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This 28-Year-Old's Startup Is Moving $350 Million And Wants To Completely Kill Credit C... - 0 views

articles.businessinsider.com/...2 Banksters PayPal Square Credit-Card-Payment-Industry Dwolla Ben-Milne
shared by Gary Edwards on 15 Nov 11 - No Cached
  • The biggest difference between ideas like this and a PayPal — and PayPal is a phenomenal idea, Square is too — is that those are built on top of networks like Visa and MasterCard. We're building our own
    • Gary Edwards
      Gary Edwards on 15 Nov 11
       
      Fascinating plan for totally disrupting the Banksters Credit Card Golden Goose industry.  Good explanation of how things work, and how Dwolla will disrupt things.  PayPal and Square are based on existing credit card transaction processing system.  They make their money adding on to the basic credit card charge.  Dwolla replaces the credit card processing system with a bank direct model.   Here's the thing: Credit Cards charge sellers 3% of the transaction.  Dwolla charges a transaction fee of $0.25.  Yes, 25 Cents.
  • All banks are connected by one ACH system.  Credit card companies utilize that same system to pay off your credit card charges.  Banks internally set along that same system to move money in their own banks.  This system in its own right is riddled with flaws — tons of fraud issues and waste and delays.  If you've ever had a payment take a few days to clear, its because they're waiting on that ACH system. We want to fix that system between the banks, take out the delays and make it instant.  If we can create this ubiquitous cash layer of distribution between consumers and merchants and developers and financial institutions, that actually fixes the problem.
  • We don't believe in credit cards.  We believe in authorization and in lower cost transfers.  Our generation actually understands that when you buy sh*t, it comes out of your bank account and you have to pay for that.
  • Gary Edwards on 15 Nov 11
     
    Incredible interview with Ben Milne of Dwolla, the PayPal and Square killer that promises to take a huge chunk out of the Credit Card transaction industry.  Incredible must read!  This is page 2 out of four.  Starts at: http://bit.ly/vzVUy3 excerpt: How does Dwolla work and how is it different from PayPal? With Dwolla, payments are made directly from your bank account.  No credit or debit cards are allowed.  And because they don't exist in the system, we don't have to bring the fees into the system.  You can spend any amount of money and when you do that, the person on the other end doesn't have to pay 1, 2, 3 or 4%. They only pay $0.25 a transaction, which is especially helpful when it's $1,000, $2,000 or $5,000 transactions.  Obviously PayPal becomes very cost prohibitive with those larger transactions.   The biggest difference between ideas like this and a PayPal - and PayPal is a phenomenal idea, Square is too - is that those are built on top of networks like Visa and MasterCard. We're building our own.
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Mobile banking pioneer mFoundry nabs $18M from MasterCard, Intel Capital and others - 1 views

feedproxy.google.com/...l6Z9pekjcEc PayPal Credit-Card-Payment-Industry Dwolla Web-Money Internet-money Internet-Transcaction-Payments
shared by Gary Edwards on 05 Dec 11 - No Cached
  • Gary Edwards on 05 Dec 11
     
    Good stuff. The Internet-payment sector is really heating up: Square, PayPal, mFoundry and my favorite - DWOLLA. The credit-card-payment-industry is still in control, but you can see from the heavy investments they are making in Web based systems, that the mobility phenomenon has them concerned. Dwolla is my favorite because of the innovative way they connect direct to the bank accounts of users, cutting the transaction and reconciliation cost from credit card standard 2.75% o a FLAT $0.25 cents!!!! Outstanding. Could prove very disruptive.
  • Gary Edwards on 05 Dec 11
     
    Simple, formerly known as "BankSimple" recently won an award as one of the 20 best stratups of 2011. Backed by Visa, Simple aggregates end user bank accounts, proving a single interface. Promises to get rid of bank fees entirely, and become a NEW Mobile Bank. Not sure this can be doen with Visa sitting in the drivers seat.
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Google's Chrome Browser Sprouts Programming Kit of the Future "Node.js" | Wired Enterpr... - 1 views

www.wired.com/...node-dot-js Stephen-OGrady Node.JS Joyent Wired
shared by Gary Edwards on 24 Jan 12 - No Cached
  • Gary Edwards on 24 Jan 12
     
