This 28-Year-Old's Startup Is Moving $350 Million And Wants To Completely Kill Credit Cards

reply to post by jonnywhite


Nah - no chip...I promise (ok..maybe about Ebay...but I mostly like seeing people come up with alternative solutions to the big boys...I like it when the little guy scores one)

I don't think it's right when the customer is treated like an asset or an enemy and unfortunately in a lot of the financial industries (including credit cards) this is how the customer is handled...as a liability that needs to be boxed into a category by a risk-matrix or spending habits or credit scores...etc.

I've worked in the insurance industry before.
Playing games with technicalities is standard operating procedure.

By the time they cut a check (if they don't find a good reason not to pay) they expect that every possible avenue has been taken to make sure the company is not paying a cent more than they have to.

A savings account isn't the only way to reduce risk. You can just as easily use a community plan or co-op or even a number of other creative solutions that they used for years before everybody got stuck with a premium.

Of course - these solutions cost less but probably won't cover the hail damage on your car - they're primarily meant to absorb larger losses.

Then again - who said that living life wouldn't mean having to deal with losses - unfortunately that's part of life & it's impossible to transfer everybody's risk from themselves.

All I'm saying is that the yearly premiums paid into insurance companies obviously cover the losses that are paid out with a little bit of cream on top so you'd think there would be a more efficient, less manipulative way of handling risk.

Fact is that it IS a racket, it's just legal. But I was just replying to the previous post though...

Originally posted by crankyoldman
Here is where someone involved in "money" does not even understand money - fiat currency and the transactions involved.

They have created a Debit card, one that takes the "money" or debt notes directly out of the bank account. It works like a cash transaction and for facilitating the transaction they get a cut, just like paypal - only less of a cut.

A CC is a "check" and not a debit from the account. As such, the transaction requires a signature to CREATE the money used in the transaction. Even wonder why a debit transaction is nearly impossible to reverse but a CC transaction simply requires a keystroke? The latter is not a transaction until the signature is verified and then the money is CREATED out of thin air. If there is an issue with the transaction, the money is simply un-created and the whole deal is off.

What they are doing is not in competition with the CC industry but in competition with CASH.

So, if no one uses credit signature and either cash or a competitive alternate, then that would solve the creation problem and the affect would be no credit profits, no supply expansion, at least from use of plastic. No?

Nooooo!

I love my credit card.

Originally posted by Rockdisjoint
Nooooo!

I love my credit card.

Originally posted by coldkidc
reply to post by jonnywhite

 

...Then again - who said that living life wouldn't mean having to deal with losses - unfortunately that's part of life & it's impossible to transfer everybody's risk from themselves.
...

Unless you are too big to fail and have gambling buddies all over europe. Then everyone's risk can be transferred to ....you guessed it...the same folks that are charged up the yingyang for credit....

It's as if RECO is just someones name.

Originally posted by imd12c4funn

Originally posted by Rockdisjoint
Nooooo!

I love my credit card.

reply to post by imd12c4funn


you are mostly correct. The way I understand it, the Fed had a 100 year charter - expiring next year, and in that agreement they were allowed to devalue the currency by 1 percent per year (print money) so by the end of the 100 years it would be worthless. The devalue process is based on the last valuation, this helps explain why we are talking trillions now, when we used to talk billions, and not all that long ago 100's of millions. Part of the plan.

Mmmmmm...

I'm going to make a startup, that takes 10 cents out of everyones tax return, across the civilized World.

Half the money I will donate to charity, because Im a nice guy, (and for the tax deduction).

Should give me a few 100 million $s or so, income per year.

Ooooh I love these start ups...money from Nothing.

Any similarities between my idea and a certain Richard Pryor movie, are purely coincidental!!!!