Visa May Add Cryptocurrencies to Its Payments Network, Says CEO

Post by lovetocode » Sun, Jan 31, 2021, 11:09 PM UTC

piracy1 wrote: post #68

lovetocode wrote: post #2

Cryptocurrency continues to gain more ground but I still have my reservations about it being the currency of the future. If by design, cryptocurrency has a finite volume of transferrable currency, do early adopters have an unfair advantage that could potentially make the currency unusable? I don’t see how it could possibly be fair when earlier mining yielded currency more quickly.

Isn't that true of everything? If you were an early adopter of America you could get free land that today could be worth hundreds of millions.

Post by quesera » Sun, Jan 31, 2021, 11:10 PM UTC

xiphias2 wrote: post #70

lovetocode wrote: post #2

Cryptocurrency continues to gain more ground but I still have my reservations about it being the currency of the future. If by design, cryptocurrency has a finite volume of transferrable currency, do early adopters have an unfair advantage that could potentially make the currency unusable? I don’t see how it could possibly be fair when earlier mining yielded currency more quickly.

Quite the opposite. Bitcoin was the first fair currency, where everybody who had a computer could get it. There wasn't any currency created a more fair way. Even now everybody can look at it and evaluate how well its design resonates with his or her philosophy.

Post by piracy1 » Sun, Jan 31, 2021, 11:13 PM UTC

delaaxe wrote: post #69

piracy1 wrote: post #68

Earlier quoted context omitted.

Isn't that true of everything? If you were an early adopter of America you could get free land that today could be worth hundreds of millions.

That's a great analogy

Post by toomuchtodo » Sun, Jan 31, 2021, 11:16 PM UTC

arcticbull wrote: post #104

toomuchtodo wrote: post #102

Earlier quoted context omitted.

Once there’s an instant payment network live, you should expect regulatory cram down of interchange fees, killing rewards. It’s definitely a hard sell currently, but once the rails are available cheaply to everyone, most of the arguments against it evaporate away.

I disagree; the value provided by credit cards is the 0% APR 1-month unsecured loan that pays your transaction. This creates an ton of flexibility and by definition the rewards cost is returned to the buyer. 3% transaction fee means 0.1-0.2% to visanet, 2% in rewards and more than likely a large portion of the remainder is the cost of originating and serving that loan.

Post by bendergarcia » Sun, Jan 31, 2021, 11:20 PM UTC

hn_throwaway_99 wrote: post #41

doggosphere wrote: post #10

Earlier quoted context omitted.

Fiat currencies will probably always exist. Digital crypto assets like Bitcoin or Ethereum will exist alongside them. Bitcoin can be an asset like gold, of which users keep a portion of their networth to protect from economic uncertainty. Its deflationary policy may make it less usable as a currency, but at least crypto gives people choice.

I was having this discussion with a friend recently, arguing over what the actual use cases are for crypto, and I came to a similar conclusion. In terms of facilitating payments , cryptocurrencies are worse in almost every way I can think of compared to existing systems. They are (currently) slow, have high transaction fees, but most importantly the non-refundability of crypto transactions is a bug, not the feature c…