"When you look at like how we got to this world where you need a subscription for everything... My theory is we got here because Visa, MasterCard and all other fiat payments, they all have chargeback risk, and so that chargeback risk gets kind of built into their cost model. The merchants have to deal with chargebacks, Visa, MasterCard also have to deal with that stuff, so then you have these layers of cost that are built into the incumbent payment model. And it makes it such that the payment networks they kind of need substantively size payments like over ten dollars. If it's under ten dollars then it's not worth it."
https://fountain.fm/episode/jQz0EasaovjyodumCApp
PaulAllen / Paul Allen
npub1m6…79dnn
2024-09-22 17:59:43
Author Public Key
npub1m6x20f4n7uc5ayvjr4xut6g4ldau90fjz202d9nrythl5jq9p3xq579dnnSeen on
wss://relay.damus.ioPublished at
2024-09-22 17:59:43Event JSON
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"content": "\"When you look at like how we got to this world where you need a subscription for everything... My theory is we got here because Visa, MasterCard and all other fiat payments, they all have chargeback risk, and so that chargeback risk gets kind of built into their cost model. The merchants have to deal with chargebacks, Visa, MasterCard also have to deal with that stuff, so then you have these layers of cost that are built into the incumbent payment model. And it makes it such that the payment networks they kind of need substantively size payments like over ten dollars. If it's under ten dollars then it's not worth it.\"\n\nhttps://fountain.fm/episode/jQz0EasaovjyodumCApp",
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