Bitcoin Forum

MasterCard has just announced that Bitcoin is no good, last one to leave turn out the lights. LOL.

http://www.coindesk.com/mastercard-digital-currencys-risks-outweigh-the-benefits/

Huh! LOL. Of course MasterCard would attack Bitcoin, Bitcoin is competing with them, and they don't want to lose customers to Bitcoin.

To be fair with this type of introduction to master-card it will be a hard process to get them to accept it. Maybe Visa will see the light of Bitcoin but still it is early days to day end of for cards to start accepting it.

One of the main use of Bitcoin is an alternative to MasterCard & VISA. And you expect them to call it good ?

Ha, so if MasterCard is out, you're out? Why?

I wouldn't stress the opinion of MasterCard, they're certainly not a leader in or leading innovation in payment processing. They could have determined that it's too expensive for them to get into so rather than say "we're weak and not going to pursue it" they're saying "it doesn't look good."

There would have to be many more firms saying "this is no good" with EVIDENCE for me to take an exit.

Have some faith!

I was kidding I think its funny that MasterCard has decided that they are better than bitcoin.

They have no clue

OMG!!

Run for your life! See my signature for your only hope of saving anything! ;)

They don't have to be a competitor. MasterCard is nothing more than a payment processor. Bitcoin could easily fit their business model. Just imagine. MasterCard could be a pioneer and in the process, surpass VISA. Are you listening MasterCard?

That would require thinking more than ONE month into the future.

In other news, bicycle messengers in the early 90s declared email to be a useless nerd tool that would never catch on.

http://www.velojoy.com/wp-content/uploads/2012/05/Bike-Messenger-Neil.jpg

The industry survives today, barely.

delivering miners

The global market is changing. New technology and business module are coming out every day. If you don't act, you will be left behind forever.

I don't think it's a big surprise that Mastercard would take a stance against Bitcoin.  It fits the normal corporate model to reject something new out of fear of losing existing business.  Adopting a model with cheaper transactions would cannibalize some of the revenues they currently make.

Bitcoin is not much good for payments so this doesn't bother me. I have always looked at it as some form of gold which is easy to keep and transfer.

A competitor of Bitcoin saying it's no good, not surprising at all. It's good though that they bothered enough to give it a review. However,  I do think that in time the Transaction fee might increase as more restrictions are put in and maybe miners will ask to increase the Tx fees as the mining becomes less profitable after halvening.

Mastercard has convinced me that freedom from a greedy intermediary is not good for me. Guess it's time to give up these grand ideas.

Nothing new here, at least for me. These Mastercard guys have been bad mouthing on Bitcoin for the last 2-3 years or so, and I don't think that any of us take them seriously anymore. In my honest and humble opinion, first, they should protect their marketshare against Visa and American Express rather than bothering about BTC.

The really stunning thing would be if they had admitted anything good about bitcoin. As it is their comments smack of desperation. They can see the handwriting on the wall.

They will bash Bitcoin, because they opened up a competing technology. I think it is called MasterPay.
They are in the attack phase now, because the ignore strategy did not work. We are not going away, and we will disrupt their business model. Uhmmm we already did, for them to come up with this new instant payment system.

MasterCard has no idea what it's talking about.

they are starting to have fear apparently, this is good, because it mean that bitcoin is growing above the niche market that was sorrounding it until now, the more fear they will have the more chances that many other will join bitcoin

i believe that Visa is thinking the same...

If the competitors said something bad to Bitcoin, it means they was lost and couldn't do anything to facing it. Just wait and let's see how bitcoin developing.

lets talk about how many credit cards are being hacked! story from CNN (http://money.cnn.com/2015/04/29/technology/credit-card-machine-hack/index.html)

currently over 90% of credit card readers currently use the same password. with having this password an attacker can gain complete control of a store's credit card readers, potentially allowing them to hack into the machines and steal customers' payment data .

What bryant.coleman said. Every so often, for years now MC sends a little FUD out there, they probably have a guy copy-writing "news releases" just one of his tasks along with penning promoted tweets and getting the middle managers coffee 

So what is then with Bit-x Bitcoin debit card? https://bitcointalk.org/index.php?topic=1006153

I thought they are connected to MasterCard. Master card logo is printed on their Bitcoin debit card. Not in that ANN, but on the one i had in my hands.

lol
And we don't know what will be happened to Bit-x, since the Master Card logo seem so suitable with the signature.

