Hacker News Reader

Comment by jimnotgym | Hacker News Reader

And this is the thing, the rest of the world has agreed to be dependent on American companies, because they believed in the legitimacy of the US and free international trade. If belief in that legitimacy goes away, we will see that dependence shift quickly. Let us begin with Mastercard and Visa where the US taxes every payment transaction in much of the world. Do we really believe that Europe couldn't run its own card schemes?

View on HN

Starting with this year, Germany has legally mandated free and instant (few seconds) direct account to account transfers. For some shops, you can now either pay by SEPA (for free) or agree to pay a 3% fee for using VISA. They already started cutting out the US middleman.

The European Payment Initiative, the EPI, abandoned its plans for a card scheme and decided to focus on an account-to-account instant payment solution (A2A) for all kinds of use cases, all through a wallet. There is an interesting synergy here with the European moves to develop a common digital identity service and euro-wallet infrastructure.

They're not just trying to get rid of the US middleman, but the middleman altogether.

IMO, to me as layman non-American, it's not an if. The USA is done-for-except-not, just like Twitter has been for a while. This might be able to be undone, hypothetically, but is not being undone. Online armchair generals are already starting to discuss things like escalation strategy for European nuclear forces and so on.

I guess we'll be seeing Mastodon/Bluesky/Threads phenomenon across worlds, both horizontally and vertically in the coming decades, this time in real life with (more)real consequences.

Reply on news.ycombinator.com