Cryptopay pronounced:
"Unfortunately, our card issuer instructed us to cease all Cryptopay prepaid cards starting January 5th, 2018. All funds stored on cards are safe and will be returned to your Cryptopay accounts ASAP. Sorry for all the inconvenience caused, we’re working on the solution!"
Bitcoin Visa debit cards are cancelled
91–100 of 194 posts
Re: Bitcoin Visa debit cards are cancelled
#92Earlier quoted context omitted.
The major exception is Monaco, although this is only hypothetical since they haven't actually issued any cards. It's also, ahem, a house of cards for its investors, but that's another story told on my blog: https://gyrovague.com/2017/06/16/monaco-doing-the-math-on-an...
I have always classified Monaco as one of those ICO projects where they don't even plan to actually implement the business model. Because why would you when you can just party 10 years in Ibiza with the raised ICO funds?
Welcome to the world of cryptocurrency in general. It's the new dot-com boom. How did that turn out last time?
Re: Bitcoin Visa debit cards are cancelled
#93Earlier quoted context omitted.
> how volatility and rapidly deflating currency would effect their cash flow. Not at all? You obviously don't understand what a bitcoin debit card is. It's just like a normal debit card, but you fund it with bitcoin. The company you get the card from sells your bitcoin for fiat currency at the time you make a purchase (or at the time you top up the card, depending on how they do it). The properties of bitcoin are com…
The liquidity to sell to fiat is drying up after many are realizing the valuations for crypto are completely fraudulent. There is an astronomical amount of centralized crypto printing going on that has corrupted the entire crypto ecosystem. Tether just wrote in their legal terms that as a of January 1st tether can't be redeemed or used by Americans even though it backs USD. Corrupt exchanges inflated the prices and i…
> The liquidity to sell to fiat is drying up
Do you have some numbers to back this up?
Re: Bitcoin Visa debit cards are cancelled
#94I wonder why this happened. Visa is primarily a technology company - not a financial institution. It's incentivesed to keep fraud on visa cards low (so that merchants continue to accept it) and keep its ecosystem of issuers + acquirers happy. If I'm not missing anything, I believe this must have happened because of unusually high levels of fraud on Bitcoin visa cards. Certain acquirers might've complained about abnor…
Tether
Exactly. The SEC has said they consider crytpos securities. That would mean the fraudulent price manipulation in the crytpo space (Bitfinex treating tether as USD and pushing up the bid) is securities fraud. This is probably why Wells Fargo stopped clearing Dollar transactions for Bitfinex.
Re: Bitcoin Visa debit cards are cancelled
#95First bitcoin was insignificant. Then people made fun of it. Now current institutions will have to choose between embracing it and fighting it. Some of them do one thing, apparently VISA chose another.
Or watching it collapse under its own weight: why does Visa even need to care as long as their transaction rate is 4-5 orders of magnitude better and their fees aren’t a whole multiple of most transaction amounts?
We have ligthning comming up, anx 600+ altcoins to test.
Re: Bitcoin Visa debit cards are cancelled
#96Most interesting thing here is that this came without any prior notice to any parties in the process, effective immediately. Sure looks like someone pressed a panic button.
Seems like it was a very bad business idea in the first place, and I'm surprised it wasn't cancelled sooner. Before you downvote me consider the business model of credit card processors, and how volatility and rapidly deflating currency would effect their cash flow.
> Before you downvote me
It's sad you have to say this because HNers abuse their downvote privileges. You have an opinion and you express why. Voicing it allows us to see what other HNers are thinking, and as a result, it contributes to discussion.
Re: Bitcoin Visa debit cards are cancelled
#97Only Wavecrest issued cards. For example, TenX will have Wirecard as a new card issuer until they get their own banking license. "Visa have today instructed us that we must close all WaveCrest issued Visa Prepaid Cards." This is Wavecrest specific, nothing to do with crypto.
There appears to be a statement from /u/WirexApp stating it's more than Wavecrest?
Re: Bitcoin Visa debit cards are cancelled
#98Earlier quoted context omitted.
I have always classified Monaco as one of those ICO projects where they don't even plan to actually implement the business model. Because why would you when you can just party 10 years in Ibiza with the raised ICO funds?
Welcome to the world of cryptocurrency in general. It's the new dot-com boom. How did that turn out last time?
Quite well if you invested in one of the few quality companies with hard working people and a great product
Re: Bitcoin Visa debit cards are cancelled
#99Earlier quoted context omitted.
Surely the high transaction fees are an issue though?
Unrelated. You pay the card issuer with bitcoin and they sell it for eur. As far as they're concerned they only have to pay a one-time fee for transferring the received bitcoin to an exchange and selling it there. Whenever the cardholder makes a payment, that payment is processed against the fiat-equivalent that they have with the card issuer; the card is funded by bitcoin you send in yes but it's backed by the curre…
>As far as they're concerned they only have to pay a one-time fee for transferring the received bitcoin to an exchange and selling it there.
Depending on the fee, which atm can be rather high, this can easily be unprofitable or atleast expensive for the card issuer and even card holder.
Re: Bitcoin Visa debit cards are cancelled
#100Bitcoin is currently not what Bitcoin was when it was created. Slow peer-to-peer transactions and high processing fees. Average fees are hovering around 30 dollars. That's an average. Unconfirmed transactions has been at over 100k for months. The mempool is also hovering around an ATH. The Bitcoin is crippled. Sentences like "store of value" are now the term used to describe Bitcoin. Very far from what the Bitcoin us…
> Average fees are hovering around 30 dollars. That's an average.
No, they're not. Exaggerating your numbers makes your entire argument less strong.
I made a transaction yesterday and the price was only ~$19 if I wanted it confirmed fast (in <2 blocks). The price was about the same last week when I did the same thing. You also have the option of paying a much lower fee if you don't care how fast it transfers. If you're trying to buy a coffee, don't use BTC. If you're transferring 5-6 figures to an exchange, paying $19 to get the money there in minutes is far and away superior to the ETF system, which typically takes days.