deleted
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Post by Deleted on Jan 25, 2015 17:05:32 GMT -5
My credit card. Or my bank.
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Deleted
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Post by Deleted on Jan 25, 2015 17:08:07 GMT -5
Do you guarantee deposits? Do you allow disputes?
Ripple info suggests its for consumers? Ripple also doesn't process your bank info because they use third party processors... How will you protect bank account information?
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Loopdilou
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Post by Loopdilou on Jan 25, 2015 17:08:53 GMT -5
My credit card. Or my bank. And you think it's "actual money"? Even physical cash (or rather the value of it) is just a representation of data. What your family in wherever is getting is just a data transfer.
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Deleted
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Post by Deleted on Jan 25, 2015 17:15:49 GMT -5
Physical cash has always been representative... If that is your definition.
Maybe I'll just try emailing the bank, hey, give so and so 50$ next time... If it's all the same thing.
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Loopdilou
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Post by Loopdilou on Jan 25, 2015 17:33:53 GMT -5
Physical cash has always been representative... If that is your definition. Maybe I'll just try emailing the bank, hey, give so and so 50$ next time... If it's all the same thing.That's basically how I do it.
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Deleted
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Post by Deleted on Jan 25, 2015 17:45:40 GMT -5
When you say ripple isn't consumer.. You mean high volume merchant oriented? Because you can person to person...
The same questions apply to merchant that I asked, maybe more so... Who guarantees? What about disputes? How do you secure information ? These don't seem like hard questions.
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Formerly SK
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Post by Formerly SK on Jan 25, 2015 18:41:45 GMT -5
Physical cash has always been representative... If that is your definition. Maybe I'll just try emailing the bank, hey, give so and so 50$ next time... If it's all the same thing.What do you think online bill pay is? I send an electronic message to the bank that says transfer $200 from my account to PG&E's account. Some ones and zeroes move around on a computer, and my account balance goes down by $200, and PG&E's account balance goes up by $200. No physical currency gets moved anywhere. Money is all bits on a bank computer now. Yes, but you manually set that all up with your bank. If I grab coffee in the morning, then lunch at a mom & pop, get books after work, take my kids roller skating that night, I can't pay for that all with online bill pay. Frankly, I don't use debit cards either because they don't offer the protection ccs offer. I'm confused how this new system handles these transactions without some sort of clearinghouse. Do we all hate fees? SURE. Could competition bring them down? ABSOLUTELY. Do I want to keep money with some sort of third vendor so that I can pay for things fee-free (for merchants - it's free for me regardless). I don't know...it sounds like a PITA. And no, I don't believe for a millisecond that if I use this service to pay for stuff that merchants will pass on the savings to consumers. But again, the devil's in the details on all this. I'm perplexed though why it cannot be clearly explained in bullet points for the average person to understand.
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Deleted
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Post by Deleted on Jan 25, 2015 18:42:04 GMT -5
Are yahoo mail and Bill Pay comparable systems? Do they have the same function? Security? Monitoring? Outcomes? Guarantees? Service? Record Keeping? Verification? Spam and hack ability?
Why does Ripple require Gateways?
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Deleted
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Post by Deleted on Jan 25, 2015 18:43:24 GMT -5
My cc just verified that I am the one purchasing MacBooks at Apple... Will Casheer do that? Would transactions be refundable?
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Peace Of Mind
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Post by Peace Of Mind on Jan 25, 2015 18:50:52 GMT -5
What do you think online bill pay is? I send an electronic message to the bank that says transfer $200 from my account to PG&E's account. Some ones and zeroes move around on a computer, and my account balance goes down by $200, and PG&E's account balance goes up by $200. No physical currency gets moved anywhere. Money is all bits on a bank computer now. Yes, but you manually set that all up with your bank. If I grab coffee in the morning, then lunch at a mom & pop, get books after work, take my kids roller skating that night, I can't pay for that all with online bill pay. Frankly, I don't use debit cards either because they don't offer the protection ccs offer. I'm confused how this new system handles these transactions without some sort of clearinghouse. Do we all hate fees? SURE. Could competition bring them down? ABSOLUTELY. Do I want to keep money with some sort of third vendor so that I can pay for things fee-free (for merchants - it's free for me regardless). I don't know...it sounds like a PITA. And no, I don't believe for a millisecond that if I use this service to pay for stuff that merchants will pass on the savings to consumers. But again, the devil's in the details on all this. I'm perplexed though why it cannot be clearly explained in bullet points for the average person to understand. That's what I'm wondering too along with Oped's excellent questions. To me it's sounding like the savings is for the merchants and not the consumer. A reverse of what cc's are for us now. And I also agree that merchants won't lower prices with this new product. We'll be paying either way so, as I'm understanding this, I'd prefer my cc with cash rewards, dispute solving and protection of my purchases if my number gets stolen/used. This is why we no longer use debit cards. I'm also wondering about statements of your transactions. Would this be computer generated or will it require man power? Would that be our responsibility to keep track or input the data? As an investor I'd want to know these things before I invest. At best I'd want to know how my money will make more money. At worst I'd want to know if I'll at least break even and that this concept is viable. Tiff is handling most of these questions admirably and I hope they help her to better prepare her for her meetings. You all are so smart and helpful and this is an awesome thing to be a part of if/when this takes off.
