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MasterCard to open up network to cryptocurrencies

reuters.com

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Re: MasterCard to open up network to cryptocurrencies

#231

Post by ascar »

ArtTimeInvestor wrote: post #128
globular-toast wrote: post #80

Earlier quoted context omitted.

That's how all currency trading works. Why do you think this is unique to Bitcoin or crypto? More than 95% of "money" in circulation was created in the private banking sector. That's the closest thing to printing money because that's actually what it is. Paypal is just taking a cut for providing a service. Don't like it? Don't use it.

You can show up at a bank and demand your balance in central bank money aka cash. The equivalent for Bitcoin would be that Paypal has to send your balance to you on the blockchain. But they do not do that. They will pay you in dollars. How much dollars? However much they like.

> You can show up at a bank and demand your balance in central bank money aka cash.

If everyone would try to do that the system would collapse. The system is built upon the assumption that the vast majority of people don't do that.

Re: MasterCard to open up network to cryptocurrencies

#232

Post by koonsolo »

PragmaticPulp wrote: post #12
sschueller wrote: post #5

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.

Nano has 0 fees and 1< second transactions. What is your argument against that?

Re: MasterCard to open up network to cryptocurrencies

#233

Post by rokhayakebe »

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.

This is like saying "your employer does not pay you. They charge clients then give you 20%."

Re: MasterCard to open up network to cryptocurrencies

#234

Post by centimeter »

ForHackernews wrote: post #220
centimeter wrote: post #197

Earlier quoted context omitted.

MLM dynamics actually do apply to monetized assets in some cases. Cf. “Bubble Theory Of Money”, Gresham’s Law. Once the speculation upside is gone, you would use Bitcoin because it’s the best available reserve and settlement asset. What are your other options? Inflationary USD or Yuan? Few rational actors would prefer to hold those.

> Inflationary USD lolz https://www.macrotrends.net/countries/USA/united-states/infl...

CPI is a joke of a metric. Very few economists take it seriously.

Re: MasterCard to open up network to cryptocurrencies

#235

Post by arcticbull »

chordalkeyboard wrote: post #207
arcticbull wrote: post #196

Earlier quoted context omitted.

And yet you and everyone else are unable to produce any meaningful sources or analysis that justify your beliefs. [citation needed] and we can talk about it. Healthcare is a social policy matter, not monetary policy, and nothing to do with increase in the money supply. You take that up with your representatives not the Fed. Housing is a function of city council zoning policy. You take that up with your city council n…

> the increase in pricing has nothing to do with monetary policy. This is incorrect.

Inflation adjusted $/sqft on average across the US housing costs exactly the same as it did in the 1970s. With interest rates 1/5 of what they were back then, each square foot is actually much more affordable.

I admit I misspoke, because of course, monetary policy controls interest rates, but I maintain that a change in affordability is not dominated by inflation but rather other social policies. Houses are twice is big and families are 20% smaller.

Happy to debate more but [citation needed].

[1] https://fee.org/articles/new-homes-today-have-twice-the-squa...

Re: MasterCard to open up network to cryptocurrencies

#236

Post by Drakim »

ArtTimeInvestor wrote: post #128
globular-toast wrote: post #80

Earlier quoted context omitted.

That's how all currency trading works. Why do you think this is unique to Bitcoin or crypto? More than 95% of "money" in circulation was created in the private banking sector. That's the closest thing to printing money because that's actually what it is. Paypal is just taking a cut for providing a service. Don't like it? Don't use it.

You can show up at a bank and demand your balance in central bank money aka cash. The equivalent for Bitcoin would be that Paypal has to send your balance to you on the blockchain. But they do not do that. They will pay you in dollars. How much dollars? However much they like.

I'm confused, if I buy bitcoin from Paypal, and I want to use that bitcoin to pay for say, Pizza, would Paypal not allow me to do that?

Re: MasterCard to open up network to cryptocurrencies

#237

Post by zoover2020 »

nemo44x wrote: post #154
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.

A store of value protected from (and even a beneficiary of) government mismanagement, central bank mismanagement, corporate mismanagement, etc. Because we are forced to generally keep our wealth in things susceptible to political influence it’s nice to have a place to store value away from that. My homes value can be wrecked by a variety of government or central bank policies. Same with my equities and bonds. So havi…

What if my government bans Bitcoin? Wouldn't that ruin the whole picture? It feels like an unrelagated market, waiting to be regulated

Re: MasterCard to open up network to cryptocurrencies

#238

Post by barrenko »

fouldiplomacy wrote: post #181
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…

"unstable, volatile, frantically manipulated currency" -- this is often the case with any news, not just "pump and dump" schemes. Take the Chinese CNY. The CCP have been undervaluing it for years for the purpose of attracting business. the USD is very much subject to social media and traditional news manipulation. When the US decides it wants a stimulus package or other types of debt, it drives down the dollar's valu…

By Austrian economics- you can have stable prices OR stable money. We are being scammed for the last 100 hundred years, and the price volatility one sees in Bitcoin et al. is precisely the reflection of actual supply and demand constantly battling it out on the marketplace.

The fact that dollar or euro seem stable is only possible with the violent tempering of national banks and the like of IMF. They only seem stable.

Money as a measure of value for other goods is something that is crashing constantly and will continue to do so until we let go of of the crazy attempt to do so.

*no intended for you personally, just a good place to plug my two cents (pun intended)

I'd advise anyone to read some Mises or the Dao of Capital by Spitznagel, the book is whip smart and applicable to basically any endeavour.

Re: MasterCard to open up network to cryptocurrencies

#240

Post by barrenko »

fennecfoxen wrote: post #148
mlthoughts2018 wrote: post #97

Earlier quoted context omitted.

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 acc…

Just look up what happened the last two years in Venezuela and Argentina, we no longer need to guess...
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