61–70 of 910 posts
I thought the whole idea of Bitcoin was to get out of the financial system that Mastercard is a central piece of.
This is only possible in our current financial system if you want to take delivery of physical bank notes.
(Use https://wirexapp.com/r/kseistrup if you wanna sign up through a referral link.)
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What do you vendors do with any of the money you pay them? They spend it on paying employees and buying raw materials. It’s getting spent (sold) one way or another. Tesla is no exception.
It requires a network-effect for it to work, if more and more vendors accept crypto then how is that fundamentally different that fiat currency to buy raw materials and pay employees with?
With the speculative upside removed, why would anyone choose to use Bitcoin? Why Bitcoin over any other cryptocurrency with significantly better technology?
The game Paypal currently plays with Crypto is the closest thing to printing money I have ever seen: Their users can "buy and sell Bitcoin" and pay "no fees". How does Paypal make money? "From the spread". The difference between bid and ask. And who sets the spread? Drumroll ... Paypal! Since you cannot transfer your bitcoins out, when you sell your bitcoins, Paypal pays you whatever they like. So far, Paypal only of…
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If it’s in your best interest to buy and never sell, why would anyone want to use it for exchange? Bitcoin’s deflationary nature discourages spending and selling, by definition. The high transaction costs discourage it even further.
How is bitcoin deflationary when it (currently) has a fixed inflation?
Now, you can make the argument that that’s not really inflation - that BTC won’t predictably ~double in value every year going forward, and therefore one shouldn’t be afraid to spend it - but the idea that the tiny rate of increase in supply should be a major factor in that decision is pretty silly. Also, it’s not obvious that it’s being mined faster than it’s being eliminated due to lost keys.
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> Should also note that MasterCard crypto transactions almost certainly won’t be settled on the blockchain. Not with $8 Bitcoin transaction fees. They could easily settle merchant balances on the blockchain. An $8 fee is nothing compared to the revenue of a merchant. Assuming e.g. a 1.5% credit card fee, a merchant pays $8 in fees when receiving ~$500 in payments.
It won't take long before Visa/MasterCard either adopt the Lightning network or create their own layer-2 service to alleviate transaction fees.
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Bitcoin is only good for large transactions, but there are 1000000 cryptocurrencies that solve this problem such as BCH, USDT, and LTC. Use one of them.
Honestly, why? My credit card pays me 2% to use it. If there’s a problem with my transaction, I click some buttons and the card company reversed the charges. If I lose my card, I call them up and get another one overnight without losing all my money. Why would I give all of that up, pay exchange fees on both ends of a transaction, pay transaction fees (however small), and wait longer for my transactions to clear?
The game Paypal currently plays with Crypto is the closest thing to printing money I have ever seen: Their users can "buy and sell Bitcoin" and pay "no fees". How does Paypal make money? "From the spread". The difference between bid and ask. And who sets the spread? Drumroll ... Paypal! Since you cannot transfer your bitcoins out, when you sell your bitcoins, Paypal pays you whatever they like. So far, Paypal only of…
What's the point of buying them then? Sounds more like a lease thing.
I don't want mastercard supporting crypto. I want the merchants and payment providers supporting crypto so I do not have to use mastercard and their "rules". If I want to pay for porn or send a donation to wikileaks I do not want mastercard/paypal or anyone else other than the government (if it's legal I should be allowed to pay for it) deciding if that is ok.
Bitcoin transaction fees are currently around $8. My credit card pays me 2% to use it. No one wants to use the Bitcoin blockchain for average transactions. No one is buying Bitcoin as anything other than a speculative investment right now.
I don't want mastercard supporting crypto. I want the merchants and payment providers supporting crypto so I do not have to use mastercard and their "rules". If I want to pay for porn or send a donation to wikileaks I do not want mastercard/paypal or anyone else other than the government (if it's legal I should be allowed to pay for it) deciding if that is ok.
Bitcoin transaction fees are currently around $8. My credit card pays me 2% to use it. No one wants to use the Bitcoin blockchain for average transactions. No one is buying Bitcoin as anything other than a speculative investment right now.
That's not how it really works, but you're right that $8 is a pretty insane transaction fee.