News Article: Paxum Drops Bitcoin

[EnergyVampire]

FYI: http://www.betabeat.com/2012/02/13/banking-partners-force-paxum-to-drop-bitcoin-due-to-potential-risk/

Interesting read imo

[RaggedMonk]

Misleading title

[Wandering Albatross]

Mastercard should fear BTC. They are already marginal and losing more market is not good for their future.

[hashman]

Mastercard should fear BTC. They are already marginal and losing more market is not good for their future.

I disagree.  I would gladly pay MC a monthly fee and interest to give me a BTC credit line and the usual chargeback / contest charge / fraud prevention services. 

[Mushoz]

Mastercard should fear BTC. They are already marginal and losing more market is not good for their future.

I disagree.  I would gladly pay MC a monthly fee and interest to give me a BTC credit line and the usual chargeback / contest charge / fraud prevention services. 

This! People need to stop thinking they can't coexist. Creditcard company provide valuables services that people will continue to use, even if Bitcoin would gain widespread acceptance. In my opinion, they would do far better in the long run by embracing Bitcoin, rather than fighting it.

[herzmeister]

Misleading title

English is not my native tongue, but the "skittish" in "Established banks and payments processors are skittish about the cryptocurrency Bitcoin,..." doesn't make this thread title all too misleading I think.

[Wandering Albatross]

I disagree.  I would gladly pay MC a monthly fee and interest to give me a BTC credit line and the usual chargeback / contest charge / fraud prevention services. 

Maybe tell Mastercard?

[ArticMine]

Mastercard should fear BTC. They are already marginal and losing more market is not good for their future.

I disagree.  I would gladly pay MC a monthly fee and interest to give me a BTC credit line and the usual chargeback / contest charge / fraud prevention services. 

Very scary thought. What would happen if someone charged $1,000 US worth of stuff on a credit card in April 2011 only to find out that when the bill arrived in May 2011 it was now $10,000 US? When it comes to borrowing money I will stick with fiat where the central banks are busy running "the printing press" and stay well away from hard forms of money such as Gold or Bitcoin.

[hashman]

I disagree.  I would gladly pay MC a monthly fee and interest to give me a BTC credit line and the usual chargeback / contest charge / fraud prevention services. 

Very scary thought. What would happen if someone charged $1,000 US worth of stuff on a credit card in April 2011 only to find out that when the bill arrived in May 2011 it was now $10,000 US? When it comes to borrowing money I will stick with fiat where the central banks are busy running "the printing press" and stay well away from hard forms of money such as Gold or Bitcoin.

The only scary thoughts I see are those also present for any credit line.  It will be interesting to see how fees / interest / insurance prices will develop.  Clearly it's more advantageous to borrow money in an inflating currency; the terms of the lender will reflect that.  Don't forget also debit card services if you are averse to credit. 

No matter how late they move in on the coinspace the major ccard players will have a great advantage with name recognition and existing infrastructure.   



 

[Matthew N. Wright]

MASTERCARD FEARS INTERNET CURRENCY WITH LESS VOLUME THAN SECONDLIFE LINDEN DOLLARS. READ MORE AT FOX11NEWSREPORTS.COM

[herzmeister]

The very few at the top can, essentially (through the Bond market), exact leverage (and thus control) of other nations by attacking their currency/economy.

Bitcoins, on the other hand, cannot be used in this manner (well I've tried to think of a way but cannot).

Then they'll have to resort to good ol' tanks again. 

[byronbb]

MASTERCARD FEARS INTERNET CURRENCY WITH LESS VOLUME THAN SECONDLIFE LINDEN DOLLARS. READ MORE AT FOX11NEWSREPORTS.COM

lol a+

[Vandroiy]

I thought this was debunked as a hoax. Also, I do not read this conclusion at the source given, just some ambiguous sentence about banking partners.

AFAIK, Paxum explicitly stated that it was not MasterCard who caused the trouble.

Please verify, and if it proves wrong, rename this thread. It's not nice to spread wrong accusations about others, be it a person or a company.

[Raoul Duke]

The statement from RuthB on gfy says clearly that they were talking with their "banking partners, Mastercard and auditors" and that it was the "banking partners" the ones that didn't want more business with bitcoin.

I would say you are correct, Vandroiy.

[deepceleron]

I thought this was debunked as a hoax. Also, I do not read this conclusion at the source given, just some ambiguous sentence about banking partners.

AFAIK, Paxum explicitly stated that it was not MasterCard who caused the trouble.

Please verify, and if it proves wrong, rename this thread. It's not nice to spread wrong accusations about others, be it a person or a company.

It would be banks. I doubt any sane exchange would take credit cards, the story should be "Bitcoiners won't accept disputable, reversible, high fee payments, or reward companies that extract fees from person-to-person commerce." If you have a merchant account, you know very well that processing a credit card payment is being given money that you hope doesn't get yanked out of your account months later, with a $25 fee to do the paperwork of disputing the chargeback when it happens. Too many disputes, and the merchant services will start demanding a minimum 10%-20%+ of your transactions held for months.