Visa is the absolute worst. They’re terrible. Let me put it another way: Visa is so awful *and hard to dislodge* that people developed Bitcoin in an effort to get rid of them. 2/n
-
Show this thread
-
That’s right. One of the most important functions of society has been poorly implemented that people *had to effectively re-invent cash* in an effort to replace them. 3/n
7 replies 35 retweets 197 likesShow this thread -
If you like numbers, there are better ones than transaction throughout. Take profit margin. This company, which does nothing interesting, routinely brings in 45-55% profit margins. That’s highway robbery. 4/n
19 replies 56 retweets 331 likesShow this thread -
For this service, which is trivial to provide, the card industry charges both customers and merchants enormous fees. That 3% fee infests everything we do. 5/n
24 replies 39 retweets 232 likesShow this thread -
Replying to @matthew_d_green
This is largely uninteresting because it's a lot cheaper than (insurance, armored cars, etc.) handling cash.
1 reply 0 retweets 1 like -
Replying to @RichFelker
Put this a different way. Has Visa’s share of the transaction fee gone down in proportion to any other high-availability communications service over the past two decades?
2 replies 1 retweet 1 like -
Replying to @matthew_d_green
My experience working with brick&mortar businesses is YES, it has gone down, it's way under 3%, and much of the avg % goes to customers via rewards programs.
1 reply 0 retweets 0 likes -
Replying to @RichFelker @matthew_d_green
I don't see any compelling demand for it to go down from the vast majority of existing merchants...
1 reply 0 retweets 0 likes -
Replying to @RichFelker @matthew_d_green
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.
1 reply 0 retweets 0 likes -
Replying to @RichFelker @matthew_d_green
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.)
1 reply 0 retweets 0 likes
And that kind of problem is virtually impossible for any kind of "market forces" to correct.
-
-
Replying to @RichFelker @matthew_d_green
The forces are the 1000+ other coins that attempt to fix this. Most of their prices make btc look relatively stable though.
0 replies 0 retweets 0 likesThanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.