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Deleted
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Post by Deleted on Jan 25, 2015 19:07:50 GMT -5
Those transactions come with a series of verifications, security, service, record keeping, guarentees, etc... Which are not 'free' to maintain...
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aricia
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Post by aricia on Jan 25, 2015 20:07:47 GMT -5
I agree that this sounds great for merchants. So say casheer launches. A store signs up for it to take payments, I walk into the store and am offered a chance to pay with it. Why would I want to? I don't think I would. I want the rewards on my cc. If the store stops taking cc then I'll consider it cash only. Now, way in the future, I can see this being -the- way to pay, the default instead of cc and I would use it. But first casheer has to pry me away from my cc rewards. They need to offer an incentive to get me using them. If they can raise enough cash to buy enough users, for example by offering me cash back like the cc do, they might have a chance. Seems like they'd have to spend a lot of money upfront before this would catch on. And of course, they're going to face a lot of competition. I'm sure ebay and Paypal will do anything they can to beat it online. There's going to have to be a lot of money invested for this to stand a chance. Definitely a big risk big reward deal.
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ArchietheDragon
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Post by ArchietheDragon on Jan 25, 2015 20:12:01 GMT -5
People like earning badges in their apps. Have you thought of developing a badge system.
10 purchase gets you a medal 5 purchases from distinct retailers gets you a medal Every $1000 spent gets you a medal Etc, etc, etc,
I don't personally understand it but I have friends, grown friends with good professional jobs that compare the badges they have gotten on mutually used apps. I think it really does incentive them to use.
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Deleted
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Post by Deleted on Jan 25, 2015 20:22:55 GMT -5
The inability to dispute is a big issue for me. As are some of the other issues I raised. So even if they would replicate loyalty rewards, I'm not sure I'd be willing to do it.
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Lizard Queen
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Post by Lizard Queen on Jan 25, 2015 20:46:19 GMT -5
I agree about switching from CC's. As someone who uses them almost all the time (try to avoid for < $10 purchases), I'd need a damn good reason to switch from the rewards and convenience factor (convenience in that I don't have to worry if a particular account balance is sufficient to cover the purchase). However, I know a lot of people that rarely to never use CC's, but use debit cards instead. I think there might be a few rewards available with some debit cards, but I see a bigger possibility of people switching from them to this platform. The population of a message board about money management is probably not representative of the population as a whole in this regard (CC's vs. Debit cards).
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Deleted
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Post by Deleted on Jan 25, 2015 21:09:08 GMT -5
You are right. You should stop taking cc right now. You get absolutely nothing out of the relationship...
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quince
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Post by quince on Jan 25, 2015 21:12:52 GMT -5
My husband would probably be into this: He's not too happy with credit cards, rewards notwithstanding. He generally will ask merchants how they prefer to be paid. If we don't have cash, he asks if they prefer credit or debit.
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mmhmm
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Post by mmhmm on Jan 25, 2015 21:38:08 GMT -5
I love this idea. I expect it to receive some polishing to make it more fetching to the consumer. That's going to be needed; however, I really like what it does for the merchant, and I like the idea of letting those whose fingers are always sneaking into our pockets know their sneaking has been noticed and isn't going to be tolerated. Gives me the warm fuzzies.
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Deleted
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Post by Deleted on Jan 25, 2015 21:45:08 GMT -5
See, I guess I don't feel like anyone is sneaking into my pockets... I make very conscious decisions and understand the structure of those choices... I think everyone likes likes the idea of 'free' ...
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Deleted
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Post by Deleted on Jan 25, 2015 22:23:24 GMT -5
You completely missed her point...
And are you telling me you don't price goods with fees in mind ?
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justme
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Post by justme on Jan 25, 2015 23:43:22 GMT -5
Those transactions come with a series of verifications, security, service, record keeping, guarentees, etc... Which are not 'free' to maintain... Sure they do, that's why all the processors keep getting hacked. They've sold the public on this illusion of security, but what really happens is they force merchants to bend over and take it in the ass everytime there's a data breach. The consumer is made whole, so they don't care that the processors security is laughably bad. The processor themselves doesn't care because they get their fee on real and bogus transactions. The only people who lose money are the merchants, but the whole market is price fixed, so they can't go to a competitor. There's no competitor to go to, until Casheer launches. The only option is to stop accepting plastic, but consumers love it and hate cash, so you raise prices a bit to cover the fees and chargebacks and live with the crappy system we've got. But at the same time I've had a chip and pin card for well over a year and Wal-Mart is the only store that lets me use the chip, and even then no pin just signature. In the last year I've seen several stores, including target, that have put in new pin pads that can accept chip and pin cards but they won't let me use it. I'm sure banks have something to do with it but there are merchants that won't update their technology or do but won't let me use the more secure technology.
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