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Remember this next time people start pushing going cashless. Doing so means that a third party is involved in every transaction you make, and that someone else

by _jal 5y ago

Remember this next time people start pushing going cashless. Doing so means that a third party is involved in every transaction you make, and that someone else will always have veto power over your commercial transactions.

l33t2328 5y ago
That’s an excellent point. Having an electronic alternative to cash would be amazing, but so far there’s nothing close to it with respect to privacy and freedom.
- missingrib 5y ago
  Is this satire going over my head?
bcheung 5y ago
Crypto will eventually democratize business transactions but it will take some time and it will not be without increased fraud.
- xur17 5y ago
  What type of fraud? It seems to me that it would make it basically impossible to defraud a merchant with a stolen payment method (much like cash). Do you mean merchants defrauding their customers?
  - kmonsen 5y ago
    Right, but that means it will be a lot easier to scam regular people. The ability to clawback money is a vital way of stopping scams over the internet.
    - xur17 5y ago
      As a customer I wish I could have the option (in return for a cut of the interchange + fraud fees the merchants pay).
- losteric 5y ago
  Mass adoption of crypto will come with the same problem - middlemen slipping in under the guise of efficiency and convenience, who will then be compelled to cooperate with big brother.
  - Sargos 5y ago
    The big difference is that those middlemen won't be required for payments to function so OnlyFans could ignore them and take payments directly.
- bserge 5y ago
  PayPal and other pseudo currencies already did, for a while. You bought virtual currency (which PayPal was at first, and so was e-gold, webmoney, etc) and traded that for anything you could. Then PayPal wanted to go big, other virtual currencies were caught in fraud scandals of their own (not their users'), people just lost trust and interest when card processing became more common. Some are still around but sellers can't be arsed to use them. Maybe they will, once again.
- adamc 5y ago
  You're assuming the government won't just ban it entirely.
- gpvos 5y ago
  With ~90% of it currently being used for speculation or illegal activity, I don't see it getting real traction.

by _jal 5y ago

l33t2328 5y ago

That’s an excellent point. Having an electronic alternative to cash would be amazing, but so far there’s nothing close to it with respect to privacy and freedom.

missingrib 5y ago
Is this satire going over my head?

bcheung 5y ago

Crypto will eventually democratize business transactions but it will take some time and it will not be without increased fraud.

xur17 5y ago
What type of fraud? It seems to me that it would make it basically impossible to defraud a merchant with a stolen payment method (much like cash). Do you mean merchants defrauding their customers?
- kmonsen 5y ago
  Right, but that means it will be a lot easier to scam regular people. The ability to clawback money is a vital way of stopping scams over the internet.
  - xur17 5y ago
    As a customer I wish I could have the option (in return for a cut of the interchange + fraud fees the merchants pay).
losteric 5y ago
Mass adoption of crypto will come with the same problem - middlemen slipping in under the guise of efficiency and convenience, who will then be compelled to cooperate with big brother.
- Sargos 5y ago
  The big difference is that those middlemen won't be required for payments to function so OnlyFans could ignore them and take payments directly.
bserge 5y ago
PayPal and other pseudo currencies already did, for a while. You bought virtual currency (which PayPal was at first, and so was e-gold, webmoney, etc) and traded that for anything you could. Then PayPal wanted to go big, other virtual currencies were caught in fraud scandals of their own (not their users'), people just lost trust and interest when card processing became more common. Some are still around but sellers can't be arsed to use them. Maybe they will, once again.
adamc 5y ago
You're assuming the government won't just ban it entirely.
gpvos 5y ago
With ~90% of it currently being used for speculation or illegal activity, I don't see it getting real traction.