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So we reinvent a VISA-like entity that charges VISA-like fees to replace VISA. This seems like a very impressive and extremely novel innovation.

by TimPC 4y ago

tatertots1234 4y ago
Pretty much. Now VISA has to compete with every other protocol deployed on the permissionless network, some of which may charge lower to no fees and provide different user experiences. Users can also, as they desire, connect with the base layer if they wish to circumvent the VISA-like protocols entirely. An example of that might be a company moving or exchanging several million dollars without wanting to deal with VISA-like fees and control mechanisms. In truth, we may not see VISA-like protocols on the blockchain for some time, as most users are finding the counterparty risk small enough with the base layer that there is little demand for chargebacks and transaction disputes.
- TimPC 4y ago
  As evidenced by the hard fork of Ethereum when a smart contract didn't work the way it was supposed to. There clearly is demand for something like transaction disputes.
  - tatertots1234 4y ago
    Yes, if the vast majority of the users in the network come to clear consensus on forking the protocol to enact a single change, they can do so. This is not a bad thing, it’s similar to how we fork our laws in the real world as we realize they contain pitfalls and loopholes. This is very different from individual transaction disputes on a VISA-like protocol, and the DAO fork doesn’t suggest that transaction level disputes are in particularly high demand (in 7 years this happened one time on the network, and you call that demand? lol).
    - majewsky 4y ago
      > it’s similar to how we fork our laws in the real world as we realize they contain pitfalls and loopholes I don't think politics work like you think they do. If the opposition could just "fork the law" when they don't like what the government is doing, there'd be millions of sovereign countries by now.
      - tatertots1234 4y ago
        If you don’t like part of Ethereum’s protocol, you can fork it today. It’s open source. It doesn’t mean anybody will follow your chain.

So we reinvent a VISA-like entity that charges VISA-like fees to replace VISA. This seems like a very impressive and extremely novel innovation.

by TimPC 4y ago

So we reinvent a VISA-like entity that charges VISA-like fees to replace VISA. This seems like a very impressive and extremely novel innovation.

tatertots1234 4y ago

Pretty much. Now VISA has to compete with every other protocol deployed on the permissionless network, some of which may charge lower to no fees and provide different user experiences. Users can also, as they desire, connect with the base layer if they wish to circumvent the VISA-like protocols entirely. An example of that might be a company moving or exchanging several million dollars without wanting to deal with VISA-like fees and control mechanisms. In truth, we may not see VISA-like protocols on the blockchain for some time, as most users are finding the counterparty risk small enough with the base layer that there is little demand for chargebacks and transaction disputes.

TimPC 4y ago
As evidenced by the hard fork of Ethereum when a smart contract didn't work the way it was supposed to. There clearly is demand for something like transaction disputes.
- tatertots1234 4y ago
  Yes, if the vast majority of the users in the network come to clear consensus on forking the protocol to enact a single change, they can do so. This is not a bad thing, it’s similar to how we fork our laws in the real world as we realize they contain pitfalls and loopholes. This is very different from individual transaction disputes on a VISA-like protocol, and the DAO fork doesn’t suggest that transaction level disputes are in particularly high demand (in 7 years this happened one time on the network, and you call that demand? lol).
  - majewsky 4y ago
    > it’s similar to how we fork our laws in the real world as we realize they contain pitfalls and loopholes I don't think politics work like you think they do. If the opposition could just "fork the law" when they don't like what the government is doing, there'd be millions of sovereign countries by now.
    - tatertots1234 4y ago
      If you don’t like part of Ethereum’s protocol, you can fork it today. It’s open source. It doesn’t mean anybody will follow your chain.