    Good article describing Node.js.  The Node.js Summitt is taking place in San Francisco on Jan 24th - 25th.  http://goo.gl/AhZTD I'm wondering if anyone has used Node.js to create real time Cloud ready compound documents?  Replacing MSOffice OLE-ODBC-ActiveX heavy productivity documents, forms and reports with Node.js event widgets, messages and database connections?  I'm thinking along the lines of a Lotus Notes alternative with a Node.js enhanced version of EverNote on the front end, and Node.js-Hadoop productivity platform on the server side? Might have to contact Stephen O'Grady on this.  He is a featured speaker at the conference. excerpt: At first, Chito Manansala (Visa & Sabre) built his Internet transaction processing systems using the venerable Java programming language. But he has since dropped Java and switched to what is widely regarded as The Next Big Thing among Silicon Valley developers. He switched to Node. Node is short for Node.js, a new-age programming platform based on a software engine at the heart of Google's Chrome browser. But it's not a browser technology. It's meant to help build software that sits on a distant server somewhere, feeding an application to your PC or smartphone, and it's particularly suited to systems like the one Chito Manansala is building - systems that juggle scads of information streaming to and from other sources. In other words, it's suited to the modern internet. Two years ago, Node was just another open source project. But it has since grown into the development platform of the moment. At Yahoo!, Node underpins "Manhattan," a fledgling online service for building and hosting mobile applications. Microsoft is offering Node atop Windows Azure, its online service for building and hosting a much beefier breed of business application. And Sabre is just one of a host of big names using the open source platform to erect applications on their own servers. Node is based on the Javascript engine at th
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Facebook unveils cryptocurrency Libra | Time - 0 views

time.com/...acebook-cryptocurrency-banking Facebook cryptocurrency Libra Visa Uber Mastercard
shared by Paul Merrell on 20 Jun 19 - No Cached
  • As it continues to explore new business models that may work in a world focused on privacy rather than broadly sharing data online, Facebook on Tuesday revealed plans for its own global digital currency, Libra, which aims to allow users to make purchases or send money with close to zero transaction fees. Facebook said it hopes Libra will make it easier for the estimated 1.7 billion unbanked adults worldwide to access banking services and transfer money electronically. “Just as people can use their phones to message friends anywhere in the world today, with Libra, the same can be done with money — instantly, securely and at a low cost,” Facebook said in a Libra white paper.
  • Users will be able to make transactions with Libra by 2020, Facebook says, both through a standalone app called Calibra as well as with Facebook’s own family of apps. Unlike bitcoin and some similar offerings, the price of Libra is tied to low-risk assets, which should prevent the speculative behavior and wild price swings plaguing other digital currencies. The currency will be overseen by the Libra Association, a Switzerland-based collective of more than a dozen companies, including Visa, Uber and Mastercard, each of whom have invested at least $10 million in the technology. Users of Libra will pay $1 to use Libra which will sit in a bank account and earn interest which will pay the Libra Association.
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Libra Is Dead: eBay, Stripe, Visa And MasterCard All Abandon Facebook's Cryptocurrency ... - 0 views

www.zerohedge.com/...andon-facebooks-cryptocurrency Facebook Libra Ebay Mastercard PayPal
shared by Paul Merrell on 12 Oct 19 - No Cached
  • One week after we reported that Facebook's Libra stablecoin project, Libra, was imploding, as online payment giant PayPal quite the Libra network, we can now set the time of death to today - that's when first eBay, then Stripe and finally Mastercard all abandoned Mark Zuckerberg's pet "cryptocurrency" (which was anything but) project. As the FT reports, Ebay and Stripe became the second and third major companies in a week to drop out of Facebook’s planned cryptocurrency, following sustained political pressure and just days before the project’s backers are due to meet for their first board meeting, which may soon be empty.
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US groups want presidential candidates to answer 20 science questions | us-presidential... - 0 views

www.hindustantimes.com/...ry-eskri9PInifTQNDrw3G7aJ.html Auction 2016 20-quetions science internet
shared by Paul Merrell on 12 Aug 16 - No Cached
  • A coalition of US groups representing more than 10 million scientists and engineers published 20 questions on Wednesday they want every US presidential candidate to answer ahead of November’s vote. The questions range from how to support vaccine science, to defining the scope of America’s goals in space, to the candidates’ views on climate change and what would they would do about it. Stances on nuclear power, protecting the world’s oceans, reducing the human and economic costs of mental illness, and the controversy over visa programs that allow highly skilled immigrants into the United States also feature in the list, made public by the American Association for the Advancement of Science (AAAS).
  • The full list is available at ScienceDebate.org/20qs. The 56 groups that helped create the list by crowd sourcing the questions has asked for the candidates to answer the questions by September 6. All are described by AAAS as non-partisan groups, including the National Academy of Sciences, the American Geophysical Union, the American Chemical Society and the Union of Concerned Scientists.
  • Paul Merrell on 12 Aug 16
     
    Includes question about cyber-security and privacy.
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Where Does Facebook Stop and the NSA Begin? | Mother Jones - 0 views

www.motherjones.com/...ata-online-privacy-social-norm surveillance state spying government-spying corporate-spying
shared by Paul Merrell on 24 Jun 14 - No Cached
  • There will be a lot of talk in coming months about the government surveillance golem assembled in the shadows of the internet. Good. But what about the pervasive claim the private sector has staked to our digital lives, from where we (and our phones) spend the night to how often we text our spouse or swipe our Visa at the liquor store? It's not a stretch to say that there's a corporate spy operation equal to the NSA—indeed, sometimes it's hard to tell the difference.
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