Beta
×

Welcome to the Slashdot Beta site -- learn more here. Use the link in the footer or click here to return to the Classic version of Slashdot.

Thank you!

Before you choose to head back to the Classic look of the site, we'd appreciate it if you share your thoughts on the Beta; your feedback is what drives our ongoing development.

Beta is different and we value you taking the time to try it out. Please take a look at the changes we've made in Beta and  learn more about it. Thanks for reading, and for making the site better!

Google Wallet Launches With $10 Credit

Soulskill posted more than 2 years ago | from the making-your-phone-even-more-irreplacable dept.

Cellphones 170

Following up on our digital wallet discussion yesterday, CWmike writes "Google officially launched its Google Wallet application today for NFC-ready Sprint Nexus S 4G phone users. The application launches initially for Citi MasterCard credit card holders, but Google also said today that Visa, Discover and American Express will be able to add their cards to future versions of Google Wallet. The application, first announced in May, was described in an official blog post. Visa said in a separate statement that it has licensed Google to use Visa's PayWave technology, used in 'hundreds of thousands' of terminals worldwide. But Visa didn't describe a timeline for when that function would be enabled. Google said it will allow users to add any bank card to a Google Prepaid Card and they will receive $10 to try the service." Reviews of the service are popping up, and many seem to say the same thing; when it works, it's great, but your real wallet isn't going anywhere.

cancel ×

170 comments

Sorry! There are no comments related to the filter you selected.

President Obama announced a new plan today (0, Flamebait)

Anonymous Coward | more than 2 years ago | (#37450516)

All 100,000,000,000 Americans will be setting up Google Wallets accounts and donating their $10 to support the great American government in its time of need.

first google knows what kind of porn i watch (2)

planimal (2454610) | more than 2 years ago | (#37450528)

now they know what kind of porn i buy.

Re:first google knows what kind of porn i watch (3, Funny)

XPeter (1429763) | more than 2 years ago | (#37450552)

You BUY porn?

Re:first google knows what kind of porn i watch (1)

Lifyre (960576) | more than 2 years ago | (#37450578)

Not very often but sometimes it sneaks in with the Cheetos and Mountain Dew... Why? What do YOU buy?

Re:first google knows what kind of porn i watch (1)

planimal (2454610) | more than 2 years ago | (#37450644)

while your mom is close to free, the IRS won't let her take cash

Re:first google knows what kind of porn i watch (1)

gmhowell (26755) | more than 2 years ago | (#37452118)

while your mom is close to free, the IRS won't let her take cash

You should see what his mom will do for a box of Twinkies.

Swap.avi (1)

tepples (727027) | more than 2 years ago | (#37450852)

Some people have such specific fetishes that they pay to have a film produced. Take the story of Scat Swapping School Swallow [somethingawful.com] , for example. In 2004, a movie about pooping back and forth was proposed on Something Awful to someone with connections to a Brazilian porn studio specializing in requests. By June, the film was complete, and it was being distributed under the name "swap.avi". A year later, other films were referencing it [wikipedia.org] .

So what does this actually do? (4, Insightful)

Todd Knarr (15451) | more than 2 years ago | (#37450554)

So, if my physical wallet isn't going anywhere because I still need it for all the cards, cash and stuff I need to carry that I can't put on my phone, and I still need actual cards for merchants who don't have the right tech at their registers, what exactly does Google Wallet do for me? I can't think of a time when I'd have my phone and wouldn't have my wallet on me, so it's not convenience. About all it seems to do is enable Google to watch what I purchase. Sorry, I'm going to need something of benefit to me first.

Re:So what does this actually do? (0)

Anonymous Coward | more than 2 years ago | (#37450580)

You are given the choice to sell your privacy for $10

Re:So what does this actually do? (0)

Anonymous Coward | more than 2 years ago | (#37450616)

If you're using a credit card that "privacy" thing has already flown the coop...

Re:So what does this actually do? (1)

KaoticEvil (91813) | more than 2 years ago | (#37450660)

If you're using a credit card that "privacy" thing has already flown the coop...

What is this "privacy" thing you speak of? I seem to recall it being mentioned, once, long, long ago.. But I thought that it was just a myth...

Re:So what does this actually do? (1)

Ethanol-fueled (1125189) | more than 2 years ago | (#37450748)

1. Sign up for Google wallet
2. Use the credit to buy a 12-pack [condomdepot.com] of Kimonos
3. Never buy anything else with Google Wallet
4. Profit !

Re:So what does this actually do? (0)

Anonymous Coward | more than 2 years ago | (#37451704)

12 condoms? That's a life time supply!

Re:So what does this actually do? (0)

Anonymous Coward | more than 2 years ago | (#37452602)

12 condoms? That's a life time supply!

Nope, sorry, latex degrades in time. Especially if used with non-silicone oils/vaselines [google.com] (e.g.massage oils).

Re:So what does this actually do? (1)

Garble Snarky (715674) | more than 2 years ago | (#37452750)

Well, it's still a lifetime supply, in the same way that 0 condoms is a lifetime supply, which it is for some people...

