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DOJ is really going at it lately.
I can't wait to hear about the outcome of this litigation in 20-25 years.
Right?
Going after Google AND Visa?!
Even if it's all theatrics, the Justice department hasn't really showed up to work in recent memory and this is a refreshing change from the void abyss DOJ usually haunts
The Bush jr administration illegally made political hiring and firing decisions for DOJ positions. We are just now getting far enough away from that to have the DOJ right itself.
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Visa should be nationalized. Let the government run the payment processing if we are only going to have only one.
Check out FedNow. Basically a domestic government run payment system. Still pretty new and growing.
Christ...this needed to be major news a year ago. We really need to get banks out of the payment business but fear that they are pulling an Intuit and will make the FedNow system more challenging to use down the road.
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By which nation? It operates pretty much everywhere.
Obviously my nation! Lol. That's a good point they would have to break it off and ban the other arms from coming back to the US and using the same name I guess.
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I'm
Ah fuck! Did VISA get you?
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The DOJ isn't going after this, but VISA is also the source of all these fucking porn bans on like Tumblr and shit because if you want to be able to use their payment processing, you also have to follow their fucking puritan ass values.
Honestly, if this kicks that secondary issue in its ass, that's amazing.
I don't think it will help with that, the war on pornography is only going to get worse.
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These network transactions cost between 2 to 4 % for merchants, which is a cost passed to consumers by businesses raising prices. That's a fairly large "inflation", and certainly it seems out of line with the effort they out into it. It's anticompetitive practices that keep it in place.
Fwiw debit card transaction are capped around 21 cents per transaction depending on the size of the bank holding the account. You’re right for credit cards though. Also, imho, I’ve never seen merchants pass along these debit card savings to the consumer. With they would though.
I've never heard of that cap! Any references.
Also, imho, I’ve never seen merchants pass along these debit card savings to the consumer. With they would though.
Gas stations do! But not really passing the savings, just flipping it by penalizing credit cards.
They can easily say, "Actually it's 0.10 off by using a debit" as opposed to "it's 0.10 more for using credit".
From the federal reserve directly : https://www.federalreserve.gov/aboutthefed/boardmeetings/frn-reg-ii-20231025.pdf Also, I guess what I meant is, the cap used to be 45 cents, and when it was reduced to 21 cents, there wasn’t some massive reduction in prices of products for consumers. Merchants just pocket that difference.
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And the merchant terms are getting worse and more arbitrary.
I wonder what the world would be like if that IBM source code which is the backbone for all financial transactions and payment gateways weren't tightly controlled proprietary tech.
More fraud maybe, but less nickel and dime trickle upwards.
Obligatory fuck IBM they are largely patent trolls at this point adding zero value to anything.
Let's not be too hard on them. They have a rich history of working all over the world in a variety of roles.
After all, what other company can you name that helped operate Japanese internment camps in America and Nazi Concentration camps at the same time?
Fucking wüff, what a resume
The only thing of value at IBM now is Redhat. And there are a lot of people who aren't happy with some of the decisions they made with Redhat.
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What are you referencing specifically? I work in payments and I've never heard of this IBM code. The card networks just use an ISO format and every front end is different (the two we have are completely different in very fundamental ways though they are definitely both old as fuck).
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About time.
For reference, visa charges about 1.5%-3.5% on everything.
Oh, plus ten cents for every transaction, because fuck you, that's why.
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What isn't a monopoly anymore? Which doesn't make their ultimate goal is to fuck people to make a profit. Latest one that hit me hard is ~~cat~~ car manufacturers selling people's data to the insurance companies and people are getting insurance price ~~bike~~ hike(fuck you, Google and fuck your fucking keyboard) for no reason.
cat manufacturers
insurance price bike
I know exactly what you meant but these typos are strangely hilarious. Cheers, we all make silly typos sometimes. Me especially when I'm typing on a phone because I hate using autocorrect.
For anyone confused: car manufacturers / price hike
This is 100% Gboard autocorrecting words that are already correct. It feels the need to speak for me. I'm so fucking sick of it changing already correct words to what it thinks I need to type. I've even fucking emailed Google about it. They think they're helping us type better and faster, but they're actually making us type slower, as we have to fucking double check everything we type.
If I were a conspiracy theorist I'd say they're deliberately making it shittier to push voice-to-text for that sweet, sweet AI training data.
But I think it's probably just incompetence. Keyboards from a decade ago were a lot better at learning your typing/swiping patterns, I feel.
I don't think it's a conspiracy. Like you said, it's incompetence. I've found a better keyboard luckily. FUTO. It's baserd on the AOSP keyboard and it even has sliders to make autocorrect more or less aggressive, and to get a local AI involved more or less as you please. Keyboard is FOSS, too. Fuck Google Keyboard 🖕🏽
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Well after living through 2008, I am convinced the DoJ will magically forget about thise whole thing in a few years lol.
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this post was submitted on 24 Sep 2024
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