You want trump in control of our commerical transactions?
Comment on Europe’s $24 Trillion Breakup With Visa and Mastercard Has Begun
UnderpantsWeevil@lemmy.world 8 hours agoGreat if you don’t mind a wallet overflowing with loose change.
Crazy that we don’t have a public sector payment processor, though. You’d think we could have a Generic Card tied to a public bank that handles electronic payments efficiently. But it’s been over 40 years since we began consumer grade electronic transactions and its still entirely within the scope of the private sector.
lightnsfw@reddthat.com 8 hours ago
percent@infosec.pub 49 minutes ago
Brazil has a payment system (called Pix, IIRC) that seems to work well, and has survived some… questionable leadership.
I don’t know much about it (maybe a Brazilian can say more about it), but it seems to serve the businesses very well there.
UnderpantsWeevil@lemmy.world 8 hours ago
He’s appointing the next Fed chair as we speak. We’re a bit past feeling squeamish about what Trump controls.
lightnsfw@reddthat.com 8 hours ago
So then you do understand how having our transactions controlled by the government is a bad thing?
luciferofastora@feddit.org 6 hours ago
Is it worse than private companies leveraging their dominance and effective monopoly to impose demands on all who depend on the critical infrastructure they provide, sidestepping all legislative processes and accountability to the public?
Besides, a corrupt government can just as well abuse regulatory powers to impose its will on private companies, since it doesn’t have to observe due process. A sane government, however, will have less power to force a private company to do business it doesn’t want to.
Privatisation is no protection against corruption, but a hurdle for public oversight. There are sectors where that is acceptable and the flexibility it provides may be worthwhile, but infrastructure isn’t one of them.
UnderpantsWeevil@lemmy.world 7 hours ago
As opposed to a private for-profit company run by friends of the people in government?
Jakeroxs@sh.itjust.works 5 hours ago
Only if the government isnt actually working for the people like it’s intended to.
wabasso@lemmy.ca 8 hours ago
Interac isn’t too bad right? I agree with you that sort of service should be public, but I heard (years ago) that Interac is non-profit.
UnderpantsWeevil@lemmy.world 8 hours ago
OpenAI started out as non-profit. Quite a few health insurance companies (Blue Cross Blue Shield, for instance) are organized as non-profits.
shrug
Sure. All good when it works for you. But this isn’t some kind of wholesale replacement for Visa that doesn’t run the obvious risk of becoming Visa 2.0 (or whatever X.0 iteration of credit card companies we’re currently on).
wabasso@lemmy.ca 8 hours ago
One of the things I heard Musk say was that it shouldn’t be possible for a non-profit to just be converted into for-profit. Have to agree with him on that.
UnderpantsWeevil@lemmy.world 8 hours ago
Musk was upset that his control over the company would be ceded to a broader pool of public investors. He’s got no problem with privatization and securitization when it fattens his wallet.