Visa confirms Coinbase wasn’t at fault for overcharging users

Re:Visa confirms Coinbase wasn’t at fault for overcharging u... by bhaak on Sunday February 18, 2018 @10:03AM (#16406347)

Sure. But depending on how your opinion on cryptocurrencies is, you could either say it's proof that it's not working or that it's not working yet.

These problems occur because you still have to deal with "legacy" currencies. If everything would be conducted in cryptocurrencies, you wouldn't have any of those.

Although I'm not convinced that this is a likely future. I'd rather expect banks to offer cryptocurrency accounts with conversions. Ironically, another centralized solution but at least a regulated one.

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Re:Visa confirms Coinbase wasn’t at fault for overcharging u... by beefield on Sunday February 18, 2018 @10:46AM (#16406546)

> I'd rather expect banks to offer cryptocurrency accounts

Yes. And then I expect that someone figures out that it is not actually necessary to transfer my crypto to my coffee vendor for cup of coffee, but as we both trust the bank, we just tell the bank to move some crypto from my account to the coffee vendor's account.

Then, I expect that someone figures out that it would be cheaper (well, actually bank would be willing to pay to borrow my crypto) to keep my crypto in bank if I let the bank to lend that forward for interest.

Finally, I expect that someone figures out that the raison d'etre of crypto, fixed monetary supply just broke down, as now banks can "create" "cryptocurrency" at will.

[ Parent | on HN ]