In defense of cryptocurrencies, I’d like to push back against the “Visa is so awesome” meme that’s afflicted Twitter this past week. This is a terrible take. 1/n
On paper it might save them thousands per month if fees went down, but competitors would just pass savings on to customer & they'd eventually end up doing the same.
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The problem with the transaction fee magnitude is not that it harms existing merchants but that it precludes emergence of new business models (real microtransactions, Patreon-like things without aggregation, etc.)
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And that kind of problem is virtually impossible for any kind of "market forces" to correct.
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The forces are the 1000+ other coins that attempt to fix this. Most of their prices make btc look relatively stable though.
End of conversation
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