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Mastercard makes a deal with Coinbase to let customers buy NFT’s with Mastercards

ebprince the computer nerd
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15 hours ago, BabaGanuche said:

So you have not read my replies then. I have listed problem after problem and how Blockchains do not solve them.

 

Also your the one claiming this solve various problems and you have provided no evidence on how it does any of them.

 

That is a might bold claim with absolute no evidence to back it. Hell I can use your own number to prove you wrong. So two groups controls (900,000 + 700,000) / 21,000,000 7.61 % of the total wealth. Ignoring the rest of the world the US has about $200,189,000,000,000 of total assesses (link) The top two richest people on earth Mush and Bezos have a combined net worth of (269,000,000,000 + 187,000,000,000) or 455,000,000,000 (link) just 0.227% of the total US assets. So the top two holders of bitcoin have a 33 times larger share of the wealth than the two richest people curretly. and the thing is that percentage never has to go down since there can never be more bitcoins made.

 

If you think bitcoin will stop wealth concentration I do not know how it could fail harder.

 

Once again a bold claim. If I sold 3% of the USA's total assets I could sure as hell mess up the market.

 

Oh wait your serious let me laugh even harder.

Quote

"The Grayscale Bitcoin Trust holds 654,885 Bitcoin, or 46% of the 1.4 million Bitcoin held by publicly traded companies."

https://decrypt.co/resources/gbtc-everything-you-need-to-know-about-the-grayscale-bitcoin-trust

https://www.alux.com/companies-bitcoin/

 

I'm not sure why you are so aggressive to be right when you won't even take the time to learn anything or check if what you are saying is even correct.

15 hours ago, BabaGanuche said:

How would the community members verify any of items below that a title company would? How would they verify the token on the Blockchain is actually for the house that is being bought? What happens when they verify a transaction that should not have?

This is why I repeatedly say you should learn about the material before you instantly start commenting false things. This entire comment can be answered with a short 30 minute video explaining how the blockchain works and more specifically smart contracts and NFTs. 

15 hours ago, BabaGanuche said:

No that is not where the fraud happens. It does not happen at the man in the middle level. It happens at the user level either by getting the user to give up some data that they should not or get them to click on something they should not. Or at the data creation level you can steal something and create a NFT from it. (link)

I think you should also learn more about fraud as I don't think you have a good enough understanding. This interview is great at highlighting how many holes exist and how prevalent fraud is in todays society. There's low level fraud like carding which usually banks eat the cost as they offer protection to their customers against fraud. Typically it's in the sub $15,000/yr quota range as it would cost more to prosecute and identify the individual than it would be to pay back how much was stolen. Then there's larger fraud like real estate. It's built off the same foundation as carding or identity theft but requires a couple more steps and time. You can get cc fulls which will have all the identifying info on someone so you can then get a residential proxy near their home and open a new line of credit under their name. This could be a home mortgage, car loans, credit card, and so on. Another style of fraud that people often use in tandem with carding is session cookies. You can collect someones cookies and fingerprint and then use a browser like Antidetect to clone it's fingerprint and inject the cookies using a residential proxy near their home. So to fraud protection you simply look like the user back online in their home. It prevents those prompts or email alerts you get when you sign in on a new computer or away from your local area. All their accounts will be signed in and depending on the cookies you may have access to their email, bank, social media, and so on. The idea is you can redirect the emails from their bank letting them know of changes you are doing. But you can also use the cookies for blackmail, leverage, datamining, social engineering, or carding. Many websites now have fraud protection that will compare your fingerprint to previous ones, check the IP against the zip of the card, as well as checking the age and diversity of cookies. A new browser will look very suspicious and will fail fraud checks, but a browser that looks like a person has been using for 3 years is much less suspicious. Then there is highlevel fraud with companies, corporations, and governing bodies. It's hard to stop fraud when the bodies of power who run the system commit fraud themselves. There is no debate here either https://en.wikipedia.org/wiki/List_of_American_federal_politicians_convicted_of_crimes

This is the fraud that is most damaging as the governing bodies made to be in the publics best interest are no longer and you don't have any power. With the creation of Decentralized Finance banks no longer hold the power and having a public ledger allows everyone to see what's really going on. 

