The people at Ingenico who decided you can’t insert your chip-card until the green light goes on will be the first against the wall when the revolution comes.
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2% is a pretty big hit. And I doubt that really captures all the costs of the current system.
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2% really doesn't matter to either merchants or consumers in any absolute sense. It only matters if there's a competing alternative that lacks the fee and your business model is built on such small margins.
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Matters a lot to low-income people who are paying cash and still eating a 2% (or 3% really) tax to subsidize a payment card industry they don’t benefit from.
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Matters a lot to small businesses that get clobbered with fraud and chargebacks.
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I've always thought the US government should establish its own electronic payment system.
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OTOH the coin people want to burn every bond of chemical energy on the planet, revert the past century of protection against fraud and bank failures, and make real the mantra "money==speech" so that the only way to block funding of bad shit is to block speech.
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The stuff they're doing is a threat to destroy the environment & destroy any capability of regulation to slow down or stop Really Bad Shit without extreme levels of totalitarian surveillance state to enforce.
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PoW will have to die but that’s not the end of the world. The point is that there’s a spectrum between “payment anarchy” and “give two major payment cartels unfettered control of this incredibly important societal function”.
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Death of PoW only solves the environmental crisis part. It doesn't solve the "now there's no way to freeze ${evil_dictator}'s funds after ICC convicts in absentia".
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The latter is the whole purpose of cryptocurrencies for the True Believers: the dream that, no matter how evil you've been, no authority can ever part you from your money.
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Well, % doesn't count the rent for the payment terminal, and cards don't allow for micro transactions, the % are only for transaction > $10... When you are dealing with lower amounts, you have to deal with a fixed price commission...
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If you're paying to rent a terminal you're just getting scammed my a middleman - which does happen. I worked with a local business that was making monthly payments on a "$5000" terminal for years. Same device sold for under $200.
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Yes the "2%" is assuming reasonably large payments and precludes micropayment business models. Whether that's a good or bad thing, I'm not sure. Extremely low (and no per-attempt) cost of VoIP just led to massive usage by scammers, no legitimate personal or business benefits.
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