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(CNBC)   Visa: it's everywhere you don't want to be   (cnbc.com) divider line
    More: Obvious, Money, Credit card, Currency, Visa's CFO, payments giant, good thing, debit cards, Debit card  
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1575 clicks; posted to Business » on 07 Oct 2022 at 12:20 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



20 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-10-07 12:56:36 PM  
The banks really need it to be worth something otherwise they will need to hold actual assets to cover their liabilities
 
2022-10-07 1:12:55 PM  
Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market

Spend, as in unload, get rid of? Yes, quite possibly.
 
2022-10-07 2:27:15 PM  
IMMA CHARGIN MAH LAZERS
 
2022-10-07 3:08:37 PM  
It's not their money, they just get a percentage of the transaction.
 
2022-10-07 3:26:47 PM  

Super Chronic: Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market

Spend, as in unload, get rid of? Yes, quite possibly.


I can only imagine the fees to trade crypto using VISA.
 
2022-10-07 3:29:48 PM  

bighairyguy: It's not their money, they just get a percentage of the transaction.


It's not even money.
 
2022-10-07 4:34:54 PM  
This makes perfect sense for Crypto Bros, because:

(1) The IRS will LOVE to be be able to look up VISA's database of crypto transactions specifying ownership of certain coins. Bye-bye anonymity and escaping the tax man

(2) Crypto Bros is ALL about encouraging you to buy and then quickly get rid of crypto, NEVER to "HODL" it endlessly.
 
2022-10-07 4:54:21 PM  

ChibiDebuHage: This makes perfect sense for Crypto Bros, because:

(1) The IRS will LOVE to be be able to look up VISA's database of crypto transactions specifying ownership of certain coins. Bye-bye anonymity and escaping the tax man

(2) Crypto Bros is ALL about encouraging you to buy and then quickly get rid of crypto, NEVER to "HODL" it endlessly.


I think the whole concept of who owns crypto is changing. More samples are coming out that the people buying crypto aren't the old-school zealots, but newbies that don't care nearly as much about anonymity or decentralization.

A small sample but : 'Gemini found that 79% of people who reported owning crypto last year said they chose to purchase the digital assets for their long-term investment potential.'
 
2022-10-07 5:29:57 PM  

GriffXX: ChibiDebuHage: This makes perfect sense for Crypto Bros, because:

(1) The IRS will LOVE to be be able to look up VISA's database of crypto transactions specifying ownership of certain coins. Bye-bye anonymity and escaping the tax man

(2) Crypto Bros is ALL about encouraging you to buy and then quickly get rid of crypto, NEVER to "HODL" it endlessly.

I think the whole concept of who owns crypto is changing. More samples are coming out that the people buying crypto aren't the old-school zealots, but newbies that don't care nearly as much about anonymity or decentralization.

A small sample but : 'Gemini found that 79% of people who reported owning crypto last year said they chose to purchase the digital assets for their long-term investment potential.'


You know morons
 
2022-10-07 7:26:35 PM  

bigdog1960: GriffXX: ChibiDebuHage: This makes perfect sense for Crypto Bros, because:

(1) The IRS will LOVE to be be able to look up VISA's database of crypto transactions specifying ownership of certain coins. Bye-bye anonymity and escaping the tax man

(2) Crypto Bros is ALL about encouraging you to buy and then quickly get rid of crypto, NEVER to "HODL" it endlessly.

I think the whole concept of who owns crypto is changing. More samples are coming out that the people buying crypto aren't the old-school zealots, but newbies that don't care nearly as much about anonymity or decentralization.

A small sample but : 'Gemini found that 79% of people who reported owning crypto last year said they chose to purchase the digital assets for their long-term investment potential.'

You know morons


Those users will be facing almost  certain bankruptcy while the FTX owners and Visa will be facing a sizable increase to their net operating income
 
2022-10-07 9:02:48 PM  
Gitmo the Visa execs.

Problem solved.
 
2022-10-07 11:13:02 PM  

GriffXX: ChibiDebuHage: This makes perfect sense for Crypto Bros, because:

(1) The IRS will LOVE to be be able to look up VISA's database of crypto transactions specifying ownership of certain coins. Bye-bye anonymity and escaping the tax man

(2) Crypto Bros is ALL about encouraging you to buy and then quickly get rid of crypto, NEVER to "HODL" it endlessly.

I think the whole concept of who owns crypto is changing. More samples are coming out that the people buying crypto aren't the old-school zealots, but newbies that don't care nearly as much about anonymity or decentralization.

A small sample but : 'Gemini found that 79% of people who reported owning crypto last year said they chose to purchase the digital assets for their long-term investment potential.'


"last year"

That was a totally different year in crypto terms.
 
