MasterCard makes the case that it’s safer and faster than Bitcoin! LOL - page 3.

Hazir

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Quote from: odolvlobo on June 11, 2015, 04:21:08 AM

Quote from: S4VV4S on June 11, 2015, 02:41:23 AM

Quote from: Tomatocage on June 10, 2015, 04:29:35 PM

If MasterCard is safer and faster than Bitcoin, why are they pushing for regulation? They should have nothing to worry about.

I understand that most members of the forum disagree with what MasterCard said, but I will agree with them, up to a point.
To elaborate, they are safer for the average Joe to use and they are definitely faster for the average Joe to use.

You are confused. A credit card is not faster in any way

The consumer experience:

Bitcoin: Scan a QR code. Press SEND. Done.
Credit Card: Give the cashier the card. Show identification. Wait for the slip to print. Sign the slip. Get the card back. Done.

The merchant experience:

Bitcoin: Wait for 1-6 confirmations. You have your money.
Credit card: Wait until the end of the month. You might have your money. Wait 9 months. You have your money.

That is true if you are receiving instant bitcoin confirmations. But we all know that confirmation can take couple minutes, and there is always a risk of double spending during that time.
So what will you do? Stay near the cashier for 10 minutes waiting for confirmation?

Unbelive

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Quote from: randy8777 on June 10, 2015, 05:32:04 PM

i really think at some point they will embrace bitcoin in some way that they are also getting a benefit from it. it's a wise option. no reason for them not to do it.

I agree.
Everyone will not just they.
At some point everyone will need to board a train or be left behind. No one of big players will risk that.

MUFC

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Quote from: achow101 on June 10, 2015, 04:42:51 PM

MasterCard is most definitely not safer that Bitcoin. Sure there have been many companies related to Bitcoin have their Bitcoin stolen, but those companies had their Bitcoin stolen through poor security on their end, not Bitcoin. Also, it is much easier to steal someone's credit card and card it than it is to steal Bitcoin. To steal Bitcoin, one must compromise the target's computer, find the wallet, decrypt the keys, and spend the Bitcoin. On the other hand, stealing a CC can be as easy as sending someone to a phishing site and stealing the info. Credit Cards are definitely not safer than Bitcoin because of their susceptibility to theft.

You first need to define safer. Regardless of a sites or persons lack of security if you have your bitcoins stolen they're gone for good, but if you have your card or money from your account stolen there's a good chance you can get that money back. Bitcoin may have its positives but so do credit cards at the end of the day.

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Quote from: lemipawa on June 10, 2015, 06:00:37 PM

Quote from: countryfree on June 10, 2015, 05:55:59 PM

I guess they are right. Mastercard is faster, since getting approval for a payment takes only seconds, and somehow, it's safer, too.

Same with Bitcoin. Bitcoin transactions occur very quickly, just like Credit Card transactions. In fact, Bitcoins does not have chargebacks (double spends) as soon as it is confirmed, about 10 minutes from broadcast. Credit Cards on the other hand can be charged back for up to 180 days.

+1

Quote

The approval is just like accepting an unconfirmed transaction, except merchants can trust MasterCard to mediate disputes, whereas with Bitcoin someone can attempt a double spend whenever they want.

No, neither MC nor Visa will help much: the cost of the fraud is borne by the merchant in almost all cases. Even with a mechanism like 3D secure, there is no systematic liability shift.

I would simply add that a point-of-sale double spend attack becomes impractical after 5 seconds or so, when a vast majority of nodes have caught the initial transaction.
A successful attack requires mining and/or isolating the store from the network with rogue nodes.
The cost of launching a successful attack like that is greater than the cost of using a stolen card or fake dollar bills.

Ingatqhvq

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Quote from: Denker on June 10, 2015, 05:29:36 AM

Quote

MasterCard is lobbying the UK government for increased regulation of bitcoin and other digital currencies that pose a threat to its legacy credit-cards business, as it tries to adapt to the transformation of a payments industry long overdo for change.

“In the current environment we feel that the risks of digital currencies outweigh the benefits,” the company wrote in strongly worded letter, obtained by digital currency website Coindesk, in which MasterCard asks the UK government for more regulation of crypto currencies.

