MasterCard Exec: ‘Bitcoin Doesn't Really Work in Today's Environment’ - page 2.

DarkHyudrA

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English <-> Portuguese translations

Quote from: franky1 on October 09, 2015, 09:29:24 AM

Quote from: Kprawn on October 09, 2015, 08:36:09 AM

What we lack in tps,

mastercards tps is actually less then you think. this is because their databases are separate. not only based on currency but also country.
now if we were to say BTC was for america, feathercoin for UK, litecoin for europe and another 200 coins for each country of the world.
then you will see that the total tps potential of blockchain technology vs individual mastercard databases are the same. if not blockchain tech surpasses mastercard.

That's exactly what would happen with sidechains.
I don't know about the rest o the community, but I'm pretty "happy" with 2 TPS for now.

franky1

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Quote from: Kprawn on October 09, 2015, 08:36:09 AM

What we lack in tps,

mastercards tps is actually less then you think. this is because their databases are separate. not only based on currency but also country.
now if we were to say BTC was for america, feathercoin for UK, litecoin for europe and another 200 coins for each country of the world.
then you will see that the total tps potential of blockchain technology vs individual mastercard databases are the same. if not blockchain tech surpasses mastercard.

BTCBinary

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Quote from: OmegaStarScream on October 07, 2015, 02:07:33 PM

MasterCard has been feeling the heat of Bitcoin for over a year now. Bitcoin has become big enough worldwide so that it can no longer be ignored as a viable payment option and currency. In a state-of-the-business interview with the International Business Times, Ann Cairns, president of international markets for MasterCard was asked directly about Bitcoin and how it compares to MasterCard.

Here is what he said :

Quote

"Bitcoin in its current incarnation is slow in the sense of being able to do a transaction and have it properly authenticated, which can take quite a few minutes. It doesn't really work in today's fast-paced shopping environment; even more so in train stations and so on when you have got millions of people trying to go through turn-styles – there you need real-time, instantaneous authentication, and delivery.”

Full article : http://cointelegraph.com/news/115390/mastercard-exec-bitcoin-doesnt-really-work-in-todays-environment

Come on guys , tell me what you think about this Roll Eyes

Pretty sure you have a lot of stuff to say .

That is just something very dumm to say... and it only proves that this guy doesn't even knows what bitcoin is, and what is this industry all about. Or is just he protecting his interessests?

Kprawn

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What we lack in tps, we make up with more important features, eg. Online security & efficiency for eCommerce. I gave up on using credit cards for online transaction for more than 3 years now. It just got too

risky and I lost just too much money using it. Your info get stored in a centralized location.. they get hacked, and you pay the penalty.

What is more important... waiting at a turn-style for 1 minute? or losing all your credit in online fraud or credit card skimming? .... Their technology did not evolve with the internet and Bitcoin did. Wink

NeuroticFish

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Right now it's correct. Bitcoin doesn't really work good enough for today's environment.

Bitcoin is a wonderful project. Altcoins are - some of them - another wonderful thing: they bring (even more) innovation.
At some point bitcoin will implement some of the best innovations of the altcoins (it will have to, in order to survive). And then it will surpass easily all the current payment systems.

Long ago I dreamed that the payment systems will see the opportunity in bitcoin and will use it. Then I woke up. There's the saying "if it's not broken, don't fix it". The current payment system with fiat is - for now - good enough for normal people. Also it's protected by the governments, which protect their own currency they can play with. So bitcoin has to evolve (even more) to match them.

I hope that it's only a matter of time and this will happen.
I already found my ways to avoid the use of the silly PayPal in most cases. Maybe some day I will be able to also avoid Visa, Mastercard and the banks.

Mickeyb

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Quote from: ?? on ??

Quote from: Mickeyb on October 07, 2015, 03:49:54 PM

He is talking about Bitshares guys

they will have 1000 TPS and 3 second block times, thus they will be able compete with Visa and Mastercard.

they have ~~changed~~ improved their block times, TPS, etc at least 3 times so far. There is no easy to use wallet until October 14th

There, fixed it for you

Quote from: Lauda on October 08, 2015, 01:50:50 AM

There is no such thing as Bitcoin 2.0 it is just a marketing scheme.

