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Sure, but my credit card also gives me 2% cash back on all purchases, and since I would have to pay the extra % no matter what, may as well get the cash back, t

Sure, but my credit card also gives me 2% cash back on all purchases, and since I would have to pay the extra % no matter what, may as well get the cash back, too. I also get something for that 2%… the fraud protection you mentioned, the safety of not having to carry cash, ease of use, spending tracking, the ability to dispute a charge if a vendor screws me. Honestly, credit cards have been a great thing for me. I have never paid a penny of credit card interest and get thousands of dollars in cash back every year.

sneak 5y ago
You also get point and click suspicion-less suspension of your ability to transact (no burden of proof), and total financial surveillance as well. It's not all good. Having an alternative to these privacy-destroying systems is a good thing for society. (The cash back you receive does not cover the increase in prices that are passed on to you. It is ultimately a losing trade for you.)
- cortesoft 5y ago
  > The cash back you receive does not cover the increase in prices that are passed on to you Very few places charge a different rate for credit card vs cash purchases, so I would have to pay the increased cost whether I use a credit card or not. Since I have to pay it anyway, might as well get the cash back. Also, while you are right that I could hypothetically have my account suspended for no reason, it has never happened in the 25 years I have been using credit cards. I also mitigate this risk by having more than one credit card with different providers. However, I have had merchants fail to deliver something I purchased and had to use the chargeback feature of my card multiple times, something I couldn’t do with crypto. I don’t think I want to try to eliminate hypothetical risks that are unlikely at the cost if incurring very likely risks that I know will happen. This seems like people who don’t wear a seatbelt because they are worried they will be trapped in a burning car unable to get out. Sure, that is possible, but not nearly as likely as being in a car accident where a seatbelt would save you from injury or death.
  - sneak 5y ago
    > Also, while you are right that I could hypothetically have my account suspended for no reason, it has never happened in the 25 years I have been using credit cards. To you. It has happened to a lot of protesters, publishers, and dissidents in the world. These systems shape all of society, not just your one life.

sneak 5y ago

You also get point and click suspicion-less suspension of your ability to transact (no burden of proof), and total financial surveillance as well. It's not all good. Having an alternative to these privacy-destroying systems is a good thing for society. (The cash back you receive does not cover the increase in prices that are passed on to you. It is ultimately a losing trade for you.)

cortesoft 5y ago
> The cash back you receive does not cover the increase in prices that are passed on to you Very few places charge a different rate for credit card vs cash purchases, so I would have to pay the increased cost whether I use a credit card or not. Since I have to pay it anyway, might as well get the cash back. Also, while you are right that I could hypothetically have my account suspended for no reason, it has never happened in the 25 years I have been using credit cards. I also mitigate this risk by having more than one credit card with different providers. However, I have had merchants fail to deliver something I purchased and had to use the chargeback feature of my card multiple times, something I couldn’t do with crypto. I don’t think I want to try to eliminate hypothetical risks that are unlikely at the cost if incurring very likely risks that I know will happen. This seems like people who don’t wear a seatbelt because they are worried they will be trapped in a burning car unable to get out. Sure, that is possible, but not nearly as likely as being in a car accident where a seatbelt would save you from injury or death.
- sneak 5y ago
  > Also, while you are right that I could hypothetically have my account suspended for no reason, it has never happened in the 25 years I have been using credit cards. To you. It has happened to a lot of protesters, publishers, and dissidents in the world. These systems shape all of society, not just your one life.