Have you guys heard about the player’s club card?
Who loves ya, baby?
Hello, friends in civilized lands, especially those of you who work at financial institutions…
Some of us in the states are excited to watch you do some damage to the entrenched middlemen that have been skimming from all of us for so long. Please do consider letting us sign up for the new stuff. Our money is still worth something, for now!
I agree 100% but also this is like when you watch your brother punch your dad to make him stop hitting your mom, and you know you’re going to get the shit kicked out of both of you later for it.
…unless one of your grabs the crowbar and goes for broke…
Hey blue states…
This is like that son that was sexualy abused by his dad for years, then killed and ate him.
Seconded.
i would gladly make the switch if for no other reason than just playing a tiny part in screwing over Visa and MasterCard.
Why? Cause fuck em! That’s why!
What is GNU Taler?
Man I wish I lived in the EU
Right? The ecconomic benefits, the lack of financial catastrophy from suffering a paper cut, living wages, acessible mass transit, and the political stability. It must be like waking up every day in a dream.
Unfortunately the combined forces of US and Russian propaganda machines try very hard to ruin it for us, and they see some success in depleting EU membership support in polls and various political unrests
“Politic stability”
Hahaha…Good joke…
To be fair, it isnt as bad in the USA but you can’t really say it is really stable. The far right and conservatives are getting stronger and the left/right trench is getting bigger
living wages
People are often paid less in Europe compared to someone doing the same job in the US, especially for highly-skilled jobs. I agree with your other points though!
More money ≠ more purchasing power
We may don’t get multi 6-figure jobs, but we also don’t have to pay 5-figures to visit a healthcare place and fear for our lives by being at will employed. And the CoL is probably also way lower in comparison.
I’d rather continue living here than in USA
Yeah but we pay way less for housing and health.
Love to see it.
Anything that diminishes Visa and MC’s power is probably a good thing.
come on canada start taking notes
At least we have e transfers and debit unlike down south. I for one will be jumping on the first non us credit card however.
As an American, I just may do the same.
You do realize why we’re scrambling to get a European credit card, right? I mean what’s going to stop us from cutting Americans off when Trump decides to invade San Marino?
Oh I hope that they name it something mildly silly. Like “Lone’y” or “broke buckz”
We have debit. And etransfer for things like PayPal or Venmo.
How about JCB?
Hope they don’t just end up recreating their own version of it
They will.
Let me be delusional in peace
But… But… Blackjack and hookers…
Fucking MAGA and Russia are fusing the European Union. Good! As an EU citizen I fully support this type of progress.
All it needed once more was for europe to be pushed to a cliff to unkeash their power
Good. The Mastercard and Visa tax never made any sense. We deserve better.
reminds me when Brazil launched their Pix payment system nationwide, which is free for individuals, and the US launched an investigation into unfair trading
potential unfair advantaging of Brazilian payment services over US competitors was cited
Brazilian President Luiz Inácio Lula da Silva has accused US president Donald Trump of being “bothered by Pix” because it “will put an end to credit cards”
lol get rekt
Against what? Against consumers that don’t need to pay fees? Against the Brazilian government who is behind the pix?
Poor US companies with billionaires yatches bills to be paid.
I wonder how many trillions of dollars the Trump dumpster fire will end up costing American business.
You’d think our corporate overlords would remove him.
24 trillion. the culture war bs with the right is thier best chance of maintain power in the us, so no, they might have accept less to hold on to that power. Or they just stir up the right wing in other countries, alongside with russia.
The corporate overlords area fucking idiots. They always have been.
Chaos is a ladder
Let’s say the pre-Trump economy is worth $100 trillion, and a particular billionaire’s share is $2 billion. Let’s say Trump catastrophically decreases the economy’s value to $50 trillion, while increasing corruption such that that Trump is getting more power, and the billionaire’s share is $10 billion.
This is followed by a collapsing market that creates a dip in share prices or private valuation, the assets of which can be bought for pennies on the dollar, eventually leading to that billionaire having $30 billion in a total economy worth $20 trillion.
Win/win for Trump and the billionaire, at the cost of everyone else.
That’s basically what’s happening, and will continue to happen.
I’m not an economist, so here’s my ass talking, but I don’t think your example scales out. I think you’re making the mistake of equating the stock market to the economy. It isn’t.
Not everyone wins in a failing economy. If one billionaire makes out, three more lose money.
Not everyone wins in a failing economy. If one billionaire makes out, three more lose money.
No, yeah, that’s true. But the billionaires are also competing with each other in a (perceived) zero-sum game and they believe the ones who are cozying closest to Trump will be the best ones positioned to make money - either in a corrupt or a failing economy. But every recession has been a golden opportunity for billionaires.
Heck, in post-collapse Russia, this is how oligarchs first appeared - the “shock therapy” of the 1990s transition to a market economy dropped the value of resources to nothing, and the rich at the time bought them and became the ultra-rich. Some didn’t make it. ( Like a super-bacteria forming from the ones not killed by antibiotics, the ones that survived were even more resistant to control.)
Good example, especially given that it looks like a Russian oligarchy is where we’ve been headed since 2016
This is followed by a collapsing market that creates a dip in share prices or private valuation
I am not a billionaire, just an average joe lucky to be able to borrow a few thousand from my Roth 401k in order to buy oil stocks in March 2020 at 90% off.
