Maybe the idea of BTC was fine. What wasn’t fine is the idea of mining.
And maybe payments over the Internet or over PSTN are fundamentally different from messaging, conferencing, downloading files, all that stuff.
But what’s important is the ability to pay for a service with something resembling cash IRL in the sense that an ATM machine from which you took that cash can’t take it back because you are paying for an adult journal with it.
But at the same time how can there be so few payment processors that they can affect a platform’s decision to do a kind of business?
That’s where we should look. Why is it hard to be a payment processor.
That “treated like a utility” approach involves reliance upon the state, which is sometimes controlled by the hostile parties. This is what I don’t like in Internet political discussions, such solutions feel as if they assumed that you make it good once and it remains good.
That’s where we should look. Why is it hard to be a payment processor.
Because you essentially need a global presence to at all be worth using. That is why it is a joke that NOBODY accepts American Express and only the shadiest of international ATMs accept Discover (saved my ass in Germany back in the 10s though)
You are literally saying that we need to look at why there aren’t more global mega corporations.
I am an artist in OtherCountry. You want to buy art from me. How do you do it?
Physical money? Okay. You now need a way to track that YOU sent 40 bucks in the mail and that I received 40 bucks in the mail and that is (at least) two different national postal services involved. And now I need a way to convert 40 YourLandia dollars into OtherCountry pounds. AND we need to make sure all of that happened quickly enough that exchange rates didn’t meaningfully change
Digital money? Who is running the site? How many different sites do I need to have accounts on to accept payment from all the countries I want to sell to?
At the end of the day: For any transaction that is not face to face transfer of hard currency (and even then but…), you need an intermediary that both parties trust. Payment processors are that intermediary. Sometimes they are the person taking my IOU and turning it into money so that you can give me a hamburger. Sometimes that is effectively a courier making sure your money gets to me no matter where on the planet we are.
It is what lets us have transactions that aren’t “Okay, you drop your armor and I’ll drop my money and then we’ll slowly change places and… who the fuck just ran out of the bushes to steal the money I put down while waiting for you to put down your armor? And why are you now both doing the Carlton?”
Maybe the idea of BTC was fine. What wasn’t fine is the idea of mining.
And maybe payments over the Internet or over PSTN are fundamentally different from messaging, conferencing, downloading files, all that stuff.
But what’s important is the ability to pay for a service with something resembling cash IRL in the sense that an ATM machine from which you took that cash can’t take it back because you are paying for an adult journal with it.
But at the same time how can there be so few payment processors that they can affect a platform’s decision to do a kind of business?
That’s where we should look. Why is it hard to be a payment processor.
Payment processing should be treated like a utility.
That “treated like a utility” approach involves reliance upon the state, which is sometimes controlled by the hostile parties. This is what I don’t like in Internet political discussions, such solutions feel as if they assumed that you make it good once and it remains good.
It doesn’t necessarily mean it needs to be ran by the state.
Because you essentially need a global presence to at all be worth using. That is why it is a joke that NOBODY accepts American Express and only the shadiest of international ATMs accept Discover (saved my ass in Germany back in the 10s though)
You are literally saying that we need to look at why there aren’t more global mega corporations.
I’m going to be really dumb
Why does a payment processor need to exist?
I am an artist in OtherCountry. You want to buy art from me. How do you do it?
Physical money? Okay. You now need a way to track that YOU sent 40 bucks in the mail and that I received 40 bucks in the mail and that is (at least) two different national postal services involved. And now I need a way to convert 40 YourLandia dollars into OtherCountry pounds. AND we need to make sure all of that happened quickly enough that exchange rates didn’t meaningfully change
Digital money? Who is running the site? How many different sites do I need to have accounts on to accept payment from all the countries I want to sell to?
At the end of the day: For any transaction that is not face to face transfer of hard currency (and even then but…), you need an intermediary that both parties trust. Payment processors are that intermediary. Sometimes they are the person taking my IOU and turning it into money so that you can give me a hamburger. Sometimes that is effectively a courier making sure your money gets to me no matter where on the planet we are.
It is what lets us have transactions that aren’t “Okay, you drop your armor and I’ll drop my money and then we’ll slowly change places and… who the fuck just ran out of the bushes to steal the money I put down while waiting for you to put down your armor? And why are you now both doing the Carlton?”
Hmmm. Something still isn’t clicking in my head.