why do money transfers take days ?

Mazy D.

Ukrainian OG
Oct 10, 2000
34,607
Canada
It's not like someone has to count the cash, put it on the truck and drive it to another location. It's just numbers, isn't there an algorithm that checks if your account has money and then sends the information to another account through a shared database? Shouldn't this be almost instant?
I sold the RV and the buyer sent me payment through Paypal, it's been 4 days already, still says pending. what the fuck is happening behind the scenes, I don't get it
 
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Mazy D.

Mazy D.

Ukrainian OG
Oct 10, 2000
34,607
Canada
PRAISE BITCOIN
that's another thing, cryptocurrencies rely on technology that has the capability for very fast transfers. Why aren't banks and currency transfer services like Paypal adopt those technologies, they've been around for a decade almost
 
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Ariez

OT Supporter
Jul 11, 2006
76,344
Nue Yawk
that's another thing, cryptocurrencies rely on technology that has the capability for very fast transfers. Why aren't banks and currency transfer services like Paypal adopt those technologies, they've been around for a decade almost
Uhh Bitcoin blockchain is slow as fuck in terms of technology.

Your money transfer doesnt take days to transfer from bank to bank...it take days to make sure its not fraudulent money, or money from illegal activities.
 
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amill94

OT ELITE iirc
OT Supporter
Oct 5, 2003
42,414
giphy.gif
 
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Mazy D.

Mazy D.

Ukrainian OG
Oct 10, 2000
34,607
Canada
Its purposely take days to avoid fraud.
how can fraud happen though? You check if the dude has enough money in his account and then if he does, send money, if not, don't send money. Unless he works for the bank and can manually edit the information...
 
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Mazy D.

Mazy D.

Ukrainian OG
Oct 10, 2000
34,607
Canada
Uhh Bitcoin blockchain is slow as fuck in terms of technology.

Your money transfer doesnt take days to transfer from bank to bank...it take days to make sure its not fraudulent money, or money from illegal activities.
Does someone sit at the computer and analyze every transfer?
 
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SurlyDuff

RUIN EVERYTHING
Jan 31, 2007
42,680
Since we're airing grievances in here:

Why can I only withdraw $3000 at an ATM at 3am?

Because brother, let me tell you, if I'm withdrawing $3K at 3am we're going to need a LOT more because this party is just getting started.
 
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Mazy D.

Mazy D.

Ukrainian OG
Oct 10, 2000
34,607
Canada
Since we're airing grievances in here:

Why can I only withdraw $3000 at an ATM at 3am?

Because brother, let me tell you, if I'm withdrawing $3K at 3am we're going to need a LOT more because this party is just getting started.
Yes, i am complaining, but i am also genuinely curious as to what the fuck is happening, this is 2020, why are we still operating like it's 1980s
 

Scold

Well-Known Member
Nov 24, 2007
19,741
SJ,CA
Uhh Bitcoin blockchain is slow as fuck in terms of technology.

Your money transfer doesnt take days to transfer from bank to bank...it take days to make sure its not fraudulent money, or money from illegal activities.
What is happening in the background during those days that is ensuring that the money being transferred is legit and not fraudulent or from illegal sources?
 
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Mazy D.

Mazy D.

Ukrainian OG
Oct 10, 2000
34,607
Canada
What is happening in the background during those days that is ensuring that the money being transferred is legit and not fraudulent or from illegal sources?
Probably some useless intern that makes 12 bucks an hour, goes through each transfer and presses "approved" button while taking coffee and smoking breaks every 15 minutes
 
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Scold

Well-Known Member
Nov 24, 2007
19,741
SJ,CA
Probably some useless intern that makes 12 bucks an hour, goes through each transfer and presses "approved" button while taking coffee and smoking breaks every 15 minutes
While I wish that were the case, I would wager that the money is just sitting there waiting for an outside person or agent to make a claim against it.
 
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