I earned between 15x and 20x what I invested and paid off my student loans when the market recovered.
It’s not just for the billionaires, but you’re right, all of this is intentional and the wealthiest will profit the most.
At this point, I wouldn’t be surprised if they’re working on it. He’s destroying their bottom lines.
That said, if you go after the king, you’d best not miss.
Their bottom lines aren’t very important to their goal of owning everything. Money is just a vehicle for power, but once they own everything and everyone they won’t need it.
The parasites are still making money. Rocking the boat would temporarily interrupt the party, they’ll continue to party until they’re forced to change.
The question is incomplete. They will cost trillions, but the presidency, the party fixing elections right now, will cost the country the dollar itself. They will max out borrowing, then print money to pay off the debt and de facto default. They will turn all of those dollars into very much less valuable things.
Presuming no one stops them.
American big business? Not a dime. It’ll be a bailout on the American tax dollar I bet.
They’ll make sure it hurts us, long before it ever touches them.
True risk is also anathema to them, probably hedging bets on how the midterms go before they make big moves
I think it’s simpler than that and just is down to the impact on the next quarter’s profits.
It’s kind of a weird game theory thing, because the industries affected aren’t consistently losing. A decision he makes on Wednesday can help the finance industry but hurt the tech industry, and then he can reverse it on Thursday and now the finance industry is tanking but the insurance industry is up. It’s tough to know who would work together to pull him out of office, because between any two given days, the people who have the money have different opinions on how he’s doing.
Good. Make it hurt.
I want to see CEOs from the sky.
They would be tiny from way up there
I like the way you think, get them to terminal velocity.
The most important thing about terminal velocity is the immediate stop and its effects.
And the popcorn stand for spectators. Very important.
I dont
Theyre usually fat old men
Better splats. 🤷
From what I’ve read, it appears that it’s simply one time, transactions.
Surely, they couldn’t be that short sighted. This means no “saving for payment information” on your favorite online store.
Also, it seems this is heavily tied to your bank account, which kind of makes me a bit nervous. I like fintech solutions and being able to create “one time use debit cards” or debit cards with a maximum balance and at the moment, I don’t understand how wero will fill this gap.
… but I really hope I’m wrong or some fintech will “step up” and make wero a legitimate replacement for visa/master card.
your favorite online store.
I know it’s cliché to call anonymous commenters shills, but that sentence has major shill energy. Who says “your favourite online store”, honestly.
This means no “saving for payment information” on your favorite online store.
Nothing stops them from saving your public token or number or whatever they’ll come up with, or even using the current Wero system. My favourite online store can save like twenty different payment system credentials, what’s another one.
it seems this is heavily tied to your bank account
No more than visa and mastercard currently. You need a bank to create you your one time debit card. With payment system one time debit card is not needed, because your public facing token isn’t enough to make a transaction, so there is no problem here. Which also makes it trivial to implement multiple “wallets” inside the account, or multiple public tokens with different “wallets” associated with it.
As long as they provide the payment network, the banks and merchants are free to make the rest of the customer facing functionality.
We’ve had this in Australia since the 90s at least. All debit cards are dual network: They support both Visa/Mastercard, as well as the local network (called EFTPOS). EFTPOS is noticeably cheaper to process - around 0.3% fee, compared to ~1% for Visa/Mastercard debit in Australia, ~1.5% for credit, and ~3% for Visa/Mastercard in the USA. The profits stay in Australia rather than going to a US company.
That’s only for debit cards, though. EFTPOS doesn’t support credit cards.
Does anyone outside the US even use credit cards?
Well, it depends, for people who do a lot of travelling and online shopping they are quite popular all over the world, as an easy way to add one layer of insulation between your own money and businesses you don’t know if you can trust.
They have far fewer perks, so it’s not as common.
In Australia, most credit cards have an annual fee, and they pretty much all just offer frequent flyer miles. US cards have much better perks: Quite a few offer 2% cashback, cards with points offer more points than Aussie cards, they almost all include extended warranty and rental car coverage, some include mobile phone protection, etc. If you pay it off in full every month, you get these perks for “free”.
Of course, merchants pay the price for these perks, given the high fees to process credit cards. They can make merchants pay a 3% fee, pay 2% cashback to customers on some of their cards, and still make more money from card fees than they would in other countries. Visa and Mastercard used to require merchants in the US to not charge any extra fees for accepting credit cards, but after a big lawsuit, this is no longer the case. Stores are slowly becoming like Aussie stores - charging extra if you pay by card.
In the US, it’s also very important to build up your credit score, as this affects loan rates for mortgages, cars, personal loans, etc. Most people build their score by getting a credit card as early as possible and using it often.
Same in Norway and I think same in many countries, biggest issue is across borders inside of Europe. Most payments online also.
Thanks for the info! The only two countries I’m familiar with (in terms of payment processing) are Australia and the US, so I didn’t want to make assumptions about other countries.
Same in Canada with Interac. I’d love to see some interop between these types of networks
What Interac is missing is some sort of protection if a number gets stolen, etc. You could lose all the money in the accounts on a card.
