mastercard attacking Bitcoin

[mearylll]

I agree. Any attack on Bitcloin by MasterCard is good in my books. Bitcoin has so many advantages the credit card companies are on their way out. Interest rates are lower, and blockchain is only beginning to find more uses.

That is true that Bitcoin has many advantages over the master card But the main concern is Bitcoin still needs a time and support to get on the mainstream and that is only possible by the mass adoption and the awareness of the people around us. Once Bitcoins get on mainstream it would be difficult to stop it.

[zeraTunerse]

I agree. Any attack on Bitcloin by MasterCard is good in my books. Bitcoin has so many advantages the credit card companies are on their way out. Interest rates are lower, and blockchain is only beginning to find more uses.

That is true that Bitcoin has many advantages over the master card But the main concern is Bitcoin still needs a time and support to get on the mainstream and that is only possible by the mass adoption and the awareness of the people around us. Once Bitcoins get on mainstream it would be difficult to stop it.

Yeah But when it will get on mainstream man?? I mean still how long years do we have to wait it is already 6 years into existence so when it will get on mainstream looking at the present scenario I find it way long that either it would get on mainstream or simply disappear from the market without leaving its footprints.

[BIT-Sharon]

HAHA, It is a good news, if the transaction of Bitcoin needs administrator, who will the bank trust to do this, certainly the bank itself, so it should admit it first and make regulation, then people could feel relieved to use it.

[longbob72]

This shows that the BitCoin is expanding and gaining a lot of strength around the world. Maybe one day this method of payment is not as popular as the credit card

[dollarneed]

forget about master card,just using bitcoin and make them bankrupt, so many fee's has been deducated from our money but now its time for bitcoin,this is future

[vrm86]

Wow, if MC decided that is worth to open mouth and say anything about Bitcoin, that means that it's becoming a serious business
Don't think that cc operators can compete with cryptos as this is new standard, a level up in evolution of tenders. It's like car manufacturers would warn against aircrafts.

[knowhow]

mastercard attention is amazing they cant strike bitcoin .... lower fees a lot interest on bitcoin already they made the attack too late  bitcoins technology is above some heads already.... master is worldwide as bitcoin the diference is fees.... and well transactions takes a bit more in bitcoins then on master or visa cards that are instant soo if bitcoins makes blockhain confirm all transfers instants would mean that others will get burned on the road.... people would go for a loan of bitcoins with low fee ,would use some btc to pay on end of the month as well the thing is bitcoin stills volatil if were a fixed price should be diferent but is better this way since no banks manipulation on it .There is a huge potencial and a small hall to bitcoin take control and well the sky is the limit

[Xenoph0bia]

forget about master card,just using bitcoin and make them bankrupt, so many fee's has been deducated from our money but now its time for bitcoin,this is future

Yes they have made huge profit out of collecting fees from the customers but the bitcoin is different identity and we don't have to pay annual fees as we pay in mastercard so that would save our money and now we don't need credit card to make purchases online. Bitcoin will take care of it. 

[Snorek]

When more people will realize that they can use bitcoins without borders, globally, as remittance solution - it will be a breakthrough. Payment processing companies gonna tremble.
They know this and we can see how scared they are now. I am sure Visa, Mastercard, PayPal are gonna soon start full anti bitcoin campaign - if they want to survive it is the only way.

[jayce]

When more people will realize that they can use bitcoins without borders, globally, as remittance solution - it will be a breakthrough. Payment processing companies gonna tremble.
They know this and we can see how scared they are now. I am sure Visa, Mastercard, PayPal are gonna soon start full anti bitcoin campaign - if they want to survive it is the only way.

Yeah they are being intimidated by bitcoin now, and I think the best way to survive is keep their customers away from bitcoin instead of looking for new customers. And maybe they will exaggerate the bitcoin problems like people using it to drugs transaction or black market,etc.

[saturn643]

Consider this.
Bitcoin is the only way to use electronic money without it being owned by a private company.
they are afraid of a future competitor

[Karasugoi]

When more people will realize that they can use bitcoins without borders, globally, as remittance solution - it will be a breakthrough. Payment processing companies gonna tremble.
They know this and we can see how scared they are now. I am sure Visa, Mastercard, PayPal are gonna soon start full anti bitcoin campaign - if they want to survive it is the only way.

Bitcoin is so vastly superior for remittances, but we are still so early in adoption.
It is puzzling that more people are not utilizing it.  I know I would much rather send my family
10% more money rather than wasting time and money in line at some Western union office.
The whole remittance system is so ripe for disruption it is frightening.  

[BigBoy89]

Good news, mastercard is getting worried about Bitcoin.

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

The "current blockchain process" doesn’t provide sufficient transparency, it says, and regulation should require all transactions to go through regulated and transparent administrators, which would be supervised by relevant domestic, European or global authorities.

Good luck with that Mastercard.  You can try to get your
politician friends to regulate a protocol but I won't comply.

It is good publicity for Bitcoin, let them do it

[knowhow]

bitcoins is getting the space on the top and most know payments processors.... master is the first to try to block bitcoin .... then visa paypal they will try it ,otherwise they will start to compete with bitcoin low fees to keep alive,but im pretty sure no all people will use bitcoin but a large part will do soo would mean a loss to them.