Re:So what does this actually do? (0)

Anonymous Coward | more than 2 years ago | (#37450670)

but it's 10 dollars man! surely you would sell all the details about your buying habits for 10 dollars!

you're really very selfish for not helping them target advertising so they can get you to buy even more stuff, thereby saving the economy. why won't you help google not be evil?

Re:So what does this actually do? (1)

rockout (1039072) | more than 2 years ago | (#37451728)

You don't use a credit or debit card? because, uh, those details about your buying habits might already be everywhere. And you didn't even get $10 for that.

Re:So what does this actually do? (1)

c0lo (1497653) | more than 2 years ago | (#37452616)

You don't use a credit or debit card? because, uh, those details about your buying habits might already be everywhere. And you didn't even get $10 for that.

I'd expect that the purchases I make (as a habit) are known only to the CC issuer. Did this change lately?

Re:So what does this actually do? (4, Insightful)

Karganeth (1017580) | more than 2 years ago | (#37450736)

Yawn. It's clearly progress. Ideally everything in your wallet could be in your phone, so this is just a step towards that. It's not pointless, its progress.

Mod parent Up! (0)

Anonymous Coward | more than 2 years ago | (#37450872)

Please mod the parent post up so we don't have 500 posts with the GP's sentiment.

Put yourself in the shoes of someone in 1992:
What's the point of email? I can't email my grandma, she doesn't have a computer or internet access. I can call her anytime on my phone. Blah blah etc etc.

Re:Mod parent Up! (1)

hedwards (940851) | more than 2 years ago | (#37451464)

But, unlike email which served a theoretical purpose at that time, this serves no particular use. We have credit cards that do all that, and the only situations I can think of where it would be useful to have it built into the phone are the same instances where one is likely to not have their cell phone.

Progress is great, but progress for the sake of progress is best left to researchers.

Re:Mod parent Up! (2)

rockout (1039072) | more than 2 years ago | (#37451750)

Yeah, hey, in 1999, we already had pocket still cameras, pocket video recorders, and cell phones, and laptops that could get on the internet. So why would we ever want one device that could do all those things? That would just be progress for the sake of progress.

Or did you miss the part where he said "everything in your wallet could be in your phone, so this is just a step towards that" ?

Re:Mod parent Up! (1)

Demonoid-Penguin (1669014) | more than 2 years ago | (#37452458)

But, unlike email which served a theoretical purpose at that time, this serves no particular use. We have credit cards that do all that, and the only situations I can think of where it would be useful to have it built into the phone are the same instances where one is likely to not have their cell phone.

Progress is great, but progress for the sake of progress is best left to researchers.

Can you do micro transactions on your credit card? As far as I can tell (so far) the advantage of this is for retailers - not consumers. Either way, without a compelling reason I'm not in a huge rush to sign up.

Re:Mod parent Up! (1)

Anonymous Coward | more than 2 years ago | (#37452506)

"We have credit cards that do all that, "

You have a credit card that forces you to enter a password to use it?
It also hides the CC number from casual viewers who might copy it to send anonymous gifts to meemaw?

Re:Mod parent Up! (1)

Jesse_vd (821123) | more than 2 years ago | (#37452744)

Maybe I just missed the sarcasm but here in Canada I've got 2 debit cards and 2 credit cards with embedded RFID chips and I have to enter a PIN to use them (except at places that haven't upgraded machines yet and you still need to sign, but they are becoming uncommon)

Re:So what does this actually do? (0)

Anonymous Coward | more than 2 years ago | (#37450914)

So (when) are your driver's license, medical insurance card, and other pieces of ID going to be on your phone too?

Re:So what does this actually do? (1)

tepples (727027) | more than 2 years ago | (#37450924)

Ideally everything in your wallet could be in your phone

And ideally, smartphones would be in everyone's pocket.. But cellular carriers in the home country of Google and Slashdot continue to price smartphone service as a luxury.

Re:So what does this actually do? (1)

JLennox (942693) | more than 2 years ago | (#37451336)

I too find the pricing to be appalling, but I suspect it's mostly because store clerks are designed to sell people everything they can, not what they need. I believe by doing your homework and wanting adequate, not just 'top of the line,' you can get away relatively cheap.

I paid $225 for a good quality used Nexus One (I'm aware it's not compatible with this service, but it's a smart phone regardless) and I pay t-mobile $15/mo for unlimited text, 10c/minute voice, and $1.50/day data that I never use because in general wifi is available.

This is expensive in comparison to my old phone which cost $14 shipped off of ebay, but for something so modern (just not bleeding edge) I would say it's an affordable luxury if you play your cards right.

Re:So what does this actually do? (1)

aztracker1 (702135) | more than 2 years ago | (#37452284)

Running a $190 Samsung Galaxy Prevail on a $45/month unlimited plan via Boost myself.

Re:So what does this actually do? (1)

froggymana (1896008) | more than 2 years ago | (#37451860)

Ideally everything in your wallet could be in your phone

And ideally, smartphones would be in everyone's pocket.. But cellular carriers in the home country of Google and Slashdot continue to price smartphone service as a luxury.

I wouldn't consider my smartphone a "Luxury". I paid $110 for my phone and only pay $25 a month for unlimited text, data and 300 minutes of voice through VirginMobile. Sure it isn't a high end phone and doesn't have the greatest coverage over the US, but where it does have coverage it is generally great and it fits all of my needs as of right now.

