RE: Crypto-to-Fiat Patent Granted to Mastercard by glenalbrethsen

Viewing a response to: @krnel/crypto-to-fiat-patent-granted-to-mastercard

cryptocurrency · @glenalbrethsen · Jul 19 '18

$0.06

Okay, so is this actually buying cryptocurrencies with fiat? I'm confused at the wording. There's one account with fiat that keeps another account with crypto in it rebalanced. All through Mastercard? Or is Mastercard the bridge between a fiat account and a crypto account that already exists?

If it would allow me to go from dollars to STEEM, and back, that would be awesome.

👍 krnel, edicted

`post_id`	56,996,186
`author`	glenalbrethsen
`permlink`	re-krnel-crypto-to-fiat-patent-granted-to-mastercard-20180719t012620195z
`category`	cryptocurrency
`json_metadata`	{"app":"steemit\/0.1","tags":["cryptocurrency"]}
`created`	2018-07-19 01:26:21
`last_update`	2018-07-19 01:26:21
`depth`	1
`children`	5
`net_rshares`	28,638,041,076
`last_payout`	2018-07-26 01:26:21
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.046 SBD
`curator_payout_value`	0.012 SBD
`pending_payout_value`	0.000 SBD
`promoted`	0.000 SBD
`body_length`	377
`author_reputation`	73,752,675,176,126
`root_title`	"Crypto-to-Fiat Patent Granted to Mastercard"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 SBD
`percent_steem_dollars`	10,000
`author_curate_reward`	""

properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
krnel	0 B		22,663,887,024	2%
edicted	0 B		5,974,154,052	15%

@edicted · Jul 19 '18

$0.07

Looks like it's simply a crypto ATM card.  Mastercard will front you the money you need instantly and deduct from your balance as soon as the transaction gets confirmed on the blockchain.  Basically Mastercard will pay for the item and then you pay Mastercard 10 minutes later (Bitcoin). 

The interesting thing here is that Steem doesn't require this run around.  Three second blocks for the win.  Also EOS with it's half second blocks will end up being amazing as well... even faster than chipped ATM cards.

👍 krnel, glenalbrethsen

`post_id`	57,002,468
`author`	edicted
`permlink`	re-glenalbrethsen-re-krnel-crypto-to-fiat-patent-granted-to-mastercard-20180719t025721706z
`category`	cryptocurrency
`json_metadata`	{"tags":["cryptocurrency"],"app":"steemit\/0.1"}
`created`	2018-07-19 02:57:24
`last_update`	2018-07-19 02:57:24
`depth`	2
`children`	4
`net_rshares`	34,996,533,046
`last_payout`	2018-07-26 02:57:24
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.056 SBD
`curator_payout_value`	0.015 SBD
`pending_payout_value`	0.000 SBD
`promoted`	0.000 SBD
`body_length`	509
`author_reputation`	171,132,830,416,177
`root_title`	"Crypto-to-Fiat Patent Granted to Mastercard"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 SBD
`percent_steem_dollars`	10,000
`author_curate_reward`	""

properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
krnel	0 B		22,663,887,024	2%
glenalbrethsen	0 B		12,332,646,022	25%

@glenalbrethsen · Jul 19 '18

$0.13

Hey, @edicted! Thanks for the explanation. Now I'm getting it. Probably should have figured that out on my own, but I didn't. :)

That does make sense for Bitcoin and others with the longer wait times. And since there's plenty of Bitcoin holders, MasterCard should benefit quite a bit from it. Very good.

With STEEM, there just needs to be a fiat to STEEM solution, like there are fiat to Bitcoin and other solutions. I guess there are legalities surrounding it, but why? How long did it take for Bitcoin to be acceptable? Will STEEM have to wait that long?

👍 edicted, krnel

`post_id`	57,007,657
`author`	glenalbrethsen
`permlink`	re-edicted-re-glenalbrethsen-re-krnel-crypto-to-fiat-patent-granted-to-mastercard-20180719t040730041z
`category`	cryptocurrency
`json_metadata`	{"app":"steemit\/0.1","users":["edicted"],"tags":["cryptocurrency"]}
`created`	2018-07-19 04:07:30
`last_update`	2018-07-19 04:07:30
`depth`	3
`children`	3
`net_rshares`	62,415,515,291
`last_payout`	2018-07-26 04:07:30
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.099 SBD
`curator_payout_value`	0.029 SBD
`pending_payout_value`	0.000 SBD
`promoted`	0.000 SBD
`body_length`	558
`author_reputation`	73,752,675,176,126
`root_title`	"Crypto-to-Fiat Patent Granted to Mastercard"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 SBD
`percent_steem_dollars`	10,000
`author_curate_reward`	""

properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
krnel	0 B		22,663,887,024	2%
edicted	0 B		39,751,628,267	100%

@edicted · Jul 19 '18

$0.05

I'd prefer if we sidestepped the legalities by getting vendors to accept steem directly.  Unfortunately steem is to volatile and our stable coin is too volatile as well.  Hopefully SMTs are powerful enough to give us a real stablecoin.

👍 krnel

`post_id`	57,015,356
`author`	edicted
`permlink`	re-glenalbrethsen-re-edicted-re-glenalbrethsen-re-krnel-crypto-to-fiat-patent-granted-to-mastercard-20180719t054622575z
`category`	cryptocurrency
`json_metadata`	{"tags":["cryptocurrency"],"app":"steemit\/0.1"}
`created`	2018-07-19 05:46:24
`last_update`	2018-07-19 05:46:24
`depth`	4
`children`	2
`net_rshares`	22,663,887,024
`last_payout`	2018-07-26 05:46:24
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.034 SBD
`curator_payout_value`	0.011 SBD
`pending_payout_value`	0.000 SBD
`promoted`	0.000 SBD
`body_length`	235
`author_reputation`	171,132,830,416,177
`root_title`	"Crypto-to-Fiat Patent Granted to Mastercard"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 SBD
`percent_steem_dollars`	10,000
`author_curate_reward`	""

properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
krnel	0 B		22,663,887,024	2%

2 replies