Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

MasterCard to open up network to cryptocurrencies

reuters.com

Post reply on HN
Print view View original

141–150 of 910 posts

Re: MasterCard to open up network to cryptocurrencies

#141

Post by solosoyokaze »

maceurt wrote: post #123

I am not big on cryptocurrency. Look how the price of these "currencies" fluctuate like crazy, because people buy and treat it like an investment. What is the actual current practical utility of cryptocurrency except for buying/selling illegal things online? People are so horny to get in on the next computer/iphone/etc that they forget that new ideas can fail.

There is a ton of utility in crypto. Here's one scenario I've never seen discussed but is absolutely real:

Imagine you're an abused spouse or child who needs money to escape their situation. Opening up a bank account isn't an option for a lot of people, but anyone can instantly open a crypto "account" and start stashing a nest egg away from the prying eyes of their oppressors. Crypto is the only option for this, and I've seen it successfully used like this multiple times.

The existing banking system favors those in power and those in good standing in the existing systems. If you're underage or financially dependent on an abuse spouse, it's a lot more obvious why you might want a way to store and transact money outside of that system.

Re: MasterCard to open up network to cryptocurrencies

#142

Post by BitwiseFool »

bagacrap wrote: post #85
maxkwallace wrote: post #75

To everyone saying "my credit card pays me 2% to use it", no, your credit card charges the merchant 2.3%+ to use it, that gets bundled into the price, and they give you 2% of that as a kickback.

I'm not sure how that's different? When a merchant accepts cash, they have to pay for physical security and pickup, it's prone to theft or miscounting, etc. So cash isn't free. Accepting card payments is also not free. Merchant pays visa for convenience (to both merchant and customer); visa kicks some back to customer.

Losing money to credit card transaction fees is actually a huge problem the average person does not know about. The problem is that these credit card companies charge a percentage based on each transaction which screws over the merchant in two ways. One, it is inflation resistant. Two, Visa/Mastercard do not pass savings and efficiencies onto the client, they pocket the difference.

Just as an illustration, if a merchant's profit margin on an item is 10% and the cc fees are 3%, they've lost a third of their profit on that sale.

Re: MasterCard to open up network to cryptocurrencies

#143

Post by [deleted] »

janoside wrote: post #116
systemvoltage wrote: post #84

Earlier quoted context omitted.

What's the point of an unstable, volatile, frantically manipulated currency that is susceptible to social media pump and dump schemes (Elon + Doge)? Currency and its exchange rate needs to be relatively stable for the world to put trust into it. Saying that BTC is stable, but the rest of the world's fiat currency is fluctuating makes no sense. US dollar provides stability and security, I feel confident that a cappucc…

What's the point, you ask... Here is Ross Stevens, CEO of Stone Ridge Asset Management, describing "the point" for an hour: https://www.microstrategy.com/en/bitcoin/videos/bitcoin-macr... It sounds like you've made up your mind about Bitcoin, but I believe you've missed the big picture. The above video, if you watch it with an open mind, will help you to glimpse it. Hint: it's not about cappuccino, it's about living…

[deleted]

Re: MasterCard to open up network to cryptocurrencies

#144

Post by ardy42 »

kungito wrote: post #114
systemvoltage wrote: post #84

Earlier quoted context omitted.

What's the point of an unstable, volatile, frantically manipulated currency that is susceptible to social media pump and dump schemes (Elon + Doge)? Currency and its exchange rate needs to be relatively stable for the world to put trust into it. Saying that BTC is stable, but the rest of the world's fiat currency is fluctuating makes no sense. US dollar provides stability and security, I feel confident that a cappucc…

But did you ever wonder where the stability of USD comes from? It all comes down to how big the transaction volume of your currency is. Things like "Petrodollar" https://en.wikipedia.org/wiki/Petrodollar_recycling#Petrodol... increase the volume and provide additional stability. As "market cap" of bitcoin increases, so does the stability. All things considered, bitcoin still is very bad because of the transaction thr…

> But did you ever wonder where the stability of USD comes from? It all comes down to how big the transaction volume of your currency is.

I don't think it's that simple. Transaction volume doesn't just appear from nowhere.

IMHO, the stability of the US dollar mainly comes from the geopolitical & economic position of the US coupled with trust that its government won't totally mismanage it. Bitcoin has neither of those things and never will.

Re: MasterCard to open up network to cryptocurrencies

#145

Post by ryder9 »

globular-toast wrote: post #105
maxkwallace wrote: post #75

To everyone saying "my credit card pays me 2% to use it", no, your credit card charges the merchant 2.3%+ to use it, that gets bundled into the price, and they give you 2% of that as a kickback.

And, by the way, the merchant incorporates that cost into their price.

so that means companies will charge less for a product if you pay via BTC than USD right? lmao...

Re: MasterCard to open up network to cryptocurrencies

#146

Post by throwaway20875 »

arcticbull wrote: post #137
janoside wrote: post #116

Earlier quoted context omitted.