Quote

We would argue that, when compared to MasterCard’s network, the claims pertaining to the speed and safety of digital currencies does not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks.

Additionally, while digital currency transaction costs are currently lower, this is because providers of digital currency services do not currently bear any compliance costs, whereas providers of other forms of electronic payment bear the cost of complying with consumer protection laws and anti-money laundering laws.

http://qz.com/423739/mastercard-makes-the-case-that-its-safer-and-faster-than-bitcoin/

What a bunch of pussies are working in that company. Cheesy

MasterCard may be faster than bitcoin , but it can't be safe than bitcoin.
Mastercard is totally different thing compare bitcoin. Bitcoin is the real future of the current.

evok3d

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ahahah i read this today and good to know it was on the forum. I think they did this more for the general public and their investors - who i am assuming have no idea how the bitcoin network operates - so that they remain noble in their eyes. A pity attempt nevertheless. This could be a sign of weakness, which they surely are when compared to bitcoin.

Oh well, you cant blame them for trying i guess. I wonder if there is a way to point out their lies within the statement and get a response?

odolvlobo

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Quote from: S4VV4S on June 11, 2015, 02:41:23 AM

Quote from: Tomatocage on June 10, 2015, 04:29:35 PM

If MasterCard is safer and faster than Bitcoin, why are they pushing for regulation? They should have nothing to worry about.

I understand that most members of the forum disagree with what MasterCard said, but I will agree with them, up to a point.
To elaborate, they are safer for the average Joe to use and they are definitely faster for the average Joe to use.

You are confused. A credit card is not faster in any way

The consumer experience:

Bitcoin: Scan a QR code. Press SEND. Done.
Credit Card: Give the cashier the card. Show identification. Wait for the slip to print. Sign the slip. Get the card back. Done.

The merchant experience:

Bitcoin: Wait for 1-6 confirmations. You have your money.
Credit card: Wait until the end of the month. You might have your money. Wait 9 months. You have your money.

S4VV4S

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Quote from: Amph on June 11, 2015, 02:47:21 AM

Quote from: funkenstein on June 10, 2015, 11:50:21 PM

Is Mastercard also safer and faster than USD?

what you're talking about, mastercard is just the circuit, on which fiat travels through, they should've point their finger to the blockchain instead of bitcoin, because that's the right comparison between mastercard/visa and bitcoin world

That is indeed true.
The are pointing at Bitcoin because it is decentralized and they cannot manipulate/control it.
So they try to pass regulations to it.

Amph

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Quote from: funkenstein on June 10, 2015, 11:50:21 PM

Is Mastercard also safer and faster than USD?

what you're talking about, mastercard is just the circuit, on which fiat travels through, they should've point their finger to the blockchain instead of bitcoin, because that's the right comparison between mastercard/visa and bitcoin world

S4VV4S

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Quote from: Tomatocage on June 10, 2015, 04:29:35 PM

If MasterCard is safer and faster than Bitcoin, why are they pushing for regulation? They should have nothing to worry about.

I understand that most members of the forum disagree with what MasterCard said, but I will agree with them, up to a point.
To elaborate, they are safer for the average Joe to use and they are definitely faster for the average Joe to use.

That is their only advantages over Bitcoin (for the moment).

And they are pushing for regulation because they own the law.
Do you have any idea how much money they spend to keep the engine well oiled up?

Jakez

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In the security wise Master or Visa they can't never really adopt a better secure system than the crypto world. Even they introduce many secure systems each one failing apart without a success story. We seen many major shops hacked and stolen plenty of data.

funkenstein

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Quote from: ajareselde on June 11, 2015, 12:31:18 AM

Maybe they were referring to safety as in; you can make a claim on your lost/stolen/hacked funds from Mastercard, where with bitcoin you are screwed, with noone to help you.
I don't like MC or any similar company, don't get me wrong, but for now, i must agree that they indeed are safer to end user than bitcoin is.

cheers

Dandelion fluff is safer than bitcoin, because you can't lose money just by staring at a flower.

