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We got crypto and they were supposed to replace cash:2022 and we have CASHAPP?

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Psi:

--- Quote from: DrGeoff on December 02, 2022, 11:33:55 pm ---
--- Quote from: Psi on December 02, 2022, 09:37:58 am ---I think eventually some form of digital currency will get established that you can use to pay for pretty much anything directly.
There's definitely a demand to escape the ridiculously high fees for credit card/paypal/currency conversions.

It really does have to be a decentralized digital currency rather than a new company providing a better service though, because we already know what happens when a new company enters the payment market. It starts off good but they just slowly up their fees to match the credit card companies. (Paypal)

--- End quote ---

It costs money to run payment networks and systems, fraud prevention, account keeping, insurances. That's what your % transaction fee covers. Any new digital currency handling system that can be trusted will skim a % of the transaction to manage the system. Otherwise you are back to the wild west of crypto. And we all see how that's going...

--- End quote ---

Yep, agreed. But not 4.4% + $0.30  (Paypal)   (% varies around the world)
They are raking in the profits.

It's easier for them to have less fraud prevention and instead just have higher fees to cover having to refund people when scammed than to actually spend time/money to develop a system that is hard to scam people with.

That's always the problem having a business or profit driven entity handle money distribution, the bigger they get the less efficient they are and the more it costs to run.
The bigger they get the more people working there are in pointless positions just taking a pay cheque but not really providing any benefit to the users.

EEVblog:

--- Quote from: Mechatrommer on December 03, 2022, 03:21:16 am ---
--- Quote from: EEVblog on December 02, 2022, 11:22:55 pm ---Not good for long term though as inflation will just eat away it's value.

--- End quote ---
there are mechanism to cope with inflation, but afaik so far no technically sound mechanism to deal with lost password.

--- End quote ---

There is no mechanism to deal with inflation when you hold cash. Your cash drops in value, it's literally the definition of inflation.

DrGeoff:

--- Quote from: EEVblog on December 03, 2022, 10:29:37 pm ---
--- Quote from: Mechatrommer on December 03, 2022, 03:21:16 am ---
--- Quote from: EEVblog on December 02, 2022, 11:22:55 pm ---Not good for long term though as inflation will just eat away it's value.

--- End quote ---
there are mechanism to cope with inflation, but afaik so far no technically sound mechanism to deal with lost password.

--- End quote ---

There is no mechanism to deal with inflation when you hold cash. Your cash drops in value, it's literally the definition of inflation.

--- End quote ---

Exactly, which is why investment exists. To get a better-than-inflation return and grow wealth.

Mechatrommer:

--- Quote from: EEVblog on December 03, 2022, 10:29:37 pm ---
--- Quote from: Mechatrommer on December 03, 2022, 03:21:16 am ---
--- Quote from: EEVblog on December 02, 2022, 11:22:55 pm ---Not good for long term though as inflation will just eat away it's value.

--- End quote ---
there are mechanism to cope with inflation, but afaik so far no technically sound mechanism to deal with lost password.

--- End quote ---
There is no mechanism to deal with inflation when you hold cash. Your cash drops in value, it's literally the definition of inflation.
--- End quote ---
if you keep a millions in your drawer its probably make a difference. during inflation, prices rise because companies/business want to cope with the losses/inflation, in effect salary demands also rise, hence salaries/income also rise, everything will balance out, it could give some effect in short while... its different with recession which can have more bad effect in longer time. there was a time my father told me when $100 is enough for the family for a month, i cant imagine thats going to happen today. expecting price drop is a wishfull thought, price will never drop, its always rise, like entropy https://time.com/nextadvisor/investing/expert-say-how-long-will-take-inflation-to-come-down/

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