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Is VISA down everywhere in the US?

news.ycombinator.com

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Re: Is VISA down everywhere in the US?

#71

Post by ipaddr »

lxgr wrote: post #18
killdozer wrote: post #6

Quoted post unavailable.

Sure, if you never need to dispute a charge, are fine with the volatility, and have an internet connection wherever you need to pay.

You still can dispute a charge with a store but like cash it would be up to you to sue to get your money back.

Is it better to have some unknown entity at VISA making these decisions based some internal rules and how they feel today?

Visa can be charged by hand no internet but no merchant will because VISA has a rule saying any fraud with a card without a pin the store pays for which is why VISA is down today.

Businesses would rather use cryto.

Re: Is VISA down everywhere in the US?

#73

Post by true_religion »

przeor wrote: post #69
Melting_Harps wrote: post #55

Earlier quoted context omitted.

> Why does this get to the front-page of HN is the real question.. Fintech is a major part of tech, the question is why wouldn't it be? The VISA network relies on many intermediaries and it's bound to be affiliated with some clearing house that may have been undergoing maintenance on it's servers and sine thus is HN someone may be working on said maintenance. For what it's worth, I just used VISA to pay from my dinne…

I'm in Poland, why I waste time on reading this? downvotes from HN?

I’m not in Poland, but I would love to know if all payment processing was down in Poland because it would mean today I wouldn’t get paid by any of my Polish subscribers, and depending on the problem my payment intermediary might incorrectly mark the payments as failed and cancel the subscriptions.

Re: Is VISA down everywhere in the US?

#74

Post by ipaddr »

edent wrote: post #32
oceanplexian wrote: post #26

Earlier 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…

If I pay for something, and the merchant doesn't deliver - I have a legal right to a refund which the credit card provider will give me. This is standard in the UK. If I'm daft enough to pay for something with Bitcoin - well, transactions are irreversible by design. So in the case of non-delivery, or a broken / misdecsribed product, there's no mechanism to force a refund. If your credit card provider treats you like…

You have no right. Visa decides who wins the dispute. That may be the standard but get someone having a bad day and you might get the non-standard treatment.

Re: Is VISA down everywhere in the US?

#75

Post by dgrove »

Mordisquitos wrote: post #53
osrec wrote: post #51

Earlier quoted context omitted.

Please elaborate - why is there almost zero privacy?

If you perform a transaction using your own wallet, for which you control the private key, that transaction is now public knowledge on the blockchain. If instead you perform the transaction using a cryptocurrency exchange it won't be public. However, you can't perform transactions if that exchange is down, making the argument that "bitcoin fixes this" a moot point.

Bitcoins entire premise is around the movement of unspents. If you always use the same wallet for every transaction it is pretty easy to track who sent the money. If you instead are always sending your money to a newly derived wallet from your HD (Hierarchical Deterministic) root it does make it much more difficult to track what money was money being spent on something and what money is part of a persons total value

Re: Is VISA down everywhere in the US?

#76

Post by ipaddr »

kube-system wrote: post #60
oceanplexian wrote: post #26

Earlier 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…

Bitcoin can absolutely be stolen, and there is zero remediation process for when it happens. Eg: 1. You buy something on the internet. The merchant never ships it. 2. Your system is infected with malware and your key is stolen. Both of these scenarios are trivial to remediate on a major credit card network in a country with reasonable banking regulations, and impossible to remediate on the bitcoin network.

Isn't that how cash works where you would need to sue the store.. You wouldn't be able to reverse a bank card purchase without a court order either.

If your computer is infected with malware and your bank allows someone to transfer the money in your account out there are some delay safeguards but you still could lose it.

If you use an exchange they have some safeguards in place.

If your holding the wallet you are the safe guard.

Visa is charge upto 30% a year on balances now.

Re: Is VISA down everywhere in the US?

#77

Post by ipaddr »

eptcyka wrote: post #52
junofan wrote: post #42

Earlier quoted context omitted.

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.

I'm pretty sure running the Visa network is a lot more energy efficient today. And you cannot discount the fact that miners will also skim percentages of every transaction.

Visa has a huge footprint and those plastic cards are not organic. The toxic material for printing plus the buildings and employees who drive in to work each day to keep the system going or the millions of miles Visa sales, repair, security, etc drive each year need to be counted.

Miners are cheap.. Visa execs flying in private planes are worse for the environment.

Re: Is VISA down everywhere in the US?

#78

Post by ipaddr »

whoopdeepoo wrote: post #39
oceanplexian wrote: post #30

Earlier quoted context omitted.

Credit cards cost much more than $30. Try spending more than $1000-2000 on a credit card, the merchant easily eats more than that.

Very few places that accept credit cards give cash discounts anymore.

Because Visa made that against there rules.
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