MasterCard will give merchants the ability to accept crypto payments this year
mastercard.com
mastercard.com
> ...privacy and security of consumers’ information — the same level of security people have come to expect in their credit cards.
Well that is a low bar, so OK.
> ...strict compliance protocols will be needed, including Know Your Customer...
Woops, suddenly we aren't talking about a currency - we're talking about another licensed money transmitter.
> To reach our network, crypto assets will need to offer the stability people need in a vehicle for spending, not investment.
So some kind of pre-mined and centralized token system... hmmm, I wonder which poison pill they're talking about... could it be anything besides ripple?
It could be Stellar XLM, but I haven’t heard any specifics in Stellar groups.
People were sold the crypto vision with decentralization as the key idea which heralded the end of an outdated an inefficient centralized system. Now it looks like the momentum behind that movement has been co-opted by those who see the potential to transform it into one which puts a whole lot more power into the hands of the brokers.
It's funny how the support of a group with one ideology has given credibility to the polar opposite ideology for people with very different objectives and principles.
It is hard for me to believe that people will continue to be fooled into thinking that the way to do cryptocurrency transactions is to not do cryptocurrency transactions and instead give their cryptocurrency to a middleman who will continue charging middleman fees.
Especially when Ethereum 2.0 is fully implemented and deployed.. I think that people will finally understand that cryptocurrency is for cryptocurrency payments and that is an alternative to MasterCard and other middlemen.
The whole mining network are middlemen who charge middleman fees, so you’re pretty much stuck with that, short of deciding to be a miner.
And the more currencies are in common use that aren’t locked in essentially exclusive jurisdictional domains, the more demand merchants and consumers will have for middlemen that make dealing with multiple of them and converting them at need as close to frictionless as possible. Sure, partisans of one crypto or another will be happy to transact directly in that crypto without an abstraction layer over multiple currencies, but they will be the exception, not the norm.
Crypto idealists may each see their favored coin as the way to get beyond traditional middlemen, but in reality each coin that reaches nontrivial use actually increases the demand for middlemen.
So I guess in your opinion it would be better if digital transactions just continued to go through monopoly private middlemen.
No, anyone who thinks people should exclusively directly make use of “public distributed protocols” is a hopeless idealist.
They aren't “making things worse”, though, except from the perspective of their own hopeless ideal.
> So I guess in your opinion it would be better if digital transactions just continued to go through monopoly private middlemen.
It can't be both “middlemen” and “monopoly”; it's at worst an oligopoly. And, no, I didn't say that. But more competing low-level payment networks makes middlemen that can abstract them more valuable to most consumers and merchants.
My hope is that Ethereum 2.0 will become popular and there will be point of sale terminals that support it natively.