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Really enjoyed listening to this chat guys. Mass adoption is such a good point @jack . I think it is really cool that you guys tried to partner with department stores in the past. I used to stay back at work to get my head around the POS system manual, we called the manual the bible. I had a lot of fun dissecting it and it was very empowering for me and my team too. I was at David Jones (the oldest department store in the world) when they partnered with American Express. This then was integrated into POS and then team members would sign customers up through what is normally confusing terms and conditions and a lot of jargon, and instead provide knowledge of how to you use, why and then linking an incentive of usability and convenience , i.e also payment terms incentives - very similar to what you do with afterpay Jack. However, a customer did not need to then lodge a tax return for the credit card due to capital gains, this could be the drawback, and I wholeheartedly agree the key is legitimacy issues and validation for this to be a mass adoption form of payment, which would be very innovative, cool and freeing. Also, a lot of vendors are getting screwed by payment terms with big companies who are then using those profits through marketable securities and rate of return and the time value of money so they can buy big yachts or whatever. For example, suppliers suffer through ridiculous cash conversion cycles that only benefit those big companies. i.e here is the conversation between a supplier and buyer “here is a part for your product and thank you for doing business with us, and can we do anything else above and beyond to help you” and the company/ customer says something along the lines of “cool, I’ll like pay for that in 30 days or longer right (depending on my yacht rent and other stuff) and I’ll invest that in my marketable security portfolio 💼 too for my shareholders of course”:) so maybe there is something there, as bitcoin has an awesome core competency of instantaneous payment and suppliers would love to hear that and maybe that could help with legitimacy and growth issues. But maybe don’t listen to me. I just failed and blanked on a 15min economics in-class quiz last night, the time pressure freaked me out. It kind of explains why I stayed back at work all the time to truly understand the POS system, as I did not want to impact my team and not be present with them during the day on the shop-floor, so I just stayed back late at night to learn instead… Becoming the most convenient and most accessible option, makes bitcoin totally doable - so like a credit card intermediary but without the stupid fees. So instead of using a credit card daily, can’t bitcoin become that without the hassle of the confusing admin and lack of knowledge shared on a broader scale. Or is legitimacy found in capital gains which is really linked to scarcity and stock portfolios and not good for the consumer. by the way if I survive economics and operations which is not looking good at the moment, I’ll choose the FinTech: Blockchain in the New Economy subject as an elective at my uni and hope to share what I learn on nostr and in the workplace. This is me commenting on the news of Odell and Jack’s chat :) oh yeah, so like Gm then too ☀️
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