Heck, I even used it to pay my back taxes to the IRS.
So it solves the usability problem of cryptocurrency by... working like a regular bank, more or less? And mostly getting rid of the actual blockchain to use off-chain transactions while having the convenience of the centralized Visa system?
This might be the killer product for cryptocurrency, but in a more literal sense. It shows that the market seems to inexorably converge towards the good old solutions, and the cryptocurrency ecosystem slowly (and rather inefficiently) reinvents the modern banking system.
I wonder when Coinbase will start doing fractional-reserve banking with they off-chain "cryptocurrency" accounts.
This is no more "cryptocurrency technology" than if I set up a script to sell some of my Bitcoins to replenish my bank account when its balance reaches a certain value.
What are the benefits if you relay solely on existing payment networks for transactions?
If most people use bitcoin off-chain then it means that it's the cryptocurrency exchange cartel who gets to decide what is and isn't bitcoin. Who cares if the node in your basement disagrees if all the exchanges have forked away and nobody can trade with you.
The whole "it's just code" shtick is really shortsighted. It's never only just code, it's a complex consensus. Look at all the drama around segwit/bitcoin cash for instance.