‘Extortion’: Why Web3 is making a lot of software developers angry

Re:‘Extortion’: Why Web3 is making a lot of software develop... by onion2k on Friday May 20, 2022 @05:18AM (#31445050)

if a game publisher uses a CEX to exchange the crypto they receive from users into fiat and direct bank account deposit the fees can range from 0% to 0.6%

The only reason the fees are that low right now is because crypto is speculative, and users have no protections. If crypto is useful and buyers expect to be able to do things like refunds or charge backs the fees will do up to cover those costs.

Looking at how crypto works right now and suggesting it'll still be the same if people use it as currency is silly.

[ Parent | on HN ]

Re:‘Extortion’: Why Web3 is making a lot of software develop... by web4 on Friday May 20, 2022 @05:27AM (#31445113)

equally silly to assume that regulations will force all centralized exchanges to charge 2-5% or 30% as is the case with current payment processors and app stores. that is not going to happen except in totalitarian countries.

the reason those standard take-rates are high are not for consumer protection. interbank fees are about the same or lower as CEX take fees in the range of 0.1-0.5%. corporate infrastructure built on top of these financial systems like PayPal, Stripe and VISA are taking huge profits.

[ Parent | on HN ]