Why does this get to the front-page of HN is the real question..
Is VISA down everywhere in the US?
41–50 of 100 posts
Re: Is VISA down everywhere in the US?
#42Earlier quoted context omitted.
I’m not sure what you would need to dispute. Bitcoin, when used properly can’t be “stolen”. Compare that with Visa where every single merchant you come into contact with can steal your card, and charge arbitrary amounts to it by design. As someone who has had to go through a few disputes in recent history, depending on the bank, they treat you like a criminal and need to go though an elaborate process to dispute. And…
You order an item, pay in bitcoin, yet the merchant never ships the item. What now? With credit cards, you can dispute the charge and get your money back. With bitcoin, it's gone forever.
Isn’t that due to regulation? Surely we can also apply some rules to payment processors that use a decentralized network under the hood and get the best of all worlds?
Visa’s operating margins are insane. I think we can do better than a global oligopoly skimming %ages of every transaction.
Re: Is VISA down everywhere in the US?
#43Many people don’t understand how card networks work. Generally there are many parties involved in a payment. There is an issuer (usually a bank), acquirer bank, the visa network itself, the payment processor company, etc.
If peering between any of these entities is interrupted, there are sometimes “stand in authorization” that allows the card to continue to work, or people may assume the visa network itself is at fault even if it is not the issue per se.
It’s possible (even likely) that a retailers payment processor is having issues in certain scenarios and the retailer just issues a blanket statement “visa is down” which is actually a misnomer.
Re: Is VISA down everywhere in the US?
#44Looks like Paymentech's (Chase) payment processing may be down.
PARTIAL OUTAGE OCCURRED DATE : 2022-05-21 10:35:00 PST We are aware of an issue that is currently affecting transaction processing intermittently on the Paymentech processor. We are working to identify the issue as quickly as possible and have received confirmation from Paymentech that they are experiencing issues and are actively investigating, however they are unable to provide an ETA on resolution at this time.
We will continue to monitor this issue and work with Paymentech until we have a confirmed resolution in place.
Should you have any questions, please don't hesitate to contact support at: https://support.authorize.net/
Re: Is VISA down everywhere in the US?
#45Earlier quoted context omitted.
You order an item, pay in bitcoin, yet the merchant never ships the item. What now? With credit cards, you can dispute the charge and get your money back. With bitcoin, it's gone forever.
Bitcoin transactions can be written to support escrow use cases. *Edit: Transactions can be sent to a script which requires multiple keys to forward the funds from that script address to a wallet address. https://en.bitcoin.it/wiki/Multi-signature This is the primary mechanism for escrow services to function. If the need for a CC-like refund feature is important to the user, one could potentially use a service over B…
How? It's direct from wallet to wallet
Re: Is VISA down everywhere in the US?
#46Looks like it: https://twitter.com/search?q=visa+down&f=live and https://downdetector.com/status/visa/
Over a half dozen of those tweets are just parroting this HN post. Perhaps VISA is down, perhaps it isn't, but there's a lot of noise in the signal.
Re: Is VISA down everywhere in the US?
#47Had trouble with Visa today in Norway, but seems very strange that it should be related to something in the US.
Re: Is VISA down everywhere in the US?
#48Earlier quoted context omitted.
You order an item, pay in bitcoin, yet the merchant never ships the item. What now? With credit cards, you can dispute the charge and get your money back. With bitcoin, it's gone forever.
Bitcoin transactions can be written to support escrow use cases. *Edit: Transactions can be sent to a script which requires multiple keys to forward the funds from that script address to a wallet address. https://en.bitcoin.it/wiki/Multi-signature This is the primary mechanism for escrow services to function. If the need for a CC-like refund feature is important to the user, one could potentially use a service over B…
True, but then we‘re no longer talking about Bitcoin.
The settlement layer is rarely the most interesting part of a retail payment system.
Re: Is VISA down everywhere in the US?
#49Earlier quoted context omitted.
You order an item, pay in bitcoin, yet the merchant never ships the item. What now? With credit cards, you can dispute the charge and get your money back. With bitcoin, it's gone forever.
Isn’t that due to regulation? Surely we can also apply some rules to payment processors that use a decentralized network under the hood and get the best of all worlds? Visa’s operating margins are insane. I think we can do better than a global oligopoly skimming %ages of every transaction.
yes but that regulation is based on the root of trust of strong KYC and AML. bitcoin just uses a private key that anyone can generate and use. again by design
Re: Is VISA down everywhere in the US?
#50Not just US. I had issues today in South Africa as well. At a couple of retailers, and I heard from friends about the same!