Quote from: suchmoon on December 04, 2014, 02:11:52 AM

Quote from: DirtFighter on December 04, 2014, 12:38:52 AM

The cost will be minimal. It is going to use already existing payment platforms. If a business accepts BTC the will be able to accept PC. The new coin will be able to loaded onto a debit card and used in existing card readers. the benefit to a company is huge...fees in the pennies instead of 2-3% of the transaction. When the bean counters figure out to accept the coin will reduce the fees to accept CC payments what do you think will happen? 2-3% to a tier 1 major retailer is a lot of money.

You're contradicting yourself here a bit. If it's a debit card then the retailer won't see any savings. The bank and Visa/MC will take the same 1-3% they always take, with some crumbs possibly ending up in GAW's pocket. If it's direct crypto payment with "fees in the pennies" then it fails to explain where the huge profits a going to come from. Best case scenario would be for crypto payments to have a reasonable fee, e.g. 0.5-1% with no minimum (to facilitate micro payments, which fail miserably with CCs). Also don't forget that consumers and regulators will expect the same levels of consumer protection, that are currently funded by credit card fees.

This is of course assuming that they are able to get into the Visa/Mastercard network, which is one thing I haven't seen mentioned and which I highly doubt will happen. Did anyone ask about this during their Q&A tonight?