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Bitcoin Visa debit cards are cancelled

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Re: Bitcoin Visa debit cards are cancelled

#61

Post by alexcnwy »

_0nac wrote: post #22
crypt1d wrote: post #9

WaveCrest seems to be the card provider for all major crypto debit card offerings. Its actually so popular among top searches for 'btc debit card' that I'm starting to think they are actually running the show and just have a few different front ends. Initially, they only closed visa cards for holders that were outside of EU, but now it seems to include everyone. The issue seems specific to EU-based Visa issuers. US o…

The major exception is Monaco, although this is only hypothetical since they haven't actually issued any cards. It's also, ahem, a house of cards for its investors, but that's another story told on my blog: https://gyrovague.com/2017/06/16/monaco-doing-the-math-on-an...

Just read a few of your posts - great content and approach :)

Re: Bitcoin Visa debit cards are cancelled

#62

Post by JoelTheSuperior »

jstanley wrote: post #56
throwaway5752 wrote: post #53

Earlier quoted context omitted.

Seems like it was a very bad business idea in the first place, and I'm surprised it wasn't cancelled sooner. Before you downvote me consider the business model of credit card processors, and how volatility and rapidly deflating currency would effect their cash flow.

> how volatility and rapidly deflating currency would effect their cash flow. Not at all? You obviously don't understand what a bitcoin debit card is. It's just like a normal debit card, but you fund it with bitcoin. The company you get the card from sells your bitcoin for fiat currency at the time you make a purchase (or at the time you top up the card, depending on how they do it). The properties of bitcoin are com…

Surely the high transaction fees are an issue though?

Re: Bitcoin Visa debit cards are cancelled

#63

Post by lagadu »

tobiaswk wrote: post #48

Bitcoin is currently not what Bitcoin was when it was created. Slow peer-to-peer transactions and high processing fees. Average fees are hovering around 30 dollars. That's an average. Unconfirmed transactions has been at over 100k for months. The mempool is also hovering around an ATH. The Bitcoin is crippled. Sentences like "store of value" are now the term used to describe Bitcoin. Very far from what the Bitcoin us…

Bitcoin effectively froze when Blockstream decided against increasing block size. The way I see it, bitcoin only stands as the flag-bearer, as (much like bitcoin cash) the transactions are too slow and still cost money. As the ecosystems grow and stabilize I imagine we'll be having some of the more full-featured, specialized cryptos carve out a spot within their specific domains (Dash or Raiblocks effectively taking over the "currency" use case for example).

I agree that the environment between the bitcoin and bitcoin cash communities is extremely toxic but I downplay how much that matters for a simple reason: bitcoin has been steadily losing dominance in the space and bitcoin cash is completely useless feature-wise, when compared newer-gen cryptos and even older ones like Litecoin. So sure, it's a nasty environment but it's one that I suspect we can just let die quietly in the corner.

Re: Bitcoin Visa debit cards are cancelled

#64

Post by lagadu »

JoelTheSuperior wrote: post #62
jstanley wrote: post #56

Earlier quoted context omitted.

> how volatility and rapidly deflating currency would effect their cash flow. Not at all? You obviously don't understand what a bitcoin debit card is. It's just like a normal debit card, but you fund it with bitcoin. The company you get the card from sells your bitcoin for fiat currency at the time you make a purchase (or at the time you top up the card, depending on how they do it). The properties of bitcoin are com…

Surely the high transaction fees are an issue though?

Unrelated. You pay the card issuer with bitcoin and they sell it for eur. As far as they're concerned they only have to pay a one-time fee for transferring the received bitcoin to an exchange and selling it there.

Whenever the cardholder makes a payment, that payment is processed against the fiat-equivalent that they have with the card issuer; the card is funded by bitcoin you send in yes but it's backed by the currency they converted the bitcoin into the moment you sent it their way.

Re: Bitcoin Visa debit cards are cancelled

#65

Post by etr-strike »

tobiaswk wrote: post #48

Bitcoin is currently not what Bitcoin was when it was created. Slow peer-to-peer transactions and high processing fees. Average fees are hovering around 30 dollars. That's an average. Unconfirmed transactions has been at over 100k for months. The mempool is also hovering around an ATH. The Bitcoin is crippled. Sentences like "store of value" are now the term used to describe Bitcoin. Very far from what the Bitcoin us…

Could you be any more of a shill? RBF is optional. Furthermore, disabling RBF doesn't enable 0-conf transactions -- transactions can still be dropped from the mempool.

