As someone who has dealt with card processing I can understand the frustrations that Bitpay and others are facing relating to working with VISA. As Bitpay lost its issuer Wave Crest Holdings Ltd and as such people are now finding balances stuck in the system waiting to be refunded. An enterprise I worked on a few years ago had a similar issue when we lost our issuer down to the company definition not fitting in with the contract that was setup. Our own fault as we had begun trading doing one thing and the business had expanded into other fields. The problem was we should have notified our merchant processing of the changes. The end result was having over $80,000 refunded to customers that had already purchased and received goods thanks to the merchant setup.
Lesson learned and I assume there is some issues with VISA that are currently similar as Crypto tries to become more mainstream we should expect that some of the big boys out there don’t want to play ball and let it happen. I have to admit that 2018 already seems that there is beginning to be more pressure put on the crypto space by real world organisations and governments that are fearing the change and interference in traditional markets. South Korea for example is urging 23 countries, EU and IMF to collaborate to curb crypto trading. The vice chairman of the South Korean Financial Supervisory Commission (FSC), Kim Yong-bum, represented his country on Monday at the meeting of the Financial Stability Board (FSB) Steering Committee in Basel, Switzerland. Pushing forward his viewpoints relating to Crypto although focusing on cybercrime, and cybersecurity it wouldn’t be the first time that “security” has been manipulated to bring in legislation against a much larger market.
On the same day you get JPMorgan Chase CEO Jamie Dimon telling everyone at a conference that all crypto will be government controlled, saying “It’s just not gonna happen, you’re wasting your time. This is my personal opinion. There will be no real non-controlled currency in the world. There’s no government that’s gonna put up with it for long.”
Which does ask the question if it was such a slam dunk deal which is it that we are seeing these people making such a fuss? If it is so easy control people and what they do with their finances then surely there is no threat to the traditional markets? Or is it a case of the concern is not only that Crypto is a real threat but also that the amount of people waking up to it is making governments and large organisations that rely on such control over the masses are wondering how they can make Crypto go away quietly. To legislate and bring in guidelines and processes is one thing but to actually try and force people to shut down markets that haven’t done anything wrong or illegal is another. The other side of this is a bit like software piracy when companies realised that people are happy to pay to watch things but often don’t like being overcharged. For example you may want to watch a movie but not wanting to buy it in a box set. So you use something like Netflix instead. Come down with a sledgehammer you end up with the dark net and Crypto was decentralised to begin with. So moving it underground isn’t impossible if forced but also back to the piracy aspect the there is still torrent sites freely available online. Did shutting down the big sites have the impact they had expected? Did it lead to the end of the problem? or like crypto it would likely just move and evolve into something else.