What's in your wallet? (3, Insightful)

Anonymous Coward | more than 2 years ago | (#37451032)

library card, NO
driver's license, NO
cash, NO
postage stamps, NO
receipt from store, NO
business cards, NO
employer-provided keycard, NO
foreign currency, NO
insurance card, NO
rolling papers, NO

So I do without all those things, and some more I didn't think of, and switch to electronic versions of credit cards and ... I guess just credit cards. Oh shit, my battery is down, I'm out of the service area, I got wet, I'm on an airplane, etc.

And not to mention, I don't do online banking because it's a huge security hole. And they charge more.

Re:What's in your wallet? (1)

Garble Snarky (715674) | more than 2 years ago | (#37452760)

So you get bank and credit card papers in the mail instead? Is that more secure?

Re:So what does this actually do? (3, Insightful)

DogDude (805747) | more than 2 years ago | (#37451776)

It's stupid. My wallet doesn't require a service agreement.

Re:So what does this actually do? (3, Interesting)

dkleinsc (563838) | more than 2 years ago | (#37452036)

Exactly what problem does putting the contents of your wallet in your phone solve? Maybe it's just me, but a physical wallet is hardly a great burden to be carrying around, given it's an object sizing somewhere around 12 cm x 10 cm x 1 cm and weighing well under 1 kg.

See, that's my definition of "progress": Using technology and knowledge to solve a demonstrable problem. If you haven't solved a problem, all you've done is created Yet Another Payment System.

Re:So what does this actually do? (1)

Cyberax (705495) | more than 2 years ago | (#37452252)

Well, my wallet got stolen recently. So I've lost a couple hundreds of dollars, several bank cards, my driving license and several club cards.

Right now I have spare change in all pockets, about $100 in various banknotes, NYC MetroCard, Moscow Subway pass and Kiev subway card. I keep my driving license in a separate pocket along with my keys and my bank card.

I won't mind replacing all those subway passes and loose change with NFC and an app on my phone. Sure, I'll lose some privacy - but it's not like I care much (Google already knows what I purchase and I also use Google Latitude). It won't replace my credit card and I'll keep some money just in case, but everything that helps to get rid of clutter is welcome.

Re:So what does this actually do? (3, Insightful)

tlhIngan (30335) | more than 2 years ago | (#37452714)

Well, my wallet got stolen recently. So I've lost a couple hundreds of dollars, several bank cards, my driving license and several club cards. ...snip...

I won't mind replacing all those subway passes and loose change with NFC and an app on my phone. Sure, I'll lose some privacy - but it's not like I care much (Google already knows what I purchase and I also use Google Latitude). It won't replace my credit card and I'll keep some money just in case, but everything that helps to get rid of clutter is welcome.

Stupid question - and what happens when your PHONE is stolen? Or you left it behind? Or you dropped it?

So now you've lost your wallet and your phone. And now you're stuck because you have no cash, and no way to call for help.

That being said, I hope NFC enforces user confirmation. Walking around with a mobile NFC terminal, just like those RFID readers would be great fun...

Re:So what does this actually do? (1)

c0lo (1497653) | more than 2 years ago | (#37452630)

Yawn. It's clearly progress. Ideally everything in your wallet could be in your phone, so this is just a step towards that. It's not pointless, its progress.

Progression rather - can't call it progress thought, not yet.

Re:So what does this actually do? (1)

Mashiki (184564) | more than 2 years ago | (#37450740)

Yeah pretty much. Then again...welcome to north america. Where Japan and S.Korea were doing this in 2002.

Re:So what does this actually do? (1)

Macrat (638047) | more than 2 years ago | (#37451248)

What are the fees like?

Re:So what does this actually do? (1)

Baloroth (2370816) | more than 2 years ago | (#37450744)

I think it's pretty obvious that, as of right now, your real wallet isn't going anywhere. However, technology has to start somewhere (i.e. even before widespread adoption) and eventually, tech like this will be usable nearly anywhere. Like credit cards are now, but weren't when they first started.

So what's the benefit now? Not much. What will be the benefit? Potentially a lot.

Re:So what does this actually do? (1)

Macrat (638047) | more than 2 years ago | (#37451278)

So what's the benefit now? Not much. What will be the benefit? Potentially a lot.

A lot of profitable fees for the cell phone companies.

Re:So what does this actually do? (1)

rockout (1039072) | more than 2 years ago | (#37451768)

What's the benefit of the automobile? It's just gonna make those oil companies rich. Forget it, then. Bunch of crap!

Re:So what does this actually do? (1)

zo2004 (724598) | more than 2 years ago | (#37450864)

Don't ask what google can do for you but what you can do for google...

Re:So what does this actually do? (1)

chrb (1083577) | more than 2 years ago | (#37450878)

You could say the same thing about any debit card - why would you need one, when you still need to carry cash for retailers who don't take cards? And yet, people still use them... so, advantages:

(over cash) You don't have to go to an ATM. Fewer coins to carry around.

(over credit card) It's prepaid, so you don't need a credit contract.

