re: Western Union, MoneyGram execs: opportunity for bitcoin to be used through WU/MG

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Wonder if Wiki knows that Reddit CEO Yishan recently revealed that Reddit spends more money on managing bitcoin transactions than it actually receives.

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Yep. I participated in that thread.

But you don't really like telling the whole story, do you?

Here are some other comments by him:

quote:

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I mean that on an hourly basis, they have already spent more hours having to reconcile the transactions reported as sold with funds passed to us by the payment processor, including the forex fees and gain/loss due to the slight difference in time between the transaction and us receiving any funds in USD (it's a daily sweep, not instant conversion).

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If you were interested in the whole truth, you'll know that they've since switched to a system of instant conversation, which makes accounting much easier.

quote:

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If BTC transaction volume went up by 10x, the accounting cost probably wouldn't go up by 10x, so this is really just a fixed (or at least sublinear scaling) cost issue, and it only came up because we just did our monthly close. So I'm really just talking about the first two weeks, where there is a lot of upfront work.

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hmmmmm


https://www.reddit.com/r/Bitcoin/comments/19t3uq/hey_rbitcoin_you_asked_for_some_stats/


Why didn't your buttcoin buddies include that in their screenshot? Do you think they have an agenda?