I know I am harsh on some of the cryptocurrency claims, but I would like to point out something very positive: the crypto API structure of push payments instead of the absurd credit card structure of pull payments is a massive step forward in several ways.
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Replying to @cmuratori
I couldn't agree more. The individual pieces of technologies in CC might be great and your example shows this perfectly. It's the mythology around CC that annoys me, as I've said in previous threads i believe. I wonder why pull payments is the MO?
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Replying to @farre_x @cmuratori
My knee jerk response is "has to do something with extracting more profits for nothing" but, I have too little insight to claim this as even remotely true.
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Replying to @farre_x @cmuratori
The entire structure does need to be refactored from the ground up. But regarding push vs pull. It's simply a matter of being lazy, greedy, and conformant
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Have you guys looked for ways to push payments from crypto to your bills / credit cards? Give you more control over where / when your money goes.
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http://Privacy.com solves this without crypto. But because it's not the default experience, you have to go through some hoops to get any payment setup. I think it's mostly not a crypto issue. Doordash, Uber, Lyft, etc etc, all only bill you for what you order.
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You definitely don't need crypto for push payments. The problem is that the American banking sector is just too lazy and incompetent to make it happen. Other countries already have push payments in regular banking, from what I am told.
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Replying to @cmuratori @DevinRhode2 and
So the point is not that you need crypto for push payments. The point is that crypto seems to be the only thing with momentum in the Americna banking sector that could make push payments ubiquitous.
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Yeah definitely, well *outside* the banking sector actually. Feels like banks will never be able or willing to add the "programmable money" functionality of crypto.
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Yes Casey is correct wrt to intl. Here in Sweden, Swish is widely used for instance. 80% of all citizens use it regularly. Crypto (btc especially) payments is slow and costly, so neither scalable nor viable although that's just a technical hurdle. But so is non-btc push payments
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I am very unhappy that we do not have such a thing here :( It is a serious drain on the economy to have onerous payment processor problems up and down the chain.
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