(over prepaid debit card) It authenticates you, so it can be used to store other data that is linked to your identity (loyalty cards, travel passes etc.) Automated accounting - you have a complete log of every transaction, which is useful for people who keep personal accounts, to claim business expenses etc. With a debit card, all of that transaction data is in the hands of your provider. Now, you also have a copy of the data. No more carrying and storing printed receipts!

Re:So what does this actually do? (1)

hedwards (940851) | more than 2 years ago | (#37451482)

None of those are advantages. The authentication isn't something that should be unique to this service. The folks at the store are supposed to be authenticating that you are who you say you are.

Linking hundreds of accounts to one is risky business. If somebody manages to break into that one account, then you're SOL.

As for the prepaid nature of it, for folks that really need that, you can get a prepaid credit card, and I'm sure there are other methods of doing that such as a debit card.

Ultimately, this is just a solution in search of a problem.

Re:So what does this actually do? (1)

chrb (1083577) | more than 2 years ago | (#37451692)

None of those are advantages. The authentication isn't something that should be unique to this service. The folks at the store are supposed to be authenticating that you are who you say you are.

Yes, and how do they do that? By using some kind of ID. Usually a different card for every service. This collapses all that into a single card, which is more convenient. Travel passes and other cards are usually machine readable already, so this doesn't really do anything different.

Linking hundreds of accounts to one is risky business. If somebody manages to break into that one account, then you're SOL.

Behold, the fool saith, "Put not all thine eggs in the one basket" - which is but a matter of saying, "Scatter your money and your attention"; but the wise man saith, "Put all your eggs in the one basket and - WATCH THAT BASKET."

Moral of that story: some wise people disagree with your assessment. If I remember correctly, "put all your eggs in one basket and watch that basket" was part of the advice given by the respected authors of the book Firewalls and Internet Security.

Re:So what does this actually do? (1)

similar_name (1164087) | more than 2 years ago | (#37450908)

There was a time when people just carried cash. Then some carried cash and credit cards and finding a place that accepted them was the exception instead of the rule. Now, some don't carry cash. If Google can get their wallet taken anywhere Visa is accepted, I can see some people leaving their credit cards at home. I could even see the potential for people never getting a physical credit card someday. Next up, Google ID :\

BTW I have a dumb phone so I am personally not interested in it at this point. If I ever am I won't be an early adopter, but time will tell if Google Wallet or something similar ever becomes the norm.

Re:So what does this actually do? (1)

izomiac (815208) | more than 2 years ago | (#37451110)

Keep $20 in the phone's battery compartment for the odd merchant and ditch the wallet. Personally, I did this with a phone case that carries my credit card and it works quite well unless you're the type to carry three forms of identification, fifteen loyalty/credit cards, and a hundred dollars in small bills on you at all times. It's good safety measure as well, as the incentive to rob me is lower and my exposure in that event is less.

Re:So what does this actually do? (1)

timeOday (582209) | more than 2 years ago | (#37451186)

Even replacing a fraction of the cards in your wallet would be a big improvement. I have loads of gift cards with unknown balances that I don't use because I don't like to carry a thick wallet.

The article doesn't address this, but a huge benefit for me would be if the point-of-sale terminal sends an itemized receipt to your smartphone in return. This would give people a whole new level of convenience and control in tracking their purchases. (Insert possible big-brother issues...)

Re:So what does this actually do? (1)

stms (1132653) | more than 2 years ago | (#37452090)

About all it seems to do is enable Google to watch what I purchase. Sorry, I'm going to need something of benefit to me first.

Yeah but the average Joe doesn't know that and if he did he probably wouldn't care. Soon enough Google will get enough ignorant or apathetic Joes so that most Cashiers will want to support it and bam it'll be convenient for you. Then the only other downside will be its hard to buy hookers with Google Wallet.

Re:So what does this actually do? (1)

Demonoid-Penguin (1669014) | more than 2 years ago | (#37452512)

About all it seems to do is enable Google to watch what I purchase. Sorry, I'm going to need something of benefit to me first.

Yeah but the average Joe doesn't know that and if he did he probably wouldn't care. Soon enough Google will get enough ignorant or apathetic Joes so that most Cashiers will want to support it and bam it'll be convenient for you. Then the only other downside will be its hard to buy hookers with Google Wallet.

Really? The local brothels take credit cards [google.com.au] - they don't even show "brothel" on the bill (I set up their POS, and yes, brothels are legal here). I'm told the local drug dealer (for one of the brothels) takes credit cards - they named two restaurants (one in Manuka) that appear on the receipts.... I'm tempted to believe the brothel manager given the owner of the restaurants has since been busted (released on bail) for importing a large amount of cocaine. Google Wallet transactions for the same things is no big stretch. Google around and you'll find botnets that rent out to credit cards.

It's a mistake to think "legitimate" business and "criminal" business live in different parts of town... HINT: Wall Street would collapse if drugs were legalised in the US.

Re:So what does this actually do? (1)

poofmeisterp (650750) | more than 2 years ago | (#37452130)

Of course it benefits you. It makes you "hip" and satisfies your curiosity, both at the same time! Just get one and you'll find out.

Whoa. Some advertisement just channeled itself through me. How did that happen?

