Revolut + Goldmoney + (Mene) + (Crypto) = FUN!!

RocketDogRocketDog Silver ✭✭✭✭Posts: 782 Silver ✭✭✭✭
Hey Community, I wanted to open a thread where we could talk about the possibilities of these new monetary products/systems and discuss their potentials when used together.

This could be on the personal working guy level -- how to work/save/spend travel intelligently with these new technologies.
Or on the more sophisticated investor level.

I am particularly interested in Goldmoney + Revolut but we could also at Crypto and Mene to the discussion (and others as they pop up).

I am particularly wondering at what point can we stop using conventional banks and start these other technologies exclusively.
But also, when/if these technologies get overtaken by the banking finance companies -- we should be aware of that.

Comments

  • IrishGuyIrishGuy Bronze ✭✭✭ Posts: 182 Bronze ✭✭✭
    edited August 2017
    Hi @RocketDog
    Great topic.
    I will give my two sense worth and hopefully others can add to it.
    For me Revolut is great as you have no issues getting cash out of a machine no matter where you are. I have used it. The issues I see with it is sometimes the banks charge a few $ as a withdrawal fee. I think GM's cards would not have that if in the nomination currently but they should give this "all currency" card option.
    As far as Crypto's go, I have played with them,(DogE coins) and do not see them as the future. Yes, they are going up, nice way to transfer money across borders, but GoldMoney also allows that feature. I will start to believe in BitCoin and others when every shop on the main street excepts the coins.
    GoldMoney I believe has it right, with the transfer of store of value across borders and back to cash again via a card.
    The issue with GM cards is also the whole pre load. They should just do a quick check that 3X /4X the gold is there, and authorize the payment if valid, or have a pre authorized amount and then work back, and debit the gold from your account. Maybe have a separate ledger for a certain amount that remains as gold, but is free to be transferred to GM if there is a debit of that amount or less.

    As to the future, I think James Richards is correct, on the war on cash, and we lost. It will go digital at some point in next 10 years. Sweden and places are already there. Given that move to digital, and they are not using a digital coin, but ATM cards etc., and RF readers, I see that as the future.

    However I think the future will not be ATM cards and readers but a digital wallet just not of the Crypto type.
    An example here is PayTM.com in India. This is accepted everywhere. Pay for Uber, restaurants, canteen in work, etc.,
    The value of the spend can be less than a dollar.

    This technology is linked to your bank account for funding, but mainly your phone number. To transfer money, I just type the persons phone number into PayTm, the amount and done. He gets confirmation on his phone straight away, and gives you the goods.
    Problem with wallets is everyone has them, Apple, Samsung etc., and an independent one is needed. Again I think GM should look to this type of idea and allow it. To a certain extent the have this with Paypal but that is email based I believe.
    I do not like using PayPal as it is not truly independent as will not allow payment to certain sites etc., a bit like Google today trying to limit Ron Paul's YouTube videos. This may be the problem with all wallets and government involvement.
    Another technology I like here, is UPI, but it is not timely at present. However, you do not need anything other than the persons UPI. e.g. [email protected] and it will transfer without the need for the 16 digit account number, and Bank code etc.
    Not sure this answers the question but adds some more ideas and hopefully will facilitate more discussion. Hopefully the Crypto lovers while allow me my point of view based on me at least trying the technology.
  • RocketDogRocketDog Silver ✭✭✭✭ Posts: 782 Silver ✭✭✭✭
    Thank you @IrishGuy, that is an awesome response and a great way to start the conversation. I'll have to check into UPI. I was researching Revolut this morning and I have to say it looks promising. I think I will sign up for a standard account and give it a try. I think that might also be an interesting way to digitally hold some cash in foreign currencies.
    I hope you are wrong on losing the war on cash...hopefully silver and gold will still be used on the streets, it probably will be in a clandestine fashion if nothing else. How do we make everyone get a smart phone and use it for transactions? Maybe a smart card could be used in public and private business portals so even people without Smartphones can manage their funds? I just don't see technology becoming that ubiquitous, esp in the event of a break down in social structures. I know you are right about the governments wanting to go that way, though.
  • IrishGuyIrishGuy Bronze ✭✭✭ Posts: 182 Bronze ✭✭✭
    edited August 2017
    Hi @RocketDog
    Here is a list of all the FIntech in the currency/transfer of money business. I hope these images transfer. Revolut is just one of many if you are spending some time looking at this space. If others in the community have used any of these, please comment.







  • IrishGuyIrishGuy Bronze ✭✭✭ Posts: 182 Bronze ✭✭✭
    @RocketDog Sorry. I think my pictures killed this topic. Apologies for same.
  • RocketDogRocketDog Silver ✭✭✭✭ Posts: 782 Silver ✭✭✭✭
    Hey @IrishGuy. Not at all. I was a bit overwhelmed by the number of Fintech startups out there but I like the list.
    And I think that a lot of people are just busy. I know I am busy, which is why I opened up the question, so that we can get multiple inputs and we can all benefit from other people's thoughts and research.
    I plan on looking into more of these companies and thinking about how their technologies can be used together to change the way I store, use and even think about money.

    Let's give it time to stew, I am sure more people will dive in when they feel inspired.
  • IrishGuyIrishGuy Bronze ✭✭✭ Posts: 182 Bronze ✭✭✭
    @RocketDog
    Came across this which I also found interesting. If Crypto's do that off, we can get a Crypto Card! :)
    https://ether.cards/
    I was looking at https://commodityadnetwork.com/business/ which is the first example I find where they are using Crypto's in a business model.
    Risky, but was willing to participate, as wanted to support Independent (Alt) media. However, found out I cannot buy Crypto's from India !!!
    Anyway, still think it is a great topic, and hopefully others will post here.
  • IrishGuyIrishGuy Bronze ✭✭✭ Posts: 182 Bronze ✭✭✭
    Lazy Sat morning for me!

    A new type of a card in Russia to compete with Visa and Mastercard after they stopped working in a Russia for a period presently
    .

    https://www.rt.com/business/402495-sberbank-payment-cards-mir/

    While probably off topic a bit - shows the world is really changing from what has existed for last 50 years from a card perspective.
  • RocketDogRocketDog Silver ✭✭✭✭ Posts: 782 Silver ✭✭✭✭
    Interesting article @IrishGuy. Times are changing. I am glad the Russian people will have access to cards that won't be affected by the USA's strange politics.
    And your post has inspired me to spend less time watching hurricane Irma destroying southern Florida and more time researching fintech. I will hopefully learn something and report back soon.
  • CampeadorCampeador Bronze ✭✭✭ Posts: 221 Bronze ✭✭✭
    Thanks for the post.
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