MasterCard Exec: ‘Bitcoin Doesn't Really Work in Today's Environment’ - page 3.

notbatman

legendary

Activity: 2212

Merit: 1038

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."

He hasn't figured out yet that it's not feasible to double spend on small amounts! Foregoing the confirmation on small amounts like train fair allows for instant transactions with almost no risk. However, Bitcoin is an online currency and using a brick & mortar comparison really is hurt. Bitcoin has an edge with online transactions, I guess that's why he had to stoop to make his case even then it's a flimsy one at best.

knowhow

hero member

Activity: 560

Merit: 500

Credit cards are geting copyed and spent by anothers persons besides the owner soo saying bitcoin confirmation time that last some minutes isnt proper to the actual time is just an amazing history to tell to childs.
Mastercard are feeling what bitcoin came to do,low fees,more safe then any other processor,and well i guess we cant copy any adress and spent any ammount of the account ,hacking the account will mean know password,2fa and the second password,what mastercard has to offer to us realy?A 4 digits or 6 digits protection and our card can be cloned anywhere? Grin

ebliever

legendary

Activity: 1708

Merit: 1036

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.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

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 .

Well the way I feel is that this mister hasn't really lied, he is telling the truth. Bitcoin at the moment can't really compete with Visa and Mastercard. Will it scale through block size increase or some other solution we will see. Will we be able to speed up confirmation times through some other 3rd party add one is left to see as well. There are people that claim all this is possible, I sure hope so. Bitcoin need to progress a lot more in any case scenario.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

Quote from: Lauda on October 07, 2015, 03:15:41 PM

Quote from: ?? on ??

So if Mastercard hates Bitcoin1.O because of it's confirmation time, It's sure to love Bitcoin2.O with real time globally scalable transactions (plus we can loan or trade Bitcoins for USD/EUR/GOLD on a blockchain without any 3rd party involved)

There is no Bitcoin 2.0, the community can't handle the debate with blocksizes how do you expect one with all those changes to ever go over smoothly?

There is no Bitcoin 2.0, and not even Bitcoin 1.0. However, it is not because of the reason that you listed. Bitcoin is currently v0.11.0 meaning quite far away from 1.0. We can't really know when it will reach 1.0. For this to happen there would need to be a drastic change or improvement of the architecture/something else of great significance.

The development process could go faster though and thus we could shatter their "reasons for which Bitcoin is bad" more quickly.

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!

bitbollo

legendary

Activity: 3276

Merit: 3537

Nec Recisa Recedit

the bitcoin really work when my father can understand and use it without worrying of some aspects that for "us" (more or less young, good education, internet user by a lot of time) are easy and simply...
likewise time for confirmation, no regulation, download tons of giga chain....
More and more these aspetc are regulated and solved more bitcoin can go everywhere, "really work in today's environment".

Lauda

legendary

Activity: 2674

Merit: 3000

Terminated.

Quote from: ?? on ??

So if Mastercard hates Bitcoin1.O because of it's confirmation time, It's sure to love Bitcoin2.O with real time globally scalable transactions (plus we can loan or trade Bitcoins for USD/EUR/GOLD on a blockchain without any 3rd party involved)

There is no Bitcoin 2.0, the community can't handle the debate with blocksizes how do you expect one with all those changes to ever go over smoothly?

There is no Bitcoin 2.0, and not even Bitcoin 1.0. However, it is not because of the reason that you listed. Bitcoin is currently v0.11.0 meaning quite far away from 1.0. We can't really know when it will reach 1.0. For this to happen there would need to be a drastic change or improvement of the architecture/something else of great significance.

The development process could go faster though and thus we could shatter their "reasons for which Bitcoin is bad" more quickly.

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

I don't have time for this exec right now. I am dealing with my corporate master card, which has been duplicated and used to buy groceries in Texas. And he says bitcoin does not work? Oh please, the ancient credit card system is completely broken and plain unsafe to use.

gogxmagog

legendary

Activity: 1456

Merit: 1010

Ad maiora!

And this https://bitcointalksearch.org/topic/2015-10-06-mastercard-bitcoin-will-be-part-of-the-ecosystem-1202180
Flip flop city or just same idea different context? I bet there are all sorts of ideological/technical wars going on in the boardrooms offices and labs over at master card (and every other cc)
Bitcoin. We divide and conquer!

Lol they don't know which way to run!

gentlemand

legendary

Activity: 2604

Merit: 3056

Welt Am Draht

I don't get why Mastercard has such a beef with it. Visa has barely made a squeak and a lot of their former people, when they speak freely, are all for it.

He is totally correct, though. And it also emphasises that they're not comparable at present.

GetClams.com

full member

Activity: 179

Merit: 250

OPERATIVE PHRASE: "...in its current carnation"

christycalhoun

sr. member

Activity: 378

Merit: 250

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

Lauda

legendary

Activity: 2674

Merit: 3000

Terminated.

Transactions are instant and for small purchases confirmations are not really necessary. Besides once we have things light Lightning Network and such confirmations are going to be very fast as well. What are they going to say now? Bitcoin doesn't really work because it is now complicated? Roll Eyes

Quote from: ?? on ??

We won't win until next week when Bitcoin2.O is released hitting the ground running with 1000 TPS / 3 second blocktime capability.

What are you talking about?

OmegaStarScream

staff

Activity: 3500

Merit: 6152

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 .

Topic: MasterCard Exec: ‘Bitcoin Doesn't Really Work in Today's Environment’ - page 3. (Read 2793 times)