www.piratewires.com
It would be a long-term benefit for the crypto market to have CZ and Binance go away.
Coinbase is next. If BTC as a commodity is the last coin standing then Coinbase no longer has a business model.
No chance. If BTC is the only legit survivor and the crypto world is regulated how does COIN make money?
The days of the crypto Wild West will soon be over. Regulation and the CFTC will crush most coins. Ultimately, Companies like Fidelity will step in and Coinbase disappears.
Can you imagine the field day hackers and criminals are going to have if African nations adopt BTC. As it is, you know companies like Yellow Card are going to preach low cost transactions and then bury customers with network fees. Then, you have the hackers and scammers that will hack African bank accounts and mobile money wallets. And when push comes to shove victims will have no recourse because African law enforcement and regulators will be clueless. Sophisticated countries have a hard enough time dealing with crypto scams.
There’s so many measures out there to choose from, but by many of them several countries in Africa have some of the highest crypto adoption rates and have for years.
How does a company like Yellow Card make money if transaction costs are basically zero and they pay 20% commissions for customer referrals? Better yet, for those folks pushing for BTC adoption as the answer to credit card fees, obviously these platforms must be making money off someone so who’s ultimately left holding the bag? There’s no such thing as free when it comes to platforms/exchanges.
Not sure how Yellow Card works to be honest. As far as crypto networks replacing credit card fees, I can see that happening. I’m more familiar with Solana Pay. All they charge are micro transactions on payments. Payments are essentially peer to peer or peer to merchant so there is no one left holding a bag.
There’s the Yellow Card answer, fee is made on spread…
Quick point. I have read enough to be confident that SVB and Signature were taken over solely due to banking issues. Nothing to do with crypto. Both banks f'ed up and had fatal liquidity issues. SVB just screwed up managing their assets and Signature may have been involved in some crooked stuff (Barney Frank was just talking out his ass).
COIN is a publicly traded company. Not sure they can simply open an offshore exchange to solve all their problems and get the gov’t off their back. I believe companies like Fidelity will ultimately put Coinbase and Robinhood out of business.
Thanks - once again, nothing in life is free including anything related to the Lighting network. Companies like Yellow Card don’t give a rat’s ass about solving Africa’s financial system woes. It’s all about the $$$.
I’m not suggesting BTC will be stopped. From what I’ve read there is serious traction in underdeveloped countries. But you know what I’m going to say next = decentralized finance will never work. As we all witness over and over again, regulation is critical when it comes to money or anything of value because humans are inherently greedy and will exploit every opportunity to enrich themselves (cough, SVB…SBF…). The reason financial transactions are not instantaneous is because they go through clearing houses to address requirements for AML, IRS, etc. And, while credit card companies and banks charge fees, you as the card holder receive protections. Assuming African nations go all in on BTC, you can bet (1) companies like Yellow Card will rake in tens of billions completely negating the “zero fee” proposition of the ecosystem, and (2) scams and hacks will increase at an unprecedented rate and law enforcement will have no clue what to do.
It's already in motion
www.forbes.com
But at the point where over regulation kills or inflates away a currency, is it really critical? And the beauty of the bitcoin network is that does what you clearing house examples do. And when I say it cannot be stopped I also mean the sheer power of the network. It's why we'll continue to see traditionally media attack it with environmental fud or any of the regurgitated content that has cycled through news media the past 5 years.
I never denied it. Just responding to a comment of "the only use of crypto is dark money." And of course it's been used for illegal payments. Just as the dollar or any other currency has. #anotherfalsenarrative
Just like no one would ever use venmo, apple pay, google pay, etc. Not saying you said that, but there were plenty of naysayers. It's an open network that can plug into any payment network. It's starting with integrations into PoS systems like Clover, ecomm like Shopify. People can send dollars to someone with realtime remittance without ever holding btc. The cost savings on remittance fees and PoS transaction fees will prove to be a major disruptor in the coming years. We're just early.
Love and trust Fidelity (who I am using for my BTC and ETH), but they will need to offer a ton more services to compete with COIN. Fidelity Crypto is in its infancy now.
While the convenience factor is great, a big reason I use Venmo, ApplePay, etc. is because I know if anything goes wrong I’m protected. And that’s the beauty of credit cards like AMEX = if a merchant overcharges me or there is a BS charge on my account all it takes is a 5 minute phone call to resolve the issue. Re: cost savings on fees, seems like crypto platforms are making money off the spread and you are still stuck with network fees. So, if there are lower fees, it’s only because you are getting less protections. Which may be OK for small transactions or third-world countries.
Fidelity is just getting started. If there is a market and customer demand, you know Fidelity will step in. And they have the scale, tech, and reputation to squash companies like COIN and HOOD. But that’s just my prediction and I’m not saying COIN and HOOD are disappearing tomorrow.
What’s hilarious is that the CEO/Founder of Beaxy and the BXY token is an Engineering Manager at Teknikos in the “Armenia office”. Sure, sounds totally qualified to take in millions of dollars. Pissed away almost $1M of Beaxy funds on partying and gambling.. I’ll put him right up there with “Guy the Crypto Guy” as snake-oil salesmen.Another one bites the dust:
Crypto Exchange Beaxy Shut Down After SEC Lawsuit
The Securities and Exchange Commission also accused the exchange's founder of misappropriating customer money.www.coindesk.com
Never even heard of this one. LOL!Another one bites the dust:
Crypto Exchange Beaxy Shut Down After SEC Lawsuit
The Securities and Exchange Commission also accused the exchange's founder of misappropriating customer money.
All fair points, but I'd suggest thinking a little differently at least in terms of where these things operate as of today. Things like Yellow Card, Solana pay, etc. are designed to replace cash transactions as much as they are credit cards. Carry USDC in a wallet, swipe it at a register and it's no different than paying cash. For the merchant the payment settles instantly, no need to wait or to pay an interchange fee.
maybe I jinx it.............
I hear you. The more I read about BTC in Africa and underdeveloped economies the more I understand that use case (although I still think there will be serious hurdles). I find the merchant angle interesting because as much as merchants complain about interchange fees, if you took credit cards away from Americans you would see spending across every category nose-dive and many of those merchants would go out of business. And go talk to merchants that have tried to go cash only - they ALWAYS regret that move and go back to accepting CCs. In terms of replacing cash, I don’t use cash for anything unless I have to. I pay EVERYTHING with my AMEX or Marriott cards and pay off the bills every month while racking up tons of points. I haven’t carried a CC bill in 20 years. Let me ask this - would you find BTC to be beneficial in your personal/financial life if it went mainstream?
I'm not sure it's all or nothing- pay cash, pay with credit or pay with crypto. I'd be very happy to pay via crypto and avoid credit card fees. I picked up a bill at a bar two weeks ago and didn't notice until the next day that I was charged a 3% transaction fee. I don't see a need for that. In the grand scheme of things I wouldn't see a ton of benefit if BTC went mainstream and I'm not sure it will in America. I do think worldwide as you said it's a much more feasible option.
I pay everything with my Marriott cards as well. Having "reward" 30 nights a year as a head start from 2 CC's got me to lifetime Plat. But you're looking at it through a personal bias or lens that is not applicable to the rest of the world. Once lightning adoption gains more steam, you will see retailers offering discounts for crypro payments, just as they do now with cash. Instant dollar remittance in their account.
