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We receive up to six figures in cryptocurrency payments every week for multiple perfectly legal products. If that’s not a “legal use case”, I don’t know what i
by ryanlol 8y ago
We receive up to six figures in cryptocurrency payments every week for multiple perfectly legal products.
If that’s not a “legal use case”, I don’t know what is.
Are we going to argue next that credit cards have no use case because other forms of payment exist?
Another example: I just bought a watch off of a guy on a forum using bitcoin, bank transfers or WU would have been a far bigger pain in the ass.
- dboreham 8y agoCare to say what kind of product you are selling, and to which kinds of customer?
- ryanlol 8y agoMost of our revenue comes from proxies, customers range from SV startups to individual “SEO” people. We do accept other payment methods from established clients.
- deleted 8y ago[deleted]
- hudon 8y agoWhile it has speculative value [0], you can use it to buy stuff, but while doing so you will spend on exchange fees to convert in and out of crypto, you will use as much electricity for your transaction as 33 US households use in a day, you will subject yourself to liquidity risk and volatility risk [1] and you will have to wait for anywhere from ten minutes to a couple hours [2]. Calling this complicated, risky and expensive process a "use case" is like calling a Rube Goldberg machine that opens a door "useful for opening doors". It's like no, not really. It can do it, sure, but there are significantly better ways of achieving the same thing. [0] When there are no more greater fools entering the market, the price will tank and you will not be able use it to transfer value. [1] It's possible that right after your purchase, the price of the token shoots up or down 50%, making rational purchasing decisions difficult. [2] transactions on Visa, Apple Pay, or PayPal all get complete within seconds.
- ryanlol 8y agoIt’s like you’ve never dealt with chargebacks.
- hudon 8y agoChargebacks protect users from fraudsters, which is exactly what the featured article is saying is a major problem in the cryptocurrency space. Millions of people getting scammed with no legal recourse is a problem. Retailers dealing with chargebacks less so... I've never heard of the "Merchants are thinking of no longer selling anything due to chargebacks" problem.
- ryanlol 8y agoEither I ask customers to send me loads of PII, or I ask them to make their first payments in bitcoin. I’ll always choose the latter.
- abalone 8y agoIt's like you've never been ripped off by someone selling you a watch on an internet forum.
- hueving 8y agoWhat is bitcoin giving your customer that a credit card would not?
- ryanlol 8y agoTrust.
- hueving 8y agoTrust for what? I'm happy to use my credit card pretty much anywhere because US credit card companies will easily reverse any fraudulent transactions. Shopping on the web with credit cards is a solved problem. There is some hidden subtext at play with bitcoin that I'm missing. Is it that you don't trust your customers?
- ryanlol 8y agoYes, unfortunately we can’t trust our customers. Before, people were using stolen cards to buy accounts on our service and then selling those on hacking forums. After forcing new users to pay in cryptocurrency (or have a call with us), there’s been essentially no fraud. For our niche this seems to work well.