Everything is currently shitting the bed, what are the technicalities behind setting up your own payment processor?
Open Source Payment processors/gateways?
Mason Green
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Carson Howard
Paypal is a defacto bank, if it isn't one outright. You would need some docs from the ol IRS to find out what kind of records you need to keep to prevent fraud and funding of criminal activities, as they say.
Of course security would be a major concern to ensure that peoples monies don't get siphoned. Encryption would also be a big issue for the previous reason.
You would likely need a large lump sum to cover startup costs and also the FDIC coverage shit.
So between the technology side of it and the legalities and regulations, you would need a sizable team and a lot of dough to get anywhere, and even then the already established giants will be out to fuck you as you will have become an economic threat to their power and control.
Austin Evans
Sounds like banks would be the hardest obstacle. If I didn't want to host a bank and instead transfer transactions across credit cards/bank accounts, then how would it work?
I remember that in the Early 2000s, porn/+18 sites would anonymize their transactions by pretending to be a legitimate company. They didn't use outlets like Paypal since they were blacklisted from using those services. It seems to be a lost art as services like Patreon appeared.
Thomas Murphy
There are strict regulations and tests that must be passed that are specified by the credit card processor you connect to. There is no back door around that.
Isaac Walker
What would it take to creating your own credit card, making your own bank?
Landon James
You can always invent your own card, but who would use it? And of course you would have to go through some crazy regulations and standards to get added to any of the authorization networks so that merchants could actually take your card if they wanted.
Dominic Mitchell
It's almost an insult when you've been stuck with a debit card your entire life, and can't order anything off the internet without a Mastercard, Visa or AMEX.
I'm staring to see how their business strategy works. Lure in idiots desperate enough to order something off of eBay/Amazon.
John Allen
here you go
Jacob Edwards
you can use a prepaid card. I've done it many times before. typically can be bought at gas stations, convenience stores, pharmacies like CVS and Walgreens, and various grocery stores. It also shows up in stores like Target.
they are offered usually by one of the major card providers like Visa or MasterCard and can be bought in values lower than $50 all the way up to $500 I think. They usually do have a small charging fee of about 5 dollars.
If you were using it to make a purchase over $500, I'm not sure if the cost can be split over multiple cards. But usually you don't make purchases over $500 online very often. You can go into a store and buy one with cash and not have to get into the whole credit thing.
Mason Sanchez
You need some expensive as fuck (in hundreds of thousands) license or something as far as I recall. Looked into it when Zig Forums was being removed from crowdfunding sites and wanted to know what it'd take to make one yourself. The only real answer there will ever be is
Parker Morris
Debit cards at least in my country are mastercards and can be used online. Probably not the best idea as you dont have the same protection in terms of chargebacks, but it does work if you really need it.
Elijah Parker
prepaid cards are only semi-anonymous, they know where you bought it and there are cameras in the shops
so if you buy prepaid card to order a bomb to blow up federal building, they will find out where you bought it, retrieve camera recordings
a store has camera, they make photo of every person that buys stuff, especially if he buys something expensive and pays with cash. only terrorists pay with cash
why do we allow jews and (((government))) to make such requirement? maybe it's time to blow up something
why did we allow crowdfunding sites to remove Zig Forums? why didn't we blow them up? when will we?
Grayson Hall
prepaid cards dont work for some services but are still a gud idea
Blake Brown
The other option seems to be cryptocurrency. But that's full of market speculators not people looking to use a currency.
Mason Anderson
The volatility isn't a big deal so long as you have the liquidity at any point to get in and out of the market. The real problem for crypto is transaction costs, privacy, and energy consumption.
Adrian Martin
I know that the dude behind "newproject2" made his own payment processor and talked with his local bank for technicalities and management stuff, so I don't think it's impossible.
His userbase is small since it's not publicly open to subscribe so I don't know if some people tried to shut them down by putting pressure on the bank.
Alexander Rivera
By that measure, cash is semi anonymous because they know where you use cash and there are cameras in the shops.
Logan Hernandez
My POV is mainly that I do some hobby stuff that I want to put a tip jar out for. So cryptocurrency doesn't seem like a good idea since the scene for it is focused on speculation (these people are looking to profit, not donate).
But neither do I want to support the usual payment processors or whatever you call Patreon by using them.
But yeah, the transaction costs, privacy, and energy consumption is another prohibitive thing. I thought Monero would be a good choice, but I haven't tried it yet.
Parker Barnes
Gold. It was always gold.
Julian Davis
btc
Adam Davis
Monero fixes privacy. Energy consumption is irrelevant to the end user. Mining is the whole point of crypto so that it's not centralized. Transaction costs are fine and almost always much lower than your gov's tax rate.
There's also the issue of someone (like chinks, US or russians. Or a huge corporation) owning over 50% of the crypto miners and faking transactions or inflating/deflating crypto value. Some cryptos have this issue somewhat fixed.
Luke Howard
Here's a whitepaper explaining all of the risks and pitfalls of payment gateways. Not fucking worth it IMO. Cards are AIDS and have enormous regulatory requirements.
Crypto solves the regulatory and charge-back problem, but you still have to figure out how to vet and mitigate potential buyer and/or seller fraud as well as other criminal activity on your platform. Just look at what happened to Ross Ulbricht.
Daniel Sanders
Dark markets already solved this by acting as MITM for payments.
Cameron Cooper
not a mental disorder
Benjamin Ross
Crypto is usable for people who earn crypto or accept crypto for something. Without that, getting crypto usually requires handing over ID and jumping through hoops to buy it when most sites that accept crypto already accept card. Not to mention privacy (and yes we know bitcoin is not anonymous) is a common motivator so those users dont want to hand over ID in the first place. Crypto needs some kind of new motivator that actually matters to normies to gain more popularity (and dont point to the hype-generated proce as proof of popularity).
Joshua Collins
Not having your money stolen by (((taxes))). Crypto doesn't have a central bank or government, the only thing you pay for are transaction fees which are greatly smaller than taxes. For Monero the transaction fees are less than 5$, and go towards 0.01$ if you're transferring a small amount of money.
So an average person would spend up to 40% less.
Ethan Reyes
Everybody likes saving money, and nobody likes paying tax, but income tax still exists. Not paying will cause more trouble than it saves for the average person and get the government very mad if widespread.
Wyatt Clark
"Normies" will sooner use Facebook coin than monero or btc as I imagine. The fact that they made it a stable coin where new coins are mined or coins are destroyed on deposit or withdrawal is like an admission that the volatility is making most other cryptocurrencies unusable besides speculation.
There's no real labor that backs the value besides that of online services.
Jaxson Howard
bap
Blake Cook
the reason why they will use it is beause these companies will make it easy to use. something like bitcoin is hard to use for the average normalfag. make it work like paypal and then you will have users.