Most Bitcoin Inscriptions belong to a single person

Re:Most Bitcoin Inscriptions belong to a single person by Paul-Craft on Monday May 29, 2023 @08:54PM (#36119974)

My Visa card doesn't cost me anything to use, because I don't carry a balance. It costs the merchant money to process the transaction, which would get passed on to consumers in general as higher prices. So, if this happened, what you'd see is people complaining about "inflation."

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by foogazi on Monday May 29, 2023 @09:55PM (#36120349)

>> Imagine if your Visa card became hundreds of times more expensive to use during the Christmas shopping period.

> My Visa card doesn't cost me anything to use

Gp said imagine

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by Paul-Craft on Tuesday May 30, 2023 @12:57AM (#36121265)

0 * 1000 = 0

Actually, my card costs me negative money to use. I get cash back with no annual fee.

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by ilyt on Tuesday May 30, 2023 @07:27AM (#36123565)

That's just costing other side of the transaction

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by lxgr on Tuesday May 30, 2023 @08:04AM (#36123801)

And who do you think pays for that cashback?

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by cirrus3 on Monday May 29, 2023 @10:01PM (#36120383)

The explanation isn't about how this effects any single person. It also says to "imagine".

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by Paul-Craft on Tuesday May 30, 2023 @01:02AM (#36121292)

I actually profit via cash back from my cards. They pay me. Imagine that.

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by rideontime on Monday May 29, 2023 @10:35PM (#36120555)

Disregarding the irrelevance of this comment, in your example, aren't you the consumer who is paying the fee via the increased price?

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by vkou on Monday May 29, 2023 @11:45PM (#36120913)

I get that fee right back in cashback + fraud protection + peace of mind from not having to carry cash + money saved by the merchant due to not having to deal with physical cash/getting robbed/etc.

Visa keeps a very narrow margin, for providing... A pretty damn good service.

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by landemva on Tuesday May 30, 2023 @12:22AM (#36121102)

Those without rewards cards, and those who pay with cash, are the economic losers. Generally those living paycheck to paycheck - poor people.

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by Paul-Craft on Tuesday May 30, 2023 @01:01AM (#36121290)

That's right:

> We estimate an aggregate annual redistribution of $15 billion from less to more educated, poorer to richer, and high to low minority areas, widening existing disparities.

https://www.federalreserve.gov/econres/feds/files/2023007pap...

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by hgsgm on Tuesday May 30, 2023 @08:04AM (#36123791)

That's almost nothing compared to the rich people spending far more money at shops in the first place, which pays the fixed costs that makes it affordable to even sell to the poor people.

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by vkou on Tuesday May 30, 2023 @04:49AM (#36122569)

If that's what you think the problem with credit cards is, there's a simple solution to it. Ban usury.

They'll still exist, and they'll still work in nearly the same way they do today, the cashback rate will drop by half a percent, and the credit score cutoff for getting one will go up a couple hundred points. The working poor using them today will just end up using debit cards, instead.

[ Parent | on HN ]

Re:Most Bitcoin Inscriptions belong to a single person by hgsgm on Tuesday May 30, 2023 @08:05AM (#36123808)

> usury

I think you are conflating processor fees (2.9% + $.30) with bank loans (20+% for carrying a balance).

These are different companies in the system.

[ Parent | on HN ]