 

 

15 hours ago, BabaGanuche said:

Like these scams,

 

How many more cases do I need to list.

 

Please provide I would love more arguments to tear to shreds,

I'm not sure how scams tear any arguments to shreds as they are all non dependent to NFTs. I could say we need to ban phones and email as this is the largest attack surface for scams people fall for. But I don't, as I recognize scams are the tool being misused and not the tool fundamentally being designed for fraud. Since most don't understand how NFTs work or where they are applicable, as all they see is monkey art scam, they deem them as a scam or useless.

 

Take for example a hammer and a toothbrush. If you use a hammer to brush your teeth it's not going to work very well. Likewise a toothbrush won't work well as a hammer. But people aren't outraged at hammers because it was designed to put nails into wood and not brush teeth and people know that. So to reiterate what I said earlier, people are angry at NFTs because people do not understand where they are applicable or how they work. 

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Just keeping this here as a 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On 1/22/2022 at 10:44 PM, aisle9 said:

One of the main draws of crypto is that it's decentralized--usually. I think we're seeing that change before our eyes as El Salvador shifts to using Bitcoin as its currency, with other countries behind.

No, more countries are banning the use of bitcoin, mining of bitcoin, or both.

 

https://www.cnbc.com/2022/01/25/drop-bitcoin-as-legal-tender-imf-urges-el-salvador.html

Quote

The International Monetary Fund is pushing El Salvador to ditch bitcoin as legal tender, according to a statement released on Tuesday.

IMF directors “stressed that there are large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities.”

 

The report, which was published after bilateral talks with El Salvador, went on to “urge” authorities to narrow the scope of its bitcoin law by removing bitcoin’s status as legal money. In September 2021, the Central American nation became the world’s first country to adopt the cryptocurrency as legal tender, alongside the U.S. dollar.

eg

https://www.reuters.com/markets/rates-bonds/russia-should-regulate-crypto-market-not-ban-it-says-finmin-official-2022-01-25/

 

Like the headwind is against cryptocurrencies and that will have knock on effects on everything from hardware availability to ability for blockchains to function.

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Decentralizing currency doesn't change anything (other than destabilizing core investment strategies that underpin economic growth).  

 

Other than generally not knowing much about economies and being subject to the internet vacuum of misinformation,  I don't really understand why people think it would make a good difference.

Grammar and spelling is not indicative of intelligence/knowledge.  Not having the same opinion does not always mean lack of understanding.  

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4 hours ago, mr moose said:

Decentralizing currency doesn't change anything (other than destabilizing core investment strategies that underpin economic growth).  

 

Other than generally not knowing much about economies and being subject to the internet vacuum of misinformation,  I don't really understand why people think it would make a good difference.

I can see a "true" decentralized system working where at some future point, "internet" access becomes absolutely available everywhere (eg starlink), without any great-firewalls, but until every square meter of the earth can have internet access, no decentralized system can function. (and to be fair I'm not suggesting we give penguins internet access.)

 

But more to the point, I think we're all seeing the pitfalls, and what was really desired was not blockchain but a verifiable peer-2-peer payment system that is as fast and easy to use as cash. Basically reloadable gift cards with a micro-blockchain that stores fractions of the card's value (eg 10$ = 10,000 fractions) If you spend $8.75, that's 8750 fragments. So if you were to load the blockchain from the card it would tell you which cards the value was sent to, or retrieved from (and which card they originated from,) but ultimately a fractional dollar is not "one dollar" but "1000 fragments" making up the dollar. Basically everything under $100 should be able to be done P2P without any kind of intermediatary, and who really gives a care what people buy with it, and the government won't get their piece of flesh if it works properly. So ideally all sales taxes would be eliminated for this to function, and instead those taxes would be pushed onto the business's income taxes. Then just cycle the cards out at ATM's to prevent losses in value before the memory dies on it. Nobody has to know or care how old a card is, the bank just cycles the cards out as needed.

