Michael Pfister on Farcaster

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https://warpcast.com/~/channel/crypto

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Michael Pfister pfp

Michael Pfister

Serious question: Why don’t more businesses today run purely on crypto? Is it legal? Accounting? Tax? Tooling? On/off ramps? Why not?

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ted (not lasso) pfp

ted (not lasso)

i think all of the above. accounting, operations, tax software, on- and off-ramps are all somewhat difficult and nontrivial to understand on their own let alone combined. if it is a crypto-first company, hard to interact with vendors that aren't (learning with FarCon). we will get there soon enough :)

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kia pfp

why should they?

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brad.base.eth pfp

All of the above Banking is a pain too. Although I just switched to a new crypto friendly bank and ❤️it.

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Mirs (amir motlagh) pfp

Mirs (amir motlagh)

3 fold: stigma of “casino”, confusing, volatility

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welter pfp

i'd assume user adoption, too early no one is building the "Toast" POS for crypto so retail businesses can't take crypto, on the otherside, you can't "tap to pay" with crypto like you can with a credit/debit card there's work to be done

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notdevin pfp

The only reason they don’t run on crypto is because crypto spent the past 10 years jerking itself off and ignored all the obvious paths to solve for this The current problem is people keep thinking that crypto needs to be customer facing as a solution, it doesn’t and can’t for the first leg of the adoption curve

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erica pfp

Psychology and perception of the crypto space 🙃 A business’ image is everything, until they are 110% sure that adopting blockchain won’t hurt the perception of their business they won’t adopt it en masse

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Joe Petrich 🟪 pfp

Joe Petrich 🟪

In the US credit cards are king. Users like credit cards because they get rewards and flexibility; businesses like credit cards because customers have increased spending power. Are the fees inefficient? Yes, but it's a tough system to break out of because of network effects. At the same price I'd choose Amex over USDC.

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Samuel ツ pfp

@samuellhuber.eth

I would run the business fully on Crypto if: I could receive EUR / USD via regular bank transfer to that Multisig Get different accounting views (think baskets) where I can put some money back for taxes, savings etc Have credit card for the sig Regulation is actually fine in Germany

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Garrett pfp

on/off ramps and accounting

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Speakup 🎩 pfp

Everything stated above. Friction and the UX experience isn't the best. They don't think anything is broken.. Start w the younger generation, people are creature of habits also. Chat gpt isn't the sexiest UX but it's super simple.

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Luka →{protocell:labs}← 🎩 pfp

Luka →{protocell:labs}← 🎩

When I can, I always default to crypto in my business transactions, especially when dealing with clients from abroad (so all of them). Even within Europe it can be a pain to send money around using banks. With crypto, I can be on the line with the client while the funds are being transfered 🤝

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jj 🛟 pfp

Especially in nyc, you see all these signs that say credit cards will get charge 3-5% more on top. Most small businesses don’t know or understand the power of crypto. When they heard crypto they hear: scam, fraud, get rich quick scheme, etc Let’s say they’re more tech savvy they think: oh shit taxes

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Harrison Smith pfp

UX, Switching costs, mental hurdle of mass adoption

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