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The same thing that happens when the Visa network "goes out". That particular payment type is unavailable until the issue is resolved. https://www.wired.com/st

• kuschku 5y ago
  GiroCard can work around that, by transferring metadata for pre-authorized ampunts of money to the card and attaching cryptographically signed certificates proving the existence of funds to transactions. But no one cares about useful traditional financial products, as you can't create a ponzi scheme fueled by money laundering with useful traditional products.
  • mthoms 5y ago
    GiroCard sounds neat. Will have to look into it. >But no one cares about useful traditional financial products, as you can't create a ponzi scheme fueled by money laundering with useful traditional products. You can't create a ponzi scheme or perform money laundering with traditional financial products? Really? That's your claim? I'm not here to defend crypto, but let's keep the discussion factual.
    • kuschku 5y ago
      > You can't create a ponzi scheme or perform money laundering with traditional financial products? Really? That's your claim? > I'm not here to defend crypto, but let's keep the discussion factual. You can’t speculate on the currency itself, driving its value up and down as part of your own ponzi scheme. Or rather, for major currencies you can’t. Maybe you can manipulate tiny currencies of tiny nations that way, but those usually end up using the EUR or USD anyway.