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RE: Steem: The Destruction Of Mastercard And Visa
I've been racking my brain to how they might expect to monetize a cryptocurrency protocol... given that early adopters of cryptocurrency are specifically trying to avoid the centralised fee structure of Visa and Mastercard. I guess they could do an IEO, and then tout the benefits of instant unhackable money, but who would choose that over the current offerings. I'm just struggling to figure out their long-term gameplan here.
I think it is a repeat of the 1990s when the information purveyors embraced the Internet which ended up killing their business.
It seems a lot of these companies are jumping into cryptocurrency because they see the threat and yet arent sure what to do about it.
I can't see how visa and mastercard would be dead/dying on my lifetime but i'm excited to be proven wrong.
Yeah, I don't see it either... they're so massively integrated in retail... even Samsung and Apple have struggled to transition people across to other payment systems... but I completely agree. Down with 3% fees!
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That's interesting... I thought they'd throw their weight around, use their retail infrastructure and entice all miners to come over to their coin. Be very interesting to see what they build... and if it'll make any difference at all.