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Author Topic: [2018-08-04] NYSE Owner: Bitcoin Should Be in Retirement Funds, Credit Cards, Re  (Read 29 times)
BitcoinArsenal
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August 04, 2018, 12:49:46 PM
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Intercontinental Exchange, owner of arguably the most important stock exchange in the world, the New York Stock Exchange (NYSE), is introducing a new company, Bakkt. The idea is to weave bitcoin into 401(k)s, credit cards, and retail. The project is getting a lot of hype due in large measure to two very powerful backers: Microsoft and Starbucks. Is this the mainstreaming ecosystem enthusiasts have been urging?
Full article on Bitcoin.com

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August 05, 2018, 07:27:23 AM
 #2

Intercontinental Exchange, owner of arguably the most important stock exchange in the world, the New York Stock Exchange (NYSE), is introducing a new company, Bakkt. The idea is to weave bitcoin into 401(k)s, credit cards, and retail. The project is getting a lot of hype due in large measure to two very powerful backers: Microsoft and Starbucks. Is this the mainstreaming ecosystem enthusiasts have been urging?
Full article on Bitcoin.com

The idea of weaving Bitcoin into 401Ks and pension funds is a good idea, if it is done in moderation and you believe in the long0term potential of Bitcoin. I don't see how his idea of Bitcoin Apps replacing credit cards will work. True, credit cards have large fees, but they perform one important function - provide credit. That can't be replicated by Bitcoin apps without charging for it.


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August 05, 2018, 01:06:56 PM
 #3

True, credit cards have large fees, but they perform one important function - provide credit. That can't be replicated by Bitcoin apps without charging for it.

I think someone is going to attempt it. I'm really interested to see how they intend to make it work as every amateur hour try so far has been a contemptible disaster. As it stands it can't work and never will but never discount the attempt to make a buck.

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August 05, 2018, 09:52:39 PM
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maybe it'd be some state project for crypto pensions
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August 05, 2018, 09:58:44 PM
 #5

Intercontinental Exchange, owner of arguably the most important stock exchange in the world, the New York Stock Exchange (NYSE), is introducing a new company, Bakkt. The idea is to weave bitcoin into 401(k)s, credit cards, and retail. The project is getting a lot of hype due in large measure to two very powerful backers: Microsoft and Starbucks. Is this the mainstreaming ecosystem enthusiasts have been urging?
Full article on Bitcoin.com

The idea of weaving Bitcoin into 401Ks and pension funds is a good idea, if it is done in moderation and you believe in the long0term potential of Bitcoin. I don't see how his idea of Bitcoin Apps replacing credit cards will work. True, credit cards have large fees, but they perform one important function - provide credit. That can't be replicated by Bitcoin apps without charging for it.

A lot of people use them because it's convenient, or because they reaps rewards and cash back. People that pay their balances in full might be persuaded towards BTC payments if the usability, convenience and rewards are there.

The root problem is still that those rewards are paid for by charging debtors high interest and fees. If there's no credit system to fund the consumer incentives to transition away from credit cards, I think companies like Bakkt would have to charge pretty high merchant processing fees.

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