Ever hear of smart properties?

I hope it will be really October 14th, since last new client, Bitshares client, not Bitshares X client was supposed to be out by the New Year's 2015, so you are about 10 months late already!

countryfree

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This guy's right. If you want to buy a train ticket, a credit card transaction is faster than anything with BTC. But BTC is way better if I want to send money to some guy on the other side of the planet. A credit card doesn't even compete! Credit cards can only handle consumers to business transactions, whereas BTC doesn't even make a difference between a consumer and a business. That alone makes it better.

knowhow

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Well i didnt used bitcoin at some store yet because there isnt yet one,and its amazing to know that you scan pay and keep walking the same way you would do with a card or fiat.Mastercard is loosing their control on the industry and there is nothing they can do about it,rejecting and trying to ignore bitcoin make it just bigger,its funny there isnt a position of visa company ,i guess they wanna to keep bitcoin hidden.

franky1

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Quote from: LFC_Bitcoin on October 08, 2015, 07:36:21 AM

Hardly a shock that Mastercard aren't feeling positive about bitcoin, why would they? Bitcoin is a threat to them, they're not going to promote it Grin

but by talking about it. they are promoting it..

EG if you didnt care about an invasion of ants.. you would not talk about it. it just wouldnt be something that even came to mind to mention. but by mentioning it even negatively, people will want to seek out ants. and be on the look out for them

LFC_Bitcoin

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Hardly a shock that Mastercard aren't feeling positive about bitcoin, why would they? Bitcoin is a threat to them, they're not going to promote it Grin

franky1

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Quote from: ?? on ??

Quote from: Lauda on October 08, 2015, 01:50:50 AM

There is no such thing as Bitcoin 2.0 it is just a marketing scheme.

Ever hear of smart properties?

bitcoin is bitcoin. anything else is just an altcoin (using different ledger/chain) or is just a third-party service treating certain satoshi's as a representation of an asset. but that does not make anything a bitcoin 2.0

franky1

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Quote from: OmegaStarScream on October 07, 2015, 02:07:33 PM

MasterCard has been feeling the heat of Bitcoin for over a year now. Bitcoin has become big enough worldwide so that it can no longer be ignored as a viable payment option and currency. In a state-of-the-business interview with the International Business Times, Ann Cairns, president of international markets for MasterCard was asked directly about Bitcoin and how it compares to MasterCard.

Here is what he said :

Quote

"Bitcoin in its current incarnation is slow in the sense of being able to do a transaction and have it properly authenticated, which can take quite a few minutes. It doesn't really work in today's fast-paced shopping environment; even more so in train stations and so on when you have got millions of people trying to go through turn-styles – there you need real-time, instantaneous authentication, and delivery.”

Full article : http://cointelegraph.com/news/115390/mastercard-exec-bitcoin-doesnt-really-work-in-todays-environment

Come on guys , tell me what you think about this Roll Eyes

Pretty sure you have a lot of stuff to say .

but mastercard doesn't authenticate instantly..
infact most people dont see funds disapear from their bank account for upto 3 days..

what mastercard does is guarantee the merchant upto $100 when customers use contactless technology.. so it doesnt matter if there is no funds in the bank account of a customer. mastercard just hits the customer later on when they get their statements, with charges if funds were not available.

these days it is not cheap to buy a ticket at the turn-styles and alot of people pre-buy tickets or even buy season tickets. even bitcoin can buy these without issue and the customer can store the receipt on their phone which turn-styles then reads. so i see it as a non-issue. unless you just dont care about costing yourself extra money, in which case stick with mastercard and be afraid of card cloning or NFC readers (21st century pickpocketers)

DarkHyudrA

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English <-> Portuguese translations

Nice, more bs from MasterCard.
And well, although using BTC avoids some transactional taxes, in the end we need fiat to live, so its a bit regulated for itself.
We don't need and don't want a BitLicense to make something so great to become another useless tech because it got banned.

