Quote from: cryptodevil on November 22, 2017, 09:52:33 AM

Quote from: dashingriddler on November 21, 2017, 08:01:44 PM

Quote from: cryptodevil on November 21, 2017, 08:14:14 AM

A prepaid card, not a real-time debit card?

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Wasn't this project's entire thing about it being a debit card?

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Isn't the whole premise surrounding the supposedly innovative 'CCE module' that it converts cryptocurrency to cash in real time as the transaction is being made in-store?

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Otherwise, if all you're offering is a pre-paid card which has to be credited with cash prior to use, then you're really only offering a back-end exchange service with withdrawal of fiat to the card balance account which isn't at all the ground-breaking 'real time' conversion/spending claimed.

Their will be standard PIN to use just like a typical debit card. Your assets are always stored as cryptocurrency. The way CCE works is through its patent-pending technology which when the user swipes it'll convert it into real time fiat to approve the charge and deduct your cryptocurrency as the result of the purchase.

I think you don't quite understand the logistics of what actually happens with these prepaid debit cards as opposed to checking/current-account debit cards.

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Centra Tech are not a bank. They are issuing these Mastercard prepaid debit cards as a reseller, not as the entity which actually holds the funds for the cards. The card accounts are held by Mastercard and when the card is used for a transaction the card-reader pings to the Mastercard account with the intended amount to be debited for that card to verify that the required funds are available.

Centra Tech's 'App' appears to simply allow the user to sell their cryptocurrency to Centra at a rate determined by Centra, in order for Centra's own fiat funds to then credit that user's Mastercard account in a regular electronic bank transfer process. Centra would no-doubt be 'buying' the crypto at a below-market price and selling it on an open exchange for a not-less-than-the-purchase price as soon as possible following the purchase from the user, I figure.

The limits of the 'real time' speed of Centra's bank being instructed to make a payment to a particular Mastercard account and for that prepaid card account to then register the credit as being available for a transaction to complete isn't even the major hurdle here, it is the fact that they would need the card-reader process to trigger the credit from Centra's account to the user's Mastercard account in the first place.

That isn't going to happen with a Mastercard pre-paid debit card. The card-reader process will ONLY ping the card account for availability of funds in order to approve the purchase, which means the credit has to be there BEFORE the transaction commences.

You don't work for banking, you have no clue what your talking about. Please go look at how a REAL Authorization flow chart looks and you'll see how you got that one wrong. I for one have sat in on one of the phone conferences with the company and heard how the model works and it makes all the sense in the world that is why they actually FILED For patent for it as the CCE didn't exist before. Only time will show you wrong

. But your too busy policing cryptos to know that.