2022-10-08 12:50:42 AM  

sirrerun: GriffXX: ChibiDebuHage: This makes perfect sense for Crypto Bros, because:

(1) The IRS will LOVE to be be able to look up VISA's database of crypto transactions specifying ownership of certain coins. Bye-bye anonymity and escaping the tax man

(2) Crypto Bros is ALL about encouraging you to buy and then quickly get rid of crypto, NEVER to "HODL" it endlessly.

I think the whole concept of who owns crypto is changing. More samples are coming out that the people buying crypto aren't the old-school zealots, but newbies that don't care nearly as much about anonymity or decentralization.

A small sample but : 'Gemini found that 79% of people who reported owning crypto last year said they chose to purchase the digital assets for their long-term investment potential.'

"last year"

That was a totally different year in crypto terms.


K, article written on 4.22 about 2021 isn't the most up to date info, agreed. But my point stands - if you think the majority of crypto owners are the hoodie-wearing anonymous decentralized pump-and-dump guys you were hearing non-stop from a decade ago - I think you're mistaken. It's a new crowd now.
 
2022-10-08 1:46:42 AM  
"rips bong*
If Visa is where you don't want to be, but you find yourself in a place with only Visa, what do you do?

I'm using a travelers check.
 
2022-10-08 2:14:05 AM  

SafetyThird: "rips bong*
If Visa is where you don't want to be, but you find yourself in a place with only Visa, what do you do?

I'm using a travelers check.


Diners club card is the way of light and love.
 
2022-10-08 7:58:40 AM  

GriffXX: K, article written on 4.22 about 2021 isn't the most up to date info, agreed. But my point stands - if you think the majority of crypto owners are the hoodie-wearing anonymous decentralized pump-and-dump guys you were hearing non-stop from a decade ago - I think you're mistaken. It's a new crowd now.


This is all on the Lightning Network(LN) which is key here. That has the ability to cut out Visa/Mastercard. This is their attempt to "right there ship" because they see the threat. The LN can process multiples 40-100X (depending on estimates) more transactions per second for a fraction of a cost to the retailer. NCR (creator of payment systems for registers and ATMs) signed a deal with LN. So now payment terminals will be able to transact in crypto and completely bypass tranditional finance like Visa/Mastercard, while saving the retailer the fees. Just use the wallet on your phone instead of the credit card on your phone. Instead of going after individual retailers, they went after the payment system all large retailers use. Smart.

Taro which is going(went?) beta live this month, allows any coins to be issued on the bitcoin network to transact over the LN. So now stable coins can be used if they want, but this uses bitcoin as the payment rails even if the retailer doesn't want anything to do with coins (which strengthens btc network either way). They can even set it up so that they receive dollars instantly at settlement.  All of this can save the retailer  credit card fees and since the inner workings of the system occur at the point of sale instantly, no exchange risk either.

This is where the scaling comes in. Retailers will be incentivized to use this as much as possible since it cuts out fees and adds a significant % back to their bottom line.  Obviously it is still incredibly small to the ecosystem, but it is telling how quickly Visa and Mastercard have jumped on this. But the LN just received an 80m investment round this week, and Saylor is working on creating onboarding solutions for companies to join the LN. Incentive structures are quite amazing. The LN is the most critical application created for btc, and the adoption is moving now.
 
2022-10-08 8:45:08 AM  

Super Chronic: Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market

Spend, as in unload, get rid of? Yes, quite possibly.


Fark user imageView Full Size
 
2022-10-08 8:46:27 AM  

Northern: Super Chronic: Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market

Spend, as in unload, get rid of? Yes, quite possibly.

I can only imagine the fees to trade crypto using VISA.


Fark user imageView Full Size
 
2022-10-08 8:47:21 AM  

Intrepid00: bighairyguy: It's not their money, they just get a percentage of the transaction.

It's not even money.


Fark user imageView Full Size
 
2022-10-08 8:48:29 AM  

bigdog1960: GriffXX: ChibiDebuHage: This makes perfect sense for Crypto Bros, because:

(1) The IRS will LOVE to be be able to look up VISA's database of crypto transactions specifying ownership of certain coins. Bye-bye anonymity and escaping the tax man

(2) Crypto Bros is ALL about encouraging you to buy and then quickly get rid of crypto, NEVER to "HODL" it endlessly.

I think the whole concept of who owns crypto is changing. More samples are coming out that the people buying crypto aren't the old-school zealots, but newbies that don't care nearly as much about anonymity or decentralization.

A small sample but : 'Gemini found that 79% of people who reported owning crypto last year said they chose to purchase the digital assets for their long-term investment potential.'

You know morons


Fark user imageView Full Size
 
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