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Visa Could Ruin the Internet (www.youtube.com)
submitted 5 months ago by to c/privacy@programming.dev
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What if you woke up tomorrow and completely lost access to your bank account, credit cards, PayPal, and Venmo, all because of something you posted online?

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[–] 4 points 5 months ago (2 children)

Fwiw, there are already some cryptos which use proof-of-stake instead of proof-of-work which overcomes the entire electricity consumption thing.

I do wish that places started accepting cryptos which were meant to be used for transactions (e.g. NANO) rather than ones like bitcoin that just happen to have existed for a while, but is technically inferior to most everything else.

Unfortunately, crypto in general challenges not just payment processors but the entire banking industry, and that's probably too much to ever succeed.

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  • [–] 3 points 5 months ago (1 child)

    Interesting!

    About challenging the industry, I remember reading some years ago that Visa/MC enforced higher taxes on the companies that also accepted crypto. If that is/still is a thing, might give a hint of why it isn't more widely accepted.

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  • [–] 3 points 5 months ago

    Yeah, it's probably part of it! Banks are even more obvious about it. E.g. in the UK where crypto is a taxed and somewhat regulated thing, most of the banks have taken the stance of rejecting any payments to and from(!) exchanges, even if they're approved by the government. All because it's "high risk so they want to protect users". No such issue with gambling though, obviously.

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