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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

#631

Post by [deleted] »

tgraves83 wrote: post #614
tw04 wrote: post #600

Earlier quoted context omitted.

I DID read the link. As with everything bitcoin related, the actual meat of the problem is hand-waved away with marketing BS. >Strike then takes the bitcoins and automatically converts them back into Euros using its real-time automated risk management and trading infrastructure. Really, they convert Bitcoin into Euros with a "real-time automated risk management and trading infrastructure"? That explains literally not…

Have you ever used a cryptocurrency exchange? I admit, there have been some bad actors in the space as there is in any nascent technology, but at this point there are a number of legitimate and even regulated exchanges in multiple jurisdictions. You can easily look up the volume traded on these exchanges. There are still some shady exchanges out there so I’d mainly look at the more trusted/regulated ones like Coinbas…

[deleted]

Re: MasterCard to open up network to cryptocurrencies

#632

Post by tgraves83 »

tw04 wrote: post #619
tgraves83 wrote: post #614

Earlier quoted context omitted.

Have you ever used a cryptocurrency exchange? I admit, there have been some bad actors in the space as there is in any nascent technology, but at this point there are a number of legitimate and even regulated exchanges in multiple jurisdictions. You can easily look up the volume traded on these exchanges. There are still some shady exchanges out there so I’d mainly look at the more trusted/regulated ones like Coinbas…

I guess you still haven't explained where the liquidity is coming from. Coinbase and the rest explicitly call out the fact that there is NOT instant settlement, and that your request may or may not be fulfilled at the agreed price. That means Strike needs to have reserve currency to cover any fluctuations between the time they "instantly settle" your transaction, and when they actually are able to convert that into U…

I believe Strike is upfront about the fact they are using the stable coin USDC at the exchange for that part of the transaction. USDC is backed by Circle and Coinbase and is probably regarded as the most trusted centralized stable coin. The downvotes are probably because of the “intrinsic value” and Ponzi scheme arguments which people that have been in this space for a decade have grown tired of.

Re: MasterCard to open up network to cryptocurrencies

#633

Post by jariel »

vbezhenar wrote: post #255
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…

Your view must be skewed by privilege of having stable currency. Currency of my country lost 250% of its value over last 7 years. It's not bitcoin-level volatile, but close to it. Thankfully I have an option to use USD to hoard money, but that option is not something that's given, in many countries you just can't exchange for fair price. I agree that for someone living in US or EU there's no much point using BTC.

" Currency of my country lost 250% of its value over last 7 years. "

The problem is not your Central Bank, it's almost assuredly a total dysfunction of government and the civil services - which will have effects more far reaching that Central Bank problems.

The solution is not BTC.

It's to use something common and trusted, temporarily, like USD or Euros until there is enough credibility in the system for external parties to accept your own currency.

Or - to overthrow your government, install leaders with integrity and hope that international bodies accept the change, because if they do, you'll be in a much easier position issuing your own currency than having to issue debt in a foreign denomination.

Put another way: it's not a currency problem, it's a governance/management problem that exhibits itself in currency problems and other things.

BTC will not really help you have a better managed government.

Re: MasterCard to open up network to cryptocurrencies

#634

Post by Geee »

BTCOG wrote: post #147
janoside wrote: post #116

Earlier quoted context omitted.

What's the point, you ask... Here is Ross Stevens, CEO of Stone Ridge Asset Management, describing "the point" for an hour: https://www.microstrategy.com/en/bitcoin/videos/bitcoin-macr... It sounds like you've made up your mind about Bitcoin, but I believe you've missed the big picture. The above video, if you watch it with an open mind, will help you to glimpse it. Hint: it's not about cappuccino, it's about living…

These people are all disingenuous actors. They know the point, but they want to flood all of these threads and act clueless. Bitcoin is digital gold, gold's replacement. It's been here for 12 years and yet, all these actors show up in every Bitcoin thread. It's the greatest monetary shift in hundreds of years. ArcticBull below me shows up in EVERY single Bitcoin thread to trash talk Bitcoin. Here's where we are at; s…

Yeah, I noticed this too and he has many very flawed arguments. It looks like he just wants to spam as many comments as possible and confuse people.

Re: MasterCard to open up network to cryptocurrencies

#635

Post by catmanjan »

randomopining wrote: post #620
nexthash wrote: post #598

Earlier quoted context omitted.

Sorry to burst your bubble, but if a government wants to prevent you from using a cryptocurrency it has many tools at its disposal. Firstly, they control the ground upon which you stand. If they don't like that you are using crypto, they will simply arrest you and charge you with a newly-formed crime like 'digital tax evasion'. Secondly, if they can't find who is using crypto, they have the power to shut down the Int…

1. As larger entities are getting into it, it will decrease the chance that the government cracks down. 2. There are obviously ways to transact anonymously, also P2P/OTC. 3. The government gets to tax all exchange crypto... easy revenue source.

How do you transact in crypto without internet?

Maybe that's musk's long term plan with satellites

Re: MasterCard to open up network to cryptocurrencies

#636

Post by jariel »

tenaciousDaniel wrote: post #280
vbezhenar wrote: post #255

Earlier quoted context omitted.

