I love how everyone in blockchain, from muppets to obviously intelligent and well meaning guys like Vinay Gupta, create a straw man of @Visa.
Very clearly signaling they can't even bother to learn what Visa actually does, they're too busy #disrupting
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Replying to @garybasin @Visa
Fraud detection and kyc/aml? (Just guessing as someone who knows nothing but is curious...)
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How would you define it Gary? I would say something like "low txn cost interchange between banks." Thought this was great -https://minesafetydisclosures.com/blog/2019/5/29/part-l-a-history-of-visa …
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Really cool history. Is visa as an organization still adding significant value by clearing end user transactions between banks? I’d guess that, despite its historical importance, that’s been reduced to a near-zero-revenue API
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Ya good article. I think their main value add now is the POS network. Transactions and settlement is nbd between banks, and will be even easier in the next few years with new RTP network. Fraud in card interchange is actually owned by the issuing bank, visa enables communication.
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Replying to @garybasin @Meaningness and
Keeping your money at a bank means less worry than being your own bank. Visa/mc/amex just make that money easy to spend
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Ah—there’s an ambiguity here between Visa the company and Visa the service (actually provided by many different cooperating companies who deal with different aspects of it) as experienced from different perspectives (card holder, merchant, member bank, etc).
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I would guess at first that blockchain people are thinking about the card holder experience—but the transactional part of that is an unambiguous win, subsidized by merchants and loan interest/fees. So… maybe they’re taking the merchant perspective? “Not worth 5%, no way”?
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Ya probably. Merchants are mostly paying for access to the network effect.
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