[bitnanigans]

This is just sad. I got a Neteller Net+ card because they allowed instant funding with bitcoin which makes it easy for spending. A week or two later, they cancelled the ability to spend bitcoin funds because MasterCard asked them to stop. It's insane.

[prodigy8]

While I don't believe we will ever see the end of Companies of Credit Cards  as we know them, increasing competition from bitcoin and other new systems will hopefully put pressure on them to offer a better service.

[oblivi]

Their main line of attack against Bitcoin is their undeniable superiority of volume of transactions per second. In the latest Gavin's approach which is 8mb increase every two years, we would have the following:

(B=bytes, b=bits, 500 bytes/Tx)

2016 8MB 0.1Mb/s 26Tx/s

2018 16MB 0.2Mb/s 53Tx/s

2020 32MB 0.4Mb/s 106Tx/s

2022 64MB 0.9Mb/s 213Tx/s

2024 128MB 1.7Mb/s 426Tx/s

2026 256MB 3.4Mb/s 853Tx/s

2028 512MB 6.8Mb/s 1700Tx/s

2030 1024MB 14Mb/s 3400Tx/s

2032 2048MB 27Mb/s 6800Tx/s

2034 4096MB 55Mb/s 13600Tx/s

2036 8192MB 109Mb/s 27300Tx/s

END OF BLOCK SIZE INCREASE

That would mean it will take 20 years to reach Visa's transaction peak volume. Even with LN, we'll still have problem to reach the ultimate goal, which is worldwide fluid usage. Im just hoping solutions are found along the way.

[Snorek]

Their main line of attack against Bitcoin is their undeniable superiority of volume of transactions per second. In the latest Gavin's approach which is 8mb increase every two years, we would have the following:

(B=bytes, b=bits, 500 bytes/Tx)

2016 8MB 0.1Mb/s 26Tx/s

2018 16MB 0.2Mb/s 53Tx/s

2020 32MB 0.4Mb/s 106Tx/s

2022 64MB 0.9Mb/s 213Tx/s

2024 128MB 1.7Mb/s 426Tx/s

2026 256MB 3.4Mb/s 853Tx/s

2028 512MB 6.8Mb/s 1700Tx/s

2030 1024MB 14Mb/s 3400Tx/s

2032 2048MB 27Mb/s 6800Tx/s

2034 4096MB 55Mb/s 13600Tx/s

2036 8192MB 109Mb/s 27300Tx/s

END OF BLOCK SIZE INCREASE

That would mean it will take 20 years to reach Visa's transaction peak volume. Even with LN, we'll still have problem to reach the ultimate goal, which is worldwide fluid usage. Im just hoping solutions are found along the way.

It is our current solution and it was introduced to please the masses. I think that bitcoin for not all that much popular to justify further and faster block size increase.
In fact we don't need TX number increase, because there is not need for it. Of course Visa or Mastercard can process more transactions, because they are top dog companies with millions of clients.
Bitcoin is not that big, not yet. So their argument is invalid in my eyes.

[ranochigo]

Their main line of attack against Bitcoin is their undeniable superiority of volume of transactions per second. In the latest Gavin's approach which is 8mb increase every two years, we would have the following:

(B=bytes, b=bits, 500 bytes/Tx)

2016 8MB 0.1Mb/s 26Tx/s

2018 16MB 0.2Mb/s 53Tx/s

2020 32MB 0.4Mb/s 106Tx/s

2022 64MB 0.9Mb/s 213Tx/s

2024 128MB 1.7Mb/s 426Tx/s

2026 256MB 3.4Mb/s 853Tx/s

2028 512MB 6.8Mb/s 1700Tx/s

2030 1024MB 14Mb/s 3400Tx/s

2032 2048MB 27Mb/s 6800Tx/s

2034 4096MB 55Mb/s 13600Tx/s

2036 8192MB 109Mb/s 27300Tx/s

END OF BLOCK SIZE INCREASE

That would mean it will take 20 years to reach Visa's transaction peak volume. Even with LN, we'll still have problem to reach the ultimate goal, which is worldwide fluid usage. Im just hoping solutions are found along the way.

It is our current solution and it was introduced to please the masses. I think that bitcoin for not all that much popular to justify further and faster block size increase.
In fact we don't need TX number increase, because there is not need for it. Of course Visa or Mastercard can process more transactions, because they are top dog companies with millions of clients.
Bitcoin is not that big, not yet. So their argument is invalid in my eyes.

Blocks are starting to get full. If the increment of block size has to be made, it would be great to increase it slowly rather than increasing it all at one go. Also, the increment of block size can help to reduce the impact of potential attacks against the network like what is happening right now. The blocks can handle only around 1000 transaction [If pools set it at 1mb max limit and each transaction has 1kb of data]. Medium scale attacks would be very effective in attacks to increase the time other transaction take to gain a confirmation. Increasing the block limit may not solve it but it will at least help to reduce the impact.

[knowhow]

those companies are just too scared of bitcoin and they must because they will loose several clients as thousands and millions on the next years.... soo they attack while bitcoin starts get mature and able to grow it worth....