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MasterCard will give merchants the ability to accept crypto payments this year

mastercard.com

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Re: MasterCard will give merchants the ability to accept crypto payments this year

#11

Post by benjaminjosephw »

> With 89 blockchain patents granted globally with an additional 285 blockchain applications pending worldwide, we already have one of the payments industry’s biggest blockchain patent portfolios to draw from to make these projects successful.

People were sold the crypto vision with decentralization as the key idea which heralded the end of an outdated an inefficient centralized system. Now it looks like the momentum behind that movement has been co-opted by those who see the potential to transform it into one which puts a whole lot more power into the hands of the brokers.

It's funny how the support of a group with one ideology has given credibility to the polar opposite ideology for people with very different objectives and principles.

Re: MasterCard will give merchants the ability to accept crypto payments this year

#12

Post by Mindwipe »

exabrial wrote: post #10

I really hope they don't choose Bitcoin or Ethereum. Something like Stellar XLM is not only environmentally responsible, the protocol settles in seconds rather than minutes.

Given they seem to have a KYC requirement they basically can't use Bitcon or Ethereum as far as I can see.

Re: MasterCard will give merchants the ability to accept crypto payments this year

#13

Post by hggh »

exabrial wrote: post #10

I really hope they don't choose Bitcoin or Ethereum. Something like Stellar XLM is not only environmentally responsible, the protocol settles in seconds rather than minutes.

You don't need fast settlements for most payments (cheaper than a car). Bitcoin (BTC) transactions used to be irreversible (the proof-of-work needed to double-spend was too much for such amounts), until they ruined it by implementing return-by-fee (RBF). Fortunately Bitcoin Cash (BCH) keeps the original implementation, usually less than a second zero-conf transactions and no RBF.

Re: MasterCard will give merchants the ability to accept crypto payments this year

#14

Post by paddim8 »

exabrial wrote: post #10

I really hope they don't choose Bitcoin or Ethereum. Something like Stellar XLM is not only environmentally responsible, the protocol settles in seconds rather than minutes.

Or Mina protocol! Apparently their blockchain will always be 22kb. Much faster and smaller and scalable I think?

Re: MasterCard will give merchants the ability to accept crypto payments this year

#15

Post by bronak1 »

benjaminjosephw wrote: post #11

> With 89 blockchain patents granted globally with an additional 285 blockchain applications pending worldwide, we already have one of the payments industry’s biggest blockchain patent portfolios to draw from to make these projects successful. People were sold the crypto vision with decentralization as the key idea which heralded the end of an outdated an inefficient centralized system. Now it looks like the momentum…

I think it's just the nature of how corporations operate; patents are just another metric to measure success for them.

Re: MasterCard will give merchants the ability to accept crypto payments this year

#16

Post by rapjr9 »

benjaminjosephw wrote: post #11

> With 89 blockchain patents granted globally with an additional 285 blockchain applications pending worldwide, we already have one of the payments industry’s biggest blockchain patent portfolios to draw from to make these projects successful. People were sold the crypto vision with decentralization as the key idea which heralded the end of an outdated an inefficient centralized system. Now it looks like the momentum…

Wall Streets dark pools may become blacker.

Re: MasterCard will give merchants the ability to accept crypto payments this year

#17

Post by ilaksh »

benjaminjosephw wrote: post #11

> With 89 blockchain patents granted globally with an additional 285 blockchain applications pending worldwide, we already have one of the payments industry’s biggest blockchain patent portfolios to draw from to make these projects successful. People were sold the crypto vision with decentralization as the key idea which heralded the end of an outdated an inefficient centralized system. Now it looks like the momentum…

Well, they are definitely trying to capitalize on the momentum. But I would really describe it as trickery delaying the inevitable.

It is hard for me to believe that people will continue to be fooled into thinking that the way to do cryptocurrency transactions is to not do cryptocurrency transactions and instead give their cryptocurrency to a middleman who will continue charging middleman fees.

Especially when Ethereum 2.0 is fully implemented and deployed.. I think that people will finally understand that cryptocurrency is for cryptocurrency payments and that is an alternative to MasterCard and other middlemen.

