Mastercard To Allow Banks To Offer Crypto Credit and Debit Cards (bloomberg.com) 36
Mastercard is making it easier for banks to offer cryptocurrency rewards on their credit and debit cards as part of the payment network's recent embrace of digital currencies. From a report: To pull it off, Mastercard has inked a deal with Bakkt, the cryptocurrencies firm that spun off from Intercontinental Exchange earlier this year, according to a statement Monday. As part of the changes, Mastercard will also make it easier for consumers to spend the cryptocurrency rewards they earn at the millions of retailers on the firm's network. "Together with Bakkt and grounded by our principled approach to innovation, we'll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences," Sherri Haymond, executive vice president of digital partnerships at Mastercard, said in the statement.
Re: (Score:2)
It's the least of the problems and probably a response to the massive printing of dollars that is being done right now.
No, Bitcoin dies when the fools lose interest (Score:2)
Bad sign that I've lost interest in Bitcoin?
Any sufficiently bad technology is indistinguishable from a magic money machine touted by some fools.
I'd rather invest in your perpetual motion machine.
And as regards this story: No, I'm not at all surprised that some so-called bankers and self-proclaimed masters of the universe want to get their beaks wet before the scam implodes. For lack of interest.
When the buzz dies down, so does Bitcoin and all its crypto-pals.
Re: (Score:1)
Help me understand this: Say I buy UK Pounds with with US Dollars and let it sit in the account. Have I lost money?
Also, when we can buy stuff with bitcoin, why should we exchange bitcoin to USD? Can't I spend the bitcoin directly if the Seller is willing to take it as payment? Cue the houses being sold in London for bitcoin.
What do you mean cash out? The tickle of acceptance might fizzle out or.... turn into a tsunami in which case, the US Dollar might even become just one more currency used in the US.
How is this different from "air miles" funny money (Score:2)
How issuing crypto reward points any different from issuing "air miles"?
If anything air miles is a private, coupon...
Crypto is at least independent, and has value on it's own.
I see this as the big credit players finally capitulating...
Instead of using their private currency "air miles" they are now allowing an independent "points" coupon instead.
My point being if you collect "air miles" you shouldn't be making fun of those of who collect cryptocurrency tokens...
The real value of "air miles" and crypto (and
Re: (Score:2)
Nope, absolutely not.
It's Mastercard seeing a way of pocketing the rewards when they eventually become worthless.
Think about it. If every time you buy something you got a fraction of a cryptocoin at the value it's at without exchanging anything (rewards cards are usually 1% of cash value), that costs them literately nothing but how much cryptocoins they are presently holding. When the coins eventually become worthless, who's holding that worthless coin? You are.
On the plus side, you can also just sell the c
Re: (Score:2)
Re: (Score:2)
Just buy stuff with crypto when it's at 60.000$ and pay it back when it's at 200.
Beanie Babies (Score:2, Insightful)
If banks and credit card companies can somehow offer rewards in the form of beanie babies, it would be financially irresponsible if they didn't make that an offer to their customers. If they are merely custodians of the beanie babies and issue beanie babies as rewards, regardless of the value of beanie babies, they just have to provide you with the actual beanie babies. What you do with it, smoke it, sell it, eat it, burn it, toss it, whatever, that is up to you. If they go up in value great. If they decrea
Re: (Score:3)
At least beanie babies can be set on a shelf to look cute. The crash from all this will be spectacular.
Re: (Score:2)
The crash slashdot constantly predicts but hasn't happened?
Re: (Score:3)
Pyramid schemes can last for decadse before they collapse. Enron lasted so long, it was considered a safe investment. Bernie Madoff's pyramid scheme lasted 50 years and was considered a safe operation as well until whistleblowers revealed it was all a fraud.
Heck, the whole financial crisis of 2008 started in the 70s.
Things with backing of major corporations will probably last a lot longer than you think.
Don't be surprised if you're going to be payin
and the tax parts? crypto fees? (Score:3)
will get crypto when you buy something or only when you redeem it?
and when you redeem it is the exchange rate locked at that time or when they for-fill it?
Re: (Score:2)
LOL. Imagine if people used cryptocurrencies to purchase things. That'd be new.
Evil black markets (Score:3)
The horror! Hoffa must be rolling over in his unknown grave at this gross transfer of power to organized crime.
Re: (Score:3)
So, transaction fees ++ (Score:2)
Ironic giveaway. (Score:3)
Ironic for a business to promote a competitive product that will someday make that same business irrelevant. It shows you how un-threatened Visa and MC feel about crypto. With each floppy disk purchase: a free flash drive!
Exactly like Satoshi's vision (Score:2)
I'm sure Mastercard being involved in the process really aligns well with the original Bitcoin vision of "trustless" transactions between two parties on the Internet.
Now that there's money to be made from all the suckers buying and selling, it is totally unsurprising to see Mastercard try to insert themselves in the value chain. They can leverage their enormous networks, do basically nothing, and earn money on trading behaviour - even more than they presumably already were with people buying cryptoassets on