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> I'm grumpy about Visa/MC taking 3% of every transaction They don't. Scheme fees in a 4-party payment network are the smallest part of the net fee, around 0.1
by hocuspocus 4y ago
> I'm grumpy about Visa/MC taking 3% of every transaction
They don't. Scheme fees in a 4-party payment network are the smallest part of the net fee, around 0.1-0.2%.
> I want a technofix for that.
And you'll never get one. Moving money between bank accounts in an immutable way is extremely cheap already. But that isn't what people want.
If you want to lower card payment fees you need to introduce regulations that cap the interchange and prevent fraud, it's purely a political fix.
- mattdesl 4y ago> Moving money between bank accounts in an immutable way is extremely cheap already. Only true in certain countries, between certain banks/processors, and within certain thresholds. My last last transaction fee on Tezos was a fixed cost of 0.000544 xtz ($0.00177 USD), had no threshold limitations, required zero privacy invasion, settled in ~30 seconds, and was not limited to a particular bank or regional currency. This is essentially the 'technofix' that crypto users want to see adopted by the rest of the financial sector.
- hocuspocus 4y agoAnd they won't, because once again, regulatory problems don't have technological solutions.
- mattdesl 4y agoThe achievements I listed cannot only be solved with regulation.