4 ms·
We take credit cards for granted. Look into when and how they were invented, if you are really curious about technology. Credit cards have a really peculiar, f
by moltar 5y ago
We take credit cards for granted. Look into when and how they were invented, if you are really curious about technology.
Credit cards have a really peculiar, fascinating and turbulent history. The original credit card was nothing like what we have today. Yet here we are.
I can easily see everyone rolling their eyes at and being dismissive of the original credit card idea.
Can crypto follow the same path?
What will it be in 20 years? 50?
- grey-area 5y agoBitcoin is a terrible replacement for our current payment systems and credit cards on every metric.
- meowkit 5y agoSure, but the guy you responded to said crypto not Bitcoin.
- grey-area 5y agoThe same criticism applies, a global distributed consensus is fundamentally flawed as a payment system, and the current ad-hoc organically grown mess of different centralised payment systems interoperating is somehow still more suited to processing payments quickly and reliably than ‘crypto’. Fast transfers, trusted partners, regulation, audits, identity verification, fraud prevention, backing, sound money. All these things are important and valuable, and while our current system is really flawed in some ways (in particular the control of politicians over money supply and the monetisation of debt), cryptocurrencies do not offer a solution to the most pressing problems and introduce too many of their own.
- WanderPanda 5y agoHow are credit cards not the most terrible thing ever? Some random number with an expiry date and an additional number is the key to your wealth (subject to a lot of terms and conditions)? I would rather go with a cryptography based solution, where all the terms and conditions are open source code, all day
- tinomaxgalvin 5y agoThere is near zero risk of a consumer loosing out with credit card fraud.
- miked85 5y ago*losing
- deleted 5y ago[deleted]