It remembers me all of that Uber stuff, everyone likes it, except the ones that are afraid of competition.

Denker

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Bitcoin is slow? What the hell is this guy talking about. The transactions are almost instantly. It's the settlement what needs 6 confirmations. Mastercard will experience in the future how it feels to become obsolete. It will not happen tomorrow or next year but it is inevitable if they do not adapt.

neoneros

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It does work, as I have purchased several items online for which I would normaly use my creditcard. Payment was instant and confirmed as being recieved, not confirmed in the chain, but at those relative small amounts it would be futile to wait for confirmation or go in lengths for me to try and double spend it, it does not give me insurance on the stuff I bought, but the security of the blockchain is incomparable to the flawed creditcard which has a whole workforce working to handle creditcard fraud. Bitcoin does not need that workforce, for it is more secure. it does lack some other things, like the insurance, but that just goes to show we need more trust in this world, or rely on trustlessness of networks and marketplaces.

Mickeyb

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Quote from: Lauda on October 08, 2015, 01:50:50 AM

Quote from: Mickeyb on October 07, 2015, 03:49:54 PM

He is talking about Bitshares guys and their new plan that they will have 1000 TPS and 3 second block times, thus they will be able compete with Visa and Mastercard.

I don't even know what to think about this Bitshares thing, they have changed their plans, supply, block times, TPS, etc at least 3 times in history so far. There is no wallet for Bitshares over a year, yet they keep promising and not delivering anything!

That is possible. However, Bitshares is not Bitcoin 2.0. There is no such thing as Bitcoin 2.0 it is just a marketing scheme.

Quote from: ebliever on October 07, 2015, 04:10:52 PM

I have a MasterCard credit card that has been replaced five times now in the last three years due to security compromises and hacks (only once due to an error on my part). Credit cards don't really work in today's environment.

Exactly. They are not even nearly as secure as they should be. There were countless hacks and whatnot. Interestingly these cases are rarely in the mainstream media. I wonder why? Roll Eyes

Trust me, he's talking about Bitshares but he is just using analogy that the, will be next Bitcoin 2.0. They are screaming all over the places lately with these 3 sec blocks and 1,000 TPS things.

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Quote from: christycalhoun on October 07, 2015, 02:21:01 PM

Well businesses can set up some sort of internal transaction system instead of relying on the actual blockchain for quick micro transactions.

Yes, shoppers can register with the service provider and deposit their bitcoin first then use the bitcoins. Mastercard can also be part of the game. They can treat bitcoin as a currency, not just a monetary system.

NorrisK

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Quite funny how they take this defensive stance against bitcoin, while they probably know they will lose a significant market share in the future just because of it.

Personally, I have never had to wait for any confirmations on any purchase I did at any local shop ever. Just scan the QR, press pay and walk away. Not that time consuming imo.

smoothie

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LEALANA Bitcoin Grim Reaper

Today sure...but no one knows what is going to go on tomorrow.

Spoken like a true tunnelvision-ist

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Terminated.

Quote from: Mickeyb on October 07, 2015, 03:49:54 PM

He is talking about Bitshares guys and their new plan that they will have 1000 TPS and 3 second block times, thus they will be able compete with Visa and Mastercard.

I don't even know what to think about this Bitshares thing, they have changed their plans, supply, block times, TPS, etc at least 3 times in history so far. There is no wallet for Bitshares over a year, yet they keep promising and not delivering anything!

That is possible. However, Bitshares is not Bitcoin 2.0. There is no such thing as Bitcoin 2.0 it is just a marketing scheme.

Quote from: ebliever on October 07, 2015, 04:10:52 PM

I have a MasterCard credit card that has been replaced five times now in the last three years due to security compromises and hacks (only once due to an error on my part). Credit cards don't really work in today's environment.

Exactly. They are not even nearly as secure as they should be. There were countless hacks and whatnot. Interestingly these cases are rarely in the mainstream media. I wonder why? Roll Eyes

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