[2018-06-02] Visa Card Payments Failing, Highlighting Need for Decentralized Opt

Carlton Banks

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Quote from: bitbink on June 03, 2018, 08:55:24 AM

Quote from: sncc on June 02, 2018, 12:03:52 PM

Visa has said that their card payments are experiencing disruptions across Britain and Europe, the BBC reports today, June 1.

Read more: https://cointelegraph.com/news/visa-card-payments-failing-in-uk-europe-highlighting-need-for-decentralized-options

This news once again confirms the need to introduce blockchain technology in conventional bank payments. Banks will need only the relevant legislation.

The Mastercard network already worked in a blockchain-like manner before Bitcoin ever existed, so on both points you're wrong

aso118

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Quote from: gentlemand on June 02, 2018, 02:14:31 PM

I find these 'normal money has 2-6 hour problem, BITCOIN' posts more than a little tiresome.

But it does make a point, even more so as people rush towards cashlessness. A nefarious actor could completely fuck an economy by using this angle of attack in a cashless society.

This is true. Nobody realises how centralised payment systems can be. Swift has a virtual monopoly in the international payments scene. Visa and MasterCard are virtually in a duopoly in terms of credit cards (I think Amex is much smaller). So the situation is ripe for a centralised failure to cause chaos.

bitbink

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Quote from: sncc on June 02, 2018, 12:03:52 PM

Visa has said that their card payments are experiencing disruptions across Britain and Europe, the BBC reports today, June 1.

Read more: https://cointelegraph.com/news/visa-card-payments-failing-in-uk-europe-highlighting-need-for-decentralized-options

This news once again confirms the need to introduce blockchain technology in conventional bank payments. Banks will need only the relevant legislation.

InvoKing

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Quote from: Kakmakr on June 03, 2018, 05:25:24 AM

Quote from: InvoKing on June 02, 2018, 07:43:43 PM

For the first time i should say that this topic doesn't belong to the press section but to off-topic +/- Bitcoin discussion.
It doesn't have anything to do with Bitcoin nor cryptocurrencies, but it rises a discussion about the benefits of crypto basing on the failure of credit cards...
I already reported the same topic hours ago and it was deleted so I will ask you sncc to move it to another place for discussion.

I disagree. This highlights the fact that competing payment options are experiencing problems too, so it is not just Bitcoin that went through scaling problems. It also highlights the flaws in centralized networks. This also gives Bitcoiners ammunition against all these Fiat shills that these payment options are not infallible.

There is definitely a need for us to announce these failures to all Bitcoiners, because they are our competition. Wink

What do people use, if their primary payment network fails? Bitcoin gives them a alternate payment option, when this happens. Grin

Against what exactly? I asked OP to move the topic to the Bitcoin discussion (for example) since it fits better there, we can continue the discussion there.
The press section is for news directly related to bitcoin, some mods refuse even to see even other cryptocurrencies news here...

Kakmakr

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Quote from: InvoKing on June 02, 2018, 07:43:43 PM

For the first time i should say that this topic doesn't belong to the press section but to off-topic +/- Bitcoin discussion.
It doesn't have anything to do with Bitcoin nor cryptocurrencies, but it rises a discussion about the benefits of crypto basing on the failure of credit cards...
I already reported the same topic hours ago and it was deleted so I will ask you sncc to move it to another place for discussion.

I disagree. This highlights the fact that competing payment options are experiencing problems too, so it is not just Bitcoin that went through scaling problems. It also highlights the flaws in centralized networks. This also gives Bitcoiners ammunition against all these Fiat shills that these payment options are not infallible.

There is definitely a need for us to announce these failures to all Bitcoiners, because they are our competition. Wink

What do people use, if their primary payment network fails? Bitcoin gives them a alternate payment option, when this happens. Grin

InvoKing

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For the first time i should say that this topic doesn't belong to the press section but to off-topic +/- Bitcoin discussion.
It doesn't have anything to do with Bitcoin nor cryptocurrencies, but it rises a discussion about the benefits of crypto basing on the failure of credit cards...
I already reported the same topic hours ago and it was deleted so I will ask you sncc to move it to another place for discussion.

gentlemand

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I find these 'normal money has 2-6 hour problem, BITCOIN' posts more than a little tiresome.

But it does make a point, even more so as people rush towards cashlessness. A nefarious actor could completely fuck an economy by using this angle of attack in a cashless society.

hatshepsut93

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Quote from: Harlot on June 02, 2018, 01:34:57 PM

Did Bitcoin experienced the same thing when its transaction fees go way up like 15-25 USD last 3 months ago? It is like what other people saw as a flaw on Bitcoin and they see it as a reason why Bitcoin will fail. And now VISA is experiencing the same errors but only this time it is affecting a lot of people. This really highlights the need for other modes of payment but I don't think that we need these kinds of news anymore as even cryptocurrencies have flaws within them. We don't need this kinds of media where they are the ones creating noise that were not there in the first place.

With Bitcoin it's kinda different, it's true that when fees have skyrocketed it was felt as a disruption by many, but transactions were still predictable, you could have looked at the state of mempool and adjust your fee to have almost 100% to get your transaction confirmed in next block. It's different from Visa when it just glitches and there's absolutely nothing you can do, for some individuals it can mean huge loses while with Bitcoin they would just have to pay higher fee. So, in a sense, Bitcoin has never failed like Visa (aside from some early days bugs) and there's very few scenarios where it can fail like that.

Harlot

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Did Bitcoin experienced the same thing when its transaction fees go way up like 15-25 USD last 3 months ago? It is like what other people saw as a flaw on Bitcoin and they see it as a reason why Bitcoin will fail. And now VISA is experiencing the same errors but only this time it is affecting a lot of people. This really highlights the need for other modes of payment but I don't think that we need these kinds of news anymore as even cryptocurrencies have flaws within them. We don't need this kinds of media where they are the ones creating noise that were not there in the first place.

sncc

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Visa has said that their card payments are experiencing disruptions across Britain and Europe, the BBC reports today, June 1.

Read more: https://cointelegraph.com/news/visa-card-payments-failing-in-uk-europe-highlighting-need-for-decentralized-options

Topic: [2018-06-02] Visa Card Payments Failing, Highlighting Need for Decentralized Opt (Read 86 times)