Google Wallet (0)

Anonymous Coward | more than 2 years ago | (#37450564)

Have they been sued by PayPal yet? No case? They'll find one.

If Google were out of the equation, I'd use it. (4, Insightful)

mTor (18585) | more than 2 years ago | (#37450622)

I simply do not trust Google with anything personal and I will not use this service.

Re:If Google were out of the equation, I'd use it. (0)

Anonymous Coward | more than 2 years ago | (#37450704)

Yeah, the only other secure payment option, PayPal, is so much better.

Re:If Google were out of the equation, I'd use it. (1)

igreaterthanu (1942456) | more than 2 years ago | (#37450778)

PayPal, like Microsoft, just want your money. Google, on the other hand, wants to know everything about you.

I'd sooner trust PayPal than Google with my money.

Re:If Google were out of the equation, I'd use it. (0)

Anonymous Coward | more than 2 years ago | (#37451162)

Microsoft and PayPal have no purpose to keep your information to themselves. Your data is literally sold in aggregate to the highest bidder. Google can't do that or their intermediate advertisement business would collapse.

Re:If Google were out of the equation, I'd use it. (1)

Jah-Wren Ryel (80510) | more than 2 years ago | (#37451866)

PayPal, like Microsoft, just want your money. Google, on the other hand, wants to know everything about you.

Correction -- Paypal, like Microsoft just wants money. That means they have lots of incentive to monetize any scrap of data they collect about you.

They only secure payment option is cash.

Re:If Google were out of the equation, I'd use it. (0)

Anonymous Coward | more than 2 years ago | (#37451784)

I simply do not trust Google with anything personal and I will not use this service.

But you trust Mastercard and you trust Visa? You do know they have records and access to any purchase you make?

And you trust all those stores and kiosks and supermarkets and who knows what sites to use your CC with?

You reckon all the above have better Secutiry capabilities than Google?

Of course you can always use cash only (I try to) but then your're not really in the market for this anyhow.

It is inevitable that cell phone or other gadget is going to replace today's wallat. Only question is which company.

Face up to reality and choose the necessary lesser Evil, if you wish. I choose Google, based on my real life experience and realistic expectations.

Re:If Google were out of the equation, I'd use it. (1)

alvinrod (889928) | more than 2 years ago | (#37451992)

That's one reason, but what's most concerning to me is Google's abysmal customer service record. If there's a problem with this service or some fraudulent charges, I don't want to be stuck waiting to talk to a real person for months while getting the runaround from their automated response systems. Even if they were to ensure that my purchase history will not be available to anyone but me, I wouldn't touch their service until they can show that they're able to deal with their customers in a timely and adequate fashion.

Re:If Google were out of the equation, I'd use it. (2)

TyFoN (12980) | more than 2 years ago | (#37452440)

Since it's still a visa card or mastercard I'd guess you still talk to the bank about backcharges and fraud. The only thing is that your phone is now the plastic.

Re:If Google were out of the equation, I'd use it. (2)

Shivantrill (654978) | more than 2 years ago | (#37452660)

Google knows everything about you, they insist you use your birth name that no one freaking knows you by on the internet and NOW they want access to my credit cards? No thank you. Google is the company who said they would never be evil, and now they are being much more evil and big brother-ish than any other company. Sigh.... but there are people who would sell their souls for $10. I have more principles than that.

Re:If Google were out of the equation, I'd use it. (2)

trojjan (994851) | more than 2 years ago | (#37452682)

Ok so I'm guessing you've never used a credit card. But in case you have, what makes you trust Visa/Mastercard more than google. Is it just because google's primary source of revenue is advertisement?

Terms and conditions: (4, Funny)

fuzzyfuzzyfungus (1223518) | more than 2 years ago | (#37450642)

Unfortunately, to receive the $10 credit, you have to have the NFC chip implanted either in the forehead or the back of the hand....

Re:Terms and conditions: (0)

Anonymous Coward | more than 2 years ago | (#37451142)

Will I get charged double if I Face-Palm?

Virtual Currency for Government Manipulation (1)

Anonymous Coward | more than 2 years ago | (#37450764)

This is a good attempt to help the government pursue getting rid of physical currency. Coinage has always been a problem as the metal to produce the coins becomes more expensive than the coins themselves. Paper money has been difficult to track and monitor. It would be much easier to control and eliminate black markets if there was no paper money. Also, inflation and the money supply would be easier to manipulate (which is changed to facilitate government debt in wartime or during recessions).

As currency becomes more virtual, we can stray further from real (tangible) value like actual physical commodities (gold, silver, etc.). Public ignorance will help provide faith for virtual currency, which will be faith in corporate profit and eventually faith in government debt (like with our current paper/metal currency). This can help support more greed and corruption as debt fuels investments while inflation reduces debt. Since, by decoupling currency from tangible commodities we can inflate the currency infinitely. However, the only potential problem is people whose faith is finite.

Re:Virtual Currency for Government Manipulation (1)

igreaterthanu (1942456) | more than 2 years ago | (#37450938)

Because virtual money can't be laundered [bloomberg.com] .

stray further from real (tangible) value like actual physical commodities (gold, silver, etc.).