While I do agree that most of what their arguing isn't particularly well substantiated nor does it seem odd given that Bitcoin is basically a competitor to them (unless somehow and some odd reason they'd want to integrate it) I found this quote to be rather interesting.


Would consumer protection and AML really lead to increased cost (i.e. by business charging more) - or is that just BS from Mastercard?

Meanwhile in real life:

https://blog.xapo.com/announcing-xapos-advisory-board/


That's right. Keep dumping your cheap coins, the mastercard guy will eventually backpeddle and get on Bitcoin when you already sold, just like everyone else.

other than being used for payments mastercard/visa and bitcoin have nothing in common.  who cares if they dont like it.  its not going anywhere.

Yes of course the competitors of bitcoin will attack it as the competitors views bitcoin as a threat to their potential customers and have a fear of loosing them as more and more people will start adopting bitcoin and doing a negative publicity about the competitor is not a new thing.

In the future Bitcoin will be a direct competitor with mastercard/visa because it can steal traffic from them. Why would you pay with a credit card when you can do it with Bitcoin at lower fees and worldwide.

The fear is already started for the mastercard as they have fear of loosing their customers to the bitcoins and I believe that if the competitor is saying bad about his competitor then the the product (bitcoin) is on the safe and right path and the future will take care of the rest.

Excellent.  I can hear them quaking in their boots.  Most people don't realize just how expensive it is to use credit cards.  IF they did then the cards would go out of business overnight.

Mastercard has always attacked bitcoin, but it is obvious,if bitcoin succeed they would lose a lot of money

Yeah because bitcoin will take over MasterPay, Paypal and other method that you can use. Because bitcoin is NOW the easiest way to transact a digital money.

not only lower fees, but lower general cost, with bitcoin you don't anything to sustain your wallet, with master card you pay just because you're holding their credit card/debit card or whatever it is

not to mention that bitcoin is a global currency with master card and visa you need to add additional fee for conversion from one fiat to another

this two thing alone should encourage people to adopt bitcoin, there is only the security issue left..

Bitcoin is more than a currency with it's innovation and revolutionary feature which gives freedom of use without any limitation all other oldies fiat currency method has limitation, Bitcoin is the best in all field when go to compare it with old payment method so there is Bitcoin has advantage with bright future.

Hehe, Mastercard can cry more. Bitcoin is the future. They should adapt or step aside.

Well the article is a total sound of desperation. It seems a like a desperate way of trying to keep their customers. LOL

Yes they are scared of loosing their customers and that is the reason why they are commenting negative regarding bitcoin. As more and more people are getting involved into the use of bitcoin it is a threat to mastercard's customers and that is the reason they are yelling loud at bitcoin  :D

I propose anyone who believes in bitcoin and its promise to humanity must stop dealing with Mastercard.

Yeah they know that bitcoin is better than to them. And also you don't need personal information so that you can trade or send a money to some one.

look at this example Cost to merchant for accepting @MasterCard for coffee: 0.30 USD but Cost to accept @Bitcoin: 0.01 USD, that kind of things makes MasterCard in real trouble and they are in big doubt about their future, MasterCard losing their market share because of this amazing crypto currency.

why visa isn't reacting in the same way, as a far as i know they have high fee too, they should discourage the use of bitcoin like mastercard is doing, maybe they are too busy to fight mastercard instead of caring about this...

u drinks the coolaid. Anybody been in corporate world long enough knows that companies adapt and be ruthless if survivial at stake. if btc at any point in danger of taking big chuncks of customner away from mastercard and visa, these compabies will react. they will cut their charge to retailers from your $0.30 down to $0.01 to match btc if they have to, lay off workforce to cut costs, they have most of the infrastruture in place now so can go lean on capital investment for a few years until they ride out the btc threat. Heck, they could even afford to PAY retailers for a short while. Folks, you all think in 2D, the big corps do 3D around ya.

I am not surprise that MasterCard attack bitcoin as bitcoin maybe is the killer of mastercard.
Bitcoin is another thing.
Sure bitcoin is not perfect and there is still a lot of work should be done.
But bitcoin has the potential to replace the falt .

