Re:Founder of crypto lender Celsius Network arrested, charge...
by srejk on Thursday July 13, 2023 @12:38PM
(#36712031)
Are you really quoting fucking human trafficker Andrew Tate on economics?
Electronic funds transfer (including credit cards) increase the velocity of money significantly. This means more transactions, which means more overall wealth creation.
To say nothing of the fact that of that 1.5% fee, I'm recovering most, all, or more than it with things like cashback, rewards points, etc.
“If I have a $50 bill, and I give it to the barber for my haircut, and he goes and buys groceries with it from the grocer, the grocer goes and gets his car washed, the $50 goes from place to place and after 20 or 30 transactions, the $50 bill belongs to somebody and is worth $50.
“Whereas if I pay by card, 1.5% goes to the bank. And then if he takes the money I’ve given him and goes pays for groceries, 1.5% goes to the bank. And after the groceries get paid for he goes to get his car washed, 1.5% goes to the bank. So after 20 or 30 transactions the $50 is gone. The bank has it all. I think that's why they're so desperate to get rid of cash”
2:24:40 https://youtu.be/hGS-wsmbBZc