Why should gold have value? It doesn't have many uses, no way near to the point that justifies it's current price. Why should society waste effort mining something almost worthless to be passed around as "money"? Would it not be significantly more efficient to not waste time mining and instead use debt as money?

Re:Virtual Currency for Government Manipulation (0)

Anonymous Coward | more than 2 years ago | (#37451380)

Sounds good, except for the fact that debt holds no value. Debt only holds value if it is repaid, and the value is interest (the price of money). So, if debts were paid in a way where inflation is less than the interest, then the real value is the difference. However, that value only exists in records kept elsewhere, so when you hold your plastic which records your debt-backed-money, you do not hold any value that can be easily transferred, unless facilitated by a third-party. If you want something totally temporary, based on the survival and integrity of the record keeper, then there is no problem.

Re:Virtual Currency for Government Manipulation (1)

Demonoid-Penguin (1669014) | more than 2 years ago | (#37452762)

Because virtual money can't be laundered [bloomberg.com] .

Ha ha ha! - do you have a gig at the Comedy club? Really? You're serious? You actually believe that shit?

Uncle Surgi runs a market garden, Uncle Bonnoventure runs a trucking company, Cousin Pascaly runs a restaurant, Brother Vincent runs a fishing boat, Mr Ibrahymen runs a night club... throw in a property developer/hotelier and the odd gold prospector and your virtual money plan craps out. I've changed the names (any resemblance to real people is intentional) - but if all the resources of CrimTrek, FinTrek, CasLoan, and the AKKK can't prove criminal enterprise when millions and millions of dollars electronically passes between these groups - then other forms of virtual currency won't work either (there are companies that ensure that). Cousin Pascaly just got convicted for 9 figures worth of product - only because his family turned him in for not sharing (daddy learnt the lesson after being knee-capped and losing the leg, by Mr Girls-hat). Once that money hits a till, it's gone - those accountants, investors, bankers, car yards, boat sellers, councillors, developers, newspapers, television stations, football team owners, Formula 1 promoters - aren't going to give up a good thing - it become the institution.

As for the value of gold - it's stable (doesn't burn or decompose easily), unless a lucky meteorite strikes it'll remain rare, it's easy to verify it's authenticity - it's industrial uses has little bearing on it's value. Governments come and go - but their printed currency is only worth the gold reserves it's backed against. That's the problem with bitcoins - they rely only on scarcity which is based on trust (of the algorithm). Trust is fine for small amounts...

Putting a value on debt is called "speculation" (didn't work so good for the International Bank did it?).... and using a story about criminals caught (shopped by a competing cartel - the leader broke out of a Mexican prison recently) moving cash into banks to somehow magically show that virtual money will stop money laundry is just dumb. The example I gave is where (is) groups launder lower in the chain (at the 1/4 oz level) - virtual money will stop that you think?

Known (busted twice) amphetamine producer runs a series of sweatshop enterprises and a motorcycle yard - his silk screeners, embroiders, sales staff, and mechanics get paid in speed.... it's a virtual currency too. That's small scale - the big scale "accounting service" (getting money to the till" is a big business, in Sydney it's dominated by the son of Mr BrightYellow (ex business partner of Ms. SunComesUp O'Irish) - but there are actual accounting companies that specialize in it, and plenty of accountants willing to try their hand (Nugan Hand ring a bell?).

Perhaps if you knew how much money moving through BOA and G&S is illegal drug money you'd appreciate that money laundry is business as usual.

Wake up and smell the shit.

Re:Virtual Currency for Government Manipulation (1)

Ksevio (865461) | more than 2 years ago | (#37451130)

Considering I spend my day rearranging the magnetic fields on a metal platter for money, I don't see the need for something physical that I'd have to store and lug around for payment. Paying in cash and coin is starting to seem rather clunky and old fashioned these days.

Overhyped (0)

Anonymous Coward | more than 2 years ago | (#37450806)

I heard an interview on the radio last month about this and the techie was gushing about how in a few years we won't carry physical wallets anymore. Which seems to miss the point that we carry other cards besides credit cards in wallets. My health card, membership cards, library card are all still in there, plus cash for places which don't take cards. Obviously my wallet isn't going anywhere.

Meanwhile, why would I use Google Wallet? Most stores don't support it and, in my area, they probably won't for several years. And if I'm out and about I'm going to have both a phone and a wallet on me. I don't see th benefit of paying for something with my phone.

Re:Overhyped (2)

jnpcl (1929302) | more than 2 years ago | (#37450920)

I heard an interview in the town square last month about this and the gentleman was gushing about how in a few years we won't carry bushels of supplies to barter in our oxcarts anymore. Which seems to miss the point that we carry other supplies in oxcarts. My pitchfork, shovel, rake are all still in there, plus some gold shillings for places which don't barter.

Meanwhile, why would I use Paper Money? Most stores don't support it and, in my area, they probably won't for several years. And if I'm out and about I'm going to have both my oxcart and gold shillings on me. I don't see th benefit of paying for something with paper money.

