Re: Blockchain update
I hate to say it gain, but “network effect”?
Everything you mentiined relies directly/indirectly on credit cards.
Back in 2016 a classmate of mine and CIO of a major bank took me thru the convoluted process of credit card transaction processing that is nothing short of Byzantine.
I’ll try to articulate it:
Credit card transactions for consumers are fast and pain free(win for legacy credit cards)
Credit card acceptability across vast merchant networks(win for legacy credit cards, resilient network effect sitting on top of obsolete process)
but:
Credit card fees fees can be horrendous, especially for pseudo credit card fees used by working poor(big problem for the “billions at the bottom”, hence my focus on the developing world possibly discovering the solution first)
Credit card processing back office is a Byzantine over complicated inelegant mess(big problem for those in the entire processing chain)
Originally posted by touchring
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Everything you mentiined relies directly/indirectly on credit cards.
Back in 2016 a classmate of mine and CIO of a major bank took me thru the convoluted process of credit card transaction processing that is nothing short of Byzantine.
I’ll try to articulate it:
Credit card transactions for consumers are fast and pain free(win for legacy credit cards)
Credit card acceptability across vast merchant networks(win for legacy credit cards, resilient network effect sitting on top of obsolete process)
but:
Credit card fees fees can be horrendous, especially for pseudo credit card fees used by working poor(big problem for the “billions at the bottom”, hence my focus on the developing world possibly discovering the solution first)
Credit card processing back office is a Byzantine over complicated inelegant mess(big problem for those in the entire processing chain)
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