Re: MasterCard will give merchants the ability to accept crypto payments this year

#18

Post by dragonwriter »

ilaksh wrote: post #17
benjaminjosephw wrote: post #11

> With 89 blockchain patents granted globally with an additional 285 blockchain applications pending worldwide, we already have one of the payments industry’s biggest blockchain patent portfolios to draw from to make these projects successful. People were sold the crypto vision with decentralization as the key idea which heralded the end of an outdated an inefficient centralized system. Now it looks like the momentum…

Well, they are definitely trying to capitalize on the momentum. But I would really describe it as trickery delaying the inevitable. It is hard for me to believe that people will continue to be fooled into thinking that the way to do cryptocurrency transactions is to not do cryptocurrency transactions and instead give their cryptocurrency to a middleman who will continue charging middleman fees. Especially when Ethere…

> It is hard for me to believe that people will continue to be fooled into thinking that the way to do cryptocurrency transactions is to not do cryptocurrency transactions and instead give their cryptocurrency to a middleman who will continue charging middleman fees.

The whole mining network are middlemen who charge middleman fees, so you’re pretty much stuck with that, short of deciding to be a miner.

And the more currencies are in common use that aren’t locked in essentially exclusive jurisdictional domains, the more demand merchants and consumers will have for middlemen that make dealing with multiple of them and converting them at need as close to frictionless as possible. Sure, partisans of one crypto or another will be happy to transact directly in that crypto without an abstraction layer over multiple currencies, but they will be the exception, not the norm.

Crypto idealists may each see their favored coin as the way to get beyond traditional middlemen, but in reality each coin that reaches nontrivial use actually increases the demand for middlemen.

Re: MasterCard will give merchants the ability to accept crypto payments this year

#19

Post by ilaksh »

dragonwriter wrote: post #18
ilaksh wrote: post #17

Earlier quoted context omitted.

Well, they are definitely trying to capitalize on the momentum. But I would really describe it as trickery delaying the inevitable. It is hard for me to believe that people will continue to be fooled into thinking that the way to do cryptocurrency transactions is to not do cryptocurrency transactions and instead give their cryptocurrency to a middleman who will continue charging middleman fees. Especially when Ethere…

> It is hard for me to believe that people will continue to be fooled into thinking that the way to do cryptocurrency transactions is to not do cryptocurrency transactions and instead give their cryptocurrency to a middleman who will continue charging middleman fees. The whole mining network are middlemen who charge middleman fees, so you’re pretty much stuck with that, short of deciding to be a miner. And the more c…

Right. So anyone who thinks that there should be public distributed protocols for exchanging money is a hopeless idealist and just making things worse.

So I guess in your opinion it would be better if digital transactions just continued to go through monopoly private middlemen.

Re: MasterCard will give merchants the ability to accept crypto payments this year

#20

Post by dragonwriter »

ilaksh wrote: post #19
dragonwriter wrote: post #18

Earlier quoted context omitted.

> It is hard for me to believe that people will continue to be fooled into thinking that the way to do cryptocurrency transactions is to not do cryptocurrency transactions and instead give their cryptocurrency to a middleman who will continue charging middleman fees. The whole mining network are middlemen who charge middleman fees, so you’re pretty much stuck with that, short of deciding to be a miner. And the more c…

Right. So anyone who thinks that there should be public distributed protocols for exchanging money is a hopeless idealist and just making things worse. So I guess in your opinion it would be better if digital transactions just continued to go through monopoly private middlemen.

> So anyone who thinks that there should be public distributed protocols for exchanging money is a hopeless idealist and just making things worse.

No, anyone who thinks people should exclusively directly make use of “public distributed protocols” is a hopeless idealist.

They aren't “making things worse”, though, except from the perspective of their own hopeless ideal.

> So I guess in your opinion it would be better if digital transactions just continued to go through monopoly private middlemen.

It can't be both “middlemen” and “monopoly”; it's at worst an oligopoly. And, no, I didn't say that. But more competing low-level payment networks makes middlemen that can abstract them more valuable to most consumers and merchants.

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