Re:Overhyped (1)

Demonoid-Penguin (1669014) | more than 2 years ago | (#37452796)

I heard an interview in the town square last month about this and the gentleman was gushing about how in a few years we won't carry bushels of supplies to barter in our oxcarts anymore. Which seems to miss the point that we carry other supplies in oxcarts. My pitchfork, shovel, rake are all still in there, plus some gold shillings for places which don't barter.

Meanwhile, why would I use Paper Money? Most stores don't support it and, in my area, they probably won't for several years. And if I'm out and about I'm going to have both my oxcart and gold shillings on me. I don't see th benefit of paying for something with paper money.

Mod up this guy up --- ppplease!

I heard there's a thing called television - but my radio works just fine....

my hoe won't take google wallet (0)

Anonymous Coward | more than 2 years ago | (#37450816)

It's bad enough that the hoe is my wife (my bitch charges for sex. In fact, she charges the same price to all her customers. I do not get a discount but at least i DON'T GET sloppy seconds). Damn my bitch does not take google wallet.

marketing target? (1)

Charliemopps (1157495) | more than 2 years ago | (#37451010)

So you have to have a NFC-ready Sprint Nexus S 4G phone and a Citi MasterCard? That sounds like a very narrowly defined target audience to me. I wonder what their marketing department told them about those people.

Re:marketing target? (1)

Ksevio (865461) | more than 2 years ago | (#37451112)

Probably that that group of people have the phone with compatible hardware and a credit card with the compatible network (already uses paypass)

Re:marketing target? (0)

Anonymous Coward | more than 2 years ago | (#37451256)

Don't most brands of MasterCard already use PayPass?

Re:marketing target? (1)

hedwards (940851) | more than 2 years ago | (#37451512)

I don't know if most do, but mine doesn't. And I'll likely cancel my card if they try to force it on me. The last thing I need is somebody lifting my wallet without lifting it.

I'd use it. (1)

Sasayaki (1096761) | more than 2 years ago | (#37451016)

Google already owns everything about me and knows all there is to know, so why not?

I'm kinda serious here -- unless you basically boycott the Internet and hide whenever the Streetview car comes, there's no way you've never contributed to Google's vast knowledge base. It's just a fact of modern life that Google knows as much about you as you're willing to give, which for most people including me is basically everything.

And the sky hasn't fallen. Google is tech company run by tech people; they're not selling your personal info to the Chinese, or cracking into the Pentagon, and in fact they have a vested interest in making sure that people feel safe and secure when using their products. If massive scandals started appearing where Google was doing vastly improper things with people's data, people would stop using their services. So far that hasn't happened.

If you don't trust Google, you pretty much can't trust Facebook (duh), Microsoft (puppet of the MAN), the Linux Kernel Team (Honeypot #1!), Slashdot (moar like Slashvertisingdot right?), any other search engine, email (non-encrypted asynchronous communication stored in plain text at both ends? No thanks!), any chat program (the NSA listens in!).

You pretty much can't be on the Internet.

Re:I'd use it. (1)

Anonymous Coward | more than 2 years ago | (#37451882)

You can trust an individual you've known for a long time and who has proven themselves to you time and time again. Anyone and everyone else, you can't truly trust. Generally speaking, it is impossible to trust a corporation because you cannot and will not know and trust all of the individuals in that corporation [that can gain access to your information]. So yes... no one can trust Google or Facebook or Microsoft or Apple, etc, etc.

If you *must* share information with entities that you can't fully trust, then you minimize what you share with them and do your best to compartmentalize things. So that should one of those entities burn you or you get indirectly burned through a data breach, there is a limit to the damage that is done. This is common sense, I think.

Google lost my trust when I became an app user (1, Interesting)

grasshoppa (657393) | more than 2 years ago | (#37451104)

...and thus, a second rate citizen in google's eyes. To be clear, once I started PAYING for a google service, I lost functionality with a fuzzy promise date of "soon" ( for the past 6 months ).

I don't think I'll be jumping on board this particular bandwagon, thanks.

Re:Google lost my trust when I became an app user (3, Insightful)

Anonymous Psychopath (18031) | more than 2 years ago | (#37451498)

...and thus, a second rate citizen in google's eyes. To be clear, once I started PAYING for a google service, I lost functionality with a fuzzy promise date of "soon" ( for the past 6 months ).

I don't think I'll be jumping on board this particular bandwagon, thanks.

Complaining that beta-quality software isn't available on paid production systems seems a little odd.

Re:Google lost my trust when I became an app user (1)

grasshoppa (657393) | more than 2 years ago | (#37451536)

If you'll note, that's not the heart of the complaint. It's google's behavior over the issue. There has been no commitment to the completion of the project. In fact, the only commitment that anyone from google has made has been "soon".

The lack of professionalism to committing to any kind of time frame for their paying customers is, frankly, unacceptable. I had been recommending small businesses take a look at google apps, but have since begun recommending o365. It's more expensive, but at least they seem to care about the customer.

Re:Google lost my trust when I became an app user (1)

Shikaku (1129753) | more than 2 years ago | (#37451736)

Considering Google's core functionality is ADS and SEARCH, and everything extra is literally done on employee spare time (20% to be exact), I don't think you can honestly expect a timeframe unless Google decides to hire people specifically for it.