Anyways, say hi to the BCash CEO for me.

Re: Bitcoin Visa debit cards are cancelled

#66

Post by jstanley »

JoelTheSuperior wrote: post #62
jstanley wrote: post #56

Earlier quoted context omitted.

> how volatility and rapidly deflating currency would effect their cash flow. Not at all? You obviously don't understand what a bitcoin debit card is. It's just like a normal debit card, but you fund it with bitcoin. The company you get the card from sells your bitcoin for fiat currency at the time you make a purchase (or at the time you top up the card, depending on how they do it). The properties of bitcoin are com…

Surely the high transaction fees are an issue though?

Typically you would top it up periodically in larger amounts, not once for every single Visa payment.

Re: Bitcoin Visa debit cards are cancelled

#67

Post by thisisit »

ablation wrote: post #49

> We're being oppressed! Oh dear. I hope that was said with tongue firmly in cheek, because anyone who truly believes that their Bitcoin Visa card being cancelled is a form of "oppression" needs a reality check.

I am sure when the card was introduced these same people would have said - See, bitcoin is so great it is now accepted by Visa and Mastercard.

Now we get this.

Sometimes it seems the thought process has evolved to - Heads I win, Tails you lose.

Re: Bitcoin Visa debit cards are cancelled

#68

Post by etr-strike »

lagadu wrote: post #63
tobiaswk wrote: post #48

Bitcoin is currently not what Bitcoin was when it was created. Slow peer-to-peer transactions and high processing fees. Average fees are hovering around 30 dollars. That's an average. Unconfirmed transactions has been at over 100k for months. The mempool is also hovering around an ATH. The Bitcoin is crippled. Sentences like "store of value" are now the term used to describe Bitcoin. Very far from what the Bitcoin us…

Bitcoin effectively froze when Blockstream decided against increasing block size. The way I see it, bitcoin only stands as the flag-bearer, as (much like bitcoin cash) the transactions are too slow and still cost money. As the ecosystems grow and stabilize I imagine we'll be having some of the more full-featured, specialized cryptos carve out a spot within their specific domains (Dash or Raiblocks effectively taking…

> Bitcoin effectively froze when Blockstream decided against increasing block size.

You mean when the Bitcoin Core implementation of the Bitcoin protocol decided decentralization was an important feature of the currency and transaction compression should be the prioritized means of scaling.

Re: Bitcoin Visa debit cards are cancelled

#69

Post by wmeredith »

tobiaswk wrote: post #48

Bitcoin is currently not what Bitcoin was when it was created. Slow peer-to-peer transactions and high processing fees. Average fees are hovering around 30 dollars. That's an average. Unconfirmed transactions has been at over 100k for months. The mempool is also hovering around an ATH. The Bitcoin is crippled. Sentences like "store of value" are now the term used to describe Bitcoin. Very far from what the Bitcoin us…

"death spiral of the blockchain" or death spiral of Bitcoin? There's an army of alt coins waiting to take its place. A lot of them are garbage, most are OK, but a handful of them are brilliant.

Bitcoin was the proof of concept and it was very successful in that light, but as a consumer product it is quite flawed. The survivors of the current bubble will be the ones that change the world. I'm not sure Bitcoin will be among them.

Re: Bitcoin Visa debit cards are cancelled

#70

Post by Kazamai »

jstanley wrote: post #56
throwaway5752 wrote: post #53

Earlier quoted context omitted.

Seems like it was a very bad business idea in the first place, and I'm surprised it wasn't cancelled sooner. Before you downvote me consider the business model of credit card processors, and how volatility and rapidly deflating currency would effect their cash flow.

> how volatility and rapidly deflating currency would effect their cash flow. Not at all? You obviously don't understand what a bitcoin debit card is. It's just like a normal debit card, but you fund it with bitcoin. The company you get the card from sells your bitcoin for fiat currency at the time you make a purchase (or at the time you top up the card, depending on how they do it). The properties of bitcoin are com…

The liquidity to sell to fiat is drying up after many are realizing the valuations for crypto are completely fraudulent. There is an astronomical amount of centralized crypto printing going on that has corrupted the entire crypto ecosystem. Tether just wrote in their legal terms that as a of January 1st tether can't be redeemed or used by Americans even though it backs USD. Corrupt exchanges inflated the prices and issued worthless tokens to buy bitcoin then sell it to main street. This is Bernie Madoff x 10,000.
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