[ExI] lotta splainin to do

[spike at rainier66.com]

…> On Behalf Of Giovanni Santostasi via extropy-chat
Subject: Re: [ExI] lotta splainin to do

 

Spike, 



>…No exchanges are not needed, they are just convenient. 
1) If we just adopted some of the most solid crypto like BTC and it was a universal currencies all the transactions would be in BTC so no need to go back and forth to fiat…Giovanni 

 

OK thanks Giovanni, that clarifies some things, and leads me to an idea.

Your notion of a debit card is good and might work to some extent, but let me try an alternative notion: issue a credit card rather than a debit card.

The credit card industry is apparently so profitable, one can heat one’s house burning paper mail offers for the damn things, but I am satisfied with my credit card, so… in the trash they go.  I don’t burn them: that many tons of CO2 would melt the ice caps with my credit card junk mail alone.  Entire landfills have had their capacity devoured resulting in their closure, from my credit card offers.

So… we create a credit card company with the payment infrastructure already handed to us by the industry, but our CC would stand out from the rest because the bill can be paid either by fiat currency or BtC, at the exchange rate of the day.  A prole would use the CC the same way as any other, and the merchant still gets her money the usual way in her choice of currency.  We could use the CC to buy or sell BtC.  The CC works the way the others do: they cost nothing if you pay your balance every month, they charge felonious, scandalous interest rates if you fall behind.

The public risks nothing.  They are not required to believe in BtC to use the card.  They can use it just like any other card.  The merchants risk nothing, it is business as usual for them.  The BtC hipster can use that card to buy or sell cryptocurrency.  There is no pile of money anywhere for a huckster to… huck, because that system doesn’t actually require a big pile of money or BtC to be owned by that CC company.  They just handle the mechanics of buying and selling the cryptocurrency.

Giovanni, I would suggest something like this is needed before cryptocurrency becomes mainstream.  We have had BtC for years now, and I still can’t use it the way I use fiat currency, there are no credit cards available that I know of which accept BtC in payment.  Until we get that, a system where the public can use BtC without accepting the risk of owning it, then neither BtC nor the other cryptocurrencies will advance to mainstream.  Ja?

spike

 

 

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