MasterCard Exec: ‘Bitcoin Doesn't Really Work in Today's Environment’

[OmegaStarScream]

MasterCard has been feeling the heat of Bitcoin for over a year now. Bitcoin has become big enough worldwide so that it can no longer be ignored as a viable payment option and currency. In a state-of-the-business interview with the International Business Times, Ann Cairns, president of international markets for MasterCard was asked directly about Bitcoin and how it compares to MasterCard.

Here is what he said :

"Bitcoin in its current incarnation is slow in the sense of being able to do a transaction and have it properly authenticated, which can take quite a few minutes. It doesn't really work in today's fast-paced shopping environment; even more so in train stations and so on when you have got millions of people trying to go through turn-styles – there you need real-time, instantaneous authentication, and delivery.”

Full article : http://cointelegraph.com/news/115390/mastercard-exec-bitcoin-doesnt-really-work-in-todays-environment

Come on guys , tell me what you think about this  Pretty sure you have a lot of stuff to say .

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[Lauda]

Transactions are instant and for small purchases confirmations are not really necessary. Besides once we have things light Lightning Network and such confirmations are going to be very fast as well. What are they going to say now? Bitcoin doesn't really work because it is now complicated?  

We won't win until next week when Bitcoin2.O is released hitting the ground running with 1000 TPS / 3 second blocktime capability.

What are you talking about?

[christycalhoun]

Well businesses can set up some sort of internal transaction system instead of relying on the actual blockchain for quick micro transactions.

[GetClams.com]

OPERATIVE PHRASE: "...in its current carnation"

[gentlemand]

I don't get why Mastercard has such a beef with it. Visa has barely made a squeak and a lot of their former people, when they speak freely, are all for it.

He is totally correct, though. And it also emphasises that they're not comparable at present.

[gogxmagog]

And this https://bitcointalk.org/index.php?topic=1202180.0
Flip flop city or just same idea different context? I bet there are all sorts of ideological/technical wars going on in the boardrooms offices and labs over at master card (and every other cc)
Bitcoin. We divide and conquer!

Lol they don't know which way to run!

[RodeoX]

I don't have time for this exec right now. I am dealing with my corporate master card, which has been duplicated and used to buy groceries in Texas. And he says bitcoin does not work? Oh please, the ancient credit card system is completely broken and plain unsafe to use.  

[Lauda]

So if Mastercard hates Bitcoin1.O because of it's confirmation time, It's sure to love Bitcoin2.O with real time globally scalable transactions (plus we can loan or trade Bitcoins for USD/EUR/GOLD on a blockchain without any 3rd party involved)

There is no Bitcoin 2.0, the community can't handle the debate with blocksizes how do you expect one with all those changes to ever go over smoothly?

There is no Bitcoin 2.0, and not even Bitcoin 1.0. However, it is not because of the reason that you listed. Bitcoin is currently v0.11.0 meaning quite far away from 1.0. We can't really know when it will reach 1.0. For this to happen there would need to be a drastic change or improvement of the architecture/something else of great significance.
The development process could go faster though and thus we could shatter their "reasons for which Bitcoin is bad" more quickly.

[bitbollo]

the bitcoin really work when my father can understand and use it without worrying of some aspects that for "us" (more or less young, good education, internet user by a lot of time) are easy and simply...
likewise time for confirmation, no regulation, download tons of giga chain....
More and more these aspetc are regulated and solved more bitcoin can go everywhere, "really work in today's environment".

[Mickeyb]

So if Mastercard hates Bitcoin1.O because of it's confirmation time, It's sure to love Bitcoin2.O with real time globally scalable transactions (plus we can loan or trade Bitcoins for USD/EUR/GOLD on a blockchain without any 3rd party involved)

There is no Bitcoin 2.0, the community can't handle the debate with blocksizes how do you expect one with all those changes to ever go over smoothly?

There is no Bitcoin 2.0, and not even Bitcoin 1.0. However, it is not because of the reason that you listed. Bitcoin is currently v0.11.0 meaning quite far away from 1.0. We can't really know when it will reach 1.0. For this to happen there would need to be a drastic change or improvement of the architecture/something else of great significance.
The development process could go faster though and thus we could shatter their "reasons for which Bitcoin is bad" more quickly.

He is talking about Bitshares guys and their new plan that they will have 1000 TPS and 3 second block times, thus they will be able compete with Visa and Mastercard.

I don't even know what to think about this Bitshares thing, they have changed their plans, supply, block times, TPS, etc at least 3 times in history so far. There is no wallet for Bitshares over a year, yet they keep promising and not delivering anything!

[Mickeyb]

MasterCard has been feeling the heat of Bitcoin for over a year now. Bitcoin has become big enough worldwide so that it can no longer be ignored as a viable payment option and currency. In a state-of-the-business interview with the International Business Times, Ann Cairns, president of international markets for MasterCard was asked directly about Bitcoin and how it compares to MasterCard.

Here is what he said :

"Bitcoin in its current incarnation is slow in the sense of being able to do a transaction and have it properly authenticated, which can take quite a few minutes. It doesn't really work in today's fast-paced shopping environment; even more so in train stations and so on when you have got millions of people trying to go through turn-styles – there you need real-time, instantaneous authentication, and delivery.”

