[ExI] lotta splainin to do

[Giovanni Santostasi]

You can google BTC credit card, there are many hits. Here is one for
example:
https://www.mastercard.us/en-us/business/issuers/grow-your-business/crypto/card-program.html?cmp=2022.q2.us.nam.all.brand.ser.na.ccp.386901.sep.txt.googles



On Sat, Nov 19, 2022 at 6:30 PM spike jones via extropy-chat <
extropy-chat at lists.extropy.org> wrote:

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