Also firemen are safer than bitcoin because fires are dangerous.

Now can anybody in this thread please tell me why you are comparing an escrow company with a unit of account?

Kprawn

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We have to make something clear here... Are they comparing the Mastercard credit card or the NEW tech {MasterPass / MasterPay} with Bitcoin?

http://gulfbusiness.com/2014/11/mastercard-launches-new-digital-payment-system-masterpass-uae/

I know they are working on a cheaper alternative, and they have released something, but I cannot seem to find it now.

They are in "panic" stage now... because they ignored Bitcoin as a threat for far too long. {Arrogance} They should not look for excuses to justify their shortcomings and blame Bitcoin, because it does not adhere to AML/KYC regulations. {Most people use 3rd party services, that has to adhere to it too anyways}

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Quote from: achow101 on June 10, 2015, 04:42:51 PM

MasterCard is most definitely not safer that Bitcoin. Sure there have been many companies related to Bitcoin have their Bitcoin stolen, but those companies had their Bitcoin stolen through poor security on their end, not Bitcoin. Also, it is much easier to steal someone's credit card and card it than it is to steal Bitcoin. To steal Bitcoin, one must compromise the target's computer, find the wallet, decrypt the keys, and spend the Bitcoin. On the other hand, stealing a CC can be as easy as sending someone to a phishing site and stealing the info. Credit Cards are definitely not safer than Bitcoin because of their susceptibility to theft.

Maybe they were referring to safety as in; you can make a claim on your lost/stolen/hacked funds from Mastercard, where with bitcoin you are screwed, with noone to help you.
I don't like MC or any similar company, don't get me wrong, but for now, i must agree that they indeed are safer to end user than bitcoin is.

cheers

BlackMachine

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Quote from: lemipawa on June 10, 2015, 06:00:37 PM

Quote from: countryfree on June 10, 2015, 05:55:59 PM

I guess they are right. Mastercard is faster, since getting approval for a payment takes only seconds, and somehow, it's safer, too.

Same with Bitcoin. Bitcoin transactions occur very quickly, just like Credit Card transactions. In fact, Bitcoins does not have chargebacks (double spends) as soon as it is confirmed, about 10 minutes from broadcast. Credit Cards on the other hand can be charged back for up to 180 days. The approval is just like accepting an unconfirmed transaction, except merchants can trust MasterCard to mediate disputes, whereas with Bitcoin someone can attempt a double spend whenever they want.

Transactions still can be reversed if the transaction sender owns 51% of the network and executes the attack. Judging by the current network size, it isn't feasible.

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Is Mastercard also safer and faster than USD?

dKingston

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absolute rubbish! safer for the consumer maybe, and safer for fraudsters definitely, but not safe for the merchant at all

lemipawa

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Quote from: countryfree on June 10, 2015, 05:55:59 PM

I guess they are right. Mastercard is faster, since getting approval for a payment takes only seconds, and somehow, it's safer, too.

Same with Bitcoin. Bitcoin transactions occur very quickly, just like Credit Card transactions. In fact, Bitcoins does not have chargebacks (double spends) as soon as it is confirmed, about 10 minutes from broadcast. Credit Cards on the other hand can be charged back for up to 180 days. The approval is just like accepting an unconfirmed transaction, except merchants can trust MasterCard to mediate disputes, whereas with Bitcoin someone can attempt a double spend whenever they want.

countryfree

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I guess they are right. Mastercard is faster, since getting approval for a payment takes only seconds, and somehow, it's safer, too. The Evolution dark market which vanished with $12 million: this couldn't have happened if all payments had been with Mastercard.

Now, I don't work for MC, and I'm a huge BTC supporter but I don't criticize Mastercard, nor Visa, they offer good service, too. There should be a model for BTC, and I believe BTC still has to learn from credit card companies.

randy8777

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i really think at some point they will embrace bitcoin in some way that they are also getting a benefit from it. it's a wise option. no reason for them not to do it.

Topic: MasterCard makes the case that it’s safer and faster than Bitcoin! LOL - page 3. (Read 4104 times)