Thanks for the Patreon link, joined! Although I disagree with the exaggerations of what the tech can do, Andreas has done more good for the community than most.
Let’s not forget that those credit card transactions practically include a blood sample, fingerprint, and DNA profile (within the transaction data) in an ‘attempt’ to prevent fraud.
Disregarding the exaggeration here, I have submitted more personal information to crypto companies than any other financial institution. And before “but that’s because these companies are operating in the ‘legacy system’”, well my whole premise is that the “legacy system” is not going away and I have not seen anyone illustrate the process the world will undertake to migrate to full-blockchain and “leave fiat behind”. I have seen people deride the existing system and puff up the crypto-dream, but no one talk about how the world moves realistically from A to B, given that all financial instruments that exist today that do not require CR are more efficient than the blockchain.
Additionally, a $0.69 pack of gum would probably only cost $0.66 if the price were not increased by the seller to mitigate the fees charged by the credit card (CC) network.
This is conjecture. However, if true, it is akin to the lightning network needing fees to pay the LN hubs. We are going to have to pay a premium to incentivize the participating hubs.
There is no incentive for traditional payment networks to ‘fix’ or change the fees in any way other than, ‘more in their favor’.
The incentives are competing credit card networks. MasterCard exists to “keep VISA in check” so to speak.