I took the 1% from you, assuming you got it from somewhere reliable or at least that you believed in it. (I looked for it in the report summary; I didn't find it; I assumed you got it from the full report, which I don't have access to.)
If the correct figure is 0.08%, that's almost $41B on $51T (more now, as the network volume continues to grow).
But the entire fraud /year is way less percentage then this sole scam from the entire Bitcoin market cap valued against its peak.
So his comment is actually a net positive for traditional payments ( even if you neglect insurance, ... )
One one-hundredth (.01) of a percentage point. For example, eight percent is equal to 800 basis points.
https://www.investor.gov/introduction-investing/investing-ba....
The author of the article made the wrong calculation which makes this extra confusing. Ugh...
Since 8 basis points from 10 k is 8 => https://www.wolframalpha.com/input/?i=8+basis+points+of+1000...
Where are those numbers from?
> For example, eight percent is equal to 800 basis points.
Correct. 800 bp = 8% = 0.08 = 8e-2, as in your example there (different than the numbers in the linked article).
Also, 8 bp = 0.08% = 0.0008 = 8e-4, as in the numbers you gave at the top (different than the numbers in the linked article).
Also, 0.08 bp = 0.0008% = 0.000008 = 8e-6, as I’ve pointed out (and corresponding to the numbers in the linked article:
> ACH fraud is extremely low at 0.08 basis points, or 8 cents for every $10,000 in payments.
Note that 8 cents are $0.08.)
I checked it 2 times and always parsed it as 8bp... And not 0,08bp.
I feel embarrassed now. Nice job :p
+ The number i found for fraud in ACH afterwards was actually 0,08 %
> ACH fraud is extremely low at 0.08 basis points, or 8 cents for every $10,000 in payments
https://silamoney.com/ach/understanding-the-basics-of-ach-fr...