Full article : http://cointelegraph.com/news/115390/mastercard-exec-bitcoin-doesnt-really-work-in-todays-environment

Come on guys , tell me what you think about this  Pretty sure you have a lot of stuff to say .

Well the way I feel is that this mister hasn't really lied, he is telling the truth. Bitcoin at the moment can't really compete with Visa and Mastercard. Will it scale through block size increase or some other solution we will see. Will we be able to speed up confirmation times through some other 3rd party add one is left to see as well. There are people that claim all this is possible, I sure hope so. Bitcoin need to progress a lot more in any case scenario.

[ebliever]

I have a MasterCard credit card that has been replaced five times now in the last three years due to security compromises and hacks (only once due to an error on my part). Credit cards don't really work in today's environment.

[knowhow]

Credit cards are geting copyed and spent by anothers persons besides the owner soo saying bitcoin confirmation time that last some minutes isnt proper to the actual time is just an amazing history to tell to childs.
Mastercard are feeling what bitcoin came to do,low fees,more safe then any other processor,and well i guess we cant copy any adress and spent any ammount of the account ,hacking the account will mean know password,2fa and the second password,what mastercard has to offer to us realy?A 4 digits or 6 digits protection and our card can be cloned anywhere?

[notbatman]

"Bitcoin in its current incarnation is slow in the sense of being able to do a transaction and have it properly authenticated, which can take quite a few minutes. It doesn't really work in today's fast-paced shopping environment; even more so in train stations and so on when you have got millions of people trying to go through turn-styles – there you need real-time, instantaneous authentication, and delivery."

He hasn't figured out yet that it's not feasible to double spend on small amounts! Foregoing the confirmation on small amounts like train fair allows for instant transactions with almost no risk. However, Bitcoin is an online currency and using a brick & mortar comparison really is hurt. Bitcoin has an edge with online transactions, I guess that's why he had to stoop to make his case even then it's a flimsy one at best.

[Lauda]

He is talking about Bitshares guys and their new plan that they will have 1000 TPS and 3 second block times, thus they will be able compete with Visa and Mastercard.

I don't even know what to think about this Bitshares thing, they have changed their plans, supply, block times, TPS, etc at least 3 times in history so far. There is no wallet for Bitshares over a year, yet they keep promising and not delivering anything!

That is possible. However, Bitshares is not Bitcoin 2.0. There is no such thing as Bitcoin 2.0 it is just a marketing scheme.

I have a MasterCard credit card that has been replaced five times now in the last three years due to security compromises and hacks (only once due to an error on my part). Credit cards don't really work in today's environment.

Exactly. They are not even nearly as secure as they should be. There were countless hacks and whatnot. Interestingly these cases are rarely in the mainstream media. I wonder why?  

[smoothie]

Today sure...but no one knows what is going to go on tomorrow.

Spoken like a true tunnelvision-ist

[NorrisK]

Quite funny how they take this defensive stance against bitcoin, while they probably know they will lose a significant market share in the future just because of it.

Personally, I have never had to wait for any confirmations on any purchase I did at any local shop ever. Just scan the QR, press pay and walk away. Not that time consuming imo.

[BitmoreCoin]

Well businesses can set up some sort of internal transaction system instead of relying on the actual blockchain for quick micro transactions.

Yes, shoppers can register with the service provider and deposit their bitcoin first then use the bitcoins. Mastercard can also be part of the game. They can treat bitcoin as a currency, not just a monetary system.

[Mickeyb]

He is talking about Bitshares guys and their new plan that they will have 1000 TPS and 3 second block times, thus they will be able compete with Visa and Mastercard.

I don't even know what to think about this Bitshares thing, they have changed their plans, supply, block times, TPS, etc at least 3 times in history so far. There is no wallet for Bitshares over a year, yet they keep promising and not delivering anything!

That is possible. However, Bitshares is not Bitcoin 2.0. There is no such thing as Bitcoin 2.0 it is just a marketing scheme.

I have a MasterCard credit card that has been replaced five times now in the last three years due to security compromises and hacks (only once due to an error on my part). Credit cards don't really work in today's environment.

Exactly. They are not even nearly as secure as they should be. There were countless hacks and whatnot. Interestingly these cases are rarely in the mainstream media. I wonder why?  

Trust me, he's talking about Bitshares but he is just using analogy that the,  will be next Bitcoin 2.0. They are screaming all over the places lately with these 3 sec blocks and 1,000 TPS things.

[neoneros]

It does work, as I have purchased several items online for which I would normaly use my creditcard. Payment was instant and confirmed as being recieved, not confirmed in the chain, but at those relative small amounts it would be futile to wait for confirmation or go in lengths for me to try and double spend it, it does not give me insurance on the stuff I bought, but the security of the blockchain is incomparable to the flawed creditcard which has a whole workforce working to handle creditcard fraud. Bitcoin does not need that workforce, for it is more secure. it does lack some other things, like the insurance, but that just goes to show we need more trust in this world, or rely on trustlessness of networks and marketplaces.