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Title: 2012-10-26 Forbes.com: Generic Viagra Industry Is Pro-Choice In Payments Post by: iain on October 26, 2012, 05:49:46 PM EDIT: merged into Stephen Gornick's similar thread. (I can't delete my own topic starting message - moderators please delete.)
http://www.forbes.com/sites/jonmatonis/2012/10/26/generic-viagra-industry-is-pro-choice-in-payments/ Jon Matonis discusses payment processors' attack on merchants who step outside the sandbox of transaction types the processors consider legitimate. He points out something also pointed out by Peter Surda at the recent London Bitcoin conference: all this effort at control only increases the overall awkwardness to merchants of using these traditional payment channels, and can be expected to accelerate the adoption of methods to route around them, such as Bitcoin. (Peter was talking about AML/KYC efforts increasing the transaction costs of using the banking system, not "transaction type monitoring" efforts doing the same to the payment processor network, but the punchline is the same in both cases: the comparative advantage of Bitcoin is improved.) |