ETH Reddit Mentions | ChartExchange

> c) I think the costs aren't really small, they're just incorporated into the price. Often charged to the business which eats up profits which incentives the business to raise prices. For example, if you're selling your goods at a 20% margin and paying 3% in fees (on revenue) that's like 18% of your profit.
I should clarify that it is negligible compared to the benefit of increased purchases. Cash makes people less likely to buy and they can always pay it "later".
As a former business operator that dealt with a lot of that, it's not negligable and we by par prefer people pay with debit cards or even cash (despite the handling).
> Also for the "sent and done" property. I don't think there's anything stopping networks from building this into a network. But I guess it either hasn't been asked for or networks that have built this haven't succeeded. It's a double edged sword for businesses too.
It's not a technical challenge, but a business and operations challenge. Somebody has to decide if it's okay to cancel transactions. The whole idea of crypto is, nobody is in charge of that. So to implement something like that, we're suddenly no different than the existing systems ruled by the banks. It also means, the government can demand payments be stopped.
> So definitely some pros and cons but the credit card model seems to be working pretty well in general.
It works out of a necessity to strike the balance between convenience, oversight and profit for the middle men. For people like me, we take advantage of it, and try to profit by maximizing our cashback. The system doesn't care, it charges everyone else a high interest. Which to me at least means, everyone else is paying more than me.
> It's a huge risk, not just for crypto.
Agreed. It's also a relatively small risk right now, but who knows with AI. We're having huge breakthroughs in science and mathematics due to AI.
> There's a ton of pros and cons for and against crypto but it hasn't proven itself as a global payments system i.e. It hasn't replaced Mastercard and Visa. It's great in third world countries. But that's mainly an access thing, rather than because it's a better technology.
It likely never will replace MSC/VSA by the simple nature that the value addition that MSC/VSA adds is the real secret sauce of why consumers use them. It's not that it's electronic payments, because let's face it, there's debit cards with a PIN which is quite common in Europe. In fact, I rarely saw credit card transactions in my businesses. It was always, slip the card in, type in your pin and a receipt pops out approving it.
Basically, crypto can't be a global payment system until there's some layer on top that solves the business and operational problems that MSC/VSA and the banks have solved. Until then, it's better as a money store and digital gold for those investing.
> but I don't think it's necessary in their interest to make crypto payments better than Fiat payments. I think they're more just riding the wave. We'd probably need some big names like that to build more tech for crypto payments to gain more trust and adoption.
Anything that tries to solve those issues, likely will need the same operational and business processes that MSC/VSA and banks have. Essentially we're back at the current system. The other aspect is the high cost (or should I say energy usage) of operating BTC. It's still a huge factor and yes, there are other crypto that is based on proof of stake that solves that, but we're in BTC sub. 😜
From a practical standpoint, I believe ETH is much better suited.

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