Yes each and every company will attack its competitor when they see it as threat for their businesses and for their potential customers and mastercard did the same as they know that bitcoin is the future currency and can easily replace the fiat once the adoption level goes higher and higher.

this shows that Mastercard and companies like that find bitcoin as a serous threat to themselves that they attacked it this way. after all it is a competition involving millions of dollars every day.

Mastercard is pissed off due to bitcoin and they are really not able how act and react to the situation so they are just getting involved in some unprofessional activities by spreading rumors regarding the bitcoins as they know people would support them as they have more supporters at present as compared to bitcoins.

They only saying that because they don't want to loss their customers and to not their customers use bitcoin.

They are scared of loosing their customers for sure and that is the reason they are making statements like this but the people are more knowledgeable nowadays they are aware what is right and what is wrong so this statement by the mastercard would not affect the people who are using the bitcoins.

Pack it up? Wait for a couple months and you'd see MasterCard trying to buy the bitcoin enterprise.

LOLZ..

No need to pack it up for bitcoin community I think it should go right with the mastercard as they already have started loosing their customers for the sake of bitcoins and why people should pay mastercard for their services as they are getting it almost for free by the bitcoins. BYE BYE Master Card. ;D

Its not an end of mastercard I guess as it is only a payment system and I don't understand why master card is going against the bitcoin as they are also very much aware that bitcoin is not going to affect them much as it is a currency and the people who trust master card will always follow the master card as a mode of payment.

While giving their statement of why bitcoin is bad, Mastercard has a team working in the back room that enables them to process bitcoins as soon as regulators approve it.

Yes and I think master card is scared after looking at the customers of bitcoin as the people are more and more getting involved into the usage of bitcoin that really threatens them and they have a fear of loosing their customers to the bitcoins and it is good sign for the bitcoin customers.

MasterCard is literally a piece of plastic.  US Dollars are literally made out of paper.

Now give me a break.  Your telling me that shit is better than an encoded algorithm?  your CRAZY

Hahahaha...Very rightly said brother..It simply not possible for bitcoin to pack it up and that also for a mastercard. Master card is aware that bitcoin is the future currency and they find it threatning in terms of their profits their customers so they are getting involved in delivering this type of non sense rumors.

I'm wondering, how many mastercards that has been carded by hacker.

It is not possible. Master Card has its own customer base and they will follow master card as they are using its since long period of time and they will never get into bitcoins it is same as people who trust fiat they will go for fiat only they will never experiment with their mode of payment as they trust it and they are used to it.

They only say that because they know that their life are short every day because of bitcoin.

It is never time to "pack it up" as a few of your suggest.  Most of us here understand it is in our best interest to be in it for the long run.  We are not in it for buying and then selling when it is 3 percent up.  It would be nice to all be millionaires and make a crap ton on a 3 percent rise. 

this is a good argument against those who thing that bitcoin is only a money based on some random number, or line of codes


they're already issuing card that work with bitcoin, like the one of bit-x, so i can't understand really their play, maybe it is one of those bad news that want to build the hype

There won't be a day when we as a bitcoin users need to pack up as we are just on the beginning stage at a moment and still we have to travel long way and I don't think this kind of news will affect the users of bitcoin.

Lol..Oh God Please have pity on Master Card Lol..
Bitcoin have made an magical impact in the financial world that even the big whales like mastercard is facing threat from the bitcoins and that is the reason they are distracting the minds of the people by spreading such bullshit news. ;D ;D ;D

Some quality comments in this thread... the net effect is like yelling in the forest for the city folks to turn down the noise... only registered posters on the forum  see the logic.
It occurred to me that we are not utilizing the community to improve our position... or better using  "strength in numbers".
What if there was a large contingency that acted as a watchdog for mainstream media and acting as a group to dispel FUD while promoting the benefits.
Would the banks, and paid cronies be reluctant to spread their negativity if they knew the wrath of the bitcoin community would turn them on their heads?
I'm talking about formulating a union of volunteers that would see their efforts rewarded by improving mass adoption.
Media outlets and advertisers would be more inclined to respond to an organized large community.

I simply disagree with the allegations made by mastercard on bitcoin and it doesn't  provide any valuable information for the society that they should avoid the use of bitcoins or why mastercard is better then bitcoin.

Hhaha they are worrying that their business will gone, because they know that more people used bitcoin than master card because bitcoin is more easier to use than master card and also bitcoin are hard to hacked but master card are so very easy.