Your view must be skewed by privilege of having stable currency. Currency of my country lost 250% of its value over last 7 years. It's not bitcoin-level volatile, but close to it. Thankfully I have an option to use USD to hoard money, but that option is not something that's given, in many countries you just can't exchange for fair price. I agree that for someone living in US or EU there's no much point using BTC.

It's sad that this aspect of the conversation so often gets replaced by everything else. This is (IMO) the most important point about digital currency - the promise of providing consumers in unstable economies the chance to convert to a more stable currency without government intrusion. We're still not there, but that should be the north star for crypto (again, in my opinion).

" This is (IMO) the most important point about digital currency - the promise of providing consumers in unstable economies the chance to convert to a more stable currency without government intrusion. "

This was never the promise of blockchains or decentralized currencies because those things cannot fulfill the promise.

There's a much more pragmatic answer and that's to use Euros, USDs, Pounds or RMBs for a decade or so until the government has legitimacy.

'Cash' is useful in these economies.

Also, it's possible to provide digitized banking for the purposes of transferring money without the notion of introducing new, funny currencies.

Re: MasterCard to open up network to cryptocurrencies

#637

Post by imtringued »

whatshisface wrote: post #71
PragmaticPulp wrote: post #2

These stories usually spur more enthusiasm for buying cryptocurrency, but ironically those buyers aren’t interested in spending cryptocurrency using their MasterCard. They’re hoping other people will buy cryptocurrency from these announcements, driving the price up. Or, more likely, they’re just hoping other people will buy cryptocurrency and not use it in these spending systems. Spending cryptocurrency would result…

> Spending cryptocurrency would result in selling that cryptocurrency, which would drive the price down. That’s not what cryptocurrency investors actually want. That's a misunderstanding of how these things work. If selling drove the price down, then the price would never go up! Why? Because nobody can buy without a sale on the other side of the transaction. The common belief that selling lowers the price comes from…

There are two sides of an orderbook. There are sell orders (ask) and buy orders (bid).

When your sell order is higher than the highest bid it will be put onto the order book. If your buy order is lower than the lowest ask it will be put onto the order book.

You can sell or buy instantaneously by fulfilling an existing order. When you do a market order the exchange automatically presents you with the most favorable order. Once that favorable order is gone it will take the second most favorable order and so on. Each new order is less favorable than the last one.

By repeatedly selling Bitcoin you are clearing the order book on the buy side. Less buyers mean lower prices.

Re: MasterCard to open up network to cryptocurrencies

#638

Post by jariel »

halukakin wrote: post #373
tenaciousDaniel wrote: post #280

Earlier quoted context omitted.

It's sad that this aspect of the conversation so often gets replaced by everything else. This is (IMO) the most important point about digital currency - the promise of providing consumers in unstable economies the chance to convert to a more stable currency without government intrusion. We're still not there, but that should be the north star for crypto (again, in my opinion).

Say everyone in an unstable economy were paid in usd. If that country has foreign deficit, if that country has high government debt. What happens? How can the government keep paying its own employees? How does it pay retiree checks? How does it subsidize farming when needed? As long as a country cannot print usd itself, this is a fast shortcut to unemployment, hunger, etc... Strong currencies are not the solution to…

"Strong currencies are not the solution to poor governance."

Yes they are.

It's really upside down that you'd point out that 'governments can just print money to pay people!' as somehow being an advantage of good governance.

Well, partly, but it depends on a high degree of integrity, if absent, will entail total dissolution.

In absence of a government with integrity, then a 'strong currency' such as one that the government has no control over, say a Caribbean Island that uses USD for example, is preferable to anything else.

"Good governance and democracy makes a country and its currency strong. Not vice versa. "

First - democracy has nothing to do with it.

Second - 'good governance' is the opposite of printing money to pay bills.

In an unstable economy, USDs or Euros are preferable to worthless paper or Bitcons.

Re: MasterCard to open up network to cryptocurrencies

#639

Post by nikolay »

zionic wrote: post #254
nikolay wrote: post #248

I am not sure who in their right mind will buy BTC at $48K a piece! There's nothing major that's has happened, yet, the bubble has inflated from $6K to $47K only because it's now harder to steal electricity in China and the rest of the world to mine bitcoins. Every week in Bulgaria we hear for a new electricity thieves who got caught and have stolen electricity for millions - often in the middle of nowhere like in sm…

Mining participation does not change the issuance of new bitcoin. If there was 1 miner in the entire world the issuance would be the same. Please educate yourself more about crypto in general, understanding the core concepts only takes a few minutes of research.

When I was mining Bitcoin when it was possible, maybe you were in diapers. Your response is so typical: "you don't get it." In fact, I do get it, and you don't. Educate yourself, because exposing your ignorance publicly!

Re: MasterCard to open up network to cryptocurrencies

#640

Post by nikolay »

RealityVoid wrote: post #470
zionic wrote: post #254

Earlier quoted context omitted.

Mining participation does not change the issuance of new bitcoin. If there was 1 miner in the entire world the issuance would be the same. Please educate yourself more about crypto in general, understanding the core concepts only takes a few minutes of research.

While you are right, I do not think truly understanding it is as easy as a few minutes of research. It was quite mind bending for me the first time I read about BTC.

I don't think you still get it. Do you?
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