 

Once returned to a bank, the card's blockchain is downloaded and archived. If a LEO is interested in a transaction, they could then query every card that has touched the transaction and though some effort they may eventually figure out how $4.00 from card 1 and $60 from card 2 wound up on criminal's card 3 with a balance of $64.00 . Maybe they went to the same hotdog stand, who cares.

 

Once you get into large values, we get back into the question of would blockchain be useful or not. To which I'm not convinced we need it at all, but if it has a role, it will be with $10,000+ values and international financial transactions which are already slow and a pain in the ass to do. Like it's pain in the ass enough to buy anything from the US, without having a US billing address on your payment card. Crypto, yes, could solve this, but you'd have to find a retailer who would accept it, and the potential loss risk from holding that currency outweigh the benefits.

 

Which is why I think a company saying they're going to support crypto or NFT's should just set off red flags to stop doing business with that company immediately and urgently.

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2 hours ago, Kisai said:

I can see a "true" decentralized system working where at some future point, "internet" access becomes absolutely available everywhere (eg starlink), without any great-firewalls, but until every square meter of the earth can have internet access, no decentralized system can function. (and to be fair I'm not suggesting we give penguins internet access.)

 

But more to the point, I think we're all seeing the pitfalls, and what was really desired was not blockchain but a verifiable peer-2-peer payment system that is as fast and easy to use as cash. Basically reloadable gift cards with a micro-blockchain that stores fractions of the card's value (eg 10$ = 10,000 fractions) If you spend $8.75, that's 8750 fragments. So if you were to load the blockchain from the card it would tell you which cards the value was sent to, or retrieved from (and which card they originated from,) but ultimately a fractional dollar is not "one dollar" but "1000 fragments" making up the dollar. Basically everything under $100 should be able to be done P2P without any kind of intermediatary, and who really gives a care what people buy with it, and the government won't get their piece of flesh if it works properly. So ideally all sales taxes would be eliminated for this to function, and instead those taxes would be pushed onto the business's income taxes. Then just cycle the cards out at ATM's to prevent losses in value before the memory dies on it. Nobody has to know or care how old a card is, the bank just cycles the cards out as needed.

 

Once returned to a bank, the card's blockchain is downloaded and archived. If a LEO is interested in a transaction, they could then query every card that has touched the transaction and though some effort they may eventually figure out how $4.00 from card 1 and $60 from card 2 wound up on criminal's card 3 with a balance of $64.00 . Maybe they went to the same hotdog stand, who cares.

 

Once you get into large values, we get back into the question of would blockchain be useful or not. To which I'm not convinced we need it at all, but if it has a role, it will be with $10,000+ values and international financial transactions which are already slow and a pain in the ass to do. Like it's pain in the ass enough to buy anything from the US, without having a US billing address on your payment card. Crypto, yes, could solve this, but you'd have to find a retailer who would accept it, and the potential loss risk from holding that currency outweigh the benefits.

 

Which is why I think a company saying they're going to support crypto or NFT's should just set off red flags to stop doing business with that company immediately and urgently.

Crypto will be no more or less centralized than conventional currencies.  The only real difference blockchain provides is a slightly easier way to launder digital transfers.   Every other business will still be audited and thus any taxes a government wants will be applied to the cost of the product rather than presented as a tax to the consumer.

 

Besides,  it's not the method of transaction that people have grief with but who controls the value,  unfortunately for many of the people who think blockchain is better, they don't understand that the value is dictated by the entire economy not just the government.  Too many people think inflation is inflicted upon us by governments, they don't realize that inflation is the natural consequence of a growing economy,  and economies that grow too fast are just as bad as economies that go backwards.   Hence why interest rates are adjusted to moderate the economy and keep it within functioning limits.  Blockchain/crypto/nft whatever currency you want to talk about, will not change that.  Want to borrow money to buy  a house, the interest will still be there and the interest rate will still be dictated by the reserve bank regardless what currency we choose to use.

Grammar and spelling is not indicative of intelligence/knowledge.  Not having the same opinion does not always mean lack of understanding.  

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