371–380 of 389 posts
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> It’s slow and expensive and doesn’t scale. This is 2020 speak. In 2026, crypto scales and its extremely cheap. it costs less than a hundredth of a cent to do a transfer today.
> In 2026, crypto scales and its extremely cheap. And is helping fry the planet. No thanks.
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> o nobody needs to pay extra fees Processing cash is by far >not free<! In fact, it costs a lot of money due to all the things involved (counting/collection/recycling etc). Anf it inwolves additional risks for the handling party.
In the past I handled cash as an employee and as a volunteer. Like even a quiet night at a bar can sum up to a few thousand EUR. Yes handling cash is not free. But compared to some charges or fees it's often quiet cheap. Sure you need to think a head like how much small change money you will need or how much cash for change in general. You also need kind of routine and flow for counting and handling but even if I had…
In 2009 Sweden had 58 armored car robberies, in 2018 there were 1. This used to be a big concern in Sweden, now it's basically a nonissue.
There were 1154 store robberies in 2009, in 2018 there were 515. Muggings are also down considerably. 2022 was the first year with zero bank robberies. This is mostly thanks to the much lower use of cash.
https://www.riksbank.se/sv/betalningar--kontanter/sa-betalar...
https://bra.se/download/18.54e1fb8a19c479963d63601e/17731372...
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In the past I handled cash as an employee and as a volunteer. Like even a quiet night at a bar can sum up to a few thousand EUR. Yes handling cash is not free. But compared to some charges or fees it's often quiet cheap. Sure you need to think a head like how much small change money you will need or how much cash for change in general. You also need kind of routine and flow for counting and handling but even if I had…
half an our - every day. I know of a large restaurant chain with some "bigger" branches: They often have to count two or three times with different people to be sure, that the amount is correct. Every evening. Then you have transport companies which pick up the cach (or refill ATM) - you pay there for every time they stop, and you pay a tiny fraction per bill processed etc. (though, most restaurants do not use these…
In my opinion, the only solution is everyone (individuals as well as corporations) gets a direct account with the federal reserve as long as you can associate a taxpayer identification with the account. Using it is voluntary but it is free of cost, paid for by taxes, and moving money to and from accounts is free of cost. Depositors would get the same overnight interest rate that banks do, and this interest is added e…
How are chargebacks resolved in this situation? This is an important question- most of the costs of a credit card providers come from dealing with fraud and chargebacks. That's partially because, under US law, credit card companies have to eat fraudulent charges if they can't get the person or company that did the fraud to do so. (Funnily enough, this is one of two places where protections for average people in the U…
I play the credit card "game" because I hate feeling like I'm leaving money on the table, but I really wish I didn't have to. Some degrees of fees make sense, to run the network, and handle fraud, but it's ridiculous that people have this sense that shopping should somehow fund your vacation. Where I am it's increasingly common to see credit card fees when checking out. I get it, because merchants are being charged 3…
Europeans really need to stop handing their money over to Trump-Visa and Trump-Card here. Canadians learned that lesson already. Why do european politicians not learn anything? Leyen even signed a surrender treaty where european taxpayers lose money that goes into the USA. I say stop it with the proxy-control from Washington.
As someone from an EU country: the only place where I use visa/MasterCard is at Amazon. Everything else I use my country's payment system, which is now joining with Italy's own and probably more in the coming years.
Amazon Germany to Accept Wero - https://news.ycombinator.com/item?id=49175644 - August 2026 (14 comments)
https://www.mobiflip.de/amazon-deutschland-wero-kommt/ (German)
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It boggles my mind that the government has privatized currency to these people. Crazy-person-but-actually-really practical-idea: Nationalize one if these networks. Maybe Discover. The US government should provide us digital currency. The simplest way is to force the current systems to do that. All that rent they collect in terms of transactions fees shouldn't be profit for a private business but fees of the governmen…
No Chance in hell, the US government is even going after Brazil because they've done the right thing. See https://en.wikipedia.org/wiki/Pix_(payment_system)#United_St...
I think it is to reduce the amount of cash in circulation, get visible on small transfers and to relieve the EFT clearing houses.
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The EU caps all card interchange fees at 0.3% for credit cards and 0.2% for debit, which is an order of magnitude lower than some of the fees in the US. That’s why you don’t see the same kinds of credit card deals in the EU compared to the US.
Note that these are interchange fees charged by the networks. Unless you're operating at massive scale, merchant account suppliers still charge the shop whatever they want. The shop is paying far more than 0.2 / 0.3%. 2.5% for credit and 25c fixed for debit is the usual ballpark.
Visa and Mastercard are legacy companies providing a service that is outdated in the modern world. China generally doesn't use Credit cards because when they "Modernized" there was new technology and infrastructure so you didn't need a nosey middel-man to handle the transaction. Instead they use apps. Scandinavia is hopefully moving away from these card-providers soon. They have the bankaxept system that works flawle…
What happens if you don't have a phone that supports the App, or if you forgot your phone or lost it (aka stolen)? How are you allowed to function if the App is missing?
If anyone is interested in this topic from a historical standpoint, the Acquired episode on Visa is phenomenal: https://www.acquired.fm/episodes/visa