Dan Romero on Warpcast

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Colin Johnson 💭 pfp

Colin Johnson 💭

How’s this not the biggest crypto unlock of the year? @base and Square need to partner up on this. Face ID -> NFC Tap -> Xfer USDC 2.75% saved for small merchants. Goodbye Visa. Goodbye networks. https://9to5mac.com/2024/08/14/apple-nfc-chip-iphone-ios-18-1/

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Dan Romero pfp

Consumers get 1-3% cash back when they use a credit card. And chargeback protection.

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Colin Johnson 💭 pfp

Colin Johnson 💭

Rewards programs are pretty easily replicated on chain - chargeback protection is one of the few instances where a middleman really is hard to beat.

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jacopo pfp

onchain you don’t need chargebacks + with slice you can get cash back and a lot more cards will eventually become obsolete

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Ryan J. Shaw pfp

Chargeback protection is for merchants; I think you mean dispute rights here. Crypto can replicate the cashback and dispute rights if they charge a service fee; realistically, crypto processors charging no service fee will never happen (?). So the real question is whether that crypto processor fee will be materially less than the traditional CC processors - the trads have enormous economies of scale, and have a massive headstart on capital investment, and so can manage with a lower operating margin now. Another, more likely possibility: service fee to merchants will be the same, but the rewards to customers will be higher for using a crypto-backed card. Which makes sense, because I don't see merchants caring what cards are supported provided the service fees are less than or equal to VISA/MasterCard.

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ashesfall.eth pfp

People seem to want to not understand it… that the card cartel serves the shoppers of the upper middle class. You can try and go to war with Visa (it’s justified, surely) - but it’s a war on behalf of merchants, a war against consumers, and it will never have widespread appeal. Crypto is great, but people love CC

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Lambis.eth pfp

That’s a very US-centric view. Cashback and credit card usage is not ubiquitous

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MetaEnd.degen🎩🚨 pfp

MetaEnd.degen🎩🚨

In the US maybe, but where I live we get nothing

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Chaotic Monk pfp

No cashback in EU. Credit Card culture is non-existent here (Germany POV)

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Barry. pfp

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Michael Depetrillo pfp

Michael Depetrillo

I've never used a credit card because I get cash back. I have 5 cards from all the major banks and none of them offer it. It's almost entirely convenience for me. Chargeback protection is valuable, but is also a necessity from how easy it is to steal access directly from the card.

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schorn.eth 🎩 pfp

schorn.eth 🎩

Onchain credit feels like it will be the big unlock.

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