TheGuySwann on Nostr: The things that people have been frustrated with lately are actually about a PayPal ...
The things that people have been frustrated with lately are actually about a PayPal trick that many (including myself) were taking advantage of and has been shutdown or halted. Don’t know when/if it will be available again, but I’m hoping it’s temporary. But it’s not Fold related.
As far as the issue above, not sure about the transfer thing. The fiat world is becoming a nightmare and there’s no telling how things have been affected during this crisis. I just initiated an Apple Cash transfer just like OP, so I’m curious how long it will take (90% of the time it’s the next day). I do agree though that Fold, since they have grown so much, should start taking on a little kore risk for their premium users, which is what I assume CashApp is doing to fulfill transfers so quickly, that they are just taking on the risk of failed transfers and long delays themselves.
There’s an argument though that Fold can’t really do that with a sats reward because that is essentially the arbitrage play they are paying back to the user via sats. By *not* taking that risk they can be certain they are getting the interchange fees, which they can then forward on to the users.
in other words; the cost of the risk is the sats you are getting, so the subscription fee is the margin for Fold. Taking on that extra risk might make the model a lot harder to maintain.
This is just me brainstorming what’s been happening lately. The fiat world is a shut show so I’m not surprised problems are popping up. 🤔
As far as the issue above, not sure about the transfer thing. The fiat world is becoming a nightmare and there’s no telling how things have been affected during this crisis. I just initiated an Apple Cash transfer just like OP, so I’m curious how long it will take (90% of the time it’s the next day). I do agree though that Fold, since they have grown so much, should start taking on a little kore risk for their premium users, which is what I assume CashApp is doing to fulfill transfers so quickly, that they are just taking on the risk of failed transfers and long delays themselves.
There’s an argument though that Fold can’t really do that with a sats reward because that is essentially the arbitrage play they are paying back to the user via sats. By *not* taking that risk they can be certain they are getting the interchange fees, which they can then forward on to the users.
in other words; the cost of the risk is the sats you are getting, so the subscription fee is the margin for Fold. Taking on that extra risk might make the model a lot harder to maintain.
This is just me brainstorming what’s been happening lately. The fiat world is a shut show so I’m not surprised problems are popping up. 🤔