MasterCard makes the case that it’s safer and faster than Bitcoin! LOL

[Denker]

MasterCard is lobbying the UK government for increased regulation of bitcoin and other digital currencies that pose a threat to its legacy credit-cards business, as it tries to adapt to the transformation of a payments industry long overdo for change.

“In the current environment we feel that the risks of digital currencies outweigh the benefits,” the company wrote in strongly worded letter, obtained by digital currency website Coindesk, in which MasterCard asks the UK government for more regulation of crypto currencies.

We would argue that, when compared to MasterCard’s network, the claims pertaining to the speed and safety of digital currencies does not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks.

Additionally, while digital currency transaction costs are currently lower, this is because providers of digital currency services do not currently bear any compliance costs, whereas providers of other forms of electronic payment bear the cost of complying with consumer protection laws and anti-money laundering laws.

http://qz.com/423739/mastercard-makes-the-case-that-its-safer-and-faster-than-bitcoin/

What a bunch of pussies are working in that company.  

[turvarya]

that digital currencies are far more susceptible to hacking attacks.

lol, they can't be serious about that, can they?
There are several major website hacks, with lots of credit card data stolen every year.

[RustyNomad]

Die MC die......

[Amph]

they should add that it is more expensive though, as well as they should correct about the fact that it is safer, which is a blatant lie

Additionally, while digital currency transaction costs are currently lower, this is because providers of digital currency services do not currently bear any compliance costs, whereas providers of other forms of electronic payment bear the cost of complying with consumer protection laws and anti-money laundering laws.


lmao are they serious about this? there aren't any providers, it's not centralized like your system

[MUFC]

Well, if true it definitely shows one thing: Mastercard feel very threatened by Bitcoin, which is completely understandable since it is a direct threat to their overpriced monopoly. I say bring it on. I hope they waste a hell of a lot of money trying to futilely fight us.

[WhatTheGox]

Well, if true it definitely shows one thing: Mastercard feel very threatened by Bitcoin, which is completely understandable since it is a direct threat to their overpriced monopoly. I say bring it on. I hope they waste a hell of a lot of money trying to futilely fight us.

If it gives their shareholders another 10 years extra of raping the public then its worked out pretty good time spent for them.  Lets hope they become redundant asap.

[rjclarke2000]

The only issue with all this bullshit is that the average person will believe what ever they read. They will side with mastercard's view unfortunately.

[bornil267645]

Well if MasterCard is safe than, Selena Gomez is Gay   

The way MasterCard presented itself in the article I just can't believe they have the guts tell those lies in front of a media !!!

[tiggytomb]

Hmmm not entirely convinced and it doesn't appear that Mastercard have even convinced themselves of what they are saying.
The migration will be slow but it will happen and they know it, same way the whole world moved forward away from a dial up internet to a smooth super speed broadband, the old dogs will die off it will just take some time.

[Q7]

Well obviously they see it as a threat to their business. Else why would they need to make a hard stance and exert the pressure to government to regulate bitcoin. Actually for me I regard my credit cards information to be more vulnerable to attacks rather than seeing my bitcoin account getting compromised. The cards can be cloned but you can't do the same to bitcoin account.

[BitmoreCoin]

MasterCard should make a better coin than BTC and see if we will use that.

[BlackMachine]

We would argue that, when compared to MasterCard’s network, the claims pertaining to the speed and safety of digital currencies does not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks.

Additionally, while digital currency transaction costs are currently lower, this is because providers of digital currency services do not currently bear any compliance costs, whereas providers of other forms of electronic payment bear the cost of complying with consumer protection laws and anti-money laundering laws.

Even though the fact is correct, one does not necessary need the 10 minute to accept a payment. 0-conf payments can be accepted without a huge risk given that you wait a few minutes, enough fees are paid and it is well propagated.

The security part is really irony. Credit card numbers can be stolen fairly easily without much effort either by carding, skimming or by malware infection. Bitcoin only have the risk of malware infection can have be secured by having a cold storage and a hot wallet.

[kolloh]

The security part is really irony. Credit card numbers can be stolen fairly easily without much effort either by carding, skimming or by malware infection. Bitcoin only have the risk of malware infection can have be secured by having a cold storage and a hot wallet.

This is true, but at least they are improving security with the new PIN credit cards. These have not yet been adopted fully though but once it does it will help stop a lot of the skimming and carding I think. Bitcoin is still the superior alternative though!  

[BlackMachine]

The security part is really irony. Credit card numbers can be stolen fairly easily without much effort either by carding, skimming or by malware infection. Bitcoin only have the risk of malware infection can have be secured by having a cold storage and a hot wallet.

This is true, but at least they are improving security with the new PIN credit cards. These have not yet been adopted fully though but once it does it will help stop a lot of the skimming and carding I think. Bitcoin is still the superior alternative though!  

Chip and Pin credit cards doesn't stop carding. CC numbers seems to be obtained from hacking and they are verified without use of pin. Chip and pin isn't fully secure. There has been instances of people successfully cracking Chip and Pin.

[smith coins]

MasterCard went on the offensive against bitcoin... Big businesses in many ways benefit from regulation as it creates a barrier to entry that is difficult for competitors to overcome.

[jayce]

[trafficolaa]

The statement of MasterCard's guy is full of lie that is very insane, i feel they are in great shock by losing their customers with funny and very high transaction fee so that kind of statement without any market survey has no more value and people know the truth bitcoin is the safest way of transaction with very low fee as compare with them that is like nothing. 

[bytezero]

MasterCard Like it or not, bitcoin is the future . Anyway no other payment network can compete with 2 cents per transactions that bitcoin cost

[Tomatocage]

If MasterCard is safer and faster than Bitcoin, why are they pushing for regulation? They should have nothing to worry about.

[achow101]

MasterCard is most definitely not safer that Bitcoin. Sure there have been many companies related to Bitcoin have their Bitcoin stolen, but those companies had their Bitcoin stolen through poor security on their end, not Bitcoin. Also, it is much easier to steal someone's credit card and card it than it is to steal Bitcoin. To steal Bitcoin, one must compromise the target's computer, find the wallet, decrypt the keys, and spend the Bitcoin. On the other hand, stealing a CC can be as easy as sending someone to a phishing site and stealing the info. Credit Cards are definitely not safer than Bitcoin because of their susceptibility to theft.