Re:Google lost my trust when I became an app user (2)

farnsworth (558449) | more than 2 years ago | (#37452336)

Considering Google's core functionality is ADS and SEARCH, and everything extra is literally done on employee spare time (20% to be exact), I don't think you can honestly expect a timeframe unless Google decides to hire people specifically for it.

Google apps is billed as:

24/7 Phone support and 99.9% uptime guarantee
25GB storage per user, no ads
Blackberry and Microsoft Outlook interoperability
Virus and spam protection by Postini

And it costs real money. That hardly sounds like a pet project of individuals. I agree with OP, the support and feature parity does not live up to what a normal person would expect.

Re:Google lost my trust when I became an app user (2)

zippthorne (748122) | more than 2 years ago | (#37452528)

If they're charging for it, it's a bit disingenuous to still call it beta though...

Re:Google lost my trust when I became an app user (0)

Anonymous Coward | more than 2 years ago | (#37452830)

In my experience, most companies commit to a time frame, then fail to live up to their commitment. I think a nebulous "soon" is better than average, unfortunately.

Bad Security (1)

Anonymous Coward | more than 2 years ago | (#37451198)

Google haven't revoked the DigiNotar CA on android... Until they start taking security seriously or allowing users to make there own security decisions, I won't be using android for anything money related. And before anyone craps on about how unlikely a hack is... Answer this. Why did they revoke it for chrome?

Time to get a Nexus S and Citi MasterCard(R)! (0)

Anonymous Coward | more than 2 years ago | (#37451288)

"Thanks for submitting your information. We will email you once Google Wallet is released.

In the meantime, consider purchasing a Nexus S and applying for a Citi MasterCard(R) to use with Google Wallet once it is released. "

Too late: Bitcoin is already there (1)

Luke-Jr (574047) | more than 2 years ago | (#37451792)

There's already Bitcoin wallets for Android, which can be used to send/receive payments directly between phones (or merchants) with QR Codes.

Re:Too late: Bitcoin is already there (1)

Ritchie70 (860516) | more than 2 years ago | (#37452044)

Tell me about Bitcoin when I can use it buy groceries, shop at Amazon & Home Depot, and pay for my dry cleaning.

Until then, it's just crypto-currency geek games.

Re:Too late: Bitcoin is already there (1)

aztracker1 (702135) | more than 2 years ago | (#37452342)

Bitcoin is not yet a stable financial system.

Re:Too late: Bitcoin is already there (0)

Anonymous Coward | more than 2 years ago | (#37452486)

Sure it is.

Getting my new Compatible Terminal Soon (0)

Anonymous Coward | more than 2 years ago | (#37451810)

I am the manager of a small business in Manhattan, and because of Google Wallet I am getting a brand new Credit Card Machine - for free. No catch, no extension or contract with the Merchant Services company I do business with. Apparently Google is really pushing this really hard, and I wouldn't be surprised if they are paying the Merchant Services companies some money for each store they put a terminal in (the guy seemed extremely intent on giving me my new free machine).

How do you sign up? (0)

Anonymous Coward | more than 2 years ago | (#37451832)

I went here:

http://www.google.com/wallet/get.html

Clicked on "get google wallet" and nothing happens.

Bitcoin option (0)

Anonymous Coward | more than 2 years ago | (#37451970)

Another option that is being added and will be made available in later versions are Bitcoins. We will offer Bitcoin users the option to make Bitcoin transfers directly into their Google Wallet at the current market exchange rate. At this point we are not planning on keeping a separate Bitcoin balance but aim to make the interaction with the wallet as easy and transparent as possible.

Re:Bitcoin option (0)

Anonymous Coward | more than 2 years ago | (#37452054)

My brother who works at a different project told me about it the other day. Big kudos to you guys for that! By when do you think it will be available? I am still new to bitcoins but love the idea behind it.

Re:Bitcoin option (0)

Anonymous Coward | more than 2 years ago | (#37452088)

We haven't decided on a specific time frame yet and even if I knew, I would not be able to tell you. Just stay tuned and keep checking the blog. ;) There will be also an official announcement in addition to that.

100's of thousands is not impressive (2)

Ritchie70 (860516) | more than 2 years ago | (#37452038)

I'd just like to point out:

There are roughly 14,000 McDonald's in the USA.

Virtually all of them take credit and debit cards and have 3 - 5 card readers.

Virtually all of those card readers can take Visa PayWave, as well as the similar technology from AmEx, MasterCard and Discover.

So all "hundreds of thousands" means is they got maybe a half-dozen large chains to put the silly things in around the world. Statistically speaking, nobody accepts them.

Re:100's of thousands is not impressive (3, Insightful)

aztracker1 (702135) | more than 2 years ago | (#37452358)

Well walmart, mcdonald's and the gas chains would account for a lot of spending in this country.
Load More Comments
Slashdot Login

Need an Account?

Forgot your password?

Submission Text Formatting Tips

We support a small subset of HTML, namely these tags:

  • b
  • i
  • p
  • br
  • a
  • ol
  • ul
  • li
  • dl
  • dt
  • dd
  • em
  • strong
  • tt
  • blockquote
  • div
  • quote
  • ecode

"ecode" can be used for code snippets, for example:

<ecode>    while(1) { do_something(); } </ecode>