What's the point, you ask... Here is Ross Stevens, CEO of Stone Ridge Asset Management, describing "the point" for an hour: https://www.microstrategy.com/en/bitcoin/videos/bitcoin-macr... It sounds like you've made up your mind about Bitcoin, but I believe you've missed the big picture. The above video, if you watch it with an open mind, will help you to glimpse it. Hint: it's not about cappuccino, it's about living…

You haven't shared "the point" just a link to MicroStrategy, a failed software company whose CEO had to pay an $11 million dollar SEC settlement decades ago for cooking the books, making a desperate Hail Mary play buying near the top of a speculative mania in a bid to gain relevancy. MSTR is the new "Long Island Iced Tea" -> "Long Blockchain Inc" rebrand [1] Humorously enough, the same is roughly true of Tesla, a car…

>CPI is inflation

Lol

Re: MasterCard to open up network to cryptocurrencies

#147

Post by BTCOG »

janoside wrote: post #116
systemvoltage wrote: post #84

Earlier quoted context omitted.

What's the point of an unstable, volatile, frantically manipulated currency that is susceptible to social media pump and dump schemes (Elon + Doge)? Currency and its exchange rate needs to be relatively stable for the world to put trust into it. Saying that BTC is stable, but the rest of the world's fiat currency is fluctuating makes no sense. US dollar provides stability and security, I feel confident that a cappucc…

What's the point, you ask... Here is Ross Stevens, CEO of Stone Ridge Asset Management, describing "the point" for an hour: https://www.microstrategy.com/en/bitcoin/videos/bitcoin-macr... It sounds like you've made up your mind about Bitcoin, but I believe you've missed the big picture. The above video, if you watch it with an open mind, will help you to glimpse it. Hint: it's not about cappuccino, it's about living…

These people are all disingenuous actors. They know the point, but they want to flood all of these threads and act clueless. Bitcoin is digital gold, gold's replacement. It's been here for 12 years and yet, all these actors show up in every Bitcoin thread. It's the greatest monetary shift in hundreds of years.

ArcticBull below me shows up in EVERY single Bitcoin thread to trash talk Bitcoin. Here's where we are at; some love Bitcoin, and others show up just to talk trash. Bitcoin is only going to grow beyond $100k the next couple years regardless of how sourly "ArcticBull" wants to astroturf.

Re: MasterCard to open up network to cryptocurrencies

#148

Post by fennecfoxen »

mlthoughts2018 wrote: post #97
systemvoltage wrote: post #84

Earlier quoted context omitted.

What's the point of an unstable, volatile, frantically manipulated currency that is susceptible to social media pump and dump schemes (Elon + Doge)? Currency and its exchange rate needs to be relatively stable for the world to put trust into it. Saying that BTC is stable, but the rest of the world's fiat currency is fluctuating makes no sense. US dollar provides stability and security, I feel confident that a cappucc…

If you live in a situation where the only local fiat currency is even worse, then the “volatility fee” of cryptocurrency may be well worth the money to decouple yourself from that bad fiat currency risk. Maybe you can purchase things directly with the cryptocurrency, or maybe you just wait until you can drive across the border to a place with more stable fiat currency, sell cryptocurrency for that currency, and buy m…

> If you live in a situation where the only local fiat currency is even worse

Then you start buying and transacting with good old Yankee dollars, as the good people in places like Zimbabwe and Argentina and Cuba and other such places have done, because this is the low volatility option and dollars are widely accepted. You don't buy the cryptocurrencies, as they are subject to wild price swings and only marginally accepted.

If you can't buy dollars, something like gold is a much better hedge than bitcoin.

Re: MasterCard to open up network to cryptocurrencies

#149

Post by solosoyokaze »

the_local_host wrote: post #133
PretzelPirate wrote: post #9

Earlier quoted context omitted.

The original idea of Bitcoin was to have a currency that wasn’t in government control - not to keep the government and big banks away from it. The current world of cryptocurrency gives you a choice of trusting big banks or not, and having the same economic opportunities regardless of the level of trust you are comfortable with.

> The original idea of Bitcoin was to have a currency that wasn’t in government control I've never understood this. With an immutable ledger of all transactions, governments simply have to make it illegal to transact anonymously (or pseudonymously), watch the blockchain, and investigate any un-attributed transactions. It would actually enhance governments' surveillance capabilities against anyone not willing to run t…

1. It would be prohibitively expensive for the government to track down every blockchain transaction IRL to find the identity behind the wallet (if even possible). This cost rises with adoption.

2. Different crypto currencies have different roles. If you want to avoid traceability altogether, use zCash.

Re: MasterCard to open up network to cryptocurrencies

#150

Post by jrwr »

steeve wrote: post #98
olalonde wrote: post #88

Earlier quoted context omitted.

Bitcoin is used as a speculative investment today only because it is so underpriced. Once its value stabilizes, its use in day to day transactions will grow. > Should also note that MasterCard crypto transactions almost certainly won’t be settled on the blockchain. And neither are USD transactions. In fact, USD doesn't even have a blockchain! The great thing with Bitcoin is once you want to cash out your Bitcoin, you…

How can it stabilize when it has a fixed amount of BTC?

Also, The fixed amount is a rule that has not been hit yet. It can be changed is software as nothing on chain prevents more then the total allowed BTC. its just a good idea that the amount of BTC is limited.
Post reply on HN