Overall I lean more to Alex's side on the bitcoin topic. But one pretty major item he gets wrong is to do with credit card processing expenses. In fact, regulat

Overall I lean more to Alex's side on the bitcoin topic. But one pretty major item he gets wrong is to do with credit card processing expenses. In fact, regulatory compliance and fraud management is a small percentage. At this point, the biggest slice of processing costs goes to fund rewards programs and loyalty schemes. This is why there actually is still room for massive change in e payments industry but it would likely involve cardholders giving up their cherished mileage cards and I suspect will only happen with government intervention (as has already started happening with debit cards in the us).